Egg subsidy cut saves gov't RM135m over three months
The move precedes the complete removal of price controls on August 1.
Agriculture and Food Security Minister Datuk Seri Mohamad Sabu said the subsidy cut reduces government spending by RM45 million monthly.
He assured that egg supply remains stable, with market prices staying reasonable.
'As of July 2, estimated monthly production was 1.75 billion eggs, while domestic demand is around 1.06 billion. This leaves a surplus of about 690 million eggs, some of which are exported,' he said in the Dewan Rakyat today.
He was responding to Pekan MP Datuk Seri Sh Mohmed Puzi Sh Ali, who inquired about the savings from the subsidy adjustment and its effect on prices and living costs.
Mohamad added that the subsidy reduction and eventual removal will not disrupt the egg industry, which is benefiting from lower chicken feed costs.
The government plans to redirect funds to more impactful public programmes.
He noted that egg inflation dropped by 5.3 per cent in May, though not all egg grades saw equal price adjustments under the new subsidy system.
To ensure stability, the Agriculture and Food Security Ministry will collaborate with the Domestic Trade and Cost of Living Ministry to monitor supply and prevent profiteering. - Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
35 minutes ago
- The Star
Tackling current business issues
INDUSTRY experts gave tips at the recent Star Outstanding Business Awards 2025 LAB participants on how to navigate the challenging times wrought with geopolitical uncertainties. Then in the second session, the panel of experts explored different methods that small and medium enterprises (SMEs) seek financing outside of the conventional practice of approaching normal financial institutions. The afternoon event, which was held at Menara Star to a packed audience, was attended by Star Media Group chief executive officer Chan Seng Fatt and chief operating officer Lydia Wang. Similar to previous labs, there were two sessions that covered two distinct topics. The first topic explored the challenges that companies face in light of 'The Tariffs and Taxes Aftermath: What is Next for Malaysian Businesses?' Moderated by the Malaysia Entrepreneurs and Development Association president Datuk Teh Tai Yong, the topic was discussed by panel speakers past SOBA winner Mega Fortris Berhad group managing director and group chief executive officer Datuk Adrian Ng, PKT Logistics Group Sdn Bhd chief operations officer Dr Jason Cheah and Malaysia External Trade Development Corporation (Matrade) strategic planning division director Noor Hayati Abu Noh. The speakers discussed the different scenarios that businesses have to confront, from the 25% tariffs imposed by the United States to the expanded Sales and Service Tax from the government as well as instances of supply chain disruptions due to the civil unrest in the Middle East. Ng advised businesses to understand themselves and to draw back until the time is right to scale back up. Noor Hayati both touched on the importance of diversification, either in business or which country to trade with. Cheah urged SMEs that it is time to start looking into environment, social and governance matters as it has a profound impact. The second session, which was moderated by Associated Chinese Chambers of Commerce and Industry of Malaysia treasurer Datuk Koong Lin Loong, gave SMEs enlightening information on 'Raising Funds and Accessing Capital for Business Growth'. Speakers in this session included RHB Bank Berhad SME banking, SME engagement head Sim Ee Chiew, Credit Guarantee Corporation Malaysia chief business officer Sean Tan, PEOPLElogy Berhad founder Allen Lee and Hernan Corporation founder and group CEO Datuk Anna Teo. The panel gave a lively session as Teo declared she rarely approached banks for financing. She asked businesses to be more flexible and explore other possibilities. While banks would be the first step for budding businesses, she said entrepreneurs should network and ask about other alternatives, such as private equities. Tan explained that CGC's job is to transfer the credit risks from a bank to CGC. In the event a business fails, and the SME is unable to pay, CGC will provide the necessary relief. Ng shared his experience of raising funds via the initial public offering route, which he said was 'more challenging because (Bursa Malaysia) wants the public to trust you (hence the need for) transparency.' Sim said that banks do much more than just provide loans, they help enhance cash flow and operation efficiency in order to eliminate idle cash, as well as digitalisation services. Besides the panel discussions, SOBA sponsors introduced their business models and some of their services to the participants. CGC's SME advisory and strategic alliances head Mike Wong talked about some of the services that are available to SMEs that are seeking ways to finance their companies. PKT Logistic's presentation was on the company's diversified range of services, from logistics and education to its own inland port, presented by Cheah. RHB Bank SME business development head Kelvin Chin and U Mobile Sdn Bhd commercial pre-sales section head Lim Swee Mei showcased the services that would benefit SMEs in their businesses. SOBA 2025 is organised by SMG with CGC, PKT Logistics, RHB Bank and U Mobile as main sponsors, Great Wall Motor Malaysia as co-sponsor, and Matrade as the official trade promotion partner. It is audited by BDO while radio stations 988 and Suria are official media partners. For details, call the SOBA hotline at 017-231 1789 or visit Look out for the announcement of the next SOBA LAB 2025, which will be held on Aug 14 at Iconic Hotel, Bukit Mertajam, Penang.
