1. Introduction: The Forex Wake-Up Call
Foreign exchange scarcity is no longer an abstract policy issue — it’s hitting every Trinbagonian in daily life. Republic Bank’s recent decision to slash foreign credit card limits to just USD $2,500 per month is the latest reminder of how constrained access to U.S. dollars has become. For many households and businesses, that cap barely covers essentials.
Think about the implications:
- A parent sending a child to study abroad can’t even cover one month of tuition with that limit.
- A small business owner importing raw materials or inventory is forced to scale back or pay inflated parallel market rates.
- Families trying to book flights for medical travel or vacation often run out of available forex long before their needs are met.
This isn’t a temporary inconvenience — it’s a systemic shortage. Trinidad and Tobago has been struggling with a persistent gap between forex demand and supply for more than a decade (Central Bank of T&T, Annual Economic Survey, 2023). Oil and gas revenues, once the backbone of our forex reserves, have declined from over USD 6.6 billion in 2008 to just over USD 2.5 billion in 2023 (Central Bank of T&T, Balance of Payments Report, 2023). Meanwhile, imports and consumer demand for foreign goods have continued to rise, widening the deficit.
And the two industries we keep waiting on — oil and tourism — aren’t positioned to save us quickly. The International Energy Agency forecasts that global oil demand will peak by 2030 (IEA World Energy Outlook, 2023), while global tourism competitiveness has intensified post-COVID, with the Caribbean facing stiff competition from cheaper and more diversified destinations in Asia and Latin America (World Tourism Organization, 2024).
The result? Ordinary Trinbagonians are stuck. They’re forced to beg banks for allocations, turn to expensive black-market forex, or simply cut back on opportunities that require USD.
That’s why the thesis of this article is simple but urgent:
👉 We cannot wait on oil. We cannot wait on tourism. Every Trinbagonian must start generating their own USD — through skills, freelancing, and digital businesses — or else remain trapped by shortages and restrictions.
2. Why Oil & Tourism Won’t Save Us
For decades, Trinidad and Tobago has leaned heavily on oil and gas as the main source of foreign exchange. But that model is breaking down.
Oil & Gas: Yesterday’s Backbone, Today’s Volatility
- Oil and gas still account for about 80% of export earnings and 40% of government revenue (Central Bank of T&T, Economic Bulletin, 2024). But the sector’s contribution to GDP has been shrinking for over a decade.
- Energy revenues fell from TTD $43 billion in 2008 to under TTD $18 billion in 2023 (Ministry of Finance Budget Statement, 2024). That collapse explains much of today’s forex shortage.
- Prices are unpredictable: crude oil dropped from over $120 per barrel in mid-2022 to under $80 by late 2023 (U.S. Energy Information Administration, 2023). Gas prices are even more volatile, tied to geopolitical shifts and supply chain disruptions.
- Most importantly, the International Energy Agency projects global oil demand will peak by 2030 as renewable energy accelerates and electric vehicle adoption grows (IEA World Energy Outlook, 2023). T&T is betting on a sector that the world is already transitioning away from.
Tourism: A Tougher Game Than Ever
- Tourism is often presented as our fallback plan — but it is neither simple nor guaranteed.
- Building a competitive tourism industry requires heavy upfront investment in hotels, infrastructure, marketing, and airlift capacity.
- The Caribbean is one of the world’s most tourism-dependent regions, but competition is fierce. Destinations like Cancún, Punta Cana, Jamaica, and even emerging spots in Asia and Latin America often outcompete us on price, scale, and variety.
- Global shocks — like the COVID-19 pandemic — show how fragile the industry is. The Caribbean lost 70% of its tourism revenue in 2020 (Caribbean Tourism Organization, 2021), and recovery has been uneven, with smaller markets like T&T lagging behind the big players.
- Climate change adds another layer of risk: hurricanes, flooding, and rising insurance costs are making tourism even more precarious in small island states.
Bottom Line
Oil and gas may still provide revenues. Tourism may bring some jobs. But neither industry is positioned to solve our forex crisis in the short to medium term.
