Economy & business

The Ministry has assessed that subsidized outpatient mental health patients pay $300 to $500 annually post-subsidy, with costs offset by MediSave schemes; this data informs ongoing financing reviews, including recent increases to MediSave withdrawal limits for chronic treatments.

• Yip Hon Weng questioned Singapore's stake in Arabian Gulf marine war-risk insurance, strategies to counter cheaper rivals, and tax concession competitiveness. Jeffrey Siow noted prior ministerial statements addressed Middle East impacts.

• David Hoe sought temporary fuel rebates or cash offsets for lower-income ride-hail drivers and delivery riders lacking subsidized fuel amid rising prices from the Middle East conflict.
• The question was addressed by multiple ministers in their 7 April 2026 statements on the conflict's impact.

• Ministers addressed strategic energy stockpiles, sector impacts, and supply diversification amid Middle East tensions, including Singapore-Australia LNG commitments.
• They discussed targeted household assistance, conservation measures for low-income families, and potential mandatory energy-saving initiatives.
• Responses covered monitoring profiteering risks, price triggers for support, and ensuring affordability during global volatility.

• Cai Yinzhou sought structural approaches for fare affordability and targeted support for vulnerable groups, questioning if an income-based cap could be embedded in fare reviews.
• Jeffrey Siow noted the PTC already considers affordability, with fare burdens falling for all groups, and existing concessions/vouchers provide substantial support; an unrelated cap could distort costs and increase subsidies.

Yeo Wan Ling questioned the effectiveness of allowing individuals under police investigation for scams to access frozen accounts for daily needs and alternatives beyond police appeals. K Shanmugam clarified that police freeze accounts only when funds are suspected of illicit involvement, but individuals can apply to courts for essential expenses or seek help from investigators.

Kenneth Tiong inquired about Singapore banks' exposure to US private credit defaults and stress tests. Gan Kim Yong responded that Singapore financial institutions have very small exposure to US private credit and that MAS regularly monitors risks and conducts stress tests with global scenarios.

• Prof Lim queried if foreign firms must set baseline metrics and specific targets for local employment under tax incentives, and penalties for missing commitments.
• Gan Kim Yong confirmed incentives are conditional on job creation, with calibrated targets and mechanisms to revoke or recover benefits if firms fail to meet commitments.

• Edward Chia asked how rising energy costs affect water production, especially desalination and NEWater, and how water prices will stay affordable.
• Grace Fu explained that fixed-rate contracts moderate near-term costs; the government reviews prices, seeks energy-saving tech, and offers U-Save rebates to support households.

• A minister explained that while official data shows retail rents as a share of business costs have fallen, local experiences differ due to location and property factors.
• The government is supporting retailers through grants and innovation programmes to help them adapt to changing conditions.

• Dr Chen sought stronger protections for small retail subtenants’ deposits and against unfair lease practices. The Government, via the Fair Tenancy Industry Committee’s Code, now caps deposits at three months’ rent for small premises, with mediation available. A review of the Code is underway.

• The Ministry of Law already supports local law firms' AI adoption through grants like the PSG-Legal, which covers 50% of first-year costs up to $45,000, and other funding schemes for digitalisation and productivity.
• A new LIFT pilot offers hands-on change management support to help firms diagnose needs and implement AI tools.

The government spent $250,000 on Palantir software services over the past five years, with the procurement handled by its Singapore subsidiary.

• Parliament supports the Energy Conservation (Amendment) Bill to close regulatory gaps, requiring imported equipment to meet efficiency standards for national resilience.
• Members seek clarification on SME support, cost impacts, and enforcement practicality, especially for online imports and compliance burden.
• The Bill aims to ensure fair competition, drive energy savings, and enhance Singapore’s sustainability and energy security.

The Bill extends Minimum Energy Performance Standards and Mandatory Energy Labelling to regulated goods imported for personal use, closing a regulatory gap. It also empowers removal of non-compliant online listings. Members support the intent but raised concerns on SME compliance costs, enforcement practicality, and clarity for consumers.

• Singapore faces severe supply chain disruptions as the Strait of Hormuz closure cuts energy imports, raising fuel, electricity, and food prices, impacting businesses and households, with inflation projected to rise above earlier forecasts.
• The government is implementing a coordinated response, including targeted financial support for affected sectors, enhanced energy efficiency grants, and early disbursement of aid, while strengthening diplomatic partnerships to secure essential supplies.
• Long-term strategies involve diversifying energy sources, exploring nuclear options, and building resilience through stockpiles and international cooperation to mitigate future geopolitical shocks.

The Bill amends the Info-communications Media Development Authority Act to enhance fair market conduct, reduce regulatory burdens, and grant IMDA additional powers, with aligned amendments to the Telecommunications Act for effective competition.

The Securities and Futures (Amendment) Bill was introduced by Mr. Chee Hong Tat for the Minister for Finance, aiming to amend the Securities and Futures Act 2001. It received its First Reading and is scheduled for a Second Reading in a future parliamentary sitting.

Singapore clarified the US trade data error and engaged constructively, while noting no tariffs yet and a 10% Section 122 duty remains. The government is supporting businesses and diversifying trade links, but awaits investigation outcomes before assessing impacts on electronics, semiconductors, and compliance costs.

Parliamentarians questioned the government on fuel and electricity price hikes, supply chain risks, and support for households and businesses due to Middle East conflicts. They sought assessments of impacts on LNG, trade, and SMEs, and asked about measures like price controls, grants, and strategic reserves to mitigate shocks.