Press Release

Details: Created: 16 April 2020

DATE OF RELEASE: 16 APRIL 2020 - Our nation is facing a pandemic which is animosity among families which is mounting daily. Companies and SMEs are closing down with workers taking pay cuts or receiving no pay, while the self-employed are finding it hard to sustain their families. All these are due do the Covid 19 and the Movement Control Order (MCO) which has been extended further.

The government came up with stimulus package to assist those badly hit by the MCO. Banks also came up with their assistance programme to consumers by declaring a moratorium of 6 months payments on loans to enquire or clarify their issues.

FOMCA has been receiving a lot of enquiries related to banking issues. Consumers are calling FOMCA as the banks do not appear to have proper communication channel for the customers who have taken up loans with banks.
What the public need at the moment is a clear communication between the consumer and the bank. All ambiguity needs to be cleared. Consumers have a lot of questions. The appropriate correct responses should be from a well -informed bank officer. Hence, the banks must have an effective mode of communication for the consumers to call and enquire on whatever information they need in relation to the moratorium.

Details: Created: 22 April 2020

DATE OF RELEASE: 21 APRIL 2020

FOMCA has been receiving a lot of complaints and enquiries on education institution as well as transport monthly fees. The education institution ranges from kindergarten, day care, private schools and home schooling. Parents are hoping that the fees would be waived as most of them are not working and finding it difficult to make ends meet due to COVID 10 pandemic and Movement Control Order (MCO).

Some of these institutions are receiving aid from the Stimulus Package announced by our Prime Minister which is also known as Prihatin. Those occupying rented premises have been given deferment in rental and loans too. Besides that, since these institutions are not operating in full, they will be minimising the operation costs. If they charge the parents full amount, is it considered as profiteering?

Parents having their kids under their watchful eyes find it difficult to teach them as the syllabus have changed and the methods of approach have differed over time. The Education minister recently announced that not many parents have computers or internet at home to access online learning. To couple with that, some parents are not IT savvy making the situation more difficult. But some kindergartens are offering online education for three years old. These toddlers are finding it hard to grasp the lesson as many are not able to read unless coached personally. Parents feel that if they were to be charged should be minimal.

Details: Created: 22 April 2020

DATE OF RELEASE: 21 APRIL 2020

Clearly the COVID-19 movement control order (MCO) has affected everyone; with particularly severe impact on the poor and low income. Loss of jobs and thus incomes, reduced incomes made worse by future uncertainties have had a severe negative impact on consumer financial and overall well-being. To make matters worse, some retailers are manipulating prices and making excessive profits by increasing prices, making the life of the poor even more difficult.

Still consumers need money to feed their families, meet their obligations and meet other essential responsibilities.

Clearly the financial support by government to assist consumers to survive these difficult times is extremely limited. Firstly, many self-employed and daily wage workers are excluded. Secondly, the one-off aid received is clearly insufficient to meet personal and household basic needs and consumers have to find their own means to raise cash to meet their basic obligations.