Grenville Phillips II, leader of Solutions Barbados

Since the DLP have not corrected the fatal flaws in their economic development plans, and the BLP are unwilling to offer any workable solutions, then if we continue on the current path, devaluation of the Barbados dollar is certainly foreseen.  Based on their past governing experience, Barbadians are unprepared for the level of misery that they will experience if they elect either of these two parties to form the next government.  If you are currently employed, then you need to start preparing for the nightmare scenario – which is the focus of this column.

If your employer has to convert foreign currency revenues in order to pay all or part of your salary, then your employer is an exporter.  Persons in this ‘export’ category include: maids and gardeners in foreign owned villas, all employees in the tourism industry, all employees in the international business industry, and all employees of those who directly export goods or services.  These employees need to politely request a meeting with their employer, either individually or collectively, in order to renegotiate the terms of their salaries.

Currently, the basis of most Barbadian employees’ salaries is the Barbados dollar.  Employees in the ‘export’ category should request that the basis of their current salaries be in US dollars, but paid in the equivalent Barbados dollars.  If the company claims that it only exports say, 50% of its products, then the employees should not expect to have more than 50% of their salaries based on the US dollar, but paid in the equivalent Barbados dollars.  This should protect at least part of their salaries from a devaluation of the Barbados dollar, which the IMF has repeatedly warned is a likely inevitability if we remain on the current path.

In order for employees to protect a larger part of their salaries, the company needs to export more.  This will require that the employees innovate by working better (not necessarily harder or for longer hours), and that the company is effectively managed.  Employees need to keep asking themselves this question: “How can I do this task better, faster, more accurately, and using less resources.”  If the consequences of failure are low then just try it.  However, if the consequences of failure are high, then get prior approval from your supervisor.

Employees in management posts need to manage the company using the most effective parts of the ISO 9001 Quality Management System immediately.  The entire ISO 9001 System does not need to be implemented at this stage, managers just need to start using the most relevant parts.

You need to start negotiations now.  You are more likely to succeed if you do not discuss any type of salary increases in these negotiations.  The singular aim of this meeting is to protect your future salary.  If you wait until after the expected devaluation, then your employer may be tempted to greedily add the devalued portion of your salary to the company’s profits.

If you are employed by a statutory corporation, then you will likely be the first on the proverbial chopping block if the statutory corporation is badly managed and unprofitable.  A properly managed business is normally profitable.  Therefore, it is in your family’s interest that you work in an ISO 9001 quality management environment.  The ISO 9001 system encourages innovative thinking among all employees and addressed complaints permanently.

If statutory corporations in Barbados have not implement the ISO 9001 quality management system yet, especially given the obvious foreseen dangers, then that is an intolerable level of irresponsible mismanagement.  Employees should request a meeting with the CEO and insist on being managed in accordance with ISO 9001.  If the CEO says no, then they need to appeal to the Chair of the Board.  If the Board also says no, then both Board and CEO are behaving like children carelessly playing with toys.

Unfortunately for you, those toys are your family’s financial future.  Therefore, those employees need to contact their unions and shut down all irresponsible statutory corporations until both the Boards and CEOs are replaced with more responsible people.

The most vulnerable persons will be the unemployed and under-employed.  These people should be trained to start home-based business, where most of their sales are on the Internet and most of their revenues are in foreign currency.  Given the business and Internet components, the Barbados Investment and Development Corporation and the National Council for Science and Technology should facilitate workshops to teach Barbadians how to set-up profitable businesses with little-to-no start-up money – with dispatch.  I am available to help.

Grenville Phillips II is the founder of Solutions Barbados and can be reached at NextParty246@gmail.com

76 responses to “The Grenville Phillips Column – Prepare for Devaluation”


  1. Bushie

    Where is the local organic farm.


  2. @Bush Tea

    You know the answer. The credit union as a group is divided on the establishment of a credit union bank. It will not happen anytime soon.

    And as you know again -the credit union movement is not setup to compete with banks hence the moot about a credit union bank.


  3. @ Pacha
    The organic farm SHOULD be in the mind of some proactive visionary….

    @ David
    Don’t mek sport…..

    1- There was great division in the creation of the insurance company – ask Pacha.
    There is ALWAYS division when SENSIBLE actions are pursued, it is why STRONG leaders are VITAL to success.

    2 – The Credit Union movement does NOT need to compete with banks. Do they compete with general insurance? …or do they OWN a company that does…?
    All they need to do is OWN the shares of a bank that operates in the local market.
    Shiite man!!! what could be simpler?


