Gov’t cautious over coupon scheme to spur spending

November’s gaming earnings have been the lowest of the year so far, which came as little surprise to the authorities. The government is currently exploring the viability of distributing coupons to citizens to encourage spending and stimulate the local economy.
The Secretary for Economy and Finance, Lionel Leong, told media on the sidelines of the inauguration ceremony for the gaming regulator’s new head that the gross gaming revenue of around MOP16.4 billion was forecast to steeply decline, as suggested by the previous figures.
The continued economic downturn will take a toll on the region’s gross domestic product (GDP) this year by at least 20 percent, Leong also predicted.
Asked about the details of the possible coupon policy hinted at by the Chief Executive Chui Sai On during the policy address presentation, Leong said that it will be one of the crucial measures taken to spur spending, yet he noted that “citizen’s spending still remains [high] as the employment environment is fine at the moment.”
However, the policy will still take some time to formulate as it requires “cautious study” to decide the initiative’s coverage, targeted stores, and ways of distribution, Leong noted.
“Without the coupons, citizens could still collectively push for spending as long as they are capable of it,” said Leong.
Furthermore, the statistics bureau has updated the unemployment rate for the third quarter to 1.9 percent. Leong hopes this rate will not exceed2 percent next year.
To ensure this, he said the authorities would continue to keep updated on the employment climate and liaise with gaming operators over initiatives to retain manpower.