Executive clears air on savings

Business

By SHIRLEY MAULUDU
MATTERS concerning members’ contributions with superfunds are currently being assessed by Bank of PNG (BPNG) in light of the coronavirus outbreak, according to an executive.
Nasfund chief executive Ian Tarutia made the statement when The National enquired with the superfund whether some members could be allowed special packages as per their respective contributions due to the negative impact of coronavirus that had left some of the workers jobless.
Tarutia said at this point in time, withdrawal requirements as per government regulations still stood.
“Withdrawal requirements governed by Sect 90 of the Superannuation Act still apply,” he said.
“We have had a brief meeting with the Bank of PNG governor (Loi Bakani) following yesterday’s (Monday) meeting with the Prime Minister (James Marape).
“But for now, all superannuation Covid-19 related matters are currently being considered and assessed by Bank of PNG as our regulator.
“Otherwise no further comments at this time.”
Meanwhile, Bank South Pacific (BSP) chief executive Robin Fleming said the bank had already discussed various loan options for businesses whose revenues were slowing down due to the reduced economic activity associated with coronavirus.
Fleming told The National this week that BSP understood that certain businesses and individuals would be affected and was looking to introduce packages.
“We understand that the impact will be different for many businesses and may change as Government introduces responsible measures to reduce the transmission of the virus,” Fleming said.
“BSP has already discussed various options for businesses whose revenues are slowing down due to reduced economic activity.”

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