The Penang government has launched its second economic stimulus package of RM76 million to assist the people during these challenging times in view of the Covid-19 pandemic.

Chief Minister Chow Kon Yeow said the stimulus package is an addition to the RM75 million aid package that was announced previously, making it a total allocation of RM151 million.

He said the second economic stimulus package under the Penang People’s Aid Package aimed at putting money in the hands of the affected groups, into the market and for targeted industries.

“The second aid package was formulated based on three main objectives.

“Firstly, it is to provide immediate assistance to the most vulnerable group in the state.

“Secondly, it is to empower the working class to get back on their feet and continue to take care of themselves, their families and continue to strengthen Penang’s economy through productivity.

“Thirdly, it is to ensure business continuity in the state so that the economy will continue to progress after the end of movement control order (MCO) period,” Chow told the public via his Facebook Live message yesterday.

According to Chow, there is a total of 20 incentives in the second economic stimulus package that focuses on the rebate of assessment taxes (cukai taksiran) and cash assistance to the frontliners, fishermen, petty hawkers and traders.

The full list of the incentives from the Penang People’s Aid Package 2.0 is as below:

1. Assessment taxes rebate for the year 2020 involving both city councils, namely Penang Island City Council (MBPP) and Seberang Perai City Council (MBSP).

2. One-off payment of RM500 to 3,103 hawkers and traders who run businesses in the food complex or shoplots.

3. One-off payment of RM500 to registered traders and hawkers under MBPP and MBSP involving 5,666 of them.

4. One-off payment of RM300 to 6,099 frontliners who are involved in the fight against Covid-19.

5. One-off payment of RM300 to the qualified Village Community Management Council (MPKK) and the Women and Family Development Committee (JPWK) members who served as frontliners involving 6,050 recipients.

6. One-off payment of RM500 to the tour bus / van drivers, car rental (limousine tour) involving 321 recipients.

7. One-off payment of RM300 to the beach activity and watercraft operators in Batu Feringghi involving 39 recipients.

8. RM200,000 allocation to launch ‘Show Penang’ programme, a project to develop the digital content involving arts, culture and heritage sectors.

9. One-off payment of RM500 to the childcare centre (taska) operators who registered under the Social Welfare Department (JKM); and kindergartens (tadika) that registered under the state Education Department involving 645 centres.

10. RM100,000 allocation to the non-governmental organisations (NGOs) and individuals who help to tackle the domestic violence issues in the state.

11. One-off payment of RM400 to the Zone A fishermen involving 5,814 recipients.

12. The provision of an insulation box worth RM180 to 250 fishermen (inland and river).

13. Incentives for traditional poultry, ruminant and pig breeders. The incentives will benefit 988 recipients.

14. Special allocation from Pusat Zakat Negeri Pulau Pinang (ZPP) worth up to RM5 million to assist the ‘asnaf’, students and teachers in tahfiz (religious) schools, needy people and others.

15. Exemption of rental rates and leases for Chief Minister Incorporated (CMI) and State Secretary Inc (SSI) projects for the month of April and May involving 33 companies.

16. Rental rate discount and rent exemptions for companies / traders / occupants under the management of the Penang Development Corporation (PDC) involving 387 companies, premises and occupants.

17. Rental concessions to 24 commercial lots under the Penang Hill Corporation for half month from January and February and in full for March, April and May. A one-off payment of RM500 to 13 jeep service drivers in Penang Hill.

18. An additional allocation of RM10 million under the Penang Business Continuity Zero-Interest Loan (Skim Peka) specifically for the tourism sector.

19. Exemption of rent payment for the People’s Housing Project tenants and those who rent the Rumah Sewa Kerajaan Negeri (RSKN) for another two months (June and July) involving 2,911 units.

20. Exemption of rent payment for shop units under the management of the state Housing Department for another three months involving 122 units.

Source: Buletin Mutiara

Bank Negara Malaysia (BNM) today reduced the Overnight Policy Rate (OPR) by 50 basis points (bps) to 2.00%.

“The ceiling and floor rates of the corridor of the OPR are correspondingly reduced to 2.25% and 1.75%, respectively,“ BNM said in a statement today.

