Gov’t e-vouchers to last three months, expiring in August

The government-issued e-voucher worth 3,000 patacas will be made redeemable during the three-month period from May 1 to July 31, while any outstanding funds by August will be returned to the public coffers, the government’s top advisory body, the Executive Council (ExCo), disclosed yesterday.

The ExCo has completed the discussion of two administrative regulations, one related to the consumption subsidy plan and the other related to the financial assistance program for small and medium-sized enterprises (SMEs).

According to the consumption subsidy plan, every Macau resident is entitled to receive 3,000 patacas in total, to be distributed via the e-voucher system managed by smartcard operator Macau Pass.

Every eligible recipient must register in order to receive the money. The registration period is from March 18 until April 8 and recipients can collect the money from April 14 until April 30.

Local residents, both permanent and non-permanent, can only spend the money between May 1 and July 31. After July 31, unused money will return to the government.

The local government has decided not to distribute cash or printed coupons to the beneficiaries. Instead, as indicated by Secretary for Administration and Justice André Cheong Weng Chon, the money will come in the form of a new Macau Pass card, which the government has dubbed the “e-method.”

The money can be used for goods and services, although some services are excluded from the plan. For instance, the money cannot be used to pay for water, electricity, gas, and fuel bills, nor telecommunication and television broadcast services. The money also cannot be used for cross-border transportation services, outbound tourism services and medical services. Additionally, the coupons cannot be used at gambling places, pawnbrokers, banks, insurance companies and other financial organizations, regardless of whether it is for buying goods or services from these places. The money also cannot be cashed out.

Any party who “illegally” uses the coupon must return the money to the government and will be held accountable for both civil and criminal responsibilities.

The SAR government’s total budget for this consumption coupon plan amounts to 2.19 billion Macau patacas.

Macau Pass company will not charge the government or the residents for the new card. After July 31, the special card itself will not expire, meaning that residents will own the card and may continue using the Macau Pass card.

The detailed procedure for registration, collection and use of the future Macau Pass card remains unexplained. During yesterday’s press conference, the Secretary said that the Secretariat for Economy and Finance will hold a special briefing to explain the relevant details.

Cheong also suggested that shops which have not yet installed a Macau Pass reader should contact Macau Pass company to install these machines.

Eligible recipients can allow other people to collect the money on their behalf and anybody can use the money once it is claimed. As Cheong explained, the government’s main consideration in issuing the 3,000 patacas is to help boost the city’s consumption levels.

Regarding the other administrative regulation, the local government has proposed benefits for SME bank loans.

According to the proposal, qualified SMEs can request a loan from the bank and then apply for a subsidy from the Industrial and Commercial Development Fund. The maximum value of eligible bank loans is two million Macau patacas, and the maximum subsidy period is three years.

If an SME violates the agreement of the subsidy, for example by using the loan for purposes other than business operation or keeping the loan unused for three months, the Fund will cancel the subsidy and the benefited SME must return the subsidy within three months of being notified.

This regulation will be published in the government’s Official Gazette on March 16, and SMEs will be given six months from this date to apply for the subsidy.