AMWAY (Malaysia) Holdings Bhd is adopting a prudent approach and will proactively implement additional measures to continue supporting Amway Business Owners (ABOs) during this challenging period brought about by Covid-19 pandemic.
Chairperson and senior independent non-executive director Tan Sri Faizah Mohd Tahir said Amway would endeavour to retain its position as one of the country’s leading direct selling market players and a long trusted brand among Malaysians amidst intensifying competition and a highly challenging economic environment weighed down by Covid-19 concerns.
“Even as we remain committed to strengthening our ABOs and their businesses, we hope that our ABO force will continue to remain resilient amidst the prevailing headwinds and that people will continue to equate the Amway brand with opportunities to create value,” she said in the company’s 2019 Annual Report.
Faizah said there were signs that the ongoing Covid-19 pandemic could drive the global economy into a recession, therefore, to avoid a cascade of bankruptcies and emerging market debt defaults, several countries had responded with a variety of stimulus packages, with the United States leading the way with a multi-trillion dollar domestic aid package to cushion the blow to its citizens and businesses.
She said similarly in Malaysia, the government announced a RM250 bil stimulus package comprising loan deferments, one-off cash assistance, credit facilities and rebates, as well as a direct fiscal injection of RM25 bil.
“Malaysia will have to be prepared for any economic impact from a possible global recession as a result of global factors such as the oil price slump and the extended Movement Control Order imposed by the government to mitigate the impact of Covid-19.
“Given the rapid pace at which these events are taking place, Amway will continue to closely monitor all related developments and their potential impact on our business,” she added. – May 15, 2020, Bernama
