Monday, November 29, 2010
THE government will not impose capital controls except in urgent situations Read more: 'No capital controls plan
THE government will not impose capital controls except in urgent situations, such as a recurrence of the 1997-1998 Asian financial crisis.
Deputy Finance Minister Datuk Donald Lim said Malaysia had the ability to control the in-flow of capital and it was monitoring the situation.
"Our reserves are high at US$105 billion while our external debt remains low at 30 per cent of gross national product," he said in reply to a question by Khairy Jamaluddin (BN-Rembau) yesterday.
In a supplementary question, Khairy said the International Monetary Fund and World Bank had warned of the "hot money" problem, whereby sudden capital inflows could affect economic stability.
Lim said the government was monitoring of the types of fund that was entering the country.
"However, should there be an urgent situation like the one we faced in 1998, we will take strict actions."
Lim also said most of the foreign direct investment in Malaysia was channelled to the manufacturing and services sectors.
Lim said the amount of capital entering the country in the first half of the year showed an increase compared to the same period last year due to improved investor confidence and growth in the economy.
THE Government will speed up the process of coming up with a mechanism to provide third party insurance coverage, especially for vehicles aged 10 years and above.
Deputy Finance Minister Datuk Donald Lim said the Government was aware of the difficulties faced by some vehicle owners in obtaining motor insurance.
“Bank Negara, together with the ministry, is formulating a suitable mechanism to ensure that the rakyat has access to motor insurance coverage at affordable prices.
“Discussions were held with various agencies and the insurance industry between August and September to obtain their support for initiatives to improve effectiveness and transparency in motor insurance claims. We will speed up the process,” he said.
Lim told Salahuddin Ayub (PAS-Kubang Kerian) that consumer groups, transportation organisations, insurance firms and the Bar Council would be consulted before the proposed mechanism was presented to the Government early next year.
He said insurance firms and takaful operators were now more cautious about offering motor insurance, especially for high-risk vehicles such as those aged above 10 years.
“This is due to spiralling third party death and injury protection claims and the insurance companies’ limited financial means.
“For example, industry statistics last year showed that the average claim for private vehicles older than 10 years was RM7,310 while for those below 10 years, it was RM6,217,” said Lim.
Similarly, he said the average claim for vehicles transporting goods aged 10 years above was RM8,639, compared to RM7,351 for newer models.
Lim also said the insurance industry had collaborated to offer coverage via the Malaysian Motor Insurance Pool to ensure the public had better access to the service.
PELBAGAI inisiatif pembaikan sedang diambil untuk menangani masalah ketirisan yang mengakibatkan kerugian besar dalam sektor insurans ketika ini serta melengkapkan cadangan mekanisme penyediaan insurans motor akan diperkenalkan.
Timbalan Menteri Kewangan, Datuk Donald Lim Siang Chai, berkata beberapa perbincangan sudah diadakan bersama agensi kerajaan, persatuan perniagaan serta industri insurans dan takaful dari Ogos hingga September lalu, untuk mengenal pasti dan mendapatkan sokongan bagi melaksanakan inisiatif mempertingkat kecekapan dan ketelusan proses tuntutan insurans motor.
“Satu sesi konsultansi susulan dengan pelbagai pihak, termasuk persatuan pengguna, persatuan pengangkutan, Majlis Peguam serta industri insurans dan takaful, akan diadakan sebelum cadangan mekanisme serta inisiatif pembaikan dikemukakan untuk pertimbangan kerajaan pada awal tahun depan,” katanya menjawab soalan Salahuddin Ayub (PAS-Kubang Kerian).
Lim berkata, penanggung insurans dan pengendali takaful semakin berhati-hati menawarkan perlindungan insurans motor, terutama bagi kenderaan berisiko tinggi yang berusia lebih 10 tahun.
Katanya, ini berikutan pengalaman tuntutan perlindungan kematian dan kecederaan pihak ketiga semakin meruncing serta kemampuan kewangan terhad.
“Situasi ini boleh dilihat daripada aliran tuntutan mengikut usia kenderaan. Sebagai contoh, statistik dikumpul industri pada 2009 mendapati tuntutan purata bagi kenderaan persendirian dan kenderaan pengangkut barangan adalah masing-masing RM7,310 dan RM8,639 bagi kenderaan berusia lebih 10 tahun berbanding RM6,217 dan RM7,351 kenderaan kurang 10 tahun,” katanya.
Menjawab soalan berasingan oleh Khairy Jamaluddin (BN-Rembau), Lim berkata, pelaburan langsung asing (FDI) di Malaysia mencatat lebihan RM11 bilion pada separuh tahun pertama 2010 berbanding RM3.5 bilion separuh tahun pertama 2009.
Katanya, trend aliran masuk FDI semakin meningkat disokong usaha berterusan kerajaan yang menyediakan persekitaran perniagaan kondusif serta pemulihan beransur perbelanjaan modal global.
“Kebanyakan aliran masuk FDI ke Malaysia disalurkan ke sektor pembuatan dan perkhidmatan, terutama subsektor kewangan dan insurans serta sektor berkaitan teknologi. Pelabur utama aliran masuk FDI ke Malaysia adalah dari Amerika Syarikat, Belanda dan Jepun,” katanya.
Wednesday, November 3, 2010
It is my pleasure to be here today to witness the launch of the Quill Capita Trust - MyKasih Community Programme.
The Government is constantly appreciative of efforts by the private sector in making this kind of contribution to help the less fortunate members of our community. Whilst the Government’s efforts have been mainly focused in raising the general standard of living on a macro basis, the private sector’s efforts have been to offer direct assistance to deserving families on a micro basis. In this respect, both our efforts have been complimentary. We should continue to jointly contribute in this manner.
The increase in incidences of the private sector pursuing and practicing a culture of Corporate Social Responsibility has been a positive development in our country. It is my personal hope that companies in the future will commit a fixed percentage of their profits toward this social responsibility.
Looking further into the future, it is again my personal hope that investors will give priority to invest in companies that practise a high standard social responsibility.
I have noted with great satisfaction that there are three parties who are working closely with one another to reach the recipients. Firstly, the Donor in this case Quill Capita Management Sdn Bhd, secondly, the Administrator in this case MyKasih Foundation and finally the Dispenser in this case The Store Supermarket. This kind of cooperation has one great advantage in that there is no duplication of work and hence it offers great savings in both resources and time.
Ladies and Gentlemen,
MyKasih Foundation is somewhat unique in their approach. They do this through their food aid, counseling, financial literacy and skills training programmes.
The food aid programme is carried out using leading-edge technology via MyKad provides recipients with the means to shop, select and pay for exactly what they need, and all without any cash changing hands.
MyKasih with volunteers to provide household budgeting and financial skills counseling to participating families. It also provides after school tutoring and life skill training to children and works with volunteer groups to organize education programmes and training activities for teens and young adults.
Needy families are identifying by Local NGOs such as the Program Pemulihan Dalam Komuniti (PDK), Pertubuhan Perkhidmatan Sosial dan Pembangunan Komuniti ( PSPK ) and National NGOs such as Lions & Rotary Clubs subsequently evaluate and approve the families for the programme.
Ladies and Gentlemen,
We, Malaysia, practice the culture which supports the philosophy that ‘it is more blessed to give than to receive’ from our forefather. Participating in community services and activities to help the needy provides all of us with a sense of happiness. I am sure you will find it a priceless and meaningful experience sharing the joy around!
Last but not least, I am pleased with Quill Capita Management’s commitment in giving back to society as all good corporate citizens. This will complement the government’s effort in helping this segment of our society. We hope this initiative will inspire more participation from corporate and individual donors.