Welcoming The New Cabinet With Positive Sentiment, Danamon Ready To Support Customers Welcoming Various Opportunities

Photo: Doc. Danamon

JAKARTA - PT Bank Danamon Indonesia Tbk (Danamon) is optimistic about market movements after the announcement of a new cabinet that appointed Sri Mulyani Indrawati as Minister of Finance on October 20, 2024. Under the leadership of President Prabowo Subianto, this appointment is considered a signal of stable and disciplined fiscal policy, as evidenced by the strengthening of the Composite Stock Price Index (IHSG) of 0.89 percent and an increase in the rupiah exchange rate against the US dollar by 20 points the following day.

The market positive response reflects confidence in Sri Mulyani's experience in maintaining economic stability amid recovery from the impact of the pandemic. Danamon is committed to supporting customers in utilizing economic opportunities through innovative financial solutions that help financial management in conducive situations.

In a meeting of the Financial System Stability Committee (KSSK) on October 18, 2024, Sri Mulyani stated that domestic economic activity is expected to increase until the end of the year. The government's fiscal policy will focus on strengthening purchasing power, maintaining price stability, and strengthening the Social Protection (Perlinsos) program as the main pillar of economic recovery. Simultaneous regional elections in November 2024 and increasing community mobility during the national holiday are expected to encourage domestic consumption.

However, the discourse of increasing Value Added Tax (VAT) to 12 percent is still a concern. This increase has the potential to trigger price inflation of goods, weakening people's purchasing power. Although it is deemed necessary to increase state revenue, the impact on consumption must still be watched out for.

Hosienna Evalita Situmorang, Economist of PT Bank Danamon Indonesia Tbk, believes that pro-growth fiscal policies must pay attention to people's purchasing power.

If consumption weakens due to inflation, economic recovery can be hampered. Therefore, the balance between fiscal adjustments and purchasing power protection is very important," he said, Monday, December 2.

He added that the tax incentive plan by President Prabowo Subianto, such as reducing income tax rates (PPh) from 22 percent to 20 percent, and eliminating property or housing taxes, which currently total 16 percent, consisting of VAT of 11 percent and land and building rights duties (BPHTB) of 5 percent, could accelerate recovery momentum.

In the monetary sector, Bank Indonesia (BI) plans to provide incentives to banks that channel credit to sectors that create jobs. This policy will take effect on January 1, 2025, to increase demand for goods and services as well as open up new job opportunities. Incentive programs such as 0% down payment for the purchase of houses and vehicles are also extended until December 2025, encouraging people to invest.

Danamon sees this policy as a great opportunity for customers, both individuals and business actors, to take advantage of the stable market situation. In order to support customers, Danamon provides financial solutions that can be adjusted to their respective needs.

Ivan Jaya, Consumer Funding and Wealth, PT Bank Danamon Indonesia Tbk, said that Danamon is ready to support customers through innovative financial products designed according to customer needs, in order to face every challenge and take advantage of opportunities in the years to come.

For example, to facilitate investment in individual customers, Danamon offers convenience for customers in accessing mutual fund products through the D-Bank PRO mobile banking application. Available mutual fund products include Money Market Funds to Share Mutual Funds, which are managed by professional investment managers. Customers can easily invest anytime and anywhere through this application.

In addition, Danamon also offers various financing solutions designed to meet customer needs, including motor vehicle credit through KPM Prima products, which are collaboration products between Danamon and Adira Finance as a subsidiary of Danamon in the financing sector. This product offers competitive interest rates and flexible tenors.

For customers who need foreign exchange services, Danamon reintroduces a MORE Pro Danamon product, a multicurrency savings product that allows customers to manage up to nine currencies at once in one savings. This product offers competitive exchange rates and convenience of foreign exchange through the D-Bank PRO.

In addition, this savings is equipped with a more PRO Danamon Debit Card that is suitable for use abroad because it is free of conversion fees and immediately cuts the prevailing currency in the country where customers transact, so that it is suitable for customers who have international transaction needs.

These various financial solutions, and there are many other solutions, both for individual and business customers, are a form of Danamon's commitment, along with his group of companies, to continue to transform as a single Financial Group.

"We are committed to continuing to innovate and provide holistic financial solutions, so that our customers can grow up with Danamon," added Ivan.

Complete and comprehensive information about various financial solutions from Danamon and its corporate group that can help customers maximize their current opportunities can be seen in the mini series Danamon Financial Friday, which regularly displays the latest financial trends, tips on managing finances, and insight from experts. The series, which is also part of Danamon's commitment to providing financial education to the public, can be accessed through Danamon's official YouTube channel every Friday, and all episodes are available on bdi.co.id/dffplaylist.

"With various financial solutions made in accordance with various customer needs, Danamon is optimistic that he can continue to support customers in dealing with market dynamics that continue to change, while helping them achieve financial goals in the future," concluded Ivan.