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unnamed16 Apr 2020

ENERGY efficiency and energy conservation might sound similar, however, there is a huge difference even though both achieve the same goal.

Energy efficiency refers to the usage of energy-efficient products such as LED bulbs and electrical appliances with 5-star energy rating.

On the other hand, energy conservation refers to the reduction of electricity usage without having to change any energy appliances at home. This is especially handy during the MCO since we are advised not to go out thus changing to energy-efficient products would be harder given that we can’t move around freely and it would be difficult to find an open hardware shop.

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With the current world crisis which is the rise of Covid-19, the government has come up with various stimulus package to ease the burden of consumers and industries alike.
Today, we will be discussing how energy plays a role in the stimulus package and how consumers can make use of this package to its uttermost.
For those who are not aware, Prime Minister Tan Sri Muhyiddin Yassin announced that through the Prihatin package, households that use less than 200 kilowatts would be given a discount of 50 per cent , 25 per cent for usage in between 201 kilowatts to 300 kilowatts and finally 15 per cent reduction for consumptions in between 301 kilowatts and 600 kilowatts.

At first glance, the package might seem like targeting lower income families as it is stigmatised that lower income families would have lower electricity bill. However, the truth is that the structure aids those who are energy savvy because the discount is given based on your monthly electricity consumption.
Thus, ensuring our electricity bill is low and does not reach the third or fourth tariff block would enable consumers from any financial standing to benefit higher discounts via the Prihatin Stimulus Package.
Commence of Movement Control Order (MCO) has seen many companies preferring employees to work from home to curb the spread of the disease and adhere to the laws set by the government. On the other hand as more people are spending time at home, electricity bills are expected to sky rocket and given the weather has also been unkind in certain places, usage of air-conditioner is bound to increase. Now more than ever, it is vital for consumers to be aware of their electricity consumption and ensure right steps are taken towards practising energy efficient behaviours. SMART METERS that were recently installed in Melaka and certain parts of Klang Valley really comes in handy during the MCO, as it allows consumers to monitor their bills on daily basis instead of on a monthly basis.
However for the majority of consumers who don’t have SMART METER at home, fret not as we from the Federation of Malaysian Consumers Association (Fomca) would like to give tips on how to conserve energy during this time of emergency. Energy efficiency and energy conservation might sound similar however there is a huge difference even though both of them achieve the same goal. Energy efficiency refers to the usage of energy efficient products such as LED bulbs and electrical appliances with 5 star energy rating. On the other hand, energy conservation refers to the reduction of electricity usage without having to change any energy appliances at home. This is especially handy during the MCO since we are advised not to go out thus changing to energy efficient products would be harder given that we can’t move around freely and finding an open hardware should be fairly hard.

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NST : Defer compounding interest during 6-month moratorium by Datuk Dr Marimuthu Nadason

FOMCA fully supports the deferment of loan or financing repayments for the next six months.During the next six months, SMEs and households do not need to make their monthly fixed payments to the banks.This would be of tremendous benefits to consumers, as many are already facing job loss and diminishing incomes. Further, the fear and concern for the family is another burden weighing on the family.

Thus, the reduction of their monthly commitment will go a long way in helping many families, especially the low income but also the middle income to face this difficult health and economic crises.Families dipping into their savings to face the current crises, would have at least one less financial burden, as well as more to spend on food and other essentials.However, the interest will continue to accrue on the loans repayments that are deferred and consumers will need to honour the deferred repayments in the future.

Loan repayments will resume after the deferment period as for conventional loans, interests would continue to be charged on the outstanding balance comprising of both principle and the interest portion that is compounded, during the moratorium.That is the loan repayment is just deferred by six months, while the interests continue to be accrued.

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KUALA LUMPUR: The government has allocated a total of RM1.5bil to the Health Ministry to contain the spread of Covid-19.Prime Minister Tan Sri Muhyiddin Yassin said RM1bil from the allocation would be used to procure equipment and services, including getting specialist services from the private sector.He also said that all insurance, including takaful plans, would create a special RM8mil fund to fork out a RM300 screening cost for policyholders to take the Covid-19 test at private hospitals or laboratories ordered by the ministry.“Insurance companies and takaful family insurance will also offer postponement of premium payment or three months’ donation for contributors whose incomes were affected as a result of this outbreak,” he said.

“Doctors, nurses and other members of the medical staff who are involved directly in managing and containing the outbreak will also see their allowances increased from RM400 to RM600 monthly from April 1 until the outbreak ends.”The government had agreed to give this group of professionals a RM400 special allowance when the first economic stimulus package was made earlier.“I am aware under such a crucial situation currently, health workers are working under a lot of pressure and are tired. But they continue to persevere and continue to embrace these challenges,” he said.Meanwhile, the B40 group which is insured under the mySalam plan will also receive RM50 per day up to 14 days as loss of income benefit if they are quarantined as persons under investigation for Covid-19.Currently, this benefit is confined to those who are diagnosed with any of the 45 critical illnesses.

