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KUALA LUMPUR: The 2021 budget remains expansive and, equally important, maintains and even improves targeted financial support and fiscal aid for vulnerable communities and businesses affected by the social, financial and economic consequences of the Covid-19 pandemic.
Malayan Banking Bhd (Maybank) Chairman and CEO Datuk Abdul Farid Alias, who is also Chairman of the Malaysian Banking Association, said that at times like these, ways must be found to help communities and businesses in hardships, the unemployed and those whose income had been significantly reduced due to underemployment, wage cuts or loss of business.
He said that this budget also allocated around RM8.5 billion to protect and create jobs, as well as to provide various training programs.
“Organizations must support this agenda and strive to preserve jobs, invest in retraining and upgrading of their employees, and care for the well-being of their workers so that together we can overcome this extremely challenging environment and uncertain period.
“In our opinion, organizations should not feel pressured to reduce personnel costs by cutting employees to maintain profits and dividends. All stakeholders must work together to weather this storm, ”he said today in a statement.
Abdul Farid said that he also believed that ESG (environmental, social and governance) -related investments could stimulate economic growth, generate business opportunities and create jobs and was satisfied that the budget had measures to achieve the Sustainable Development Goals, promote green investment and protect the environment and natural resources.
Public Bank Bhd founder, chairman emeritus, director and advisor Tan Sri Teh Hong Piow also praised the government for formulating a budget that leaves no one behind.
“We applaud the fact that the government is taking the pulse of the nation to meet the needs of the day by increasing the amount of personal and corporate financial assistance and expanding various grant and financing schemes.
“During this trial period, Public Bank will continue to actively participate and assist clients by providing the additional assistance required under the specific expanded payment assistance program,” he said.
Standard Chartered (StanChart) Malaysia CEO and CEO Abrar A. Anwar said inclusion and expansion were keywords in the 2021 Budget.
He said that as facilitators of cross-border trade, StanChart applauded the RMB 1 billion special incentive package for high-value-added technology that would continue to attract quality investment and add value to the country’s economy.
“For companies looking to relocate to Malaysia, the extension of a special tax break for eligible non-residents occupying key positions for new strategic investments will be a significant pull factor, in addition to access to a diverse talent pool and prime location in the heart of Southeast Asia, ”he said.
He said that as a bank that was at the forefront of digital banking, StanChart supported the government’s commitment to move Malaysia towards a digital economy.
Bank Pembangunan Malaysia Bhd (BPMB) Group Chairman / CEO Arshad Mohamed Ismail said the decision to extend the Digitization Transformation Scheme would help spur digitization initiatives with funds available through December 31, 2023 .
“We believe that these financial support schemes are timely and effective to catalyze the national economic recovery.
“At BPMB we are also honored to have the responsibility of being part of this development agenda through the National Development Scheme, the Maritime and Logistics Scheme, the Sustainable Development Scheme, the Tourist Infrastructure Scheme and the Public Transportation Scheme. “, said.
CIMB Group welcomes your role as facilitators of recovery by participating in the expanded Specified Loan Assistance Program.
CIMB Group Chief Executive Officer Datuk Abdul Rahman Ahmad said that it was optimal that assistance to borrowers be done in a targeted manner to ensure that funds are targeted specifically to individuals and businesses in need, including affected small and medium-sized businesses, B40 and M40.
“This is more effective as those who can afford to resume their payment must do so to avoid incurring higher costs and ensure that the banking system remains healthy, backed by good asset quality to support additional lending activities,” he added.Called
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