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PETALING JAYA: Permodalan Nasional Bhd (PNB) withdrawal of savings remains stable despite the current challenging economic environment led by the Covid-19 pandemic, said Tan Sri Group President Dr. Zeti Aziz.
While he did not disclose the number of withdrawals made by PNB shareholders this year, Zeti noted that the fund had not experienced “disruptive withdrawals.”
“Currently, we are seeing that it has remained quite stable and we have not seen disruptive withdrawals. From time to time, we saw a few recalls, but this has held steady for us, ”he told reporters at the launch of PNB’s first Minggu Saham Digital (MSD).
It is worth noting that the Covid-19 pandemic has caused an economic fallout that caused the Malaysian economy to contract by 17.1% and 2.7% in the second and third quarters of this year due to the control order. movement (MCO) that froze many businesses and consumers. activities around the world.
Earlier this month, the government announced that members of the Employee Provident Fund (EPF) can withdraw their savings from Account 1 to cope with the economic impact of Covid-19 that saw job losses. , reduced wages and slower business activities.
Interestingly, PNB president and group CEO Ahmad Zulqarnain Onn (photo below) said there was no change in investment trends among his shareholders this year.
“Despite tough economic conditions and Covid-19, we don’t see any difference in trend in how people invest.
“That is a testament to how we do business and how people perceive us. PNB funds are long-term savings and investments, ”he said.
PNB launched a new product called ASN Imbang 3 Global in September which has since received investments worth RM300 thousand.
In September, PNB’s assets under management amounted to RM 315 billion, which is a quarter of the size of EPF’s funds.
When asked about the returns PNB planned to offer this year, Zeti declined to comment, but said the return would be “competitive” and “realistic” for its shareholders.
“We will strive to invest in the best interest of our stakeholders to obtain the best and most competitive performance.
“But we recognize that this is a very uncertain and challenging year. Performance will reflect the performance of our funds, ”he said.
At MSD, for the first time in 20 years, PNB is taking its annual “Minggu Saham” digitally through popular online platforms.
The event will be a seven-day live broadcast program from November 18 to November 24 with various types of content, including educational forums and webinar series, as well as interactive programs such as game shows, cooking shows, science experiments, a virtual scavenger hunt and a mask design contest.
The launch of the MSD was officiated by Prime Minister Tan Sri Muhyiddin Mohd Yassin, who is also Chairman of Yayasan Pelaburan Bumiputra, and Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
Tengku Zafrul said digitizing the Minggu Saham was in line with the government’s push for the digital economy to accelerate the country’s recovery plan amid the Covid-19 pandemic.
“In light of the uncertainties caused by Covid-19, financial management and planning are more important now than ever on both an individual and family level.
“It is never too late to save and invest wisely for future financial security. MSD is also timely to instill in the public the importance of financial awareness among Malaysians, and this digital approach makes it more convenient to make the most of what PNB has to offer, ”he said during his speech at the MSD virtual launch.
He noted that the pandemic has caused an increase in the country’s household debt with GDP to a maximum of 87.5% as of June this year.
Citing the National Statistics Department, Tengku Zafrul said that 7 out of 10 freelancers have savings of less than a month.
EPF data also shows that more than half of taxpayers who have reached one year of retirement age have savings of less than RM 50,000.
“This means that they will have an income of only RM200 a month during their retirement life,” said Tengku Zafrul.
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