  4. @Bush Tea

    It is not that simple and you know if the two credit unions that own 80% of the market are divided. Where will the capital come from? More importantly where is the mandate.


  5. @ David
    History is a great teacher.
    But not for brass bowls….


  6. The 59 bombs dropped on Syria yesterday will not help as oil price rises again.

  7. CUP Violet Beckles Plantation Deeds from 1926-2017 land tax bills and no Deeds,BLPand DLP Massive land Fruad and PONZ Avatar
    CUP Violet Beckles Plantation Deeds from 1926-2017 land tax bills and no Deeds,BLPand DLP Massive land Fruad and PONZ

    Well Well & Consequences Observing Blogger April 7, 2017 at 7:29 AM #

    Grenville will find a more receptive electorate if he is willing to lock up the corrupt ministers whòse crimes against the treasury and pension fund can be found with an audit.

    The electorate will not be kind to these opposition parties who will not lock up their fellow politicians.
    @@@@

    WellWelll CUP We already told SB those main points, But the man seems to be in conflict of interest or love crime as usual,All facts and names need to be on the table and he dont like the names being called, Remember those are the same people that give his company life, so he will tip toe, The Solution for Barbados is not more cover up,crook, liars and scumbags, to watch the crook backs after leaving office, Owen see it coming, so hes out,


  8. @ David
    The whole world is mad as donkey…

    Only a jackass would believe that Assad would have deliberately used chemical weapons so stupidly, …when he has all but won the shiite war that the US devils started…

    FAR more likely that either the CLEAR losers (or their USA backers) would initiate such a blatant atrocity (as has been the Machiavellian norm now for centuries)….as a pretext to regain their devilish objectives…

    However, as in all things where common sense is required, the brass bowl sheeple will follow blindly to our deserved demise….


  9. @Bush Tea

    Some might suggest it is a bifoot move to hijack the conversation given the pressure of talk about Russia.


  10. @ Bushie, ” Only a jackass would believe that Assad would have deliberately used chemical weapons ”

    Unless Assad is an “Ass”….he could have used conventional bombs to get the same result.


  11. @ David
    …..or the dirty, Machiavellian tactic of starting a war to create foreign enemies who you can kill at will, while rallying local support….when everything at home is going to shambles.

    The situation in Barbados is not much different. Just that we do not have the resources to pick a fight with anyone but other Bajans in the diaspora…..

    Bushie says we start with Hal….
    LOL
    ha ha ha

    It would not surprise Bushie if every single day, Froon, Stinkliar and the other political traitors prayer earnestly for some natural calamity to befall us, ….one on which they could unload their woes and burdens….


  12. Bushie,

    I surrender and I am not a suicide bomber. I am only a poor boy from the university of the Ivy.


  13. @ Hants
    LOL
    He did not even have to use conventional weapons.
    The damn man Assad had WON!!!

    The situation was a mop-up operation….. Al-Qaida was practically wiped out by the Russians.
    Passing strange that the USA (who created the whole TERROR shiite) would now declare war on the country that was about to defeat al-Qaida – without even bothering to get the facts of this atrocity (unless they already know those ‘facts’)

    ….ain’t it???


  14. @ Hal
    No need to surrender.
    Bajans only talk shiite. you have nothing to fear…apart from a few pips….

    We are not even able to get ourselves a stadium for our children to play on – unless the Chinese, Americans, English or some other sugar daddy donate one to us – like they did the Gymnasium.
    ….and this despite a lottery that claims to put about $25M into sport EVERY YEAR…for the last twenty years…
    Somebody HAVE to be lying….
    But Bajans are so _???____ that even this seems to make sense to us.

  15. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Bushman…..ah glad ya noticed that trump is heĺping ISIS to distract from his Russia investigation and potential treason trial…..ISIS is now the lesser of 2 evils to be sorted out later and Putin is pretending to be fuming.,..lol

    Violet…if Grenville Mia and the other politicians cant see that the need to appease the electorate by locking up the current ministers who aided in the rape of treasury and NIS funds, then they too are planning the same thing, the auditor general’s report is available, crimes were committed against the people and their future, this should not be ignored like it never happened. ..I don’t know how any of them could sleep well at night, they are beasts.


  16. Bushie
    Whenever this Syria thing is resolved don’t underestimate the abilities of Mossad and the CIA.Jacob and Esau story all over.


