DSF expects higher growth in public income next year

Public income is expected to grow next year as compared with the previous several years amid the tourism revival, director of Financial Services Bureau (DSF) Iong Kong Leong has told Parliament.

Lawmakers Ella Lei, Lo Choi In and José Pereira Coutinho have asked about public finances at an oral inquiry session over the weekend. Iong said that the government is cautiously optimistic about the revival of the economy.

Emphasizing that the public budget for next year was still being compiled, Iong said that the work will be conducted under the principle of retaining different types of social welfare at “reasonable levels,” while prioritizing welfare for the elderly and vulnerable groups.

The main requirement of expenditure control will remain. However, Iong said that if there is proven necessity, expenditure can be raised to support emergency or critical projects. Announcements will also be made later in regard to the pay rise for civil servants.

He also emphasized that the special distribution of budget surplus is a special type of welfare issued to eligible local residents “to share economic fruits.”

Meanwhile, director of Economic and Technological Development Tai Kin Ip cited economic recovery in both “tourism and residential areas” to resist calls for another round of consumption stimulus measures, adding that what is required now is to foster economic vitality a community level.

When asked about the criteria for the issuance of Central Provident Fund and Elderly Subsidies, department head Chan Pou I at the Social Security Fund said that criteria and mechanisms are constantly reviewed.

As of August this year, the city has welcomed over 17.6 million visitors. The first three quarters of the year, meanwhile, have recorded over MOP128 billion in gross gambling revenue, with the government’s expectation of MOP130 billion likely to be achieved.