Special Issue #9 (8 Apr 2020)
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In response to our members' feedback to further understand the Government's Economic Stimulus Packages and various measures, the BMCC is collaborating with EY Malaysia for a LIVE Webinar this Friday (10 April at 10am) on the topic "Understanding Government Measures and Optimising Business Community." This 60-minute webinar program will be a good opportunity to seek clarifications on the economic stimulus packages provided by the Government thus far and hear practical insights to assist businesses in navigating through these unprecedented times.
This will be the first of a series of webinars we have in stored for you, and we are looking forward to your forthcoming participation. These webinar are open to the public and FREE for BMCC members!* More info and registrations are just below.
We'll also be closing our Impact Assessment Survey soon, so if you have yet to, we hope to receive your important feedback. In today's alert, we're covering Government updates on:
- Ministry of International Trade & Industry (MIITI) - Applications for Manufacturing Companies Closed
- Employees Provident Fund - Wage Subsidy Programme
- SME Corp - Contact Details for SME Relief Measures Affected by COVID-19
- Securities Commission Malaysia - Capital Market Operations and Relief Measures in Response to COVID-19
- National Disaster Management Agency (NADMA) - FAQ for Quarantine Processes
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COVID-19 is an unfolding event bringing great pressure to the business environment. With the restriction of movement becoming the new norm, business owners and their employees face unprecedented challenges in many different aspects such as supply chain, customer demand, health & safety. This 60-minute webinar program will give an overview to the Government measures and policies, practical insights on how to benefit from them as well as knowledge sharing to help you navigate through these unprecedented times and continuity beyond this critical period.
Topics covered: 1. Snapshot on the Impact of COVID-19 in Malaysia and ASEAN 2. Key highlights on Government economic stimulus packages 3. Deep dive into incentives relevant to businesses 4. How to be a resilient enterprise to stay ahead
We encourage participants to submit your questions upfront at comms@bmcc.org.my
This webinar is open to the public and FREE for BMCC members!* |
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BMCC - Ipsos Malaysia WEBINAR (14 Apr) True Understanding of Data & Insights: The Need for Certainty in Changing Times
Data collection gives companies a clearer path forward as the crisis resolves, allowing them to emerge faster and confident with a sound strategy for growth and success as world economies recover. This webinar aims to discuss the present challenges & opportunities to shift towards online and digital research. Join our speaker from IPSOS Malaysia to hear more on the current issue.
This webinar is open to public and FREE for BMCC members!*
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BMCC - International SOS WEBINAR (15 Apr) COVID-19: Where Are We Heading Next?
The COVID-19 crisis has created new challenges and exacerbated the existing economy. For the first time in our generation, we are globally united in focusing on the most essential problems and its solutions. International SOS, the world’s leading medical and travel security risk services company will share how can we continue to operate in this new norm, communicate with employees, promote mental health, and be prepared for more travel restrictions and escalated security issues?
This webinar is open to public and FREE for BMCC members!*
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BMCC - Herbert Smith Freehills WEBINAR (27 Apr) Managing Contractual Obligations
One of the key challenges faced by companies, with the Movement Control Order (MCO), is meeting contractual obligations and understanding the legal implications. In this webinar, dispute resolution specialist Peter Godwin and transactional specialist Glynn Cooper who have vast experiences in major projects share insights to practical challenges faced by businesses resulting from COVID-19 and how companies can cope with this crisis more effectively from a legal perspective.
This webinar is open to public and FREE for BMCC members!*
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Survey Closing Soon! The BMCC is compiling feedback on the impact of COVID-19 on your business activities and performance. These cover responses on (1) impact on business operations, (2) action & support and (3) any additional feedback or suggestions you may have. We will hope to share the findings of the survey with relevant stakeholders including government agencies for the benefit of our business community. We encourage both large organisations and SMEs to participate. |
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You are not alone! The BMCC is an Accredited International Affiliate of the UK's British Chambers of Commerce (BCC) network. As our member, this means you are part of the BCC's 53 Accredited Chambers of Commerce and 59 International Chambers, represent ing millions of employees across the world.
