Gov’t still mulling details of second MOP10B subsidy
Secretary for Economy and Finance Lei Wai Nong revealed yesterday that his team is compiling documentation for the next MOP10 billion subsidy scheme, hinting details should be available soon.
Lei has promised the public that the scheme will include subsidies for the non-working population. The parliament has approved funds though no plan has been presented.
“Both regulatory and implementation documents are being prepared,” Lei revealed for the first time, adding they will be announced when ready.
“The scheme will be used in Macau for people in Macau; so we’ll consider ways that people will find convenient and familiar,” Lei added, but did not confirm whether it will be a hybrid form of issuance comprising both a cash handout and a consumption subsidy.
The financial official also revealed the annual budget would likely require another amendment, given the lower income from casinos in the past month.
The government’s current estimate for this year’s gross gaming revenue (GGR) is MOP130 billion. In the first eight months, the city only garnered MOP20 billion.
It was on this basis that Lei admitted the need for a budget amendment. He admitted the weak performance was generally caused by the June 18 and August 2 outbreaks.
“These 44 days have had a major impact on our economy and livelihood,” Lei said, adding that “we do not rule out the possibility of amending the annual budget at the Legislative Assembly.”
Once again, he expressed hope the public would work together for a better recovery in the fourth quarter.
To attract tourists and offer entertainment to local residents, the government is contemplating October 1 celebrations, which may include a fireworks display. The government is also working harder to attract more convention and exhibition events.
“We’re still working on bringing a fireworks show to the city on October 1,” the secretary said. “On the other hand, many convention and exhibition events will return to the track.”
When questioned about his expectations for tourist arrivals over the October 1 – October 7 “Golden Week” in light of Zhuhai restricting daily border crossings by certain people, Lei referred to recent arrival figures – about 16,000 daily – as a reason for optimism.
Promotions in both the public and private sectors will continue to attract more tourists, he added.
In addition, he said, apart from the attempt to attract more tourists, the fireworks show will also act as a means to give residents “stronger confidence” despite the current economic downturn.
“As we know, the Chief Executive has met with Xia Baolong, who has strongly assured us of the backing of the Central People’s Government,” Lei said. Xia is the director of the Hong Kong and Macao Affairs Office of the State Council.
