Category: Financial Literacy EN

The Consumers Association of Penang (CAP) welcomes the government's announcement of a plan to implement targeted fuel subsidies for those in the Below 40 (B40) group. We urge the government to speed up the implementation because the war in Ukraine is not likely to end soon and on contrary to what some consumers may think, the subsidy comes from taxpayers. It is, therefore, not advantageous to...

CAP is shocked that the Cabinet had decided to ratify the controversial Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) even as parliamentarians prepared to debate this in the ongoing Dewan Rakyat sitting. Our study of the latest cost-benefit analysis (CBA) commissioned by the Ministry of International Trade and Industry from PriceWaterhouseCoopers (PwC) confirms...

The Consumers Association of Penang (CAP) had cautioned about the government several times about allowing the Employees Provident Fund (EPF) members to withdraw their savings through i-Lestari and i-Sinar in 2020, i-Citra in July 2021, and a special withdrawal in March 2022. However, it fell on deaf ears. EPF funds are meant for its members’ retirement and not for them to withdraw to tide over...

The Consumers Association of Penang (CAP) is concerned about the January to April 2022 bankruptcy statistics revealed recently are just the tip of the iceberg because of the Insolvency (Amendment) Act 2020 that took effect on 1 September 2021. With the amendment, a creditor may file for bankruptcy action against the debtor if the debt amounts to RM100,000. The bankruptcy threshold was RM50,000...

The Consumers’ Association of Penang (CAP) submitted our recommendations for the 2023 Budget to the Treasury last week. Among the topics covered were governance, healthcare, housing, food security, inclusive development, environmental issues, disaster risk management and proposal for tax measures. On the matter of governance, CAP proposed that the anti-corruption agency be adequately funded...

The Consumers’ Association of Penang (CAP) calls on the Ministry of Domestic Trade and Consumer Affairs to enforce the Price Control Act 1946 Amendment 1973, Section 8 (1) which requires traders to display price tags on goods that are meant for sale. Our repeated survey around Penang Island showed that many traders especially food stalls and restaurants are blatantly flouting the Price Control...

The Consumers Association of Penang (CAP) is shocked by the announcement that Touch ‘n Go is collaborating with CIMB Bank Bhd in producing a personal loan product available through Touch ‘Go eWallet, regardless of the interest rate. The introduction of easy personal loans promotes debt dependency culture to Malaysians who desire to spend what they do not have. With easy availability of loans,...

We welcome the action taken by the government to stabilise the price of goods as was decided during the National Action Council on Cost of Living (NACCOL) meeting on 31st January 2022. CAP was present during the mentioned meeting that was chaired by the Prime Minister, and we were given the opportunity to put forth our opinions during the meeting. We welcome the government’s decision to set...