👉 These industries may help, but they won’t rescue us — and not anytime soon.
That’s why the only sustainable path forward is to empower Trinbagonians to generate their own USD — by exporting skills and services through digital platforms, freelancing, and remote work.
3. Global Proof That People Can Be the Forex Engine
If oil and tourism won’t save us, then what will? The answer is already clear: people. Countries that embraced outsourcing and digital platforms have shown that ordinary citizens can be the drivers of foreign exchange — not just governments or large corporations.
India: The Outsourcing Giant
- India has become the undisputed leader in global outsourcing, building an industry worth USD $194 billion in 2023 (India IT & Business Process Management Report, 2024).
- The sector employs 5.4 million people, from call center agents to software developers, all generating foreign revenue without oil or gas (NASSCOM Annual Report, 2023).
- This industry now accounts for nearly 10% of India’s GDP, proving that services can rival — and even surpass — commodities in earning power.
Philippines: Building a USD Engine Without Oil
- The Philippines, a country with no significant oil or gas reserves, leaned heavily into Business Process Outsourcing (BPO).
- By 2022, the industry generated USD $32.5 billion annually and employed 1.82 million people (Philippines IT-BPM Roadmap 2028, 2023).
- In fact, outsourcing now contributes nearly 8% of the Philippines’ GDP, making it one of the country’s most reliable sources of forex.
- Their model shows that an English-speaking population with the right skills and infrastructure can become a global services hub.
YouTube: A Platform as an Economic Powerhouse
- Digital platforms themselves are now forex machines. Take YouTube: in 2024, its creator ecosystem contributed USD $55 billion to the U.S. economy and supported 490,000 full-time equivalent jobs (Oxford Economics, YouTube Impact Report 2024).
- Over the past three years alone, YouTube has paid out USD $70 billion to creators, artists, and media companies worldwide (YouTube Creator Earnings Report, 2024).
- These aren’t just Hollywood studios — they’re individuals with cameras, skills, and internet connections, proving that the digital economy can rival traditional industries in scale and sustainability.
The Lesson for T&T
India, the Philippines, and even platforms like YouTube prove one thing:
👉 Ordinary people, equipped with the right skills and tools, can generate billions in USD and transform entire economies.
For Trinidad and Tobago, this means we don’t have to wait for oil prices to climb or for tourists to arrive. We can start now — by empowering our citizens to plug into the global digital economy.
4. Where T&T Is Today
Trinidad and Tobago has already dipped its toes into the outsourcing and digital economy — but compared to the giants, our footprint is still small.
BPO Investments and Jobs
- In recent years, the Business Process Outsourcing (BPO) sector has attracted TTD $245 million in investment and created around 3,000 jobs (Unity Communications Report, 2025).
- These jobs are mostly in call centers, back-office processing, and tech support. While it’s a positive step, it’s a fraction of the scale seen in India or the Philippines, where millions are employed and tens of billions in forex are generated annually.
Policy Moves: Special Economic Zones
- In 2024, the government launched Special Economic Zones (SEZs) specifically designed to attract outsourcing companies and digital service providers (Ministry of Trade & Industry, SEZ Act 2024).
- These zones offer tax incentives, duty-free concessions, and infrastructure support to encourage foreign firms to set up shop locally.
- But success depends on more than incentives — we need a skilled workforce and a clear national strategy for digital services exports.
Our Advantages
Despite our small scale, Trinidad and Tobago does have natural advantages that can help us leapfrog:
- English-speaking workforce — a huge plus in global outsourcing.
- Time zone alignment — we share overlapping work hours with North America, our largest trading partner.
- Service culture — rooted in tourism and hospitality, which can translate well into customer service, client management, and remote work.
- Connectivity — relatively strong internet penetration and mobile access compared to many developing nations.
The Gap
Still, we must be realistic. India is at USD $194 billion, the Philippines at USD $32.5 billion, while we are only beginning to scratch USD $36 million (approx.) from outsourcing inflows when converted from recent investments (based on Unity Communications estimates, 2025).