The BCC is embedded in British business communities - every sector, every size, everywhere - allowing them to fight for you nationally, whilst supporting you locally too.
Or email info@bmcc.org.my if you require assistance |
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| 1. Ministry of International Trade & Industry (MITI) - Applications for Manufacturing Companies Closed |
| Kindly be informed that application for manufacturing companies to operate during MCO and application to put factory machineries in warm idle mode are CLOSED since 24 March 2020, at 11.59pm. Currently, we are in the midst of processing applications received before the said closing date. Due to the extremely high number of applications, actual processing times may vary based on the company's circumstances. In any case, we will update you the status of application by email via covid19.mfg@miti.gov.my.
Following the announcement by Prime Minister, YAB Tan Sri Muhyiddin Yassin on the extension of Movement Control Order (MCO) in Malaysia, Ministry of International Trade & Industry (MITI) wishes to inform the companies producing essential goods that the approval they have obtained from MITI will remain valid throughout the two-week extension, until 14 April 2020. The same applies to companies that have received the authorisation to keep their factory machinery in ‘warm idle’ mode. Hence, there is no need to reapply for an extension. Companies are not allowed to change the employees in the Approved Employees List.
Please also note that the approval accorded to manufacturing companies producing essential goods during MCO is extended to the logistics and transport services providers under these companies. However, manufacturers that have been given the approval to operate, but are using private or individual logistics or transport services providers, they are urged to seek the advice of Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) for further clarification.
-Secretariat to MITI |
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| 2. Employees Provident Fund - Wage Subsidy Programme |
| The Wage Subsidy Programme (WSP) is an extension of the government's initiative to assist employers to retain their employees. This is carried out through providing financial assistance to employers who have suffered a decline in revenue of more than 50% since 1 January 2020. Effective date: 1 April 2020. The EPF (PERKESO) has issued an FAQ, covering a range of matters.
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| 3. SME Corp - Contact Details for SME Relief Measures Affected by COVID-19 |
| The Government has proactively introduced an Economic Stimulus Package to cushion the impact of COVID-19 and reinvigorate the economic growth. The stimulus package was announced on 27 February 2020, 16 March 2020 and 27 March 2020. Measures to help SMEs to sustain their business operations are as follows:
• RM5 billion Special Relief Facility at an interest rate of 3.5% to SMEs (BNM) • Financing up to RM300,000 for SMEs • Social Finance Program for B40 entrepreneurs • Approval process for existing loan in Tourism Infrastructure Fund
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| 4. Securities Commission Malaysia - Capital Market Operations and Relief Measures in Response to COVID-19 |
| The Securities Commission Malaysia (SC) has introduced several measures to safeguard and support the integrity of the capital markets during this period of unprecedented volatility and uncertainty resulting from the broader market impact of Covid-19. Measures include:
• Ensuring continuous trading and market operations • Suspension of short selling activities • Brokers' margin financing flexibilities • Waiver of SC annual licensing fees for year 2020 • Waiver of listing-related fees for 12 months • Flexibilities for listed issuers • Providing training and examination flexibilities • PRS pre-retirement withdrawals
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| 5. National Disaster Management Agency (NADMA) - FAQ for Quarantine Processes |
| The National Disaster Management Agency (NADMA) has issued an FAQ for Quarantine Processes for Malaysians returning from abroad. These cover questions such as:
• Why must I be quarantined? • Where will my quarantine station be? • Will food, necessities and wifi be provided? • Can my family members deliver essential items? • Can I stay at a hotel of my own choosing during my quarantine period? • Will the cost be covered by the Government?
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Standard Chartered Malaysia donates over half a million Ringgit to help front liners combat COVID-19
Standard Chartered Malaysia has committed to donate MYR500,000 to MERCY Malaysia via an initiative by The Association of Banks in Malaysia. MERCY Malaysia, in its COVID-19 Strategic Preparedness and Response Plan will channel these funds specifically for critical preparedness, readiness and response support actions for the Ministry of Health and the National Crisis Preparedness and Response Centre.
