Economy & business — Topics

2 Mar 2017

Debate on Annual Budget Statement

Multiple MPs raised concerns about the sudden 30% water price increase and questioned the timing and necessity of recent utility hikes, while the government defended the increases as necessary for long-term sustainability and infrastructure investment.
Discussions emphasized the need for greater accountability and evaluation of past economic schemes, with specific examples cited about the Productivity and Innovation Credit (PIC) scheme's effectiveness and fraud cases.
The debate highlighted the importance of social values such as graciousness, unity, and support for elderly workers, with calls for stronger community and government partnership to address societal challenges.

Summary written by AI

Overview Original source

2 Mar 2017

Proceedings on Estimates of Expenditure for FY2017/2018

The Minister for Culture, Community and Youth moved a motion to extend the proceedings on the Estimates of Expenditure for FY2017/2018 until 9.00 pm on the days allocated for the Committee of Supply.
The motion aims to ensure sufficient time for parliamentary scrutiny and debate of the government's proposed expenditure for the fiscal year.
The debate on this procedural motion was initiated as part of the broader review of the national budget for 2017/2018.

Summary written by AI

Overview Original source

2 Mar 2017

Singapore's Exposure to China's Belt and Road Initiative

Mr Dennis Tan Lip Fong questioned Singapore's exposure to China's Belt and Road Initiative and risks from Chinese capital slowdown, to which Minister Ong Ye Kung responded that Singapore welcomes the initiative, citing opportunities like an MOU between ICBC and Singapore Business Federation, while noting that capital outflow slowdown poses no material risk to Singapore.
Dennis Tan raised concerns about externalities in Belt and Road projects, such as corruption and labor issues, asking how the government would manage downside risks, and Minister Ong clarified that private entities lead investments, must assess project viability and adhere to local laws and high governance standards.
The Minister emphasized that Singapore companies' direct engagements in Belt and Road projects are nascent but growing, and the government's approach is to ensure problems do not arise through corporate reputation and compliance, without direct government intervention.

Summary written by AI

Overview Original source

1 Mar 2017

Debate on Annual Budget Statement

The debate focused on long-term economic transformation, urging support for industry shifts and workforce upskilling to adapt to global disruptions, while calling for proactive assistance to vulnerable groups like retrenched workers and low-income families.
Speakers highlighted challenges in eldercare, advocating for technology-driven solutions, community volunteering, and policy changes to help seniors age independently and reduce future healthcare costs.
Concerns were raised about healthcare affordability and potential overconsumption due to insurance coverage, suggesting better cost control, patient education, and systemic reforms to ensure sustainability.
The importance of public trust and empathetic communication was emphasized, with calls for more inclusive policies and community engagement to support the working poor and prevent social inequality.
Fiscal prudence was discussed, including suggestions for progressive revenue measures like property tax adjustments, to address aging population costs without overburdening lower-income households.

Summary written by AI

Overview Original source

1 Mar 2017

Debate on Annual Budget Statement

Minister Chan Chun Sing emphasized the existential importance of water security, urging a national mindset change to address long-term challenges like water agreements and price increases as a responsible government.
Multiple speakers raised concerns about the impact of the budget measures on businesses and households, questioning the timing of utility price hikes and suggesting more progressive tariffs or support to mitigate costs.
Several MPs highlighted the need for innovation and collaboration across government agencies, citing examples of bureaucratic obstacles in projects like covered linkways and suggesting reforms to improve efficiency.
The budget's environmental measures, including carbon and diesel taxes, were supported but critiqued for their potential inflationary effects, with calls for greater incentives for green technology and sustainable practices.
Speakers stressed the importance of mindset changes across society, from civil servants to citizens, to adapt to global shifts, develop local talent, and address the disconnect between policy implementation and ground realities.

Summary written by AI

Overview Original source

1 Mar 2017

Debate on Annual Budget Statement

The debate highlighted concerns about the rising cost of living, job insecurity due to economic and technological disruptions, and the need to support vulnerable groups, with speakers urging the government to ensure policies translate into tangible relief for everyday struggles.
Several MPs discussed the importance of inclusive growth, better support for SMEs, and addressing challenges in the gig economy, while also emphasizing the need for stronger community networks, lifelong learning, and workforce transformation to prepare for future jobs.
The 30% water price hike sparked significant debate, with the government defending it as necessary for water security and sustainability, while some MPs questioned the transparency and impact on households, leading to discussions on conservation and fair pricing.

