Macao to distribute $1,100 cash to residents in 2017

2016-11-16 20:33:33 | From:

Chui Sai On making the announcement [Photo:]

The Macao government is to give permanent residents 9,000 Macao patacas in cash (USD 1,128), and non-permanent residents 5,400 patacas (USD 677) in 2017.

Macau's Chief Executive, Chui Sai On, made the announcement while delivering the Policy Address for the Fiscal Year 2017 on Tuesday.

The "cash-share" plan was introduced in 2008 by Macao's former Chief Executive Ho Hau-wah, to allow everyone to benefit in Macao's economic growth and help residents cope with inflation.

Over the years the amounts have changed according to Macao's fiscal revenue and inflation rate. In 2008, residents were given USD 625, with USD 376 for the non-permanent residents, to combat inflation and financial crisis.

Macao's gambling industry has shown signs of rebounding this year.

After a 26-month decease, the industry finally saw a 1.1-percent rise in August.

In October, the gross profit of gambling in the city has surpassed 20 billion Macao patacas, the highest in 198 months.

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