18
2010 Policy Address
set for March 16
New chief Executive Fernando chui Sai-on, will
deliver his maiden Policy address on March 16.
The following day chui will return to the legislative
assembly for a question-and-answer session on
the address with lawmakers. Then, from March 18
to April 1, the five policy secretaries will go to the
legislative assembly in turn to present their policies.
Each secretary will have two days to explain his
policies. Until now, chui has not announced any
policies for 2010.
AMCM to launch deposit
protection scheme
The Monetary authority of Macau (aMcM) is drafting
a deposit protection scheme, says its president,
anselmo Teng. The purpose of a deposit protection
scheme is to provide protection and pay compensation
Tight-fisted
to depositors in case a bank is unable to repay
the deposits of its customers. Teng added that the
authority is working closely with the Macau Bank
Despite surging income into the public
association to draft the new rules. The scheme will
coffers last year, a big chunk of the
take into account the experience of neighbouring
regions and is to be ready before the end of 2010.
cash remains unspent
Due to the financial crisis, the Macau government
T
announced on October 2008 it would provide unlimited
he government spent substantially lower, with
bank guarantees on deposits in Macau banks until the
less than 60 percent of only 36.3 percent of the
end of 2010.
the money it took in last year. money spent or MOP3.8
The 2009 budget closed billion.
with a positive balance of The biggest slice spent
MOP23.8 billion or 41.3 was on the current account,
percent of the overall revenue amounting to MOP29.6
for the year. billion, MOP6.3 billion more
The Financial Services than in 2008.
Bureau says the 2009 budget Between 2003 and 2009,
closed with total revenue the Macau Government
of MOP57.641 billion – up has accumulated positive
MOP8 million on 2008 – balances to the sum of
and with total expenditure MOP96.5 billion.
of MOP33.8billion – up For 2010, the
Domestic loans expand
MOP5.2 billion on last year. government predicts revenue
Macau’s domestic loans to the private sector expanded
In terms of current of MOP46.41 billion, with
2.1 percent month-to-month in December 2009 to
revenues, direct taxes from direct taxes from gaming
MOP100.8 billion. among domestic loans, 26.1 percent
gaming dominated with garnering MOP34.98 billion was MOP-denominated and 67.3 percent was in hKD,
the 35 percent executed on - numbers viewed as quite
according to figures released by the Monetary Authority
casinos’ gross revenues - the conservative since for
of Macau. loans to the wholesale and retail trade,
tax rate in effect between January they already reached
individuals for house purchases and manufacturing
December 2008 and a record MOP14 billion.
industries increased quarter-to-quarter at respective
November 2009 - amounting The forecast is for a
rates of 14.2 percent, 11.3 percent and 8.4 percent.
Meanwhile, external loans rose by 4.8 percent to
to MOP41.870 billion in slight increase in current
MOP85.8 billion. as domestic loans to the private sector
2009, MOP1 billion (US$125 expenditure in 2010
rose at a faster pace than resident deposits, the loan-
million) more than in 2008. to MOP30.746 billion
to-deposit ratio for the resident sector at end-December
On the expenditure front, (US$3.843 billion), and a
2009 increased slightly by 0.2 percentage points month-
the investment budgeted slight decrease in investment to-month to 45.1 percent. The ratio for both the resident
for MOP10.5 billion to be to MOP6.4 billion (US$802
and non-resident sectors stood at 60.8 percent, down 0.7
spent in 2009, but it closed million).
percentage points.
March 2010
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