Economy & business — Topics

12 Nov 2012

Change in Property Buyers' Profiles

Gan Thiam Poh questioned the effectiveness of property cooling measures introduced in January 2011, asking for data on purchases by Singaporeans, permanent residents, and foreigners, and whether the measures have stabilized prices.
Khaw Boon Wan responded that private housing purchases totaled about 19,000 in 1H2011, 17,000 in 2H2011, and 22,000 in 1H2012, with cooling measures targeting speculation and complementing a supply ramp-up of 94,000 units over five years.
He noted the measures have reduced price growth from 18% in 2010 to 1% in 2012, lowered foreign buyer proportion from 18% to 6%, and kept sub-sales at 6%, though prices remain firm due to global liquidity and low interest rates.
Khaw emphasized the situation is dynamic, and the government remains vigilant and ready to act if needed to restore equilibrium in the housing market.

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12 Nov 2012

Employment for People with Disabilities

About 3% of Singapore's resident population has a disability, with varying degrees of severity, and there is no definitive data on their full-time and part-time employment numbers.
The Open Door Fund has supported 220 companies and 650 persons with disabilities since 2007, disbursing $3.2 million, while the Special Employment Credit has benefited about 1,200 employers and nearly 2,000 persons with disabilities.
The government supports job training through SPED schools, vocational education, and Centres of Training and Integration, though specific figures on beneficiaries over the past five years are not provided.
Efforts to improve public transport accessibility include creating barrier-free routes in MRT/LRT stations, making bus shelters barrier-free, and aiming for 100% wheelchair-accessible buses by 2020, with 54% currently meeting this standard.
Financial assistance for taxi costs is available through the Wheelchair-Accessible Taxi Grant, LTA Cares Fund, and Trailblazer-Chan Chiew Ping Special Schools Fund for persons with disabilities who are working or studying.

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12 Nov 2012

Measures to Tighten S Pass Numbers

The government tightened Employment Pass (EP) criteria in January 2012, leading to 7,800 existing and new EP holders downgrading to S Passes in the first half of 2012, with further downgrades expected as renewals are assessed under the stricter framework.
S Pass numbers increased by 14,200 in the first half of 2012, but excluding downgrades, underlying growth was 6,400, similar to the previous year, with construction showing strong growth due to ongoing projects.
Measures to moderate S Pass numbers include reducing the Dependency Ratio Ceiling (DRC) from July 2012 and scheduled levy increases until July 2013, aimed at encouraging productivity and reducing reliance on foreign labour while allowing companies time to adjust.

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12 Nov 2012

Singapore's Relations with Australia

Minister K Shanmugam outlined that Singapore and Australia share a strong, multifaceted relationship with deep cooperation in defence, economic, and people-to-people ties, underscored by frequent high-level visits and institutionalized dialogues.
He noted that Australia is a key economic partner for Singapore, with growing two-way trade and investment, and that the "Australia in the Asian Century" White Paper is a welcome affirmation of Australia's commitment to the region, which aligns with Singapore's interests.
The Minister highlighted opportunities to deepen ties through the review of the Singapore-Australia Free Trade Agreement, increased use of Singapore as a business base for accessing Asia, and enhanced educational collaboration to build Asia literacy.
Both countries will continue to collaborate in regional and international fora, such as the East Asia Summit and the UN, to promote a rules-based regional order and sustainable security.

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12 Nov 2012

Housing Grants for First-Time Flat Buyers

Intan Azura Mokhtar asked whether HDB could provide higher housing grants for first-time flat buyers of both resale and BTO flats, and if the grant could be a percentage of the purchase price rather than a fixed amount.
Khaw Boon Wan explained that housing subsidies are regularly reviewed to ensure affordability, with recent adjustments including the Special CPF Housing Grant.
For first-time buyers, grants can reach up to $60,000 for BTO flats and $80,000 for resale flats, in addition to market discounts for BTO buyers.
Khaw noted that pegging grants to a percentage of purchase price would be inequitable, as higher-income buyers of expensive flats would receive more subsidies than lower-income buyers of cheaper flats.
The government's approach remains to provide substantial, fixed grants to support first-time buyers while maintaining equity across different income groups and flat types.

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12 Nov 2012

Sheep Supply For Korban

The Minister confirmed that a committee will be formed to review and diversify the source of sheep for Korban, including exploring imports from Indonesia and Malaysia should Australia become unable to supply.
All imported livestock must meet AVA's strict animal health and veterinary public health requirements, with Australia and New Zealand currently accredited but suitable sources from neighboring countries not yet found.
The cost of each sheep, currently $460, includes variable expenses such as farm price, airfreight, handling, transport, permits, and logistics, with this year's increase of $21.50 due to new Australian requirements and additional resources.

