JUNE 3 — The Federation of Malaysian Business Associations and Industries Unite represent a combined of over 400 Business Associations/Chambers of Commerce representing one million businesses and by proxy represent the 2.8 million self- employed and micro-business owners and the Rakyat of Malaysia.
We have handed over a letter to our Prime Minister YAB Tan Sri Muhyiddin Yassin, where we have acknowledged the proactive intervention of PEMERKASA PLUS stimulus package but highlighting the moratorium that has been announced as part of the initiative, will do little to move the needle in alleviating the debt commitments of both the rakyat and businesses.
A store keeper at Jalan Tuanku Abdul Rahman watching the live telecast of Prime Minister Tan Sri Muhyiddin Yassin announcing the Pemerkasa programme, March 17, 2021. ― Picture by Hari Anggara We have proposed eight parameters by which YAB Tan Sri and the Ministry of Finance together with Bank Negara Malaysia will be able to turn this moratorium into a one that is both effective and covers a wider footprint of those not only in B40 but also those in the M40 and all business types — the small, mid-tier and larger entities.1. Malaysian Government bailed out the financial systems to the tune of RM 70 billion, just over 10% of our GDP in 2008/9.
2. The banks can afford it — Eight top local banks collective made a profit of RM 93 billion in the last three years. Using the same denominators — this new moratorium will likely ‘cost’ only RM 6.4 billion which is only 7 per cent of the three-year annual profits for the top eight of the local banks or 20 per cent of their 2020 profits.
I'm sure the bank will ignore this.. what they are looking at is just to gain profit only.. CSR? nay...
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