The gap is massive — but it also means the opportunity is massive. If we build the right skills, attract more outsourcing firms, and most importantly, empower individuals to freelance and work remotely, Trinidad and Tobago can carve out its share of the global digital economy.
5. Ten Skills That Trinbagonians Can Use to Generate USD Now
The global market for outsourced skills is massive and growing. According to the World Economic Forum’s Future of Jobs Report (2025), over 60% of companies worldwide plan to outsource digital skills within the next three years. For Trinbagonians, this means the opportunity to earn USD is no longer theoretical — it’s real, and it’s available right now.
Here are ten skills in high demand globally, with average salaries or earnings potential, and why they make sense for T&T:
1. Generative AI Specialists
- Earnings: USD $70,000–$120,000 per year (Glassdoor, 2025).
- What they do: Build AI tools, automations, chatbots, and custom models for businesses.
- Why it fits T&T: With AI adoption exploding globally, small and mid-sized firms often outsource these services. Trinbagonians can train in open-source AI tools and quickly plug into global demand.
2. Cybersecurity Analysts
- Earnings: USD $65,000–$110,000 per year (Cybersecurity Ventures, 2024).
- What they do: Protect companies from hackers, data breaches, and online threats.
- Why it fits T&T: Cybersecurity faces a global shortage of over 3.5 million workers (ISC² Cybersecurity Workforce Report, 2024). With remote monitoring tools, a T&T analyst can manage clients abroad from home.
3. Data Analysts / Data Scientists
- Earnings: USD $60,000–$100,000 per year (LinkedIn Jobs Report, 2025).
- What they do: Analyze data to find trends, guide business strategy, and build dashboards.
- Why it fits T&T: Data is the “new oil,” and analysis can be done from anywhere. Companies worldwide outsource this work to cut costs.
4. Cloud Engineers
- Earnings: USD $75,000–$130,000 per year (Indeed, 2025).
- What they do: Manage cloud platforms like AWS, Azure, and Google Cloud.
- Why it fits T&T: Every company moving online needs cloud support, but can’t always afford in-house staff. A skilled engineer in T&T could serve multiple firms remotely.
5. Virtual Assistants (VAs)
- Earnings: USD $8–$25 per hour (Upwork, 2025).
- What they do: Provide admin support, scheduling, research, and customer service.
- Why it fits T&T: The Philippines built its BPO boom on VA work. T&T’s English fluency and service culture make us well-suited for this growing market.
6. Digital Marketing Specialists
- Earnings: USD $50,000–$90,000 per year (HubSpot State of Marketing Report, 2024).
- What they do: Manage social media, SEO, advertising, and online campaigns.
- Why it fits T&T: Global businesses need digital visibility, and many outsource to freelancers. With our natural creativity and communication skills, T&T talent can compete strongly here.
7. Software Developers
- Earnings: USD $70,000–$120,000 per year (Stack Overflow Developer Survey, 2025).
- What they do: Build apps, websites, and custom software.
- Why it fits T&T: Software is the backbone of the global digital economy, and demand far outstrips supply. Developers in T&T can work for U.S. or European companies without ever leaving home.
8. Financial Analysts & Fintech Services
- Earnings: USD $55,000–$95,000 per year (U.S. Bureau of Labor Statistics, 2024).
- What they do: Help companies forecast, manage investments, and analyze financial performance.
- Why it fits T&T: Our population has strong finance and accounting training — making us a natural fit for outsourced finance roles.
9. Online Educators & Course Creators
- Earnings: USD $20–$60 per hour (Teachable / Coursera earnings reports, 2024).
- What they do: Teach English, IT, business skills, or create niche online courses.
- Why it fits T&T: English proficiency is a major advantage, and online education demand has doubled since COVID. Trinbagonians can sell knowledge to the world.
10. Sustainability / ESG Consultants
- Earnings: USD $60,000–$110,000 per year (World Economic Forum Jobs Report, 2025).
- What they do: Advise companies on climate compliance, green energy, and ESG reporting.
