Economy & business — Topics

4 Oct 2022

Boosting In-bound Tourism Given Strong Singapore Dollar

The Minister highlighted that Singapore's tourism sector is recovering strongly, with visitor arrivals reaching three million in the first eight months of 2022—nearly 20 times the same period in 2021—and remains the top destination for leisure and business travellers in key markets.
Singapore competes on quality, experiences, and connectivity rather than cost alone, supported by the Tourism 203X strategy focused on business tourism, fun events, sustainability, and urban wellness.
The SingapoReimagine global marketing campaign and partnerships with airlines, travel agents, and financial institutions are key initiatives to sustain and grow tourism inflows despite the strong Singapore dollar.

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4 Oct 2022

Impact of India's Rice Export Ban and Thailand and Vietnam's Plans to Raise Rice Export Prices

The Minister assessed that India's rice export ban mainly affects broken rice, which Singapore consumes little of, and noted that Thailand and Vietnam have no confirmed plans yet to raise rice export prices.
Singapore employs a multi-pronged strategy including import diversification and a Rice Stockpile Scheme requiring importers to hold buffer inventory twice their monthly imports to ensure supply stability.
The government reviews inventory buffers regularly and is prepared to adjust measures if needed, while a strong Singapore dollar via MAS monetary policy tightening helps mitigate higher food import prices.
Additional support is provided through packages like the $1.5 billion MOF initiative to assist lower-income and vulnerable Singaporeans in facing food price impacts.

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4 Oct 2022

Claims Filed and Successfully Resolved at Financial Dispute Resolution Centre in Past Three Years

A total of 3,137 claims were filed with the Financial Industry Dispute Resolution Centre Ltd (FIDReC) from financial years 2020 to 2022.
Of these, 2,922 claims (93%) were successfully resolved through mediation or adjudication as of September 2022.
Unresolved cases are primarily more recent claims filed since March 2022.
About 89% of cases are resolved within six months and 97% within nine months based on FIDReC’s past three financial years data.

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4 Oct 2022

Proportion of Household Consumers Buying Electricity from SP Services Since Exit of Other Electricity Market Retailers

Sylvia Lim asked whether there has been a change in the proportion of household consumers buying electricity from SP Services compared to other retailers since the exit of several electricity retailers in 2021.
Gan Kim Yong stated that six electricity retailers exited the market between October and December 2021, leading affected households to be transferred to SP Services, with some later switching to other retailers.
As of end-August 2022, around 58% of household consumers were on SP Services' regulated tariff, compared to about 50% a year earlier before the global energy crisis.

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4 Oct 2022

Projected Economic Benefit to Singapore from Recent FinTech Cooperation Agreement with India

The FinTech Cooperation Agreement between Singapore’s MAS and India’s IFSCA aims to support cross-border testing of new financial products via regulatory sandboxes, allowing companies to apply for entry without first incorporating in the other jurisdiction.
MAS will assess applications, set sandbox boundaries, and require safeguards for market trials; successful experiments can lead to fully regulated activities after compliance with licensing requirements.
The agreement includes provisions for a broader global regulatory sandbox to involve additional jurisdictions in the future, depending on target markets and the presence of compatible regulatory sandbox regimes.

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4 Oct 2022

Property Agents who Failed to Take Due Diligence Measures for Anti-money Laundering-related Lapses in Breach of Estates Agents Act

Between September 2020 and September 2022, the Council for Estate Agencies warned 27 property agents for failing to conduct required due diligence checks on customers.
These lapses constituted breaches under the Estate Agents Act, and no purchase transactions were voided or aborted as a result.
Property agents must perform due diligence and report suspicious transactions under the Act, with non-compliance subject to disciplinary action.
New requirements under the Developers (Anti-Money Laundering and Terrorism Financing) Act will impose similar customer due diligence obligations on developers.

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4 Oct 2022

Sufficiency of Measures and Staff Strength to Assist Consumers Subjected to Undue Pressure to Enter into Unfair Transactions

The Minister for Trade and Industry confirmed there are 11 frontline officers at CASE to assist consumers facing undue pressure, with additional support from the Small Claims Tribunal, Community Justice Centre, and the Competition and Consumer Commission of Singapore (CCCS).
Measures like Voluntary Compliance Agreements (VCAs) and court injunctions are used to deter unfair practices, and CCCS has investigated five pressure-sales cases in the past five years, resulting in compliance or undertakings from errant businesses.
The government regularly reviews consumer protection frameworks, emphasizing collaboration with CASE and industry partners to ensure effective safeguards without needing immediate further strengthening.