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12 Nov 2012

Casinos As Conduits For Money Laundering and Terrorism Financing

The Deputy Prime Minister acknowledged that casinos are vulnerable to money laundering and terrorism financing but emphasized the robust regulatory framework in place, including the Casino Control Act (CCA) and the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA).
Key safeguards include mandatory customer due diligence, monitoring of gaming accounts, transaction reporting for amounts of $10,000 or more, and prohibitions on non-gaming money conversions, with compliance enforced through fines and licence suspensions or cancellations.
Since the casinos began operations, no major infringements of the CCA’s anti-money laundering provisions have been detected, though one conviction under the CDSA occurred for money laundering via casino chips from misappropriated jewellery.
The government remains committed to aligning the casino regulatory regime with international standards, such as those from the Financial Action Task Force, to prevent criminal exploitation.

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12 Nov 2012

Voice of Small and Medium Enterprises

Teo Siong Seng highlighted that Singapore's SMEs are struggling with high operational costs, particularly rising rentals, and difficulty accessing government assistance schemes due to complex criteria and procedures.
The government acknowledged these challenges and outlined measures such as maintaining a stable commercial rental market, gradually tightening foreign worker policies, and enhancing support through schemes like PIC and SPRING grants.
Both sides emphasized the importance of SMEs to Singapore's economy and the need for a collaborative approach to help businesses restructure and improve productivity for sustainable growth.

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12 Nov 2012

Economic Expansion Incentives (Relief from Income Tax) (Amendment No 2) Bill

The bill seeks to amend the Economic Expansion Incentives (Relief from Income Tax) Act and make related adjustments to the Income Tax Act.
It was presented by the Senior Minister of State for Trade and Industry and received the President's recommendation.
The bill underwent its First Reading and is scheduled for a Second Reading in the next parliamentary sitting.

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12 Nov 2012

Payment Systems (Oversight) (Amendment) Bill

The Payment Systems (Oversight) (Amendment) Bill was presented by Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam to amend the Payment Systems (Oversight) 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 to enhance the oversight of payment systems in Singapore.
The amendment aims to strengthen the regulatory authority and adapt to evolving financial technologies and risks.
The bill reflects the government's commitment to maintaining a secure and efficient payment ecosystem.

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12 Nov 2012

Medisave Top-ups for Patients in Class C and B2 Wards

Gerald Giam asked if the Government could provide more help for Class C and B2 patients facing higher MediShield deductibles of $1,500 and $2,000 from March 2013, beyond existing one-off Medisave top-ups.
Health Minister Gan Kim Yong explained that MediShield is a catastrophic insurance scheme, and the deductible increases aim to keep premiums affordable while enhancing coverage limits; existing support includes one-off top-ups, annual GST Voucher top-ups for seniors, and Workfare Income Supplement payouts in Medisave.
Giam noted that Medisave top-ups are for premium increases, not deductibles, and asked if Medifund provisions could be increased to help patients who cannot afford deductibles.
Gan clarified that the annual GST Voucher top-ups can also cover deductibles and bills, and highlighted the recent $600 million Medifund top-up to assist needy patients with healthcare costs, including deductibles.

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16 Oct 2012

Amount Spent to Conduct By-election in Hougang

Asst Prof Tan Kheng Boon Eugene inquired about the total expenditure for the May 2012 Hougang by-election.
Teo Chee Hean, representing the Prime Minister, stated the Elections Department's total spending was $853,300.
The cost covered items like printing ballot papers and materials, equipment rental, transportation, and official allowances.

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16 Oct 2012

Number of Government Pensioners and Amount Paid Out

There are approximately 33,000 pensioners drawing a pension from the Government as at 30 June 2012.
The amount paid out to Government pensioners from FY2002 to FY2011 is detailed in a table from the Government Financial Statement, with amounts rounded to the nearest million.
The gross monthly pension ceiling was last revised to $1,190 on 1 April 2011, and the Government will continue regular reviews and revise it when necessary.

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16 Oct 2012

Extension of Dependants' Protection Scheme Beyond 60 Years of Age

MP Gan Thiam Poh proposed extending the Dependants' Protection Scheme (DPS) beyond age 60, citing rising life expectancy.
Acting Minister Tan Chuan-Jin explained that DPS need declines with age as dependants become less financially reliant and retirement savings accumulate.
The Minister stated that extending DPS would lead to significantly higher premiums due to increased mortality risk, which would be better used for retirement savings.
However, the government is open to reviewing requests for extended coverage on a case-by-case basis, albeit with much higher premiums, and will study this with the CPF Board.