- Why it fits T&T: Global climate regulations are expanding, and firms are outsourcing expertise. Caribbean nations, already climate-vulnerable, can export green consulting knowledge.
The Bottom Line
These ten roles represent just a slice of the global digital economy. Each one can be done remotely, each one is in high demand, and each one pays in USD.
If you want to start learning some of these skillsets, a great place to start is with Coursera courses.
👉 For Trinbagonians, the choice is clear: either continue depending on shrinking forex from oil and tourism, or build personal income streams by plugging into the global skills market.
6. The Tools You Can Use Today to Get Paid in USD
One of the biggest myths holding people back in T&T is the idea that even if they land an overseas client or freelance gig, they won’t be able to collect their earnings. The reality is very different — the payment infrastructure is already here. Trinbagonians are getting paid in USD every day. The question is whether you know how to set yourself up.
PayPal
Still one of the most recognized global platforms, PayPal allows you to invoice clients anywhere in the world and receive payments almost instantly. The key is linking the right type of Visa debit or credit card — not every local bank card works. Once set up properly, PayPal is a reliable gateway for freelancers, consultants, and small businesses.
Learn how to set up PayPal here: Getting Started with PayPal in Trinidad and Tobago.
Payoneer
Payoneer is widely used by international marketplaces like Upwork, Fiverr, Amazon, and Airbnb to pay workers across the globe. You can hold your funds in USD, transfer them to your local account, or even spend directly with a Payoneer card. For anyone freelancing on established platforms, this is often the simplest option.
Wise (formerly TransferWise)
Wise gives you access to a virtual USD bank account, complete with account and routing numbers. That means clients in the U.S. or Europe can pay you like a local transfer, cutting fees. You can then move the money into your local T&T account or spend directly with a Wise debit card.
Learn how to set up Wise here –> Getting Started with Wise in the Caribbean.
Local Fintech Options
Caribbean fintechs are stepping up too. Tools like WiPay’s, Powertranz, PayWise, Fygaro and the banks E-Commerce solutions let you invoice clients, accept online payments, and have the funds deposited to your local bank accounts. For those who want to bridge global payments with local spending, this creates a seamless solution.
The Bottom Line
Getting paid in USD from abroad is not a barrier anymore. The real barriers are awareness, setup, and confidence. Once you learn the skill, find the client, and deliver the service, these tools make it possible to collect your income without relying on banks to “grant” you forex.
👉 For a full breakdown of all the payment options available — PayPal, Payoneer, Wise, WiPay, Colour, and more — check out my guide: Are You Struggling to Get Paid by International Clients in the Caribbean?
7. Finding Your Path: Career Discovery Tool
Of course, the next big question most people have is: “But where do I even start? Which skill should I learn?”
This is a real barrier for many Trinbagonians. Some feel stuck in jobs that don’t pay enough, others are unsure which career paths are realistic, and many simply don’t know which skills are in demand globally. The truth is, figuring out your direction is just as important as learning the skill itself.
That’s why career discovery tools are so valuable. This is why I created a step-by-step process to help people map their way forward in his article “Feeling Stuck? Use This Tool to Find Your Next Career Path”.
Here’s what his framework helps you do:
- Discover your top 5 career paths → Based on your interests, learning style, and lifestyle, you can identify which digital careers make sense for you.
- Understand what it takes → You’ll see the skills required, the cost of learning them, and how long it might take to get job-ready.
- Build a personalized roadmap → Instead of guessing, you walk away with a clear step-by-step plan for transitioning into a USD-generating career.
This is a game-changer because too many people hear about “AI specialists” or “cloud engineers” and think, that’s not for me. But with the right framework, you realize that maybe you’re better suited for digital marketing, online teaching, or financial analysis — all of which are also in demand and pay in USD.
The Takeaway
Nobody is expected to wake up tomorrow and become a software engineer or an AI specialist. The point is to find your best-fit career path, start small, and grow your USD-earning potential over time. Tools like the one I shared make the journey less overwhelming and more strategic.