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4 Oct 2022

Helping Singaporeans Navigate a High-interest Rate Environment

Mr Saktiandi Supaat highlighted that rising global interest rates will impact Singaporeans’ household and business finances, and proposed targeted interventions such as better financial education for borrowers, flexibility in housing loan policies, support for SMEs, and adjustments to the Total Debt Servicing Ratio framework.
Senior Minister of State Chee Hong Tat affirmed the government’s commitment to keeping essential services like housing, healthcare, and education affordable, noted that household and business finances remain generally healthy, and highlighted existing support schemes for education, housing, and businesses.
The government will monitor the situation closely, work with financial institutions to help borrowers, and rely on prudent policies and community efforts to support Singaporeans through the high-interest rate environment.

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4 Oct 2022

Building a Healthier SG

The Healthier SG strategy reorients Singapore's healthcare system towards preventive care, with family doctors as the central point for building long-term relationships with residents, co-developing health plans, and coordinating community support, while the government fully funds key preventive services like screenings and vaccinations and provides additional subsidies for chronic disease management.
Significant investment is planned, including over $1 billion in setup costs and $400 million annually for recurrent costs, with a shift to capitation-based funding for healthcare clusters and service fees for GPs, aiming to slow the projected rise in national healthcare expenditure from $22 billion to potentially $60 billion by 2030.
Parliament members raised concerns about implementation details, including ensuring equitable access for non-digital-savvy seniors, managing GP workload and burnout, clarifying enrolment flexibility, integrating mental health care, and measuring health outcomes, with the Minister emphasizing ongoing stakeholder engagement to refine the approach.

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4 Oct 2022

Net Loss for Central Weave BTO Development at Ang Mo Kio

Leong Mun Wai asked for the net loss, land cost, and overall government profit and loss position for the Central Weave BTO project at Ang Mo Kio.
The Minister confirmed HDB’s estimated development loss is about $250 million, rising to $270 million with CPF housing grants included.
The land cost for the project is about $500 million, determined by market valuation and paid back into the Past Reserves.
HDB prices flats based on market value with subsidies for affordability, and recorded an average annual deficit of $2.68 billion from 2019 to 2021.
The government emphasized that HDB does not profit from flat sales and aims to keep public housing affordable for all Singaporeans.

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4 Oct 2022

Funding and Implementation Details for Beverage Container Return Scheme

The proposed beverage container return scheme will be funded by beverage producers under an Extended Producer Responsibility approach, with a refundable deposit applied to plastic bottles and metal cans (150ml–3L) to encourage high return rates and quality recycling.
Large supermarkets (over 200 sq m) will be mandated to host return points, with additional voluntary return points in community spaces and hawker centres, while a not-for-profit industry-led operator will manage the scheme under NEA oversight.
The government will conduct cost-benefit analyses and regular evaluations, with revenue from recyclables and unclaimed deposits used to offset costs, and GST will not apply to the deposit.

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4 Oct 2022

Affordability of Rising Public Housing Prices and Impact of Prices on Marriage and Fertility Rates

The Minister explained that rising HDB resale prices are driven by strong demand from household formation, smaller households, and delayed BTO construction, but emphasized that new flats remain affordable with subsidies and grants, and announced cooling measures like a 15-month wait-out period for private property owners and tighter loan limits to moderate demand and ensure prudent borrowing.
In response to concerns about housing prices affecting marriage and fertility, the Minister noted that while no specific studies have been conducted, policies prioritize first-time families with increased BTO supply, grants, and ballot advantages to support home ownership and family formation.
The government is ramping up public housing supply to 100,000 flats from 2021 to 2025 to meet demand, but officials declined to specify exact demand forecasts or predict when price moderation might occur, underscoring a commitment to monitor the market and intervene as needed.

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3 Oct 2022

Update on Jobs Taskforce Set Up in 2021 to Grow Talents in 10 Key Sectors

The Jobs Taskforce was established in September 2021 to address elevated resident unemployment by facilitating local placements in key sectors.
As of June 2022, resident and long-term unemployment rates improved to pre-COVID-19 levels of 2.8% and 0.7% respectively.
By May 2022, the Taskforce’s efforts across eight ministries and agencies helped nearly 9,000 local workers enter new jobs through career conversion and sectoral matching programmes.

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3 Oct 2022

Support for Self-employed School Canteen Stallholders to Manage Higher Costs of Ingredients and Utility Charges

Ms Ng Ling Ling raised concerns about rising ingredient and utility costs affecting self-employed school canteen stallholders and asked for support measures to prevent price increases for students, including potential bulk utility rate negotiations.
Minister Chan Chun Sing outlined that MOE monitors canteen food quality and prices, supports affordability through low stall rentals ($5–$15 monthly), and reviews subsidies for low-income students to cope with inflation.
MOE provides guidelines on food prices and seeks favorable utility rates for schools, extending these rates to canteen stallholders where possible to help manage higher costs.