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PETALING JAYA: Private hospitals are asked to put profits aside for now and in the name of service, support the Health Ministry in combating the Covid-19 pandemic.

Federation of Malaysian Consumers Association (Fomca) CEO Datuk Dr Paul Selvaraj said in this time of crisis, private hospitals, especially those run by government-linked companies, should give their utmost to assist the government given that public hospitals are called to treat the rising number of Covid-19 patients.“Put service as priority and put aside profits for now,“ he told theSun today.

Suaram adviser Kua Kia Soong suggested that private hospitals step forward to take some of the burden off the public sector by providing some sort of subsidised charges or no cost at all. They should also help with cases which are not related to the viral pandemic, fill the need for special wards, offer intensive care unit space and equipment such as ventilators and oxygen supply.

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PETALING JAYA: For many Malaysians who are financially affected by the Covid-19 outbreak, the six-month moratorium on loan repayments and income tax refunds could not have come any sooner.They see this as a timely financial boost to help them get through each day and make ends meet.Such is the case for E. Shaevitharoopan, a 31-year-old e-hailing driver who has temporarily taken a break from his job due to reduced customers and fear of contracting the virus from passengers, which could put his family of four at risk.

The family now relies solely on his wife’s salary as an office manager. With car and housing loans to be paid and two children to feed, this is almost impossible.“We barely have enough money. Which is why I have decided to temporarily postpone my car loan repayment, which amounts to RM550 per month.“We are just reserving whatever money we have to buy food for the family,” he told theSun yesterday.

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PETALING JAYA: The material costs for the production of face masks have gone up by more than 600%, a manufacturer based in Sungai Petani has told FMT.Haminuddin Hamid, CEO of Ideal Healthcare Sdn Bhd, said the high costs, coupled with a lack of raw materials, had led to a pause in local production.The main component, the bacterial filter, is not available in Malaysia.

Haminuddin said it used to cost US$2.48 a kilogramme, but had gone up to US$18 since the Covid-19 outbreak.“Even if we can get it, we would have to use air freight. And now only 30% of flights are coming into Malaysia.”He also said the price of boxes for the masks, which are produced locally, had increased from 60 sen to RM2 apiece.

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FEDERATION of Malaysian Consumers Associations (Fomca) deputy president Mohd Yusof Abdul Rahman has called on the people to plan their shopping before going out.“It is not wrong to go out to the supermarket or provision shop but list down the items required before leaving home to shorten your time outdoors or at the shops.

“In this way we can reduce our movement. Prepare your grocery list, gather the items, head for the cashier and go home,” he told Bernama, adding it is not necessary to go in a big group.“By right, you don’t have to bring along other family members. Go alone or with just another person. This is not the time for a family outing,” he said.When paying, Yusof encouraged shoppers to go for cashless payment as it is a safer option in preventing the spread of Covid-19. “I would recommend the use of cards instead physical cash as notes change hands several times in circulation.“When making payments, wear a face mask as it may be difficult to keep the one-metre distance at the payment counter,” he added. – Bernama, March 19, 2020.

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KUALA LUMPUR, March 25 — The Federation of Malaysian Consumers Associations (Fomca) hopes that the government would consider waiving the accrued interest rates on housing and other loan repayments due to the harsh economic climate.

President Datuk Marimuthu Nadason said although efforts by the government to defer the loan repayments for six months would certainly be helpful and assist households in reducing their household expenditure, it was not enough.

“Especially for the low-income families, the government needs to address the issues of job losses and diminished household incomes.“Fomca proposes a relook at the cost of living allowance for the Bottom 40 (B40) to increase the payment during these challenging times.“This is to ensure that families, especially those who have lost their income or have seen it diminish, have sufficient money to ensure a basic quality of life for their families,” he told Bernama.Marimuthu said the government should also take strong measures to ensure that especially small companies did not file for bankruptcy as this would have a very damaging impact on workers in those companies.

This is given that 98.4 per cent of businesses in Malaysia are small and medium enterprises (SMEs) and they employ 67 per cent of the workforce.“The government needs to ensure the survival and sustainability of SMEs in these challenging times.“Fomca hopes that a comprehensive approach is taken to ensure that all Malaysians, but especially the low and middle income group, are supported and given assistance to ride out the Covid-19 crises,” he added.

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PETALING JAYA: The country’s main association for petrol dealers says it fears the bulk of some 3,800 stations nationwide will have to suspend operations due to financial issues related to the “double whammy” of consecutive drops in fuel prices and the loss of traffic due to the government’s movement control order (MCO).Petrol Dealers Association Malaysia president Khairul Annuar Abdul Aziz told FMT the sale of fuel products is down by 70%.On average, he said, a station needs a working capital of RM150,000 to RM200,00 a month to buy fuel.Operating costs, including utilities and staff wages, are around RM30,000 to RM70,000 depending on the size of the station.“Usually, the money for this comes from the margins from selling fuel. But this month, there have been no margins as fuel prices have dropped for three consecutive weeks.”He said these drops cost petrol stations an average of RM40,000 each as the price at which they buy petrol is higher than the selling price the following week.

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