Economy

The impact of the coronavirus pandemic has certainly hit the Asean banks and induced a recession that is now currently affecting majority of the countries in the region. According to Fitch Ratings, They will be downgrading the Issuer Default Ratings (IDRs) of around 20% of ASEAN banks portfolio beginning March. ASEAN banks portfolio ratings in this period are at around …

MANILA – The World Bank has approved a $500 million (P22 billion) loan to help the Philippines ease the impact of the Covid-19 pandemic. The World Bank said on Friday, that the fund approved will help the poor and vurnerable household and will support small and medium enterprises by providing financial assistance. The Philippines Emergency Covid-19 Response Development Policy Loan …

The chief of Thai AirAsia (TAA) says it may merge with another low-cost carrier (LCC) to clamp down on pricing wars once flights eventually resume. Thai AirAsia chief Mr. Tassapon has admited to conversations with other airlines. He said if Thailand does not resume tourism activities by July, Thai AirAsia would begin laying off employees. Above all downsizing the company …

The Governor of Songkhla in Southern Thailand has ordered the closure of the Padang Besar border checkpoint due to new Covid-19 Fears. The border closure comes after six of nine new covid-19 patients returned via this checkpoint. Governor Charuwat Kliengklao signed the order, saying the checkpoint will be closed from today for sterilization. The order did not say how long the checkpoint …

Thailand’s Energy Policy and Planning Office is preparing to roll out the final stage of its development plan as natural gas depletes in the Gulf.  Vying to steer the industry towards value-added products as natural gas in the Gulf of Thailand nears depletion. Eppo hired the Petroleum Institute of Thailand (PTIT) to conduct a feasibility study for the plan. A …

Some of the government’s measures to help the general public and the business sector hit by the COVID-19 pandemic include the three monthly payments of 5,000 baht to workers and farmers, as well as the suspension of loan payments. The Ministry of Finance is now preparing the third phase of its COVID-19 relief package. Agencies under the administration of the …

Malaysia’s largest listed banking group MALAYAN BANKING BHD (Maybank) has cautioned about its “extremely tough” prospects and the possibility of future margin compression ahead, as it started the 2020 financial year (FY20) with modest loan growth and a fall in total deposits. The bank, which is also the fourth largest bank by assets in South-East Asia, thus proposed theoretically lowering …

The Social Security Organizing Agency (BPJS) Healthcare again reminded about the provisions of fines for participant arrears who will reactivate their membership. The payment of the fine must be made by the participant or employer 45 days after the membership is active again. BPJS Healthcare participants will be temporarily revoked if membership is in arrears. This is in accordance with …

Minister of State-Owned Enterprises (SOEs), Erick Thohir, said that in the future there would be no more SOEs to build universities. He invited SOEs to cooperate with existing universities. Because the university currently has many discoveries that are not contained. “Yesterday I said that there was no SOE that wanted to make a university, but we and the university did …

British Grocery chain giant Tesco has found abuses against migrant workers at its Tesco-lotus stores and distribution centres in Thailand and Malaysia. Tesco based the allegations on interviews with 187 migrant workers in Thailand and 168 workers in Malaysia. The abuse of migrant workers included passport retention; unexplained and illegal wage reductions; heavy indebtedness to labour brokers; and excessive overtime …