MIRI: Consumers and business operators have been asked to spend wisely and save for a rainy day due to escalating prices and reduced purchasing power globally.
Miri Chinese Chamber of Commerce and Industry (MCCCI) chairman Temenggong Datuk Lee Sie Tong said this when commenting on former prime minister Tun Dr Mahathir Mohamad’s statement that Malaysia must prepare for another financial crisis.
“Over the years, the buying power has obviously reduced and our members, consisting of local businessmen, have been lamenting the poor business. It is not the fault of the consumer or businessmen as they are struggling to make ends meet.
“However, it would be wise for consumers to plan their expenditure in advance while the latter should invest wisely in stocks as well,” Lee told The Borneo Post by telephone yesterday.
As the local economy is more than 50 per cent associated with China, he said the slightest changes in that country could likely cause a serious impact on businesses here.
“It should be time for local businesses to reformulate their strategies in terms of promotion, manpower and finance, as these are the important elements to maintain one’s business,” he said.
“I agree that the whole economic scenario is going to be tough, but I believe Malaysians are still able to cope with the situation. More important is the principle of wise spending.”
Lee added that the government’s move to distribute the 1Malaysia People’s Aid (BR1M) has helped reduce the financial burden of the people.