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3 Oct 2022

Update on Local Supply of Live and Chilled Chicken

Singapore’s overall chicken supply remains stable, with 25 accredited export countries including Thailand, Australia, the United States, and Brazil.
The Singapore Food Agency is expanding sources, such as Indonesia, which began exporting frozen chicken in July 2022 and has expressed interest in supplying live and chilled chicken.
The government encourages businesses and households to diversify their supply chains and food choices to mitigate the impact of external disruptions on food resilience.

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3 Oct 2022

Impact of Small Deposit Charge for Pre-packaged Beverages on Diners and Refund Mechanism for Dine-in Users

Miss Cheryl Chan raised concerns about how the 2024 deposit charge on metal and plastic beverage containers would affect diners at coffeeshops and hawker centres, and whether a different refund mechanism would exist for dine-in users.
Grace Fu responded that the scheme aims to be consumer-friendly, with convenient return points like reverse vending machines to facilitate deposit refunds.
She explained that F&B operators, including those at coffeeshops and hawker centres, can choose whether to collect deposits and handle containers, noting that in casual settings, customers typically pay deposits and take containers.
Operators may set up their own return points, such as manual counters or machines, and would receive handling fees to cover costs.
The government will continue engaging stakeholders and preparing F&B operators for the scheme's implementation.

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3 Oct 2022

Percentage of Hawker Centres with Centralised Dishwashing Services

Louis Ng asked for the percentage of hawker centres with centralised dishwashing services over the past five years and the Ministry’s plans to increase adoption, to which Grace Fu replied that 16 out of 111 hawker centres have implemented such services, including all eight Socially-Conscious Enterprise Hawker Centres and eight others using the Productive Hawker Centres programme, with some stallholders also adopting ad-hoc services.
Grace Fu emphasized that support from Hawkers’ Associations and stallholder buy-in is critical for adoption, and the National Environment Agency provides transitional subsidies under the PHC programme, including 70% subsidy in the first two years, 50% in the third, and 30% in the fourth year for existing centres.
For new hawker centres, centralised dishwashing services will be implemented from the start, with subsidies of 50% and 30% of fees extended to stallholders in the first and second years respectively.

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3 Oct 2022

Percentage of Outcome-based Cleaning Contracts with Implementation of Progressive Wage Model for Cleaning Sector

Ms Yeo Wan Ling inquired about the Ministry’s tracking and current percentage of outcome-based cleaning contracts under the Progressive Wage Model (PWM) for the cleaning sector.
Minister Grace Fu Hai Yien explained that PWM has been mandatory for all licensed cleaning businesses since September 2015 to uplift wages and jobs, and service buyers are encouraged to adopt outcome-based contracting.
The National Environment Agency collaborates with industry partners to promote outcome-based contracting, with about 40% of large service buyers adopting it as of September 2022.

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3 Oct 2022

Liquefied Natural Gas-Powered Commercial Ships Using Singapore Ports in Past Five Years

Over the past five years, the number of LNG-powered commercial ships using Singapore’s ports rose from 17 in 2020 to 24 in 2021, though the percentage share was not specified.
The Maritime and Port Authority of Singapore (MPA) incentivizes LNG adoption through the Green Port Programme, offering port dues reductions of 25–30% for LNG-powered vessels and an additional 10% reduction if served by LNG-fuelled domestic harbour craft.
MPA supports LNG-fuelled domestic harbour craft with a five-year waiver of port dues for new builds and co-funding, resulting in six such vessels currently in operation.
Under the Green Ship Programme, Singapore-flagged LNG-capable ships receive a 75% reduction on the Initial Registration Fee and a 50% rebate on the Annual Tonnage Tax.
The Ministry of Transport continues to promote LNG as a lower-carbon fuel through financial incentives and port policies to facilitate the shift toward greener shipping.

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3 Oct 2022

Plan to Train 1,000 Automotive Technicians to Maintain Electric Vehicles and Build Up Workshop Capabilities

The Singapore Motor Workshop Association Training Academy has trained around 100 technicians for EV maintenance since January 2021, with plans being reviewed amid COVID-19 impacts and growing alternative training options.
Government agencies are collaborating with higher education institutions and industry partners to upskill the workforce for EV maintenance roles.
Thirteen automotive workshops received the Enterprise Development Grant between December 2020 and September 2022 to develop EV and charging system capabilities, while none used the Enterprise Financing Scheme for this purpose.

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