THE government has taken a leading role in announcing the economic stimulus package which caters for all Malaysians. It is now the turn of other stakeholders to chip in to minimise the impact of the Covid-19 pandemic.
We live in a world that is inter-connected, every stakeholder contributes to the wellbeing of the whole nation. If many workers are out of a job, it may affect their capabilities in paying their monthly bills, such as telephone, electricity, house rental, car installment and many other monthly commitments.
In the end, it will affect the banking and financial sectors, which in turn will curtail their capacities to offer commercial loans to businesses. The cycle continues and the repercussions can be impactful to every stratum of society.
Every stakeholder should think they are part of something larger than just profitability.
We are happy that some private companies have taken proactive approaches, such as announcing discounts or waivers on some fees they charge.
We will remember them as the companies which shared our plight during a difficult time, and hope to become their faithful customer when things return to normal. The initiatives include:
· All telecommunication companies are giving rebates and bigger bandwidth, as this is a basic necessity for anyone to connect with friends and family members
· Government agencies which own properties are offering waivers or special discounts on rental. Shopping malls and private landlords should be considerate too, as the Movement Control Order (MCO) has forced non-essential services companies to close during this period
· Banks have declared a temporary loan deferment for affected customers. So far, a limited number of commercial banks has announced that interest will not be compounded for their loans during the moratorium period.
The next few weeks and months will be rough sailing for many Malaysians. We need to ensure that after the MCO and the economic stimulus package, the government will continue to monitor other key stakeholders so as to ensure the complete success of its unprecedented measures.
Failure is not an option. We urge the government to give tax relief to companies which have honoured their corporate social responsibilities at this difficult time. Our objective now is to ensure that as many individuals and companies as possible will ride out the challenging time together.
We are all in the same boat, corporate Malaysia cannot just watch from the sidelines. With the commitment of all stakeholders, every Malaysian and company will not just survive but thrive when the Covid-19 pandemic is over.
Stalwart Malaysian
Selangor