  17. @ the Bushman at 10:59 AM re”…Only a jackass would believe that Assad would have deliberately used chemical weapons so stupidly…FAR more likely that either the CLEAR losers (or their USA backers) would initiate such a blatant atrocity …” & “…Passing strange that the USA […] would now declare war on the country that was about to defeat al-Qaida…”.

    Apparently, you sit in that neo-con camp that now sees Trump as a ‘convert’ to the ‘deep state’!

    As the blogmaster suggested, I can buy the argument that this act boldly and abruptly shifts the Russian noose-narrative that is tightening around Trump’s neck but to offer that the man Trump is part (or has he been duped?) of some subversive Machiavellian plot seems far-fetched.

    He spoke aggressively about blowing the terrorists to their ‘Mecca glory’. Why would be abort that popular mantra now to initiate a fight against Assad!

    He proclaimed rather cavalierly that he wanted to take the oil. Why would he start a war in Syria where he surely would be engaging with Putin’s soldiers and embroil himself into a wild and dangerous fracas…and certainly capture not one barrel of oil!

    The Syrian crisis is complicated. Very complicated. The remarks that paint the CIA (USA) as protagonists are very simplistic. No doubt they have backed rebels and no doubt those same rebels have then supported or even morphed into Al-Qaeda/Al Nusra.

    So on the one hand they fight against this dictator of a leader and present as a ‘friend of the US’. And on the other, they fight for their brand of Muslim supremacy and are terrorists…. an enemy of the US.

    This is a complex matter and can’t be parsed in a few words.

    Despite all that, Trump will start to evolve as some type of world leader if he manages this matter well…but his US based problem will NOT go away. Let’s not be fooled.

    Incidentally @David, the oil price will not go crazy from this. Likely the entire business market moreso. His impulsiveness is a major problem.

    Anyhow, he has started his ‘down-payment’ on that $54 Bil increase in military spending.

    Those 50 odd tomahawks are definitely not the low-cost ones used on Indian reservations and bought from discount stores!

  18. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Trump is a psychopathic serial liar who will throw any and everyone under the bus and start multiple wars killing many innocent children and others.to save his own skin, but nothing will stop that Russian investigation, wait until Bannon and all the others start contacting FBI for immunity……there will be a very long line to choose from…it’s only just begun.


  19. If it wasnt for one stupid woman, trump wouldnt have to go in there at all april glaspie


  20. Huff Post quoting Trump’s tweet of 9th Oct 2012,5.39pm
    “now that Obama’s poll numbers are in tailspin-watch for him to launch a strike in Libya or Iran.He is desperate”….Trumps poll numbers are currently much lower than Obama’s.


  21. ”Employees in the ‘export’ category should request that the basis of their current salaries be in US dollars, but paid in the equivalent Barbados dollars. ”

    Good and altruistic idea, however, the flip sid eis that those ’employers’ know that if the Bds$ devalues, their wage bill is suddenly cut, and more $$$ for them.

    I know someone who asked for this already and were declined.

    But, maybe some out there have a more understanding employer, so those that do, go for it.


  22. A reliable well respected active financial bank BIRDIE(Road Runner) has whispered in Wily’s ear that their corporate evaluations put Barbados present dollar’s worth at no more than 0.10US $. Hummmmm Barbados $ from 50cents US $ to 10cents US $, Wily’s math says this is a a WHOPPING depreciation, 5:1.


  23. @Wily

    What is your point? We all accept the Barbados dollar is overvalued. Successive governments have used monetary policy as a means to regulate no?


  24. @David

    Point is that someone with inside knowledge and assessment has put a # on Barbados dollars present worth, the question is who is paying attention…… The IMF(Yes), Barbadian Politicians(Not likely), the Barbadian Populace(Ha, Ha.), Canadian Banking in Barbados(Yes), Potential Barbados Investors(YES).

    The point is being taken by those who are in the FINANCIAL BUSINESS and the consequences being carefully Analised.


  25. @Wily

    Your 1:10 rate is damned low, but somehow realistic. If we run out of USD, there won´t be a new stable peg, but a sliding scale. In my opinion, the overall purchase power is 1:4 – 1:6, the efficiency of workforce 1:3 – 1:4, so your rate includes further factors (anticipated collapsing financial system, riots, higher oil price, Brexit).

    We will figure out soon after the release of new numbers on foreign reserves in late April 2017 – provided the numbers are not “enhanced” as in Greece before 2010.


  26. RBC suggested on BB Today a peg of 1 to 7. We will see how low it goes …

    Imagine the faces in the supermarket when they pay 25 dollars for milk and 15 dollars for bread. WOW!

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