分类： business

Republic Bank has officially launched the 2025/2026 cohort of its flagship corporate social responsibility (CSR) initiative, the Power to Make a Difference (PMAD) programme. The announcement was made on October 9, marking the third year of the bank’s ambitious five-year $125 million commitment to social development, spanning from 2023 to 2028. This year, 75 non-governmental organisations (NGOs) focused on driving positive social change have been selected as partners for the programme. These NGOs will collaborate with Republic Bank to advance initiatives in education, healthcare, environmental preservation, inclusion, culture, sports, youth development, poverty alleviation, and entrepreneurship. Speaking at the launch event, Vice President Richard Sammy emphasized the bank’s determination to make this year the most impactful yet. He highlighted the importance of strengthening partnerships, fostering innovation, and ensuring that collective efforts create lasting ripple effects across communities. The PMAD programme, which was first introduced in 2003, aligns with Republic Bank’s environmental, sustainability, and governance (ESG) objectives. It also supports the United Nations’ principles for responsible banking and contributes to the achievement of sustainable development goals. Over the years, the programme has expanded beyond Trinidad and Tobago to include Barbados, the Eastern Caribbean, Grenada, Guyana, and Suriname. This expansion underscores Republic Bank’s dedication to building stronger, more resilient communities across the region.

In a significant fiscal move, Trinidad and Tobago has announced a 100% increase in customs duties on alcohol, beer, and tobacco, effective immediately. Finance Minister Davendranath Tancoo unveiled this decision during the presentation of the 2025-2026 national budget on October 13. Contrary to widespread assumptions, the hike applies equally to both locally produced and imported goods, marking a substantial shift in the country’s taxation policy.

Economist and former senator Taharqa Obika has delivered a scathing assessment of the United National Congress (UNC) administration’s inaugural $59.2 billion national budget, labeling it as “heavy in rhyme but hollow in economic reason.” Obika, who once served as a UNC senator before defecting to the People’s National Movement (PNM), criticized Finance Minister Davendranath Tancoo’s budget presentation for its lack of substantive economic direction despite its rhetorical flair. Speaking to Newsday via WhatsApp, Obika remarked that while Tancoo’s delivery was energetic and even poetic, it failed to address critical economic challenges. He argued that the budget missed the opportunity to establish a robust foundation for the country’s recovery over the next five years, leaving “gaping holes” in areas such as revenue generation, pension reform, and taxation policy. Obika, who holds an MBA in Finance and a BSc in Economics, highlighted the absence of concrete strategies to meet expenditure targets, particularly in revenue collection. He warned that the lack of detail could indicate the government’s inability to balance the books without resorting to devaluing the TT dollar. Obika also criticized the proposed replacement of the Value Added Tax (VAT) system with a sales tax, calling it “a mere statement rather than a well-developed policy intervention.” He cautioned that tampering with VAT, which accounts for over 10% of government spending, without a clear replacement plan is “fiscally reckless.” Additionally, he condemned the decision to raise the National Insurance System (NIS) pension age from 60 to 65, phased between 2028 and 2036, which he said would place undue strain on workers. Obika also predicted that the new landlord tax would lead to rent increases of at least 3.6%, further burdening citizens. He concluded that the budget, rather than inspiring confidence and guiding investment, “reads more like a poem than a plan.”