Economy & business — Topics

2 Mar 2018

Committee of Supply – Head V (Ministry of Trade and Industry)

The government will establish Enterprise Singapore (ESG) to support SMEs through initiatives like the enhanced Enterprise Development Grant (EDG) and new Productivity Solutions Grant (PSG), streamlining support for capability building, innovation, and internationalisation.
Singapore is leveraging its ASEAN chairmanship to deepen regional integration, including promoting an ASEAN e-commerce agreement and strengthening bilateral economic collaborations to help businesses tap into Asia's growth.
To drive innovation and R&D, the government will expand the Global Innovation Alliance (GIA) and support research commercialisation, with a focus on advanced manufacturing, digital economy, and sustainable development.

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2 Mar 2018

Estimates of Expenditure for the Financial Year 1 April 2018 to 31 March 2019

The debate on the Estimates of Expenditure for the financial year 1 April 2018 to 31 March 2019 was formally opened with the Order read for consideration in the Committee of Supply on the 2nd Allotted Day.
Mr Lim Biow Chuan, the Deputy Speaker, presided over the proceedings as the Chairperson of the session.
The session marked the beginning of the detailed examination of government spending plans for the upcoming financial year.

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2 Mar 2018

Supplementary Estimates of Expenditure for the Financial Year 1 April 2017 to 31 March 2018

The Parliament approved supplementary estimates for the financial year 1 April 2017 to 31 March 2018, authorizing additional expenditure for public services.
The Committee of Supply endorsed a sum of $339,311,600 under the Supplementary Main Estimates across several Heads of Expenditure.
A further $87,153,500 was approved under the Supplementary Development Estimates for specific Heads of Expenditure.
The resolutions were reported by the Senior Minister of State for Finance and agreed to by Parliament without amendment.
The debate concluded with procedural motions and the formal adoption of the supplementary expenditure plans.

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2 Mar 2018

Carbon Pricing Bill

The Carbon Pricing Bill was introduced to require companies to report and pay a tax on greenhouse gas emissions, amending the Energy Conservation Act accordingly.
The bill was presented by Minister Masagos Zulkifli, received presidential recommendation, and was read for the first time with a second reading scheduled for after March 19, 2018.
The proposal aligns with Singapore's broader environmental strategy to address climate change through fiscal measures and regulatory updates.

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2 Mar 2018

Singaporeans' Perception of Local Brands and Products

Dr Lim Wee Kiak inquired whether studies on Singaporeans' perceptions of local brands have been conducted and how the government plans to foster greater pride and awareness for them.
The Senior Minister of State responded that while general surveys exist, no specific studies on local brands have been done, but such surveys are being considered; she highlighted various initiatives like food gift promotions, retail incubators, and design fairs to support local brands.
Dr Lim emphasized the need to promote local brands in heartland malls to strengthen their domestic market presence and encourage SMEs, to which the Minister agreed and mentioned ongoing efforts to rejuvenate heartland retail.

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1 Mar 2018

Estimates of Expenditure for the Financial Year 1 April 2018 to 31 March 2019

The Chairman outlined the procedures and time limits for the debate on Singapore's expenditure estimates for the financial year 2018–2019, noting 530 amendments and strict adherence to speaking times.
The debate commenced with Head U – Prime Minister's Office, and Assoc Prof Fatimah Lateef was called to speak, marking the start of discussions on specific expenditure heads.
The session was conducted under the Committee of Supply with guillotine times applied to manage the lengthy agenda, including adjustments for earlier sittings and reduced question time.

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1 Mar 2018

Debate on Annual Budget Statement

The government outlined a fiscal strategy to address rising expenditures in healthcare, security, and preschools, financed through a planned GST increase from 2021–2025, prudent use of reserves, and borrowing for long-term infrastructure, while ensuring progressivity through offsets like the GST Voucher scheme.
Parliament debated the budget's alignment with shared values, with concerns raised about the GST hike's impact on lower- and middle-income households, the Wage Credit Scheme's extension, and the need for stronger partnerships to support SMEs and economic transformation.
The Workers' Party expressed reservations about the announced GST increase, citing uncertainty and the need for more details, but supported the budget's measures; the Finance Minister defended the approach as responsible and necessary, leading to a division where the budget was approved with 89 "Ayes" to 8 "Noes".

