Economy & business — Topics

15 Mar 2013

Financial Institutions (Miscellaneous Amendments) Bill

The Deputy Prime Minister introduced the Financial Institutions (Miscellaneous Amendments) Bill to extend the resolution regime for banks and insurance companies to other financial institutions and make consequential amendments to multiple Acts under MAS’ purview.
The Bill amends eight Acts—including the Banking Act, Securities and Futures Act, and Trust Companies Act—to allow voluntary business transfers and empower MAS to take over or manage distressed financial institutions, while retaining unique insurance resolution powers in the Insurance Act.
Key administrative updates include clarifying that MAS notices do not need Gazette publication, directing composition fines to the Consolidated Fund, updating offence composition provisions, and requiring MAS consent for appointing directors or executives in certain cases.
MAS consulted the industry and public on the changes, incorporating feedback where appropriate before presenting the Bill, which was read a second time, considered in Committee, and passed without amendment.

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15 Mar 2013

Monetary Authority of Singapore (Amendment) Bill

The Bill amends the Monetary Authority of Singapore Act to enhance MAS's powers for financial stability, including expanding its resolution toolkit to manage distressed financial institutions more effectively.
The changes align with international standards, such as the Financial Stability Board's Key Attributes, and include measures to protect contractual rights like bilateral netting arrangements.
Nominated Member Tan Su Shan supported the Bill while highlighting industry concerns, including the need to preserve netting enforceability and address risks in central clearing houses.
The Deputy Prime Minister responded by assuring that subsidiary legislation will safeguard contractual obligations and that MAS will balance regulation with market development.
The Bill also updates MAS's governance and operational provisions, such as expanding the board and clarifying authority over primary dealers for securities issuance.

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15 Mar 2013

Acknowledgement to the Chair

The Leader of the House commended the comprehensive debate on the Budget, highlighting the increased scrutiny, high quality of discussion, and focus on helping the vulnerable, while also noting the need for more succinct speeches and reflecting on Singapore's mature economic phase.
The Budget's themes centered on inward-looking adjustments for infrastructure, cost of living, and ageing population, with concrete provisions like more healthcare and childcare, while addressing fears about SMEs and fiscal health.
The Speaker thanked all Members for cooperation, emphasized the focus on the elderly, low-income, and young, noted the frequent use of "consultation" in debates, and provided advice for future sessions on brevity and effective speaking.

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15 Mar 2013

Supplementary Supply (FY 2012) Bill

Tharman Shanmugaratnam introduced the Supplementary Supply (FY 2012) Bill to provide additional expenditure beyond the original 2012 Supply Act, in line with Constitutional provisions.
The supplementary amounts were presented as Command Paper No 4 of 2013 and had already been approved by the House.
The Bill was moved for Second Reading, agreed to, and subsequently read a Third Time and passed.

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15 Mar 2013

Supply Bill

Tharman Shanmugaratnam moved the second reading of the Supply Bill to legislate appropriations from the Consolidated Fund and Development Fund for the 2013-2014 financial year.
The Bill's Schedule outlines the Heads of Expenditure approved in the Main and Development Estimates, as required by Article 148(1) of the Constitution.
Upon passage, the Bill will authorize the issuance of warrants to draw funds up to the specified amounts for each Head of Expenditure.
The second reading was agreed to, and the Bill proceeded to a third reading.
The Bill was read a third time and passed without opposition.

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15 Mar 2013

Estimates of Expenditure for the Financial Year 1 April 2013 to 31 March 2014

The Committee of Supply convened for the 7th Allotted Day to debate the expenditure estimates for the financial year from 1 April 2013 to 31 March 2014.
The session was formally opened with the Speaker presiding over the consideration of the budgetary allocations.
The debate proceeded in a structured manner following parliamentary procedures for supply committee discussions.
No substantive policy or funding details were presented in the initial procedural speeches recorded in the text.

