- Contributed
Managing director of the Jamaica Social Investment Fund (JSIF), Scarlette Gillings, makes a point to Donovan Perkins, president and CEO of Pan-Caribbean Financial Services Limited during JSIF's annual general meeting, which was held last week at the Jamaica Pegasus Hotel in New Kingston. Mr. Perkins who is a member of JSIF's board of directors delivered the keynote address at the meeting.
Ashford W. Meikle, Staff Reporter
THE PRESIDENT and chief executive officer of Pan Caribbean Financial Services, Donovan H. Perkins, says that it is impossible to build lasting communities without dedicated individuals.
"The reality is... communities in every country, large or small, are built on volunteerism," commented Mr. Perkins.
Mr. Perkins was the guest speaker at the eighth annual general meeting of the Jamaica Social Investment Fund which was held on Wednesday, September 29, at Jamaica Pegasus Hotel in New Kingston. He is also a member of the JSIF's board.
He was speaking against the backdrop of the theme of the AGM's theme, 'Deepening the Partnership with Communities'.
MANDATORY SERVICE
The CEO reflected that even though corporate Jamaica is actively involved in community organisations, there is yet to be an official policy for mandatory service. He commended the JSIF on the importance it placed on voluntarism in its projects "voluntarism is one of the anchors behind the (JSIF's) requirement for communities to contribute at least five per cent of the cost of any project."
Mr. Perkins identified three benefits of the JSIF's policy (Community Based Contracting):
In involving the men and women from the communities, it strengthens the individuals' sense of self worth and community pride.
Collective skills learned are applicable and can result in establishment of successful businesses in the community.
Success, in building confidence, could be transplanted to the macro economic level.
The JSIF was established nine years ago by the government as a corollary to its National Poverty Eradication Programme. Its main objective is to address the basic needs of citizens in low-income communities. Over the past nine years, the fund has approved over 600 projects with a total value of over $3 billion. Seventy-five per cent or 469 of these have been successfully implemented. According to a director of JSIF, Eleanor Jones, "To date, more than 1.2 million citizens have been direct beneficiaries of the Fund's interventions."
POSITIVE INFLUENCE
In her address to the audience, Mrs. Jones cited an independent consultant report which lauded the JSIF for bringing "about 'improvements in the social capital' of the communities where they have been implemented." The report noted that the project "continues to be a positive influence in alleviating poverty in the niche areas where it is working."
Based on its audited financial statements for its 2004 financial report to March 31, the Jamaica Social Investment Fund has seen a 49 per cent decrease in its current assets. Total current assets now stand at $67 million compared to $142 million last year.
The main reason for the decline of the net current assets was the 53 per cent decline in cash and bank balances which totaled $67 million; last year this amounted to $142 million. "The company incurred foreign currency risk on transactions that are denominated in (foreign) currencies," explained JSIF in its notes to the financial statements.
Foreign currency deposits now stand at approximately US$956,000, a 53 per cent reduction over last year's US$2 million. There was a marginal six per cent increase in its other current asset item, advances to contractors/receivables, which appreciated to a little over eight million dollars.
