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Focus Malaysia
4 days ago
- Business
- Focus Malaysia
Consumer credit law risks squeezing poorer households further, says think tank
THE Institute for Strategic Analysis and Policy Research (INSAP) has applauded recent the passing of the Consumer Credit Bill 2025 (CCB) by the Dewan Rakyat. However, its chairman Datuk Dr Pamela Yong cautioned that while the CCB is a milestone in efforts to regulate Malaysia's expanding consumer credit market, legislation alone will not resolve the structural issues pushing Malaysians, particularly the youth and informal workers, into cycles of debt. 'The Bill's introduction of a dedicated Consumer Credit Commission (CCC) to oversee previously unregulated credit providers and enhance consumer protection is a positive step,' she remarked. '(But) without wider economic reforms, this law may unintentionally tighten credit access for low- and middle-income groups already struggling with stagnant wages, high living costs and shrinking financial buffer.' As of December 2024, Malaysia's household debt stood at RM1.63 tril, representing 84.2% of GDP, which is the highest in Southeast Asia according to Bank Negara Malaysia. This reflects the growing reliance on short-term credit to cope with volatile income and essential spending, especially as the economy transitions from stable industrial jobs to more precarious service roles. At the same time, new fiscal measures such as petrol subsidy rationalisation and sales and services tax (SST) expansion have increased pressure on household budgets. The think tank went on to warn that layering new compliance costs on credit providers may inadvertently make credit more expensive or inaccessible, especially for the very groups the law intends to protect young adults, gig workers and financially excluded households. It also highlighted the importance of institutional clarity, regulatory independence and accountability for the CCC. Clear frameworks must govern leadership appointments, scope of powers and stakeholder engagement to ensure transparency and public trust. Crucially, INSAP stressed that any reform of the credit ecosystem must be matched by real structural policies that raise income security and job quality, control the cost of essential goods and services, and expand access to financial literacy and consumer rights education. 'The CCB must not become a regulatory plaster over a deeper economic wound. Without bold reforms to tackle inequality and economic insecurity, Malaysians will continue to borrow just to survive, no matter how well-regulated the system becomes,' Dr Yong added. ‒ July 25, 2025 Main image: Pexels/Anna Shvets
The Star
17-05-2025
- Politics
- The Star
Unity will drive Sabah forward, says Sabah Wanita MCA chief
KOTA KINABALU: Clinging to outdated mindsets and blame-centric narratives will only hold Sabah back from real progress, says Sabah Wanita MCA chief Dr Pamela Yong ( pic ). She said that she believes that if Sabahans continue to be disunited, they will repeat the same cycle of missed opportunities and internal conflict. 'Take Australia as an example. Would we see a Sabahan today as their Foreign Affairs Minister if narrow, self-limiting thinking had driven the country? 'Unlikely. That is a powerful reminder of what's possible when merit, unity, and visionary leadership are embraced,' said Dr Yong in a statement on Saturday (May 17). Instead of constantly asking why 'Malaya' seems to have outpaced Sabah, the state should be asking why it has not positioned itself as strongly as Sarawak. 'Is it because we are divided? Or have we failed to consistently nurture courageous, forward-thinking leaders who prioritise Sabah's future over political gain?' she asked. Dr Yong also questioned the popular 'Sabah for Sabahans' rhetoric, urging reflection beyond slogans. 'We blame others and compare ourselves, but how often do we turn the lens inward and examine our own failings? 'Yes, Sabah has been shortchanged, but have we, as Sabahans, done our part to safeguard our rights, demand accountability, and ensure what is due to us is properly delivered?' she further questioned. She drew a comparison with Singapore, a country with no natural resources and reliant on imported water, yet now a global benchmark of efficiency and development. This was achieved by focusing on what it could build rather than what it lacked. 'Natural resources are a blessing, but they are not the key to success. What matters is how we manage what we have, our people, our land, our systems, with integrity, innovation, and discipline,' she said. Yong added that Sabah must stop looking backward and start forging a united, ambitious vision for the future. 'It is time we step up, not just with words, but with action, unity, and the will to shape our own destiny,' she said.
The Star
29-04-2025
- Business
- The Star
Asean a key bridge at BRICS meet
PETALING JAYA: Highlighting the role of Asean as a constructive bridge during the BRICS Ministers of Foreign Affairs Meeting in Brazil is crucial in light of recent global happenings, say geopolitical experts. Institute of Strategic Analysis and Policy Research (Insap) chairman Datuk Dr Pamela Yong characterised Malaysia's participation in the meeting as particularly timely and a strategic move, given the recent developments on the global stage. 'With the global trade system facing unprecedented disruption, particularly due to recent unilateral actions by major economies like the United States, there is an urgent need for Asean to act as a collective voice for developing nations,' she said when contacted yesterday. She added that the meeting would not merely provide a platform for engagement to strengthen its stance on multilateralism, but also ensure that Asean's priorities are highlighted. 'It is also about ensuring that Asean priorities, from trade resilience to sustainable growth, are represented in shaping a more inclusive and predictable global framework. 'Rather than being caught between competing powers, Malaysia's leadership aims to position Asean as a constructive bridge and an advocate for the Global South,' she said. Yong's views come in the wake of the BRICS Ministers of Foreign Affairs Meeting in Rio de Janeiro held yesterday and today, attended by Foreign Minister Datuk Seri Mohamad Hasan (pic). The BRICS foreign ministers meeting is one of the important precursors to the BRICS Leaders' Summit, scheduled to take place on July 6 and 7 under Brazil's chairmanship. The meeting also marks the first gathering of foreign ministers from BRICS members and partner countries for this year. It will concentrate on six priority areas: global health, trade, investment and finance, climate change, artificial intelligence, and the reform of the peace and security multilateral system, alongside the institutional development of BRICS. Malaysia officially attained BRICS partner country status on Jan 1. In a statement, Mohamad expressed that Malaysia will actively promote engagement between Asean and BRICS with the aim of enhancing regional and economic cooperation. 'As Asean Chair for 2025, Malaysia will actively advocate for deeper engagement between Asean and BRICS aimed at fostering regional cooperation and enhancing economic collaboration,' he said. He added that the meeting would look into ways to reinforce collective efforts towards a fairer, more sustainable global economy, which resonates strongly with Malaysia's national interests and commitment to inclusive sustainable development. 'In particular, the emphasis on trade and investment is apt and timely, given the growing uncertainties in the global economic landscape in the wake of the United States' unilateral tariffs,' added Mohamad. He is also scheduled to deliver Malaysia's national intervention during a dedicated session focused on 'The Role of the Global South in Reinforcing Multilateralism', which reflects Malaysia's steadfast commitment to strengthening multilateralism and amplifying the voices of developing countries. Meanwhile, Nusantara Academy for Strategic Research senior fellow Dr Azmi Hassan said the multilateralism approach taken by Malaysia would resonate well during the meeting. 'We do not want to bring Asean closer to any particular global power, such as China or the United States, but we want to raise our stand on multilateralism. It will show that we should be talking to all countries,' he said. He added that highlighting the role of the Global South was also crucial during the meeting. 'While only four Asean nations are part of BRICS, all 10 Asean members are part of the Global South,' he said.