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28 Feb 2018

Debate on Annual Budget Statement

The debate on the Annual Budget Statement highlighted the government's long-term fiscal strategy, including a planned GST increase by 2% between 2021 and 2025 to fund rising healthcare, security, and infrastructure costs, which was supported by some as prudent stewardship but criticized by others as a distraction from the Budget's vision.
Members emphasized the need to support an ageing population, with proposals to enhance eldercare, review policies for seniors and low-income families, and promote inclusivity through measures like the Proximity Housing Grant and better financial assistance schemes.
Discussions focused on economic transformation, with calls to boost SMEs, invest in skills training, and leverage innovation and technology to maintain Singapore's competitiveness, while also addressing inequality and ensuring equitable support for vulnerable groups.

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28 Feb 2018

Debate on Annual Budget Statement

Members praised the Budget's forward-looking approach, but raised concerns about the proposed GST hike and its impact on inflation and competitiveness, suggesting a delay or alternative revenue sources.
Several speakers highlighted the need for better support for businesses, including rental cost relief for SMEs and more effective innovation policies, while emphasizing the importance of nurturing an innovation spirit in education.
The debate stressed the urgency of addressing social inequality and an ageing population, with calls for progressive tax reforms, stronger support for older workers, and initiatives to enhance social mobility and community care.

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27 Feb 2018

Profile and Success Rate of Singapore Startups

The Minister highlighted a growing trend of young Singaporeans joining startups, with the proportion of local startup owners aged 35 and below rising from 20% to 23% between 2010 and 2016, and surveys showing a significant increase in entrepreneurial intent among tertiary students.
Singapore's startup ecosystem has expanded steadily, with the total number of startups doubling from 22,000 to 43,000 between 2003 and 2016, and the country nurturing four of the five unicorns in Southeast Asia.
In international benchmarking, Singapore ranked 12th overall in the 2017 Global Startup Ecosystem Report, performing well relative to other global cities though trailing top hubs like Silicon Valley and Tel Aviv.

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27 Feb 2018

Rise in Security Expenditure and Impact on Cost of Living in Singapore

Gan Thiam Poh asked about the average cost of security expenditure per Singaporean compared to other major cities and whether rising security spending would directly impact the cost of living.
Heng Swee Keat explained that Singapore’s security spending covers both national defence and homeland security, making direct comparisons with other cities inappropriate, and highlighted cost-effective measures and inter-agency collaboration to optimize resources.
He stated that increased security spending is not expected to directly affect the cost of living as it is not part of the typical household consumer basket, emphasizing that security investments ensure a safe environment for Singaporeans.

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27 Feb 2018

Root Cause of Human Error that Led to NETS Service Outage and Preventive Measures for Future Recurrence

The NETS EFTPOS outage on 2 February 2018 was caused by a system administrator inadvertently terminating a communications module during planned maintenance, a human error that NETS investigated and recovered from within about 1.5 hours without breaching MAS regulatory standards on downtime.
MAS emphasises the critical reliability of designated payment systems like NETS EFTPOS, requiring them to resume operations within four hours of disruption and limiting total annual downtime, with NETS complying and maintaining its designation since 2010 without prior outages.
To prevent recurrence, MAS has directed NETS to hire an independent consultant to enhance controls against human errors, implement off-peak system access and tightened ID controls, and will monitor remediation closely, while encouraging alternative payment methods to mitigate impacts.

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27 Feb 2018

Debate on Annual Budget Statement

The Budget addresses rising expenditures on healthcare, infrastructure, and an ageing population, with a planned GST increase from 7% to 9% between 2021 and 2025 to ensure fiscal sustainability, accompanied by offset packages for lower- and middle-income households.
Economic transformation is prioritized through Industry Transformation Maps, SkillsFuture initiatives, and support for businesses, including grants for digitalization and innovation, while emphasizing the need for workforce upskilling and adaptability in the face of technological disruption.
Debates highlighted concerns about social mobility, gender inequality, and support for vulnerable groups, with calls for more progressive taxation, better caregiver support, and policies to address retirement adequacy and low-wage workers' conditions.

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27 Feb 2018

Regulation of Imports and Exports (Amendment) Bill

The Regulation of Imports and Exports (Amendment) Bill was introduced to update the existing Act, with the amendment presented by the Senior Minister of State for Trade and Industry on behalf of the Minister.
The Bill was read for the first time in Parliament and scheduled for a second reading on or after 14 March 2018.
The purpose of the amendment is to refine the regulatory framework governing the import and export of goods in Singapore.

