Economy & business — Topics

7 Nov 2016

Temporary Centre for Hawkers Affected by Fire at Jurong West Market and Coffeeshop

Ang Wei Neng asked if HDB could fund a temporary market or hawker centre for Jurong West stallholders affected by a fire while awaiting permanent rebuilding.
Lawrence Wong stated HDB would fully fund the replacement premises and, in the interim, provided immediate assistance including waived rentals and temporary stall offers from NEA, plus job fair support.
The government will continue monitoring and providing further help, complementing community fundraising efforts for the temporary market.

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7 Nov 2016

Contingency when Lift Companies Exit Singapore's Market

The Minister for National Development explained that Singapore has a competitive lift market with over 100 registered contractors, ensuring lift owners can engage other companies if one exits.
He noted that concerns about proprietary parts can be managed by sourcing from OEMs overseas, finding compatible local suppliers, or modifying lifts to use available parts.
For public housing estates, HDB and Town Councils will coordinate to bring in an interim lift contractor for smooth transition and maintenance until a new tender is awarded.
The Ministry will also assist Town Councils in locating appropriate replacement parts if needed during the transition period.

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7 Nov 2016

Operating Cost Considerations in Transport Fare Reviews

Assoc Prof Randolph Tan questioned whether the Public Transport Council (PTC) balances operating cost considerations with commuter service quality ratings in fare reviews, and if not, why.
Khaw Boon Wan explained that the fare formula, last updated in 2013, intentionally separates fare adjustments from service quality to keep the process straightforward and allow independent efforts to improve service levels.
Service improvements since 2013, such as expanded rail networks and more buses, have increased commuter satisfaction, but these come with significant government subsidies and rising costs.
The government expects to spend billions on bus and rail upgrades and maintenance, emphasizing that fares must keep pace with costs to maintain financial viability while ensuring affordability.
The PTC will review the fare formula before its expiry next year to account for changes in the public transport landscape and strike a fine balance between viability and affordability.

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7 Nov 2016

Competition between Local Retailer and Offshore Online Retail Shops

The Government requires all imported goods to be subject to GST, with a $400 exemption for items via air or post due to compliance costs, and local and offshore retailers must adhere to the same consumer protection and data privacy laws under the CPFTA and PDPA.
Enforcement against offshore online retailers is challenging due to jurisdictional limits, so consumers are advised to check reviews, refund policies, and data practices before purchasing from them.
The Police have handled an average of 1,000 cases per year over the past five years involving online fraud, primarily where advance payments were made but goods were not delivered.

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7 Nov 2016

Freezing or Reducing Land Rent for JTC Land as Measure to Help SMEs

Miss Cheng Li Hui proposed freezing or reducing land rents under the JTC Land Rental Scheme to help SMEs cope with economic slowdown, but the Ministry noted JTC has already cut rents by 8–17% in the past year based on market conditions and will keep rents affordable.
JTC increased industrial land supply via the Industrial Government Land Sales programme, with about 3 million sqm of space coming online by end-2017 to moderate market rents and support SMEs.
JTC also improved market transparency by publishing detailed price and rental data and is developing shared facilities to reduce SME costs and foster industry collaboration.

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7 Nov 2016

Affordability of Childcare Services since 2008 Review

The government has increased affordable childcare through the Anchor Operator and Partner Operator schemes, which now cover almost half the market and have fee caps of $720 and $800 respectively, helping lower the industry median fee from $900 to $856.
Childcare subsidies include a basic $300 monthly subsidy for working mothers and additional subsidies of up to $440 for lower- and middle-income families, reducing costs significantly, with some low-income families paying as little as $3 per month.
The Child Development Account (CDA) First Step grant was introduced this year to help cover childcare and other child-related expenses, adding to the support framework.
The government is committed to ongoing reviews of childcare subsidies and policies to maintain affordability and quality for families.

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7 Nov 2016

Action against Errant Renovation Contractors

Dr Lee Bee Wah asked the Minister for Trade and Industry about the number of errant renovation contractors taken to court and the regulations preventing them from setting up new companies to continue misdeeds.
The Minister responded that the Consumer Protection (Fair Trading) Act protects consumers, with the Consumers Association of Singapore (CASE) handling about 400 contractor complaints annually and successfully mediating most cases, while no injunctions were filed under CPFTA.
CASE collaborates with the Singapore Renovation Contractors and Material Suppliers Association on an accreditation scheme offering prepayment protection and standardized contracts, and the CPFTA was amended to strengthen enforcement, including appointing SPRING Singapore to monitor and act against non-compliant contractors.