Summary written by AI

Overview Original source

1 Mar 2017

Purchase Limits of Singapore Saving Bonds

Patrick Tay asked whether the purchase limits for Singapore Savings Bonds could be raised and if Supplementary Retirement Scheme (SRS) funds could be used to buy them.
The government is open to allowing SRS funds for Savings Bond purchases but notes the cost and limited added benefit since SRS can already invest in similar Singapore Government Securities.
Current purchase limits are $50,000 per issue and $100,000 overall, set to ensure broad accessibility, and most investors do not reach these thresholds.
The government will monitor usage before deciding whether to adjust the limits, as only a small minority have hit the current boundaries.

Summary written by AI

Overview Original source

28 Feb 2017

Update on Ratification of EU-Singapore Free Trade Agreement EUSFTA

Mr Louis Ng Kok Kwang sought an update on the ratification of the EU-Singapore Free Trade Agreement (EUSFTA) following a European Court of Justice (ECJ) opinion on EU competence.
The Advocate General's preliminary opinion stated EUSFTA is a "mixed agreement" requiring approval from both the EU Council and European Parliament, as well as domestic ratification by all EU member states' parliaments.
The ECJ's final opinion is expected within three to five months, after which Singapore and the EU will work to expedite ratification so businesses can benefit from the agreement.

Summary written by AI

Overview Original source

28 Feb 2017

Debate on Annual Budget Statement

Leon Perera asked whether the government tracks the effectiveness of SME support schemes and if more intervention is needed to help companies grow into global firms, while noting concerns about funding gaps and long-term entrepreneurial confidence.
Minister S Iswaran responded that while the government tracks scheme outcomes and provides various support mechanisms, entrepreneurship must come from individuals, and the focus should be on building partnerships and adapting to changing market needs.
Heng Chee How emphasized the need for agility and partnership in economic transformation, highlighted support for mature workers through wage subsidies and job-matching programs, and called for stronger leadership in tripartite collaborations.
Desmond Choo proposed mutual-help career mentoring networks, a national talent bank, and a gig economy framework to support youth and returning workers, while suggesting a "returnship" program to help women re-enter the workforce.
Henry Kwek called for a strong national coordinating body to implement the Committee on the Future Economy’s strategies, urged bold and quick rollout of Industry Transformation Maps, and proposed creating a gig economy for seniors through micro-jobs and digital platforms.

Summary written by AI

Overview Original source

28 Feb 2017

Debate on Annual Budget Statement

Some MPs supported Budget 2017’s long-term focus on economic transformation, skills development, and support for SMEs through initiatives like the Industry Transformation Maps and the International Partnership Fund, while others criticized the timing of cost increases such as water and diesel prices amid economic uncertainty.
Concerns were raised about the impact of rising costs on businesses and middle-income households, with calls for more targeted relief, such as rental rebates and flexibility in support measures, rather than broad-based handouts.
The debate highlighted the need to strengthen local enterprises, improve digital capabilities, and enhance social safety nets to address job insecurity and income inequality in a slower-growth environment.

Summary written by AI

Overview Original source

28 Feb 2017

Patents (Amendment) Bill

The Patents (Amendment) Bill aims to strengthen Singapore's intellectual property ecosystem by broadening the grace period for inventors to disclose inventions before filing, closing the foreign route for patent applications to ensure all are examined locally, and implementing procedural improvements for greater flexibility and efficiency at IPOS.
The amendments align Singapore's patent system with international standards, enhancing the quality and consistency of granted patents while supporting innovation, entrepreneurship, and Singapore's position as an attractive IP hub through measures like fee reductions and international cooperation programs.
The changes are expected to benefit inventors and businesses by allowing earlier disclosure for funding or collaboration without jeopardizing patent rights, while ensuring rigorous examination to uphold patent validity and foster confidence in Singapore's IP regime.

Summary written by AI

Overview Original source

28 Feb 2017

Limited Liability Partnerships (Amendment) Bill

The Senior Minister of State for Finance presented the Limited Liability Partnerships (Amendment) Bill to amend the Limited Liability Partnerships Act.
The bill was read for the first time and scheduled for a second reading at the next parliamentary sitting.
The debate focused on updating the legal framework for limited liability partnerships to align with current business needs.
Amendments aim to enhance regulatory clarity and operational flexibility for LLPs in Singapore.
The bill reflects ongoing efforts to maintain a conducive business environment through legislative updates.

Summary written by AI

Overview Original source

28 Feb 2017

Companies (Amendment) Bill

The debate concerned the Companies (Amendment) Bill aimed at amending the Companies Act and making related amendments to other laws.
The bill was presented by the Senior Minister of State for Finance Ms Indranee Rajah and passed its First Reading in Parliament.
The bill was scheduled for its Second Reading at the next available parliamentary sitting.