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14 Mar 2013

Committee of Supply Reporting Progress

The Acting Minister for Culture, Community and Youth and Senior Minister of State for Communications and Information moved a motion to report progress and ask leave to sit again tomorrow.
The Chairman consented, and the motion was resolved that progress be reported now and leave be asked to sit again tomorrow.
Lawrence Wong reported that the Committee of Supply had made further progress on the Estimates of Expenditure for the financial year 2013/2014 and requested leave to sit again tomorrow.
The Deputy Speaker acknowledged the report and noted the page reference.

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14 Mar 2013

Committee of Supply – Head S (Ministry of Manpower)

Parliament debated enhancing support for Singaporean workers, focusing on low-wage workers, economically inactive locals returning to work, and PMEs, while moderating foreign worker growth to prioritize quality and productivity over quantity.
Ministers outlined multi-pronged strategies including upskilling, wage support schemes like the Wage Credit Scheme, promoting flexible work arrangements, and strengthening fair employment practices to combat discrimination and develop a strong Singaporean core.
Specific measures were announced, such as expanding the Employment Act to protect more PMEs, forming tripartite clusters for sectors like cleaning and security to implement Progressive Wage Models, and creating a one-stop WorkPro programme to support work-life harmony and hiring older or returning workers.

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14 Mar 2013

Estimates of Expenditure for the Financial Year 1 April 2013 to 31 March 2014

The debate commenced with the formal reading of the order for consideration of the Estimates of Expenditure for the financial year 1 April 2013 to 31 March 2014 in the Committee of Supply.
Mdm Speaker presided over the proceedings as the Chair.
The speeches were procedural in nature, marking the start of the debate on the government's expenditure plans for the specified financial year.
No substantive policy arguments or fiscal justifications were presented in the initial submissions.
The focus was on establishing the formal framework for the subsequent discussion of the budget estimates.

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13 Mar 2013

Committee of Supply Reporting Progress

The Acting Minister for Social and Family Development reported that the Committee of Supply made progress on the 2013/2014 financial year's expenditure estimates.
The Deputy Speaker approved the report and allowed the committee to reconvene the following day.
The debate was brief, focusing solely on the progress update and procedural approval.

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13 Mar 2013

Estimates of Expenditure for the Financial Year 1 April 2013 to 31 March 2014

The Estimates of Expenditure for the financial year 1 April 2013 to 31 March 2014 were considered in the Committee of Supply during its 5th Allotted Day.
The session was chaired by Mdm Speaker, who presided over the proceedings.
The debate focused on the review and approval of government spending plans for the specified financial year.
The proceedings followed formal parliamentary procedures as outlined in the order for consideration.

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13 Mar 2013

GIC's Report on the Management of the Government's Portfolio for the Year 2011/12

Mrs Lina Chiam questioned why GIC omitted annualised nominal rates of return in Singapore dollars from its 2011/12 report, noting they were previously provided in both US and Singapore dollar terms.
The Minister for Finance, via Mrs Josephine Teo, explained that GIC’s primary performance metric is the long-term real rate of return, which reflects its mandate to preserve and enhance overseas purchasing power over time.
GIC stopped publishing nominal returns in Singapore dollars three years prior to facilitate clearer comparisons with global investment funds, as using US dollars for nominal returns avoids confusion when benchmarking against international market indices.
The report now provides more detailed performance data, including 5-year and 10-year returns and comparisons with standard global market portfolios, while focusing on indicators that align with GIC’s investment mandate.
The Minister emphasized that real returns, not nominal returns, are the key measure of GIC’s performance, as currency effects cancel out when calculating returns relative to global inflation.

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12 Mar 2013

Committee of Supply Reporting Progress

The Minister for Transport moved to report progress and adjourn the Committee of Supply.
The Chairman consented, and the Committee resolved to report progress and sit again the next day.
The Deputy Speaker assumed the Chair of the House.
The Minister reported further progress on the 2013/2014 Estimates and requested leave to sit again tomorrow.
The Deputy Speaker granted the request, concluding the session.