The OPR has been reduced by a total of 100bps this year, complementing other monetary and financial measures by BNM as well as fiscal measures.

The central bank said widespread containment measures globally, international border closures and the consequent weak external demand environment will exert a larger drag on domestic economic activity.

It said the movement control order (MCO), while necessary to contain the spread of the virus, has also constrained production capacity and spending. Labour market conditions are also expected to weaken considerably. Economic conditions would be particularly challenging in the first half of the year.

The fiscal stimulus measures, alongside monetary and financial measures will, however, offer some support to the economy. With more businesses allowed to operate under the conditional MCO, economic activity is projected to gradually improve.

“The outlook for growth continues to be subject to a high degree of uncertainty, particularly with respect to developments surrounding the pandemic,“ BNM said.

Inflationary pressures are expected to be muted in 2020, with average headline inflation likely to be negative this year, due mainly to projections for substantially lower global oil prices.

“Nevertheless, the outlook remains significantly affected by global oil and commodity prices, as well as evolving demand conditions. Underlying inflation is expected to be subdued given the projections of weaker domestic growth prospects and labour market conditions.”

Meanwhile, BNM said Malaysian government securities and Malaysian government investment issues can be used by banking institutions to fully meet the Statutory Reserve Requirement (SRR) compliance effective May 16, 2020.

“This flexibility is available until May 31, 2021. This measure will release RM16 billion worth of liquidity into the banking system. The SRR ratio remains unchanged at 2.00%.”

This measure is part of BNM’s continuous efforts to ensure sufficient liquidity to support financial intermediation activity.

Source: TheSunDaily.my

An upcoming small landed residential development by Uniacres Development Sdn. Bhd. at Balik Pulau. This is also known as the second phase of Symphony Swiss housing scheme which was completed in 2012, surrounded by amenities such as school, wet market, banks and hospital. It is just a stone’s throw away from Balik Pulau town centre, about 20 minutes’ drive to Bayan Lepas.

This development will see an addition of 17 units 2-storey terrace houses with two different design types.

Project Name: (to be confirmed)
Location: Balik Pulau
Property Type : Terrace house
Land Area: (to be confirmed)
Built-up Area: (to be confirmed)
Total Units: 17
Tenure: Freehold
Indicative Price: (to be confirmed)
Developer: Uniacres Development Sdn. Bhd.

Location Map:

The demand for property in Penang remains robust despite the economic downturn brought on by the Covid-19 pandemic and the movement control order (MCO) enforced to curb its spread.

International Read Estate Federation (FIABCI) president Michael Geh Thuan Peng said he is still receiving enquiries about property under the Malaysia My Second Home (MM2H) programme.

He also noted that banks have yet to let up on processing applications for home loans.

Nonetheless, he said, property players should note that the MCO has been in place for only six weeks.

“The market can still take a nosedive,” he warned in an interview with theSun last week. Nonetheless, he added, it has the capacity to rebound with time.

Geh was responding to a statement by state executive councillor in charge of housing Jagdeep Singh Deo and Penang is already working on a range of incentives for the real estate sector.

Jagdeep had said earlier that one of the options is to lower property prices across the board to stimulate the market.

However, Pulau Tikus assemblyman Chris Lee Chun Kit stressed that the state’s ultimate priority should be to save jobs and if that means lowering property prices, it should be done.

Source: TheSunDaily.my

There are no more active Covid-19 cases recorded in Penang.

The last two cases were reportedly discharged as of 12 noon today, according to statistics from State Health Department.

This is the first time Penang recorded zero cases while at the same time having zero patients admitted for Covid-19.

Today marks the eight day that Penang had last recorded any new cases, since the last two cases recorded on April 26.

Previously, Penang fell short by just few days to be declared as green state with two cases being recorded at Mukim 16 of Seberang Perai Utara district.

Cumulatively, Penang reported a total of 121 cases with one casualty who died on March 22.

Penang will implement the Penang Gradual Recovery Strategy (PGRS) which will reopen the industry in stages from May 8 to May 13.

Source: NST Online