By Sue-Ann Wayow
A TSUNAMI of poverty is going to hit the country even when the economy is full re-opened.
Owner of popular Passage to Asia restaurant Dipchand Persad told AZPNews.com on Thursday, he was warned by bank managers that the economic situation is going to worsen.
Persad is one of the businessmen who has been greatly affected by the prolonged closure of restaurants and one of them may not be able to remain open again after the current restrictions in place to curb the Covid-19 pandemic.
Passage to Asia has two branches, one in Chaguanas at a building owned by Persad of which he is still a paying mortgage for and the other at Ariapita Avenue in Woodbrook, a rented facility.
Persad said he was requested to pay $20,000 per month by the property owner.
He said, “All other businesses in Port-of-Spain, as long as the business is closed, the landlords are not charging rent. Why we have to pay rent and we are not making money to do so? She keep telling us that she has issues too, that she is in the red.”
The regular rent for the Port-of-Spain branch was $15,000 plus Value Added Tax (VAT).
Persad said for one year since the pandemic, he has not been making any personal profits because money has been spent in paying staff, rent, utility rates and the purchase of goods.
He said he was offering his landlady $10,000 each month while the restaurant remains closed. If she does not accept, he will leave the facility.
And he is not sure if he may open at another location in the capital city.
Persad said, “Since last year, business dropped by at least 60%. Even when the economy is opened back, we do not know what it will be like so we may forget about having a Port-of-Spain branch for a while. For restaurants, it may be a gradual re-opening. The Government may not allow in-dining as yet.”
He added, “People will be very cautious as to how they spend money. Many of them would not have that much to spend. Bank managers have told me, there is going to be a tsunami of poverty. Things are just going to get worse.”
