The Macau SAR government announced Monday it will grant MOP$8,000 (US$1,000) worth of e-coupons to all local residents, aiming to boost the economy and stabilize local employment in the wake of the COVID-19 pandemic.
The stimulus plan will inject around MOP$5.88 billion (US$735 million) into the local market between June and December in order to raise domestic demand.
The latest measure is an improved version of a scheme announced in March, which has since been scrapped due to complaints that conditions of use made it difficult for residents to claim. As a result, the government has now implemented a more user-friendly version.
The new plan will transfer MOP$5,000 (US$625) of “start-up” money into residents’ e-payment apps on their mobile phones or to their Macau Pass. Anyone using their e-vouchers via these apps or Macau Pass will also enjoy a 25% discount on all purchases.
The maximum amount of discount that can be claimed is MOP$3,000 (US$375), however it cannot be used for utility payments, medical services or gambling.
Unlike the previous plan, this latest scheme will not include non-resident workers or students. The government stated Monday that it may be extended to certain non-residents but this would not include the MOP$5,000 “start-up” money.
Introduction of another e-coupon scheme comes just two days after the government announced it was bringing forward this year’s annual Wealth Partaking Scheme, which will see permanent residents receive a MOP$10,000 (US$1,250) cash handout and non-permanent residents MOP$6,000 (US$750).