The President of the Public Service Union, Dean Flowers has weighed in on the proposal, saying that perhaps, the money should be invested in the National Bank of Belize since they offer lower interest rates on mortgages. Here’s how he explained it.
Dean Flowers, President, PSU: “Now my concern, like I said, in terms of our discussion at the PSU level is that the DFC is unable to compete with the commercial bank where mortgage is concerned and that $20 million seems to be earmarked specifically for mortgages and penns, fixing fences and you know, along that line. I think that money would have been better invested in the National Bank of Belize at a lower interest rate because DFC is unable to offer mortgages at competitive rates.”
In addition, Flowers called on everyone to follow developments on issues like this one because it’s our money after all.
Dean Flowers, President, PSU: “We need to pay attention and I encourage all Belizeans to pay attention and we need to know exactly, of course, who is benefiting from the legal fees. I’m hoping it’s DFC’s legal department and not the privately, politically affiliated law firm. We need to also perhaps pay keen attention to who may be getting these loans. We hope that they would be clients or individuals who can repay and like I said, as someone who is well versed with mortgages, why would I go to the DFC for a mortgage loan at a rate that is substantially higher than what the commercial banks or the National Bank can afford. So, something I agree, something does not feel right or smells right but this is what democracy is about and this is why as citizens we must remain vigilant and we must ask the difficult questions to our elected leaders as well as the individuals who run these institutions.”
We stress at this time that the loan has not been finalised and it is merely a proposal.