Cabinet Discusses Proposed S.S.B. Loan to Pharmacy Express

Cabinet met on Tuesday to discuss a number of issues of national concern, including a proposed seven million dollar loan from the Social Security Board to Pharmacy Express Limited. On Sunday, the Ministry of Health and Wellness issued a release stating its objection to S.S.B. making available a loan facility to the pharmaceutical company that operates out of the Fort Street Tourism Village.  Earlier today, the Cabinet stated that it fully respects the autonomy of SSB, but supports the importance and necessity of ensuring that all relevant information regarding Pharmacy Express Limited be shared with S.S.B. prior to a final decision being made regarding the loan. On Monday, News Five spoke with Chief Executive Officer Deborah Ruiz who said that S.S.B. is content with Pharmacy Express having met the criteria to become eligible for the loan.

Isani Cayetano

“So it’s fair to say that you guys are satisfied with the entire process at this point, notwithstanding government’s objection.”

Deborah Ruiz

Deborah Ruiz, C.E.O., Social Security Board

“I think we went through a transparent process where we received a loan application, it was assessed internally and the appraisal report was submitted to the investment committee.  It has been back and forth for several months asking for more information, more discussions with the principals and then we finally reached the stage where it went to the board for consideration in June. The Social Security Board is diversifying its portfolio, so we are looking at viable loans right now from any sector that we are comfortable with the risk.  So we are looking at viable loans right now from any sector that we are comfortable with the risk.  Whenever a proposal comes in, we look at it and we do a credit risk assessment and from that we determine whether or not the committee will go with it.  But in terms of cruise tourism, we have tourism loans, but in terms of P.E.L., I think this is the first such loan, in terms of the pharmaceutical and tourism industry, focusing primarily on the cruise tourism industry.”