Additionally, Standard Chartered Saadiq Malaysia and Standard Chartered Global Business Services Malaysia had earlier donated MYR5,000 through another initiative by The Association of Islamic Banking and Financial Institutions Malaysia along with twenty thousand pieces of face masks worth MYR76,000 to front liners respectively.
Abrar A. Anwar, Managing Director and Chief Executive Officer of Standard Chartered Malaysia, said, “This is a challenging time for many around the world. At Standard Chartered, we want to do what we can to support communities in the markets where we operate. In Malaysia, we understand the urgent need for aid and support for the brave front liners who battle with COVID19 daily. We sincerely hope to relieve some of the pressures faced by our health professionals in their increasingly uphill battle in providing critical and life-saving measures to those affected by the disease.”
The Bank is also providing relief assistance for clients who are feeling the impact of the COVID-19 outbreak. Under these measures, individuals and businesses can apply for flexible repayment options as well as extensions on their loans and financing with the Bank. Continue reading |
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Never has our generation met with a greater need to come together than now. The COVID-19 pandemic has torn through our fabric of civilisation, wreaking upon us a global crisis both tragic and devastating. However, here we are presented with this rare opportunity to unite in arms against a singular adversary, and you can play a role! In supporting the Ministry of Health and our CSR partner, The Lost Food Project, the BMCC is calling on individuals and companies alike to contribute. All contributions great or small makes a difference!
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*BMCC Members are welcomed to share any news, research findings, press releases, corporate announcements, surveys or questionnaires etc. related to COVID-19 with us. We will assist to disseminate your content to all our readers on this channel. |
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COVID-19 WEBINAR: Situation Update (Tomorrow, 9 Apr)
Organisations are already itching for travel de-escalation measures even though most countries are still ramping up their COVID-19 response. Join our medical and security experts as they discuss how to prioritise the evolving medical and security risks so you can keep the highest level of business continuity possible without taking on unnecessary risks.
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Learning Continues at Alice Smith
Learning at Alice Smith has taken a new approach and our teachers have been amazing in finding ways to make this happen.
Subscribe to our learning stories at the Alice Smith School to find out more.
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St. John's International School: Digital Discovery Week Discover St.John's International Primary and Secondary School from the comfort of your own home! Our Marketing team will connect with you online via video, at the time of your appointment. We are accessible via WhatsApp, Daily video, Skype, WebEx, Facebook, Google Chat and We Chat. If you would like to see even more of our school, check out our virtual tour video. Register with us and Enjoy RM2000 Registration Fee Waiver (Terms and Conditions Apply).
For more information please call at 012-983 1040 (Primary) / 012-303 1071 (Secondary) or alternatively may reach us via email at openday@sjis.edu.my
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Relief measures should target the survival of all businesses, not only SMEs
The Prime Minister, Tan Sri Muhyiddin Yassin, has on 6 April, rolled out an additional stimulus package worth RM10 million, the third within 2 months to mitigate the severe social and economic impacts arising from the COVID-19 pandemic and the on-going movement control order (MCO).
Sarkunan Subramaniam, Managing Director of Knight Frank Malaysia welcomed such initiatives, however, he raises concern that the government should focus on the survival of all affected businesses, not only SMEs. SMEs have a strict definition by SME Corp Malaysia, and companies should check if they are eligible.
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Has the Government's Prihatin Stimulus Package Accelerated Retrenchment?
There are concerns that the Government’s Package may still be inadequate to incentivise companies against retrenching their employees as it provides only small and temporary relief. Employers are now left in a quandary as the Government’s policies are leaning towards employees’ welfare instead of businesses’ survival. It is impractical and impossible to provide only little help for businesses and expect no job loss in its entirety. It is especially a daunting task for labour-intensive industries, which require large number of workers to achieve their business aim. Continue reading |
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British Malaysian Chamber of Commerce Berhad 201801018075 (1280091-P) E04C0, 4th Floor East Block, Wisma Golden Eagle Realty, 142-B Jalan Ampang, 50450 Kuala Lumpur Copyright © BMCC 2020 |
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