Soca Monarch prize $$ cut

In a release, the Caribbean Prestige Foundation (CPF) for the Performing Arts said it had to adjust the prize structure for the competition and as a result, this year’s winner will receive $500,000.

The CPF said the prize for second place will be $250,000 compared to last year’s prize of $750,000.

This year the third place prize will be $150,000 compared to last year’s $500,000 while those who place fourth to 22nd will receive $50,000 compared to last year’s $100,000.

There has also been a reduction in the prize money for the Carib Breakout artiste. This year, the winner will receive $50,000 compared to last year’s prize of $100,000.

Speaking with Newsday yesterday Minister of Community Development, Culture and the Arts, Dr Nyan Gadsby-Dolly said this year, CPF received an estimated $1.3 million compared to the $3.5 million they received last year.

“Based on our reduced allocations we were not able to approve anything greater than that this year,” she said.

The CPF said in an effort to ensure the maximum prize earnings for all finalists it acquired additional funding to enhance the 2017 prize disbursements.

Newsday tried contacting CPF Chairman and CEO Peter Scoon but his phone remained unanswered up until press time.