Economy & business

Valerie Lee asked about government funding for the lab-grown seafood sector and the updated strategy following the closure of companies like Avant Protein. Grace Fu stated that the alternative protein industry faces challenges such as high production costs and low consumer acceptance but still holds potential. The government is committed to supporting the sector through commercialization and R&D efforts. The Singapore Food Agency has invested $64 million into 21 multi-year projects to enhance capabilities in alternative proteins since 2024 under RIE2025.

Kenneth Tiong Boon Kiat requested the Ministry of Health to consider publishing revenue and expenditure details of public healthcare clusters in their annual reports, as these have not been disclosed since the early 2010s. Ong Ye Kung affirmed that public healthcare clusters operate on a not-for-profit basis and incur deficits to provide subsidized healthcare, which are covered by government grants. He mentioned that although detailed financial accounts are not published, the public can access financial reports of these clusters through the Accounting and Corporate Regulatory Authority's website.

Alex Yeo asked about the number of Restriction Orders issued since the Protection from Scams Act took effect, their outcomes, and the potential expansion of their scope to include cryptocurrency exchanges, remittance companies, and e-wallet providers. K Shanmugam reported that as of February 2026, 12 Restriction Orders have been issued, with one lifted, two ceased, and nine still in effect. Currently, Restriction Orders apply only to bank accounts and credit facilities, which are deemed sufficient to mitigate the risk of scam-related fund transfers. The Ministry will continue to monitor the situation and may consider expanding the scope of Restriction Orders in the future.

He Ting Ru asked about the timeline for when Singapore's hydrogen-ready power plants might start using hydrogen as a fuel and the expected impact on electricity tariffs for consumers. Gan Kim Yong responded that hydrogen is currently not a viable alternative to natural gas for electricity generation due to high production and transportation costs. The government will monitor global hydrogen market developments before making any decisions regarding its adoption for power generation.

Yeo Wan Ling asked about public complaints regarding unfair festive surcharges by retail and food establishments and requested data on such complaints over the past five years. Gan Kim Yong reported that between 2021 and 2025, the Ministry of Trade and Industry and the Competition and Consumer Commission of Singapore received four complaints regarding festive surcharges, with two complaints in both 2021 and 2022. Consumers were advised to contact the Consumers Association of Singapore for assistance, and no further follow-ups were needed from MTI or CCS.

Victor Lye questioned the Deputy Prime Minister about Singapore's strategic role in the global space economy, future growth areas, economic impacts, and talent pipeline development for the sector. Gan Kim Yong emphasized that Singapore's strengths in space-adjacent sectors will enable participation in a rapidly expanding global space economy, projected to reach US$1.8 trillion by 2035. The country has established capabilities in satellite technologies and will invest in next-generation space applications to create high-value jobs in engineering and data sciences. Efforts to build a local talent pipeline include interdisciplinary education, mid-career pathways, and specialized programs in institutes of higher learning. Singapore aims to play an active role in international space cooperation and continually seeks to enhance partnerships within ASEAN to address regional challenges.

Melvin Yong Yik Chye questioned whether the Technical Reference 76 (TR76) on e-commerce transactions includes social commerce transactions and if there are plans to amend it or create a new guideline for social commerce. Gan Kim Yong explained that TR76 has been updated to enhance consumer protection and address emerging concerns, but does not currently cover social commerce specifically. However, many TR76 practices are applicable to social commerce, such as transparency in listings. The Government will monitor social commerce developments and consider further guidance if necessary.

Yip Hon Weng questioned the Minister for Sustainability and the Environment about the decision to maintain a carbon tax trajectory of $50 to $80 per tonne by 2030 rather than linking it to technology readiness or regional prices. Grace Fu Hai Yien emphasized the importance of long-term planning in addressing climate change and indicated that Singapore's higher costs for decarbonization necessitate this carbon tax rate to encourage energy and carbon efficiency across all sectors. The government aims to provide businesses with advance notice of tax changes to allow them to adapt while remaining mindful of the immediate cost impacts. Ongoing assessments will be conducted to balance decarbonization goals with economic considerations.

Fadli Fawzi raised concerns about the impact of increased Goods Vehicle Permit fees for foreign-registered vehicles starting 1 January 2027, questioning whether the costs would be borne by consumers or producers and if measures would be taken to prevent retailers from passing these costs onto consumers. Jeffrey Siow explained that the fee increase aims to reduce the cost gap between Singapore-registered and foreign-registered vehicles and that the decision on whether to absorb or transfer the costs is up to individual companies.

Cai Yinzhou asked about potential subsidies for Elective Egg Freezing and Preimplantation Genetic Testing for Aneuploidy (PGT-A) for older couples. He also inquired if there are plans for enhanced co-funding for In-Vitro Fertilisation (IVF) and Intrauterine Insemination (IUI) to support diverse family-planning aspirations. Ong Ye Kung responded that the Prime Minister's Office is reviewing fertility health policies with the Ministry of Health, including financing support for Assisted Conception Procedures, and will provide more details later.

