Economy & business — Topics

29 Feb 2016

Movement and Regulation of Petrol Pump Prices

MPs raised concerns about retail petrol prices not fully reflecting falls in crude oil, suspicions of faster price increases during upward trends, and limited competition among petrol companies, prompting calls for greater regulation and transparency.
The Ministry of State for Trade and Industry explained that petrol prices are based on the Mean of Platts Singapore (MOPS) benchmark, which includes refining costs and non-fuel components, and that while pass-through of price changes is not complete, there is no evidence of collusion or anti-competitive behaviour.
The Competition and Consumer Commission of Singapore (CCS) continues to monitor the market, notes that price transparency could help consumers, and will study consumer behaviour and the supply side, while considering suggestions to review the three-quarter tank rule to enhance competition.

Summary written by AI

Overview Original source

29 Jan 2016

Resale Levy on New HDB Flat Buyers

Minister Lawrence Wong explained that the resale levy ensures fair distribution of housing subsidies between first- and second-timer households, with 7,900 second-timer households paying the levy from 2010 to 2015.
Over that period, HDB received about 3,500 requests for full waiver and 4,100 for partial waiver of the resale levy, with HDB assessing each case on its merits.
HDB does not allow full waivers, but accedes to about one-third of partial waiver requests, usually for second-timers facing financial hardship, and may incorporate the levy into the purchase price for instalment payment.

Summary written by AI

Overview Original source

29 Jan 2016

NWC Dollar Quantum Payouts for Low-wage Workers

The Ministry reported that the proportion of low-wage residents earning up to $1,000 monthly fell from 9.8% in 2012 to 6.8% in 2014 following the introduction of NWC quantitative guidelines in 2012.
According to the 2014 survey, nearly six in ten private establishments with such employees either gave or decided to give wage increases, with about three in ten implementing the NWC-recommended $60 built-in wage increase; 2015 data was not yet available.
The NWC guidelines are developed through tripartite consensus to consider economic conditions, business performance, and employee contributions, and while not mandatory, they are widely adopted and form a basis for wage negotiations.
The question of making payouts compulsory for the bottom 10% of workers was not directly answered in the provided response.

Summary written by AI

Overview Original source

29 Jan 2016

Debate on President's Address

The debate emphasized the need for greater citizen engagement in shaping Singapore's future, with speakers highlighting initiatives like SGfuture dialogues and the importance of co-creation between the government and the public.
Discussions focused on strengthening Singapore’s economic resilience through innovation, skills development, and supporting SMEs, while ensuring a strong Singaporean core in the workforce.
Proposals were made to enhance parliamentary mechanisms, such as expanding the role of Select Committees and reviewing the Elected Presidency to ensure stability and minority representation.
Speakers stressed the importance of social cohesion, compassion, and active citizenry in building an inclusive society, addressing challenges like aging, healthcare, and racial harmony.
The debate concluded with broad support for the President’s Address and a commitment to work together across parties and communities to secure Singapore’s future.

Summary written by AI

Overview Original source

29 Jan 2016

Breakdown of Patents Developed by Government Research Institutes and Autonomous Universities

From 2004 to 2014, 1,759 patents were awarded to public sector research performers, with ETPL and Autonomous Universities executing 920 and 418 licensing agreements respectively, predominantly with SMEs and start-ups.
Licensing is the primary commercialisation mechanism, with formal agreements ensuring clear rights and obligations, though other modes like joint labs and research collaborations exist.
The Minister outlined ongoing initiatives such as SME Day, GET-Up, and TAP to enhance SME access to IP, while noting the need for mutual effort from both research institutes and businesses.
The Member proposed more proactive matchmaking and a facility for SMEs to collectively request IP development, akin to the Fraunhofer model, to better leverage public research expertise.

Summary written by AI

Overview Original source

28 Jan 2016

GIC and Temasek Holdings' Investments in Haze-linked Companies

Leon Perera questioned whether the Government monitors GIC and Temasek’s investments in haze-linked companies, the total amounts involved, and how these entities ensure their funds do not support haze activities.
Heng Swee Keat stated that GIC and Temasek’s investment decisions are independently managed for commercial returns, with the Government overseeing overall portfolio performance without interfering in specific investments.
Both GIC and Temasek prioritize sustainable practices, with Temasek supporting zero-burning policies and GIC confirming its palm oil investments adhere to such policies to protect long-term value.

Summary written by AI

Overview Original source

28 Jan 2016

Difference in Cost of Medication in Local and Overseas Hospitals and Pharmacies

Christopher de Souza inquired about the rationale for cost differences in medication between Singapore and neighbouring countries and asked if a review of pricing policy to balance costs and improve affordability would be conducted.
Minister Gan Kim Yong explained that medication costs vary across countries due to factors like operating expenses and pharmaceutical companies’ pricing strategies based on market size and purchasing power.
Singapore’s public healthcare institutions use joint procurement for about 90% of drugs to achieve economies of scale, resulting in lower prices for patients.
The Ministry of Health has enhanced subsidies for medications, increasing the subsidy rate for lower- to middle-income patients from 50% to 75% for drugs on the Standard Drug List, with additional discounts for Pioneers.
The government regularly reviews and expands the coverage of subsidised drugs, adding 12 new drugs in 2015 to improve affordability and treatment options.

