KUALA LUMPUR (Jan 29): Berjaya Corp Bhd (BCorp) founder Tan Sri Vincent Tan Chee Yioun said the proposed measures to be taken under the revised Budget 2016 will address the immediate concerns of Malaysia's economy.

In a statement today, Tan said measures like reducing employees' contribution to the Employees Provident Fund by 3% and providing additional tax relief of RM2,000 for those earning less than RM8,000 per month will go a long way towards easing the burdens of most Malaysians and at the same time help boost consumer spending for the good of the economy.

"Tightening of the free duty treatment of imported vehicles in duty-free islands will (also) reduce leakages of tax revenues and add millions to the government's reserves," he said.

Tan is of the view that Prime Minister Datuk Seri Najib Razak has also shown concern for the rakyat's needs for affordable homes with a move to ensure that properties in new housing projects priced up to RM300,000 are sold only to first time owners.

The hardcore poor are also not left out with the proposed measure that they be given 20kg of rice every month, he added.

"On the whole, the revised budget is very positive, enabling the government to save billions and at the same time addressing the rakyat's needs.

"The local and international community have reacted very positively as demonstrated by the immediate strengthening of the ringgit across all currencies and the strong gain in the stock market today," said Tan.

The ringgit rose to a three-month high to reach 4.1195 against the US dollar today, and was up 3.5% from Jan 22, prices from local banks compiled by Bloomberg showed.

The benchmark FBM KLCI index ended the week up 33.27 points, or 2.04%, at 1,667.80 today.

Yesterday, Najib trimmed Malaysia's growth forecast for 2016 to 4%–4.5%, from 4%–5% previously, and cut the assumption price for oil to US$30–US$35 a barrel from US$48. Brent was trading around US$34 today after falling to as low as US$27.10 last week.

Shares in BCorp closed down 0.5 sen or 1.35% at 36.5 sen today, giving it a market capitalisation of RM1.64 billion.

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