New Straits Times
3 hours ago
- New Straits Times
RM7.43mil Creative Content Fund powers 42 Sabah, Sarawak projects
KOTA KINABALU: A total of 42 Creative Content Fund (DKK) applications from production companies in Sabah and Sarawak, worth RM7.43 million, have been approved from 2022 up to this month, said Communications Minister Datuk Fahmi Fadzil. He said the approved applications spanned various categories, including feature and short films, documentaries, marketing, scriptwriting, and post-production, creating over 1,245 jobs. "As of this month, the National Film Development Corporation Malaysia (Finas) has also received 36 applications for the Borneo TV Programme Fund and 24 for the Post-Production Fund. All applications are evaluated transparently and with integrity by a committee comprising professional panellists and ministry representatives," he said. He was speaking at the presentation of Creative Content Fund letters of acceptance to Sabah's creative industry players here last night. Also present were Assistant Minister to the Chief Minister Datuk Nizam Abu Bakar Titingan, Communications Ministry secretary-general Datuk Mohamad Fauzi Md Isa, Finas chairman Datuk Hans Isaac, Finas chief executive officer Datuk Azmir Saifuddin Mutalib, Malaysian National News Agency (Bernama) chief executive officer Datin Paduka Nur-ul Afida Kamaludin, and Information Department director-general Julina Johan. Fahmi further said that under the DKK, 14 local production companies have been offered the Borneo TV Programme Fund, including six from Sabah. He said the six Sabah companies received approvals amounting to RM1.15 million, with over 200 new jobs expected to be created. "As for the Post-Production Fund, nine companies received offers, one of which is from Sabah. For Sabah, one project was approved with a value of nearly RM240,000, adding value to the post-filming process," he said. He added that the total amount approved for the seven Sabah companies under the Borneo TV Programme Fund and the Post-Production Fund stood at RM1.39 million. Fahmi said various success stories have emerged through government grants and incentives, including the film Blood Brothers: Bara Naga, which grossed RM73.6 million, Bleat! which made a mark at Cannes, and most recently Ejen Ali The Movie 2, which opened in Indonesia with over 200,000 viewers in its first week. Fahmi added that the Communications Ministry, through Finas, has agreed to collaborate with Borneo TV via the Borneo TV Programme Fund, with content produced by recipients to also be aired on the Borneo TV platform. Meanwhile, Chief Minister Datuk Seri Hajiji Noor said the DKK has opened up vast opportunities for the people of Sabah to showcase their stories, culture, and heritage through various mediums such as films, documentaries, and television programmes. "Sabah possesses extraordinary sociocultural diversity – with more than 30 ethnic groups and over 200 sub-ethnicities. This makes the state one of the richest regions in terms of oral, visual, and narrative culture, which deserves attention as a source of authentic content," he said. He added that Sabah's natural beauty gives it a distinct advantage when translated into creative content capable of attracting both local and international audiences. The text of his speech was read out by Nizam. - BERNAMA
New Straits Times
4 hours ago
- New Straits Times
NST Leader: Familiar story in AG's Report as billions lost without action
HERE we go again. "Serious irregularities" and "weaknesses" in ministries and government entities are back as national bad news. Our lawmakers must be outraged to hear such misuse of the public purse on the first day of the Dewan Rakyat session. Whatever the year, the Auditor General's Report on government entities bleeding red ink remains very much the same story. There have been years of lessons, yet none learnt. Neither has there been the will to hold errant officers to account. For a nation that is in debt to the tune of RM1.28 trillion and trying hard to pay it off, that is heartbreaking. Why no one has the will to put an end to such systemic failures in the public service has become an annual question. Let's be clear. We are not counting pennies here. We are talking of hundreds of millions of ringgit. Of the five audits conducted over the period of the 11th and 12th Malaysia Plans, the auditors found serious irregularities in three. The first is Felcra Bhd's governance failure in four plantations involving a total of RM241.76 million from 2022 to 2024. Don't fault us for asking: Aren't the top management and board members up to the task? The second, an audit on Universiti Kebangsaan Malaysia's tender process, though involving a smaller sum — RM58.45 million — disclosed a mind-bending outcome. There, the Tender Procurement Committee selected companies that were not recommended by the Technical Evaluation, Financial Evaluation and Pre-Tender Committees. One overrides three? There can't be a clearer example of a violation of tender procedures. The culprits must not be spared. The third audit relates to army vehicle contract mismanagement. There, RM162.75 million in penalties for late delivery of Gempita vehicle remains uncollected and RM1.42 million in penalties for service delays has yet to be enforced. If that wasn't enough, RM107.54 million in service procurement was split into smaller packages, circumventing regulations. The other two audits findings were related to subsidised cooking oil programme flaws under the Domestic Trade and Cost of Living Ministry and weaknesses in the government's pre-qualification procurement introduced by the Finance Ministry, bringing the total value of the five audits to RM48.873 billion. Transparency International Malaysia (TI-M) attributes the systemic breakdowns to three causes: outdated procedures, weak financial oversight and a culture of impunity. In our book, though, the culture of impunity is the root cause. Year after year leakages, wastages, irregularities and weaknesses have been highlighted by the Auditor General's Report, yet we hear little about the guilty being held accountable. Quiet slap on the wrists won't do. The government being transparent doesn't mean merely making the audit reports public, it must also be transparent about accountability. TI-M is right in calling on all implicated ministries and agencies to publicly disclose remedial actions within 30 days, covering recovery of funds, disciplinary measures and procedural reforms, to restore public trust. The Auditor General's Reports mustn't just be treated as something to be read and filed away. It must be a call to action. The Malaysian Anti-Corruption Commission must spring into action, if it hasn't already. Accountability is the best medicine against the cancer of impunity.
