Govt committed to ensuring justice for all Malaysians
While addressing the Finance Ministry monthly assembly, Anwar, who is also the finance minister, said every approach...
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The Star
29 minutes ago
- The Star
Fuel prices Aug 21-27: Diesel down five sen, petrol unchanged
KUALA LUMPUR: The retail price of diesel in Peninsular Malaysia will be reduced by five sen to RM2.85 per litre from Aug 21 to 27. In a statement on Wednesday (Aug 19), the Finance Ministry said the reduction is in line with changes in global oil market prices. It said the retail prices of RON97 and RON95 petrol will remain unchanged at RM3.13 per litre and RM2.05 per litre respectively, while the retail price of diesel in Sabah, Sarawak and Labuan stays at RM2.15 per litre. The ministry said the weekly retail price setting of petroleum products is based on the Automatic Pricing Mechanism formula. "The government will continue to monitor the impact of changes in world crude oil prices and take appropriate measures to ensure the welfare and well-being of the people are protected," the statement said. – Bernama
The Star
29 minutes ago
- The Star
Water, energy supply key to attracting investors, says PM Anwar
KUALA LUMPUR: The ability to provide sufficient water and energy supply is among the main attractions for investors in the semiconductor, data centre, and artificial intelligence (AI) sectors in Malaysia, says Datuk Seri Anwar Ibrahim. The Prime Minister said this was further strengthened by the country's capacity to provide professional manpower expertise, which was a key strategic requirement for investors. "These two aspects (water and energy) are very strategic, and I wish to emphasise that we will not be able to maintain Malaysia's credibility as a peaceful and competent nation if we cannot resolve matters related to water and energy. "It is not only about providing (water and electricity facilities to investors), but also about how we manage the (prices) of water and energy at reasonable levels without burdening the people,' he said when officiating the Langat 2 Water Treatment Plant (LRA2) here on Wednesday (Aug 20). Also present was Deputy Prime Minister Datuk Seri Fadillah Yusof, who is also the Energy Transition and Water Transformation Minister. Meanwhile, Anwar said Malaysia continued to face wastage issues, particularly involving Non-Revenue Water (NRW) due to usage practices and weaknesses in the old piping system. He said Deputy Prime Minister Datuk Seri Fadillah Yusof, who is also the minister responsible, had raised the matter numerous times during Cabinet meetings, and following discussions, it would be made one of the priorities under the 13th Malaysia Plan (13MP). The Prime Minister said in terms of water management, ensuring comfort and meeting the people's needs remained the government's main priority. "How can a country with an abundance of water, with floods two or three times a year, still face water shortages? That means something is wrong, not because of Allah's will, but due to a lack of human ingenuity. "Take Jordan, for example. They may only have heavy rain two or three times a year, but they are able to store water for times of need. That is why our technology must not only focus on advancement but also ensure water-saving measures are in place," said Anwar, who is also the Finance Minister.- Bernama
New Straits Times
29 minutes ago
- New Straits Times
Medical insurance made fairer: Standard premiums for M40 under MHIT
KUALA LUMPUR: Premiums for the basic medical and health insurance/takaful product (MHIT) are set to be standardised, with a focus on affordability for the M40 income group. This is in line with government efforts to broaden access to private hospital care, according to Bank Negara Malaysia. The product, being developed jointly by Bank Negara and the Health Ministry, is expected to be launched in the second half of 2026. It will be offered as a standard plan providing essential coverage at a sustainable cost. The information was shared during the RESET media strategy workshop organised by Bank Negara and the ministry at Sasana Kijang here today. Bank Negara said the initiative is expected to act as a catalyst for restructuring the private health insurance market, while reducing public reliance on government hospitals, which are currently facing congestion and long waiting times. Currently, only around 22 per cent of Malaysians have health insurance, leaving the majority exposed to the risk of high medical expenses. Through the basic product, more individuals will be able to access minimum financial protection at an affordable rate. The MHIT basic plan aims to protect individuals from high healthcare costs while minimising out-of-pocket expenses. It also seeks to simplify the insurance and takaful market by offering a clearer, more straightforward coverage package. Premium pricing and benefit coverage will be determined based on verified treatment cost data. This includes the most common procedures and hospital cost comparisons, to ensure long-term sustainability. To maintain affordability, the MHIT basic plan's network will focus on mid-tier hospitals. Treatments at premium hospitals will be available through optional top-up plans open to competition among insurance and takaful providers. The MHIT basic plan will change the claims process by shifting payments from a fee-for-service system to a diagnosis-related group (DRG) system, which is payment based on diagnosis. The rollout will be conducted in phases to avoid disruption in the market. The DRG approach is expected to help control treatment cost inflation, as private hospitals will be incentivised to operate more efficiently to manage claim volumes by disease category. The new mechanism also supports the 'value-based healthcare' agenda, which is the direction of the national healthcare system. Emphasis is also placed on the role of general practitioners (GPs) as the primary entry point for treatment before patients are referred to private hospitals. This is to strengthen primary care and reduce the tendency of patients to directly seek specialist treatment. Authorities are also considering including coverage for preventive treatments that have been proven to reduce the risk of serious illness. They are also considering allowing coverage for pre-existing conditions under certain conditions such as waiting periods and symptom control. There is also a need to educate the public that the benefits of the basic product must be balanced with their ability to pay premiums. Hence, focus group sessions will be conducted to identify the most relevant coverage priorities. To protect policyholders' interests, insurance and takaful companies will be required to provide a Product Disclosure Sheet (PDS) outlining key benefits, projected long-term premium increases, and alternative options for consumers. In addition, a dedicated complaints mechanism will be established to resolve disputes between private hospitals and insurance operators. Policyholders who struggle with premium increases can seek advice and assistance through the Credit Counselling and Management Agency.