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12 Mar 2013

Estimates of Expenditure for the Financial Year 1 April 2013 to 31 March 2014

The Parliament convened on the 4th Allotted Day to consider the Estimates of Expenditure for the financial year 1 April 2013 to 31 March 2014.
The session began with the formal reading of the order for consideration in the Committee of Supply.
Mdm Speaker was in the Chair to preside over the proceedings.

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11 Mar 2013

Committee of Supply Reporting Progress

Dr. Ng Eng Hen moved a motion to report progress for the Committee of Supply and adjourn debate until tomorrow.
The Chairman consented to the motion and the House resolved accordingly.
Dr. Ng Eng Hen formally reported that the Committee made further progress on the 2013/2014 Estimates and sought leave to sit again.
The Deputy Speaker approved the motion, concluding the session.

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11 Mar 2013

Committee of Supply – Head M (Ministry of Finance)

Members raised concerns about strengthening procurement rules and SME access, while the Minister of State highlighted efforts to professionalize procurement and support low-wage workers through better wages and training.
Discussions focused on fiscal sustainability, including costs from infrastructure and aging population, with assurances that prudent planning and targeted spending ensure long-term financial health.
Proposals were made to expand charitable incentives and support social enterprises, with the government committing to study wider tax deductions for in-kind donations while maintaining a balanced approach to social inclusion.

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11 Mar 2013

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

Parliament debated strategies to manage Singapore's economic restructuring amid global uncertainties, with MPs questioning MTI's plans for sectoral growth, SME support, and productivity improvements, while the Ministry emphasized a two-fold strategy of staying open to global opportunities and restructuring for higher productivity.
Key concerns included the effectiveness of government schemes for SMEs, the need for simplified support and outreach, and challenges in internationalisation due to manpower constraints, leading to announcements of new initiatives like the Market Readiness Assistance programme and expanded Partnerships for Capability Transformation.
Discussions also covered energy security, tourism yield, R&D commercialisation, and consumer protection, with the government highlighting sectoral roadmaps, financing support, and regulatory reviews to balance competitiveness with social and environmental sustainability.

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11 Mar 2013

Committee of Supply – Head T (Ministry of National Development)

Speakers highlighted the construction industry's low productivity, attributing it to practices like lowest-tender awards, intense competition among consultants, and reliance on low-skilled foreign workers, and called for measures such as stricter skills testing and higher buildability standards.
Concerns were raised about the impact of foreign worker levy increases and reduced Man-Year Entitlement quotas on construction projects, with suggestions for differentiated dependency ratios for public-sector works and enhanced funding for productivity improvements.
Parliament discussed housing affordability and support for vulnerable groups, including calls to freeze rental increases for low-income tenants, relax eligibility rules for rental flats, and address the housing needs of citizens with foreign spouses.
Members emphasized preserving Singapore's heritage, green spaces, and community amenities, advocating for environmental impact assessments for major developments and integrating heritage into new town designs.
The Ministry outlined initiatives to boost productivity, support low-income families, and balance development with conservation, including enhanced construction funding, flexible housing policies, and community-driven heritage projects.

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11 Mar 2013

Estimates of Expenditure for the Financial Year 1 April 2013 to 31 March 2014

The Parliament commenced the third allotted day of the Committee of Supply to consider the Estimates of Expenditure for the financial year from 1 April 2013 to 31 March 2014.
The Speaker presided over the session and formally read the order for the consideration of the Estimates.
The debate focused on the proposed government expenditure for the specified financial year, marking a key step in the budget approval process.
The session was conducted as part of the standard parliamentary procedure for scrutinizing and approving the national budget.
No specific ministry estimates or detailed expenditure items were discussed in the provided speeches, as the debate was in its initial procedural stage.

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8 Mar 2013

Use of the Construction Productivity and Capability Fund

Yee Jenn Jong requested a breakdown of the use of the Construction Productivity and Capability Fund since 2010, categorized by fund type and company size.
Khaw Boon Wan explained the $250 million fund supports productivity through manpower development and technology adoption, with about $20 million and $65 million committed respectively.
He noted that around 2,200 firms will benefit from the disbursements, with over 80% classified as small firms.

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