Kenneth Tiong Boon Kiat requested information regarding government spending on foreign university partnerships for curriculum development over the past 25 years, metrics for evaluating success beyond initial phases, and comparisons of cost-benefit analyses between ongoing partnerships like Duke-NUS and terminated ones like Yale-NUS. Desmond Lee highlighted that Autonomous Universities (AUs) collaborate with international partners to enhance educational experiences and knowledge creation, and that collaborations may end when they cease to be mutually beneficial. Lee also noted the importance of ensuring that funding for such partnerships aligns with the value gained, including the development of local capabilities.

Dr. Choo Pei Ling asked about the expected national outcomes from Singapore's public R&D investments over the next five years, focusing on the development of global technology champions, strategic national capabilities, and local intellectual property. She also inquired about how the government plans to measure and track the success of these investments for meaningful impact. Gan Kim Yong responded that the Prime Minister had addressed related questions in a previous speech, referencing the Committee of Supply on February 26, 2026.

Indranee Rajah requested permission to report progress and seek leave to reconvene the Committee of Supply. The Chairman approved the request, and the motion was resolved. Indranee Rajah reported that progress had been made on the Estimates of Expenditure for FY2026/2027 and requested to sit again the following day. The Speaker confirmed the request.

Saktiandi Supaat emphasized the importance of fiscal stewardship amidst rising structural spending pressures and called for enhanced scrutiny over high-value projects and evaluations to ensure effective resource allocation. Victor Lye proposed that Singapore strategically manage its capital exports to create opportunities for local enterprises and citizens. Kenneth Tiong raised concerns about property tax valuation methods, suggesting a shift to capital value for owner-occupied homes, while also questioning the relevance of the concession for F&B pricing. Multiple speakers discussed the need for streamlined government procurement processes and regulatory frameworks, advocating for measures that support SMEs and enhance transparency. Minister Indranee Rajah and other officials responded to inquiries, affirming a commitment to fiscal responsibility, innovation, and improved procurement practices.

The Committee of Supply is considering the Main and Development Estimates of Expenditure for Singapore for the fiscal year 2026-2027, detailed in Paper Cmd 4 of 2026. A total of 425 amendments have been submitted, and the scheduled discussions will be structured around guillotine times to manage the proceedings effectively. Members are reminded that the discussion time includes replies from the government, and adherence to time limits will be enforced strictly by the Chair. The first topic to be addressed will be the Head of Expenditure related to the Prime Minister's Office.

The speaker announced the completion of the debate on the Budget Statement. A break was initially planned but was canceled due to time constraints. The next agenda item is the Community of Supply.

The Singapore Parliament debate focused on various key issues pertaining to the recent budget and policies supporting different segments of society. Key points from the discussions include:

• There is an emphasis on ensuring that seniors, especially those living alone or with retirement concerns, receive targeted support amidst rising living costs, and discussion on refining means testing criteria for subsidies.
• The government aims to balance rapid technological changes, particularly through the integration of AI in various sectors, while ensuring that economic growth translates to job security and upskilling for vulnerable workers.
• The importance of holistic care and integration of social services for seniors and vulnerable populations was highlighted, emphasizing the need for personalized support systems.
• Discussions on enhancing education systems to better prepare the workforce for future challenges, especially in the face of AI and other technological advancements.
• The budget reflects significant investments in social support and healthcare, aiming to maintain fiscal responsibility while addressing the needs of the community in a changing economic landscape.

Diana Pang Li Yen expressed support for the Budget, highlighting its "we first" approach that prioritizes shared responsibilities and community support amid global uncertainty. She raised concerns regarding transitional risks for families moving from public rental to home ownership under ComLink+, advocating for a safer, more predictable transition process. Pang addressed the need for greater engagement from small and micro-SMEs in policy feedback to ensure their needs are adequately represented, despite their lack of mandatory association membership. She criticized the abrupt changes to the Preferential Additional Registration Fee (PARF) and questioned the lack of transitional safeguards for buyers who committed to vehicle purchases before the policy announcement. Pang emphasized the importance of trust and transitional fairness in policy changes to avoid negative impacts on ordinary families.

Abdul Muhaimin Abdul Malik asked about financial assistance options for parents in the Early Childhood Development Agency's Childminding Pilot in addition to using Child Development Account funds. Goh Pei Ming stated that the government provides subsidies to make childminding services affordable, resulting in lower out-of-pocket expenses for parents. Over 80% of families enrolled are using CDA funds to cover costs, but the minister acknowledged concerns about lower-income families facing barriers to participation. Current support for low-income households includes more substantial subsidies in government-supported preschools, allowing costs to be as low as $40 per month.

Abdul Muhaimin Abdul Malik questioned the Minister for National Development about changes in prices and transaction volumes of strata-titled commercial units following the 2022 restrictions on strata subdivision in central areas. Chee Hong Tat reported that the market has remained stable, with median prices rising modestly by 0.4% per year since 2022, contrasted with a decline of 0.8% annually pre-COVID-19. The average number of transactions increased from 290 per year (2016-2019) to 325 per year (2022-2025). The restrictions target specific developments in key areas, ensuring businesses, including small and medium-sized enterprises, have access to various commercial spaces at differing price points.