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Please Impose Effective Measures To Prevent The Increase In Non-Performing Loans Speech by Dr Tan Seng Giaw, DAP National Vice-Chairman and MP for Kepong at the Annual Convention of the DAP Negeri Sembilan in Seremban on 5 March 2000. | |||||||
| Although the Democratic Action Party, DAP, did not do so well in the last general elections on 29 November 1999, we still have substantial support. We should get rid of our weaknesses and improve our strength so that we can continue to play our part in the wellbeing of Malaysia. The retabled 2000 Budget totals RM 78 billion and the revenues only RM 61.8 billion. We hope the Government will explain how it intends to find the money for the over RM 17 billion deficit. The Government mentions the mergers of banks into 10 groupings to face the World Trade Organization, WTO, liberalisation policy in the near future. We do not know how exactly will these banks be merged and how efficiency and competitiveness can ensue. The Government would like to ensure that banks, despite mergers, continue to give lending facilities at low interest rates to stimulate the economy. We hope that there are effective measures to prevent an increase in non-performing loans. Determined efforts needed to achieve housing targets In the Seventh Malaysia Plan, 1996 to 2000, public sector housing target is 230,000 units with 110,000 low-cost and private sector 570,000 units with 240,000 low-cost. By the end of 1998, the government built only 83,408 units, 36.3% and the private sector 319,535 units, 56.1%. The public sector low-cost target was 60,000 units and only 26,774 were completed, 44.6%. Clearly, the public sector is relatively less efficient. We do not know whether all the housing targets will be met by the end of 2000. There are signs that the Government would need to buck up to meet the targets and to ensure the qualiy. The original plan is to let the people buy or rent houses. But, since the economic crisis in 1997, the National Economic Consultative Council, NECC, has directed the National Housing Department to build 35,000 integrated low-cost units through the City Hall in the Federal Territory | |
of Kuala Lumpur. Apparently these units will be for renting and not for sale. This is a disappointment for those for wish to own a house. We hope the Government will overcome the difficulties such as inadequate planning and management so as to meet the housing targets, especially the low-cost units. Let the people have a choice as to whether they want to buy or rent. Please make the manufacture of national car, Proton, healthy and competitive. Since the advent of the national cars, Proton, the Government insists on the people feeling proud of Malayisan ability to build cars while it gives direct or indirect subsidies. It is not wrong to feel proud of our ability, but it will be wrong not to reveal the truth. Hitherto, essential engine parts are imported from Japan. We should make sure that essential parts are manufactured locally. Under the protection of the Government, people within and outside Malaysia can buy much cheaper Proton cars. Naturally, sales shoot up within the country. How long can this go on? The World Trade Organization, WTO, prescribes liberalisation policies for trade and industry, including automobile industry in the near future. How are we preparing to face it? Can we compete? Proton has downstream industries such as accessories, affecting related industries such as banking and thousands of people. Hence, any movement in Proton causes public concern. Since October 1998, Petronas, our national oil company, has been planning to buy Proton for which Hicom Holdings Bhd owned 27.2% equity. Last week Petronas bought these shares for RM 1 billion. Why does Petronas buy Proton? We hope that after the take-over, Petronas will take care of the public interest by getting rid of the suspected irregularities in Proton management such as cronyism. Instead, it should make Proton more efficient and competitive in the midst of globalisation in trade and industry.
Dr Tan Seng Giaw | |||||
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