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7 Nov 2016

Tighter Regulation of Home Renovation Contractors

The Minister explained that HDB already requires renovation contractors to register under the Registered Renovation Contractors Scheme with criteria like minimum capital, experience, and training, while BCA focuses on structural safety but does not regulate work quality or schedules.
He noted that quality and scheduling issues are contractual matters between homeowners and contractors, and encouraged engaging accredited contractors such as those under the CASE-SRCMA scheme, which requires a performance bond for dispute coverage.
The debate highlighted current regulatory focus on structural integrity and entry standards, with no plans for a mandatory bond for all contractors, leaving some quality assurance to market mechanisms and consumer choices.

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7 Nov 2016

Fund Allocation to Agencies Based on Qualitative Indicators

Ms Kuik Shiao-Yin asked whether the Ministry of Finance has explored using qualitative versus quantitative indicators to allocate funding to agencies and how it collaborates with other ministries to measure social and cultural impact.
The Minister for Finance stated that the Government considers both qualitative and quantitative indicators, using examples like housing data and resident surveys to guide policies and resource allocation.
The Ministry of Finance supports ministries in developing balanced performance indicators, which are reported annually and reviewed biennially in the Singapore Public Sector Outcomes Review, covering areas such as healthcare affordability and family resilience.
Each ministry tracks specific indicators, such as social attitudes for family support, education progression rates, healthcare waiting times, and youth volunteerism, to capture both measurable and nuanced outcomes.
The Government emphasizes that not all outcomes can be measured by numbers alone, so it continues to assess programmes using multiple dimensions, including qualitative insights.

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7 Nov 2016

Securities and Futures (Amendment) Bill

The Securities and Futures (Amendment) Bill was introduced to amend the Securities and Futures Act and make related changes to other legislation, presented by Second Minister for Defence Mr Ong Ye Kung.
The bill was read for the first time in Parliament and scheduled for a second reading at the next sitting, with the proceedings to be printed.

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7 Nov 2016

Regulation of Managed Care and Third Party Administrator Companies

MOH is considering regulating managed care and Third Party Administrator (TPA) companies to prevent them from compromising patient safety or escalating healthcare costs, with ongoing stakeholder consultations.
The Singapore Medical Council has revised its Ethical Code and Ethical Guidelines to require doctors to disclose financial arrangements with TPAs and ensure fees are commensurate with administrative work, effective from 1 January 2017.
MOH is assessing whether to reinforce disclosure requirements through regulations and is working with insurers to ensure TPAs avoid conflicts of interest and disclose financial arrangements to policyholders.

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7 Nov 2016

Cash-for-credit Scams Related to SkillsFuture

Assoc Prof Daniel Goh asked the Minister for Education about the number of training organisations investigated and prosecuted for SkillsFuture scams, the amount of credits lost, and whether these have been recovered and returned to affected Singaporeans.
The Parliamentary Secretary confirmed that SkillsFuture Singapore is auditing and investigating nine suspected cases of misuse, has suspended the organisations involved, and is withholding their claims while committing to recover funds and reinstate credits if fraud is established.
The Parliamentary Secretary assured that SSG enforces strict measures, including criminal penalties, delisting of fraudulent organisations, and public advisories, while also strengthening criteria and enforcement based on ongoing investigations.
Assoc Prof Daniel Goh inquired about the audit checks during the approval process for courses and online applications, particularly for senior citizens, to prevent scams.
The Parliamentary Secretary reiterated that SSG has a rigorous monitoring system, takes immediate action against suspicious organisations, and is enhancing its processes to protect the public, especially vulnerable groups like the elderly.

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10 Oct 2016

Utilisation and Top-up of SkillsFuture Credits

Pritam Singh asked about the number of Singaporeans who have used their SkillsFuture credits, the total amount utilised, the possibility of a top-up due to rising unemployment and skills deficits, and the basis for deciding on a top-up.
Ong Ye Kung reported that from January to August 2016, over 80,000 Singaporeans had utilised their credits, with approved claims amounting to $22.5 million.
Ong Ye Kung stated that the government will periodically top up the SkillsFuture Credit, considering factors like utilisation rates and fiscal position, but emphasised that more funds are dedicated to subsidising course fees to support reskilling and upskilling.
Ong Ye Kung noted that rising unemployment cannot be addressed solely through SkillsFuture Credit top-ups, and highlighted other initiatives such as those under MOM's Adapt and Grow and training programmes by MOE and SkillsFuture Singapore.

