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  by pltm
• Jun 29, 2020
• 5

(PLTM) - Revenue collected by the BVI Financial Services Commission (BVIFSC) has seen a steady declined since 2018 with a major dip of $10.8M so far for this year.

Financial services is the Territory's main economic pillar and with the tourism sector under performing due to COVID-19, the Territory's budget could be under strain.

Premier and Finance Minister, Hon. Andrew Fahie said that for the period January 1 to June 6, 2018 the revenue collected was $116.6M; while for the same period in 2019 the collection was $110.4M; and in 2020, $99.5M.

Premier Fahie, who was recently responding to questions in the House of Assembly, said that the major dip this year is due to the negative effects of COVID-19.

“Everyone was shut down for COVID-19 and most of the businesses for this territory was also affected because it was worldwide. So, no one could have maintained the same amount of money they were making anywhere in the world,” the Premier stated.

In relation to the decline for the previous years, the Premier said that he would have to respectfully ask the Opposition Leader Hon. Marlon Penn, who was the one posing the questions.

Premier Fahie’s Virgin Islands Party (VIP) took office in late February 2019.

Hon. Penn said he would like to know if there are any signs that there will be some leveling off or stability for revenues and business activity in the sector.

Premier Fahie said there are some encouraging figures from what he has recently seen, but noted that there are some areas which they are exploring to improve the sector.

“There are some other new areas we will be exploring, coming to House of Assembly with to help the industry go into a new direction, to allow for more revenues,” he said.

The Premier added, “Yes, we do see signs, but things are relative when you are talking about COVID-19 because if areas have to shut down again, like China, because COVID spike again, and most of those areas are where our business come from."

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