👉 The forex crisis means every Trinbagonian must take responsibility for their financial future. But you don’t have to guess where to begin — you can map your path, and then take it one skill at a time.
8. Policies That Could Unlock Forex Inflows
While personal responsibility is the foundation — every Trinbagonian must start generating their own USD — government and financial institutions also have a role to play. If ordinary people are creating new foreign exchange inflows, the system must be designed to capture and reward those inflows, not frustrate them.
A Prepaid USD Card for Self-Generated Forex
One simple but powerful idea would be the creation of a special prepaid USD credit or debit card that can only be loaded with self-earned USD. Here’s how it could work:
- If you receive USD through PayPal, Payoneer, or Wise, you can load it directly onto this prepaid card.
- You would then have full access to the amount earned, without arbitrary caps like the current $2,500 monthly credit card limit.
- This card could be spent online, abroad, or withdrawn in USD (when abroad).
Such a system would encourage freelancers, digital entrepreneurs, and small businesses to bring their USD earnings back into the local banking system rather than leaving funds offshore or in alternative platforms. It would also create a transparent, traceable channel for forex inflows — benefiting both individuals and the economy.
Learning from Thailand’s Bold Experiment
Other countries are already experimenting with creative ways to keep forex flowing. In 2024, the Thai government introduced a scheme to allow citizens to convert cryptocurrency directly into Thai baht through licensed exchanges (Bangkok Post, 2024). The idea wasn’t to push crypto itself — but to capture money that might otherwise circulate outside the formal system.
This kind of thinking shows what’s possible when policymakers stop trying to block new money channels and instead ask: “How do we bring this revenue into the country?”
A Shift in Mindset
Trinidad and Tobago can learn from this. Instead of restricting forex access, banks and government policy should focus on enabling new inflows:
- Encourage digital workers with tax incentives for USD earnings.
- Develop fintech partnerships to make cross-border payments seamless.
- Build a local ecosystem that treats self-generated forex as a national asset — not an afterthought.
Want To Learn About Digital Revenue Streams We Can Create?
Check out my Digital Revenue Roadmap course to learn a plethora of ways we can tap into to build digital streams of income –> The Digital Revenue Roadmap Course.
The Bottom Line
Oil and gas still matter. Tourism still matters. But if ordinary citizens are creating new forex streams through digital work, policy must keep pace. A prepaid USD card, fintech integration, and supportive regulations would ensure those inflows come home — fueling businesses, stabilizing reserves, and giving citizens freedom to spend their hard-earned USD.
👉 The question isn’t whether Trinbagonians can generate their own forex. The question is whether our institutions will be ready to support them when they do.
9. Closing: The Personal Responsibility Moment
The foreign exchange shortage in Trinidad and Tobago is not going away any time soon. Oil and gas revenues have been declining for over a decade. Tourism is competitive, expensive, and easily disrupted. Even if both sectors rebound, they will not solve the forex crunch fast enough to ease the daily struggles of students, families, and businesses.
That means the responsibility falls on us — the citizens. And that’s not a bad thing. In fact, it’s an opportunity.
Around the world, millions of people in countries with far fewer resources than T&T are already earning USD by selling their skills online. India built a USD $194 billion outsourcing industry. The Philippines turned virtual assistant and call center jobs into USD $32.5 billion in annual forex. Even platforms like YouTube added USD $55 billion to the U.S. economy in a single year, simply by paying ordinary creators.
Trinbagonians can do the same. We have the language, the time zone, and the creativity. What we need now is the willpower to act. Learn a digital skill. Offer your services online. Use platforms like PayPal, Payoneer, or Wise to collect your earnings. Bring that forex back home.
Yes, government and banks must modernize their policies. Yes, fintech systems like prepaid USD cards would make it easier. But we can’t afford to sit and wait for policy. The power to generate forex is already in our hands.
👉 The next forex boom for Trinidad and Tobago won’t come from oil.
👉 It won’t come from tourism.
👉 It will come from the cloud — from every Trinbagonian who chooses to generate their own USD.