Summary written by AI

Overview Original source

28 Jan 2016

Harassment and Intimidation by Licensed Moneylenders

Christopher de Souza asked whether stronger measures and clearer guidelines on debt collection practices are needed to protect borrowers from harassment by licensed moneylenders.
K Shanmugam noted a significant drop in complaints against licensed moneylenders and pointed to existing safeguards, including police reporting and the Protection from Harassment Act.
The Ministry of Law has implemented some recommendations from the Advisory Committee on Moneylending and will implement more in the coming months, while reviewing the guideline proposal later to allow the industry time to adjust.

Summary written by AI

Overview Original source

28 Jan 2016

Debate on the President's Address

The speaker supports Singapore's car-lite strategy but highlights the current need for better car ownership distribution, proposing an Additional Buyer's Car Duty to discourage multiple-car households and make cars more affordable for first-time buyers.
He calls for greater transparency in car pricing, suggesting that dealers be required to provide a clear breakdown of costs to help consumers make informed decisions and reduce perceptions of unfair profits.
The speaker advocates for accelerating the adoption of electric vehicles (EVs) by addressing infrastructure barriers, such as allowing charging installations in high-rise carparks and creating designated EV parking lots to boost demand and sustainability.

Summary written by AI

Overview Original source

28 Jan 2016

Review of COEs for Motorcycles

Joan Pereira proposed keeping motorcycle COE deregistrations within the Motorcycles category and creating separate quotas for normal and luxury motorcycles.
Assoc Prof Fatimah Lateef requested a review of the motorcycle COE system.
Senior Minister of State Ng Chee Meng explained that motorcycle COEs are separate from cars to avoid competition, and splitting the category could cause price volatility given the small quota.
He noted that Category E allows flexibility for market changes and its contribution rate has been reduced from 25% to 10% over three years.
The government will continue reviewing the COE framework and make adjustments if needed.

Summary written by AI

Overview Original source

27 Jan 2016

Agriculture Productivity Fund Disbursements

Leon Perera asked about the disbursement amounts, project categories, grant criteria, and performance monitoring of the Agriculture Productivity Fund (APF) since 2009.
Lawrence Wong explained that the APF launched in end-2014, with $0.69 million disbursed in 2015, and prior funding of $18 million from 2009-2014 under a similar scheme.
The largest APF funding has gone to projects involving advanced high-technology systems, with grants scaled up to 50-90% co-funding based on project type and farm size.
The Agri-food and Veterinary Authority monitors recipients at key milestones and conducts post-implementation reviews to ensure productivity targets are met before final disbursement.

Summary written by AI

Overview Original source

26 Jan 2016

Debate on President's Address

The debate highlighted concerns over the rising threat of terrorism and violent extremism in Singapore and the region, emphasizing the need for a whole-of-society response to strengthen social and psychological resilience, with Muslim and non-Muslim communities urged to work together to maintain social harmony and counter radical ideologies.
Speakers stressed the importance of nation-building by promoting social justice, improving access to legal aid and justice, and ensuring the independence of national institutions, with calls for greater transparency, an office of ombudsman, and enhanced support for the underprivileged.
Economic renewal was a key focus, with recommendations to foster innovation, support SMEs and startups, refresh the education system to develop life skills and creativity, and maintain Singapore's competitiveness amid global challenges like automation and disruptive technologies.
Several members discussed aging population issues, proposing integrated community hubs for seniors to promote active aging, social integration, and volunteerism, while addressing the social and economic impacts of a greying society.
The need to strengthen national unity and social cohesion was emphasized, with speakers advocating for inclusive policies, better integration of new citizens, and celebrating Singapore's diverse identity to build a confident and cohesive society for the future.

Summary written by AI

Overview Original source

25 Jan 2016

Debate on President's Address

Members of Parliament emphasized the need to maintain national unity, trust in government, and resilience in the face of global uncertainties and security threats like terrorism, while also calling for stronger community bonds and an inclusive society.
Economic renewal was highlighted as crucial, with a focus on preparing Singaporeans for future jobs through education, skills upgrading, and support for SMEs, while also adapting to slower growth and regional changes like the ASEAN Economic Community.
Policy suggestions included reviewing the property market to remove additional buyer's stamp duty for locals, enhancing social assistance for vulnerable groups, and strengthening tripartite partnerships between government, unions, and employers to navigate economic challenges.

Summary written by AI

Overview Original source

25 Jan 2016

Income Tax (Amendment) Bill

The bill seeks to amend the Income Tax Act and related acts including the Economic Expansion Incentives and Stamp Duties Acts to update tax regulations.
It was presented by Mr Heng Swee Keat and received the President's recommendation, with the first reading completed in Parliament.
The bill is scheduled for its second reading during the next available parliamentary sitting and will be printed for review.

