PTSC considers price adjustment

Forde made this comment as he and other members of the Corporation sat with members of the Land and Infrastructure Joint Select Committee (JSC) at Tower D of the Port-of-Spain International Waterfront Centre.

Given the current state of the economy, Forde said the PTSC is seeking ways to increase its revenues and to be less dependent on the Treasury. He said the Corporation was grateful to Finance Minister Colm Imbert for allocating a sum of $42 million to it in the 2016/2017 Budget.

However Forde said the PTSC was aware that Imbert and the Government “may not have that deep pocket going forward.” As he spoke about land assets which the PTSC is seeking to monetise, Forde said there is a draft note with respect to, “the cost of bus tickets.” He told JSC members that the price of bus tickets in TT have, “not been increased since 1990.” Forde explained that an analysis of inflation rates from 1990 to 2016 suggests, “it may be in the hundreds of percent.” He also noted that while all other different transport modes in the country have increased their costs at different times, the PTSC has not done so. Indicating that no decision has been taken at this time, Forde gave the assurance that any adjustment in bus ticket prices will not be to “bend the commuter.” He stressed any future adjustment must ensure the ticket prices are reasonable to the commuter while ensuring, “that we realise some sort of revenue to offset the subdsidies that come into the PTSC.” JSC members were told the current level of the subsidy to PTSC is 68 percent.