Summary written by AI

Overview Original source

28 Feb 2017

Supplementary Supply (FY 2016) Bill

The Supplementary Supply (FY 2016) Bill aims to authorize additional government spending for the financial year ending 31 March 2017.
The bill was presented by Senior Minister of State for Finance Ms Indranee Rajah, following the President's recommendation.
It has completed its first reading in Parliament and is scheduled for a second reading at the next available sitting.

Summary written by AI

Overview Original source

28 Feb 2017

Supply Bill

The Supply Bill authorizes the withdrawal of funds from the Consolidated and Development Funds for government spending from April 2017 to March 2018.
The bill was presented by Senior Minister of State for Finance Ms Indranee Rajah following the President's recommendation.
The bill was read for the first time and scheduled for a second reading in the next parliamentary sitting.

Summary written by AI

Overview Original source

28 Feb 2017

Funds for Culling Animals

Mr Louis Ng Kok Kwang asked the Ministry for National Development about the expenditure on culling dogs, cats, and monkeys over the past three years, expected future expenditure, and the scientific research on culling effectiveness and alternative measures.
Senior Minister of State Desmond Lee explained that culling is a last resort, the Ministry does not track culling-specific expenditure, and it conducts studies like the stray dog population estimate and bird deterrent trials, while emphasizing community education and stakeholder collaboration.
Mr Ng sought clarifications on the cost per animal culled, the process for professional assessments by AVA, and whether culling expenditure is expected to increase, to which Mr Lee responded with the total animal management budget, described the assessment process, and stated that future expenditure depends on human-animal conflict trends.

Summary written by AI

Overview Original source

28 Feb 2017

Impact of Algae Blooms and Oil Spills on Aim to Increase Locally Farmed Fish in Local Consumption

Plankton blooms and an oil spill impacted some local fish farmers, but the government remains committed to achieving the 15% target for locally farmed fish in consumption, with production having increased from 8% in 2014 to 10% in 2016.
The government provided direct assistance to affected farmers, including subsidies for restocking, deployment of protective materials during the oil spill, and help with insurance claims, while also developing real-time water monitoring systems and customized contingency plans.
To build resilience, AVA is co-funding new technologies like closed containment aquaculture systems and is exploring further innovations, including potential vertical or urban farming and the development of insurance products to pool risks for farmers.

Summary written by AI

Overview Original source

20 Feb 2017

Water Consumption and Forthcoming Price Increase

The government announced that assistance would be provided to lower-income households to manage the forthcoming water price increase, with detailed measures to be revealed in the 2017 Budget Statement.
Currently, 45% of water demand comes from the domestic sector and 55% from non-domestic sectors; the average household water consumption is 17 cubic metres per month, with 40% of households consuming above this average, and per capita usage is 148 litres per day, lower than several other major cities.
Since 2015, the Public Utilities Board requires large non-residential water users to submit Water Efficiency Management Plans, with over 600 such plans submitted in 2016, aiming to develop benchmarks and guidelines for improved water efficiency.

Summary written by AI

Overview Original source

20 Feb 2017

Encouraging Uptake of "Haze-free" Cooking Oil by Restaurants

Louis Ng asked whether the government would subsidize the higher cost of haze-free or certified sustainable palm oil (CSPO) cooking oil and what other methods are being considered to encourage its uptake by restaurants.
The Ministry supports industry and NGO efforts to promote CSPO, noting that uncontrolled burning is prohibited in its production and wider adoption could reduce haze pollution in Southeast Asia.
Globally, CSPO availability is limited, with only about 17% certified, but demand is growing in Europe, and Singapore-based initiatives like the Singapore Alliance on Sustainable Palm Oil and the Singapore Green Labelling Scheme are encouraging adoption.
The Ministry highlighted ground-up efforts, including FairPrice carrying CSPO products and a "Haze-Free Cooking Oil" guide by a local NGO, and noted that CSPO cooking oil prices can be comparable to non-CSPO options.
The vision is for CSPO to become the norm in Singapore and internationally, with the Ministry supporting continued awareness and market-driven adoption rather than direct subsidies.

Summary written by AI

Overview Original source

20 Feb 2017

Strengthening Bilateral Relations with Australia

Singapore has made significant investments in Australia across sectors like telecommunications, real estate, and utilities, with notable recent deals such as Surbana Jurong's S$400 million investment and Ascendas Reit's property acquisitions.
The governments have enhanced bilateral ties through the Comprehensive Strategic Partnership and an upgraded Singapore-Australia Free Trade Agreement, with efforts underway for ratification and implementation.
Singapore is facilitating collaboration with Australian state governments, including launching an Australian "landing pad" in Singapore for startups and working with states like Queensland and South Australia to boost agri-business exports to Asia.

Summary written by AI

Overview Original source