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FMM: Movement restrictions on private firms may be too drastic

FMM in the News - THE SUN DAILY, PETALING JAYA, MARCH 17, 2020: The Federation of Malaysian Manufacturers (FMM) has raised concerns that the restriction of movement imposed on private firms may be too drastic.

This is because factories producing essential goods including the supporting supply chain of goods and services as well as companies with export order commitments need to continue operations as a total shutdown of operations will have very damaging effects on businesses as well as the economy.

The association has submitted the list of essential goods as well as goods that are part of the supply chain to be exempted from the restriction of movement order.

“In addition, in view of the challenges faced by manufacturers such as export commitments, incoming inputs/raw materials and operations that run on a 24/7 basis that are sensitive to sudden shutdown and restart such as kiln and smelting facilities in the iron and steel, aluminium, ceramics and cement industries, FMM has requested for all manufacturing activities to continue operations during this period,” it said in a press statement.

FMM also appealed to the government to increase the fund allocation to contain the outbreak to RM1 billion to cater for patient care and treatment as well as to double the allocation under the 2020 economic stimulus package businesses to RM40 billion in view of that the situation has now escalated and more businesses are affected.

Specifically, it said the government should consider doubling the allocation for special relief facility to RM4 billion with a lower interest rate of 2%; a 5% discount to all power consumers in commercial, industrial, agriculture and domestic sectors instead of the 2% announced earlier; reintroducing the Goods and Services Tax (GST) at 3%.

FMM also called for the government to consider granting exemption on import duty and sales tax on inputs of all essential goods; and banks to extend the payment terms to the affected companies by declassified non-performing loans from three to six months.

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