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PSOJ President recommends “spending within our means” and “cleaning house” to stimulate Jamaican Economic

DAVIE – Speaking at the inaugural community forum in Davie, Florida hosted by The Victoria Mutual Building Society’s Florida Representative Office, president of the Private Sector Organization of Jamaica (PSOJ) spoke of a Jamaica with a bright economic outlook, even after the agreement between the Jamaican Government and the International Monetary Fund (IMF) ends.

According to Mr. Matalon, “We have lagged behind our peers in terms of real GDP per person. This has been driven by several factors but mainly by our inability to produce real revenues to sustain our expenditure. Between 1968 and 2008, Jamaica has experienced a 30% growth; our Caribbean neighbours, Trinidad and Barbados are at 146% and 94% respectively.

Mr. Matalon noted further that the other factors affecting us were a high tax rate with a low tax base; high informality and flat/falling productivity and the small open economy that is susceptible to external shocks. These external shocks include downturn in remittances, tourism & bauxite exports affected by global economic recession and the spike in oil and food prices.

The community forum hosted by VMBS served as an opportunity for Jamaicans and Caribbean Nationals living in South Florida to be updated on the economic outlook for Jamaica and the Caribbean.

It was also an opportunity for Victoria Mutual to update the Diaspora on its transformation programme and its strategic outlook for 2010 and beyond. In his address, President & CEO, Richard K. Powell stated that the forum was a chance to ‘stay-in-touch’ with Jamaicans, “This evening also provides an opportunity to connect with you and to engage in discussions about your goals; your needs and just how the services offered within the VM group can best met those needs and assist you in making the correct decisions regarding your financial future.” Mr. Powell also spoke to the development of the Victoria Mutual Group, Over the last 131 years, our vision has evolved from simply enabling savers to become homeowners into one that not only includes homeownership, but a full suite of financial solutions which enables us to assist you in every major decision you make in your life, wherever you may reside.

This evolution has not happened by accident, it is a deliberate step towards adding more value for you our Members and customers through the creation of the Victoria Mutual Group, which in addition to our Building Society (VMBS), offers services such as, wealth management and stock broking (VM Wealth Management), general insurance (VM Insurance Company), property services, (Victoria Mutual Property Services) and money transfer services (VM Money Transfer).

The community forum was held at the Signature Grand Hotel in Davie, Florida was well supported with over 400 members of the Diaspora in attendance. The forum forms part of the Corporate Outreach of the newly opened VMBS Florida Representative Office, which will serve as a liaison between the Society’s Chief Office in Jamaica and existing and prospective members and customers in the United States.

The office will solicit business, market products and services of the Chief Office and provide information to members and customers concerning their accounts.

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