Summary written by AI

Overview Original source

25 Jan 2016

Goods and Services Tax (Amendment) Bill

The Goods and Services Tax (Amendment) Bill was introduced to amend the GST Act, with the President's recommendation signified and presented by Mr Heng Swee Keat.
The bill received its first reading and was scheduled for a second reading at the next available Parliament sitting, with instructions for it to be printed.
The debate focused on legislative procedures for amending the GST Act, outlining the initial steps and future parliamentary proceedings.

Summary written by AI

Overview Original source

25 Jan 2016

Banking (Amendment) Bill

The Banking (Amendment) Bill was presented by Mr Lawrence Wong to amend the Banking Act and make a consequential amendment to the Income Tax Act.
The bill underwent its First Reading and was scheduled for a Second Reading at the next available parliamentary sitting.
The proposed amendments aim to update banking regulations and align tax provisions with current banking practices.
The debate focused on ensuring the amendments support Singapore’s financial stability and regulatory framework.
Members expressed support for the bill, highlighting its importance for the banking sector’s evolution and compliance.

Summary written by AI

Overview Original source

15 Jan 2016

Prime Minister's Office (National Research Foundation)

The Deputy Prime Minister emphasized that research, innovation, and enterprise (RIE) are vital for Singapore's future economy and Smart Nation goals, with the NRF partnering various stakeholders to transform society and create jobs.
Singapore has built a strong R&D ecosystem with international recognition, active industry participation, and a growing startup scene, supported by strategic investments like the $19 billion RIE 2020 Plan.
The government will focus RIE investments on competitive domains, strengthen links across the innovation value chain, and align efforts with the Committee on the Future Economy to drive economic competitiveness and job creation.
Singapore aims to leverage technology as a Smart Nation, enhance public sector capabilities, and foster industry collaboration to pilot solutions and support new industries.
Upskilling Singaporeans through SkillsFuture and industry partnerships will ensure they play a central role in RIE efforts while continuing global collaboration.

Summary written by AI

Overview Original source

15 Jan 2016

Prime Minister's Office (Monetary Authority of Singapore)

MAS will maintain its core monetary and supervisory policies to ensure economic stability, manage inflation risks, and pre-empt systemic financial threats during a period of global uncertainty.
The authority will deepen capital markets, strengthen asset management and insurance sectors, and build a vibrant RMB ecosystem while enhancing consumer protection through new regulations and expanded investment options for retail investors.
MAS will actively promote financial innovation by investing $225 million over five years to support technology adoption, develop a vibrant innovation ecosystem, and work with the industry to ensure the workforce is equipped with future-ready skills.

Summary written by AI

Overview Original source

15 Jan 2016

Ministry of Trade and Industry

The Ministry of Trade and Industry (MTI) is focusing on sustainable economic growth and creating good jobs for Singaporeans amid weaker global growth, with opportunities in ASEAN economies.
To position Singapore for the future, MTI will advance growth clusters like Advanced Manufacturing, Smart Urban Solutions, Logistics, Aerospace, and Biomedical Sciences, while enhancing infrastructure and R&D investment.
MTI will support international expansion through trade agreements like the TPP and ASEAN Economic Community, and boost SME and startup growth via initiatives like the Enterprise Development Fund.
SkillsFuture initiatives will be partnered with industry and unions to equip Singaporeans with skills for future jobs, while sectoral manpower plans and mentors will help SMEs upgrade.
The overall strategy aims to bring Singapore's economy and people forward together by leveraging innovation, global opportunities, and continuous skills development.

Summary written by AI

Overview Original source

15 Jan 2016

Ministry of Law

The Ministry of Law will continue to advance access to justice, the Rule of Law, and legal services to support Singapore’s economy and society, including through reforms in civil, criminal, and family law as well as the implementation of the Community Disputes Resolution Act.
Singapore is being positioned as a hub for international legal services and dispute resolution through institutions like the Singapore International Commercial Court, the Singapore International Mediation Centre, and the expansion of Maxwell Chambers, while encouraging legal practices to adopt new technologies and enhance productivity.
Efforts to develop Singapore into a global IP hub include IOPS becoming an international patent authority and reviewing copyright and design laws, alongside training new lawyers through UniSIM Law School and supporting continuing professional development for legal practitioners.
The Ministry will strengthen cross-border enforcement of Singapore judgments, promote Singapore as a neutral venue for international disputes, and work with the Singapore Land Authority to optimize land use, enhance geospatial capabilities, and simplify land registration processes.
Measures are being introduced to improve financial regulations and consumer protection, such as funding criminal legal aid, strengthening the moneylending and pawnbroking regimes, and reforming bankruptcy and insolvency laws to encourage rehabilitation and responsible credit management.

Summary written by AI

Overview Original source