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10 Oct 2016

Statement of Accounts and Financial Statements for 2015 SEA Games

Chen Show Mao asked if the statement of accounts and financial statements for the 2015 SEA Games would be made public, when, and if not, why not, as well as whether there were any net gains or deficits.
Grace Fu Hai Yien stated that the income and expenditure for the Games were included in the Annual Financial Statements of Sport Singapore over Financial Years 2013, 2014, and 2015, which were independently audited and made public.
She confirmed that the net cost was $60.4 million below the budgeted $324.5 million announced in January 2015.
The Minister’s response addressed all parts of the question, indicating transparency in financial reporting and a lower-than-budgeted net cost.

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10 Oct 2016

Government Agencies with Qualified or Adverse Accounts from Auditors in Past 20 Years

Over the past 20 years, all Government financial statements for Ministries, Departments, and Organs of State received unqualified audit opinions.
Seven out of 64 Statutory Boards received qualified or adverse audit opinions during this period, with specific examples including MUIS, LTA, NAC, PA, URA, PUB, and SEAB.
The qualifications were due to isolated issues such as compliance with new accounting standards, system problems affecting revenue verification, or consolidation of subsidiary accounts.
All affected Statutory Boards took prompt corrective actions, with six receiving unqualified opinions the following year and PA achieving compliance from FY2013 onwards.
There was no evidence of widespread non-compliance, and auditors confirmed that the financial records of these boards were otherwise in order.

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10 Oct 2016

Singapore's Indigenous GDP, GDP Per Capita, GNI and GNI Per Capita from 2012 to 2015

Chen Show Mao asked the Minister for Trade and Industry for annual data from 2012 to 2015 on Singapore's indigenous GDP, GDP per capita, indigenous GNI, and indigenous GNI per capita.
Lim Hng Kiang responded by providing the requested figures in a table valued at current market prices for the years 2012 to 2015.
The response covers all four metrics—indigenous GDP, GDP per capita, indigenous GNI, and indigenous GNI per capita—across the specified four-year period.

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10 Oct 2016

Rationale for Current COE Validity Period

The Ministry of Transport originally set COE validity at 10 years but introduced a five-year renewal option in 1992 to accommodate owners who felt their vehicles would not last longer, with a refund if deregistered earlier.
Extending flexibility to choose any renewal period could favor existing vehicle owners over new buyers, disrupting the balance between the two groups.
Fixed five or ten-year periods provide stability in COE supply and demand, avoiding volatility that could arise from variable renewal lengths.
The Ministry is not inclined to allow customisable renewal periods, particularly for motorcycle owners, to maintain fairness and market predictability.

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10 Oct 2016

Review of Grant Amount to Town Council Given Additional Maintenance Cycles

Zainal Sapari requested that the government increase grants for Town Councils to cover additional cyclical maintenance costs funded through the Sinking Fund.
Lawrence Wong explained that Town Councils primarily rely on Service and Conservancy Charges and an annual $98 million operating grant from the Ministry of National Development.
He emphasized that Town Councils must manage finances prudently by setting aside more in their Sinking Funds, tightening expenditures, and adjusting S&CC rates if needed.
The Ministry is implementing measures like a higher Sinking Fund contribution rate, a new Lift Replacement Fund, and a $450 million Lift Enhancement Programme to support Town Councils.
The Ministry stressed that Town Councils remain ultimately responsible for planning and financing their cyclical maintenance and replacement works.

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10 Oct 2016

Review of CPF Investment Scheme Given Continued Losses

Foo Mee Har highlighted that 38% of CPFIS investors suffered losses and only 16% achieved returns above the 2.5% CPF Ordinary Account interest rate, urging an urgent review of the scheme.
Lim Swee Say acknowledged the high-risk nature of CPFIS, noting that 84% of investors underperformed the risk-free CPF rate and that members must understand and accept investment risks.
The CPF Advisory Panel recommended targeting CPFIS at knowledgeable investors and introducing a simpler Lifetime Retirement Investment Scheme (LRIS) for those who find CPFIS complex or time-consuming.
The Government accepted these recommendations and will review CPFIS and study the LRIS, with more details to follow.

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10 Oct 2016

Publication of SMRT's Financial Statements after Take-over by Temasek Holdings

Leon Perera asked whether SMRT will continue to publish detailed financial and operating information after being fully acquired by Temasek Holdings.
Khaw Boon Wan stated that under the Companies Act, SMRT must file its annual audited financial statements with ACRA, and this information will be publicly accessible.
The Minister's response indicates that while detailed reporting will be mandatory, public access may be through ACRA rather than direct publication by SMRT.
The debate highlights the balance between regulatory compliance and transparency expectations for a publicly listed company even after privatization.
No direct commitment was made on proactive disclosure beyond the statutory requirements.

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