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27 Feb 2018

Competition (Amendment) Bill

The Competition (Amendment) Bill was introduced to amend the Competition Act, presented by the Senior Minister of State for Trade and Industry on behalf of the Minister.
The bill received its first reading and was scheduled for a second reading in Parliament on or after 14 March 2018.
The bill was recommended by the President and formally presented to Parliament for consideration.

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27 Feb 2018

Rental as Percentage of Total Expenses of SMEs

Leon Perera asked for a comparison of rental costs as a percentage of total expenses for SMEs in Singapore versus countries with strong SME sectors, including Germany, Switzerland, Israel, Japan, and the USA.
The Senior Minister of State for Trade and Industry responded that rental costs for SMEs in Singapore are relatively low, contributing between 0.4% to 30% of total business costs depending on the sector, and have been declining in recent years, with rental rates comparable to major cities in the US, Switzerland, and Japan.
The Minister highlighted government measures such as the Government Land Sales programme and JTC’s LaunchPads to support startups and SMEs by providing affordable space and reducing costs, noting a high take-up rate in innovation hubs.
Leon Perera raised a supplementary question on whether the rental cost comparison considered outskirts of cities in other countries and if the Ministry would study if Singapore’s rental costs impede entrepreneurship.
The Minister replied that initiatives like LaunchPads have been well-received and JTC will continue to monitor demand and create more spaces for entrepreneurs, ensuring support for business startups and growth.

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27 Feb 2018

Higher Standard of Living while Maintaining Lower Cost of Living

Gan Thiam Poh inquired about the rise in Singapore's cost of living for basic necessities since 2010 compared to other cities and how the government plans to maintain a higher standard of living while keeping costs low.
The Ministry of Trade and Industry highlighted that Singapore's inflation rate averaged 1.8% annually from 2010 to 2017, comparable to or lower than South Korea and Taiwan, but with recent inflation declining to 0.6% in 2017.
The Ministry noted that real household income growth outpaced inflation during this period, and the government provides support through measures like GST vouchers, Workfare, and Silver Support to mitigate cost-of-living concerns.
The government commits to monitoring inflation trends, ensuring economic competitiveness for sustained income growth, and offering targeted social assistance to help Singaporeans achieve a higher standard of living.

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19 Feb 2018

Annual Budget Statement

The Minister outlined a strategic budget focused on adapting to three major shifts: global economic weight moving towards Asia, technological disruption, and an ageing population, aiming to build a vibrant, innovative economy, a smart and green city, and a caring society while ensuring fiscal sustainability.
To support the economy, the budget extends the Wage Credit Scheme and Corporate Income Tax rebate, defers foreign worker levy increases for struggling sectors, and introduces new measures like the Productivity Solutions Grant and enhanced tax deductions for R&D and IP to foster innovation and capability building.
For society, the budget enhances education and housing grants, expands support for seniors through initiatives like the Community Networks for Seniors, and extends tax incentives to encourage volunteerism and philanthropy to foster a caring and cohesive society.
To ensure fiscal sustainability for the coming decade, the budget plans for increased spending on healthcare, infrastructure, and security by saving ahead in new funds, considering borrowing for infrastructure, and announcing a planned GST increase from 7% to 9% between 2021 and 2025, implemented progressively with offsets for lower-income households.

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19 Feb 2018

Supplementary Supply (FY2017) Bill

The supplementary supply bill aims to provide additional funding for the 2017-2018 financial year, as recommended by the President and presented by the Senior Minister of State for Finance.
The bill was read for the first time and scheduled for a second reading in the next parliamentary sitting, with procedural suspensions and resumptions noted during the debate.
The debate focused on formal legislative processes, including the presentation, reading, and adjournment of the session, without detailed policy discussions.

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19 Feb 2018

Supply Bill

The Supply Bill authorizes the withdrawal of funds from the Consolidated and Development Funds to cover government expenditures for the financial year from 1 April 2018 to 31 March 2019.
The bill was presented by Senior Minister of State for Finance Indranee Rajah on behalf of the Minister for Finance, following the President's recommendation.
The bill received its first reading in Parliament and is scheduled for a second reading at the next available sitting.

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