Looking ahead: Jamaica’s economic future

The credit union movement has also taught many Jamaicans the virtue of saving and nurtured many along the pa th of successful entrepreneurship.

AS THE Public Sector Employees Co-operative Credit Union celebrates its 50th anniversary, it can take pride in the fact that it has created a range of financial services and products to serve those whose needs have not been met by the traditional financial institutions. The credit union, by providing access to credit, has helped its members to build successful businesses, furthering their education and improving their living standards.

The credit union movement has also taught many Jamaicans the virtue of saving and nurtured many along the path of successful entrepreneurship. One indicator of the growing demand for the services you offer, and the reach of your organisation, is the exponential growth of your membership, from just 70 members in 1968 to more than 8,600 in 2018.

Looking ahead, it is clear that Jamaica’s economic recovery and the achievement of the levels of economic growth required will only be realised with the expansion of micro, small and medium-sized enterprises. It is here that national targets for job creation and a more inclusive economic growth will be realised. It is among this growing entrepreneurial class that the credit union movement has made its most important contribution, and for this reason, has a critical role to play in Jamaica’s economic future.

Let me once again congratulate the Public Sector Employees Co-operative Credit Union on celebrating this significant milestone, and wish for you continued growth and success.

DR PETER PHILLIPS Leader of Opposition