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16 Oct 2012

Student Numbers Target under Global Schoolhouse Initiative

Mr Yee Jenn Jong questioned the progress of the Global Schoolhouse initiative’s 2015 targets for international student numbers, GDP contribution, and job creation, along with the distribution of students and the impact of private school closures.
Minister Lim Hng Kiang reported that as of July 2012, there were about 84,000 student pass holders, with 68% in tertiary and 32% in pre-tertiary institutions, and an even split between public and private institutions.
The education sector contributed 3.2% to GDP and employed 86,000 people as of December 2011, while private school numbers dropped but student enrolment fell only 11% after regulatory consolidation.
The initiative now prioritizes quality and economic relevance over raw numbers, focusing on industry-linked programmes and talent development amid global competition.
EDB continues to foster collaboration between corporations and academia to build manpower capabilities and retain talent in Singapore.

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16 Oct 2012

Regulation of Companies Promoting Investments in Precious Metals

The Ministry of Manpower (through the Prime Minister’s reply) states that the Monetary Authority of Singapore (MAS) regulates financial markets and intermediaries but does not regulate schemes involving direct ownership of physical assets like gold, so gold buy-back schemes are unregulated.
MAS urges investors to verify if entities are licensed via its Financial Institutions Directory and Investor Alert List, and to exercise caution as high-return claims may signal risk or fraud, noting that some gold scheme operators are under investigation by the Commercial Affairs Department for potential offences.
The government, through MoneySENSE, educates the public on the risks of unregulated investment schemes and emphasises vigilance, particularly in low-interest environments, while maintaining that fraudulent or deceptive schemes remain illegal under existing law.

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16 Oct 2012

Categorising Town Councils as Non-contestable Entities in Retail Energy Market

Zaqy Mohamad proposed exempting Town Councils from the non-contestable category to enable them to negotiate better electricity rates, reducing utility costs and service charges.
Currently, Town Councils manage about 6,200 accounts, with 5% already contestable and 7% eligible but not opted in, based on a 10,000 kWh monthly consumption threshold.
The Ministry noted that 75% of Singapore's electricity demand is contestable, while 25% remains regulated, and EMA is exploring further market expansion with safeguards.

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16 Oct 2012

Use of Seed Capital in Co-investment Programme

The Co-Investment Programme has committed S$135 million of its S$250 million seed capital to two private equity funds and two co-investment deals, catalysing over S$200 million from the private sector.
Investment horizons vary, typically eight to 10 years for private equity funds, with expectations of reasonable returns while subjecting government capital to commercial discipline.
The programme has been operational for about a year, and it is too early to fully assess its impact in helping local companies go global, though investments are being made for acquisitions, expansions, and capital expenditure.

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16 Oct 2012

Proportion of Government Contracts Awarded to Singapore Companies

Teo Siong Seng asked about the proportion of government contracts secured by Singapore companies (excluding foreign companies based in Singapore) and whether the government would increase contracts to Singapore SMEs during an economic slowdown.
Tharman Shanmugaratnam stated that Singapore follows WTO and free trade agreements ensuring open, fair, and transparent procurement, with equal opportunities for local and foreign suppliers via the GeBIZ portal.
Over the past three years, about $60 billion in contracts went to ACRA-registered companies, while only $1.8 billion (3%) went to non-ACRA suppliers, with no breakdown by country of origin available.
The government focuses on strengthening SME capabilities and competitiveness without distorting the market, offering support like a $200 million budget boost and tools such as GeBIZ alerts and project pipeline information.
In 2011, small enterprises won about 20% of all government tenders, and two-thirds of tenders under $100,000 were awarded to them, with further downturn assistance depending on severity and conditions.

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16 Oct 2012

Criteria for Singapore's Global Investor Programme

Mrs Lina Chiam urged the government to tighten the assessment criteria for the Global Investor Programme to prevent criminals from being admitted, to which the Minister responded that checks are already rigorous, involving notarized documents, references, and inter-agency screening.
Mrs Chiam asked if independent audits of the programme's assessment criteria and systems could be conducted and made public, with the Minister emphasizing the need for robust, dynamic verification processes.
Nominated Member Tan Su Shan suggested leveraging the banking sector's stringent KYC and AML checks to strengthen applicant vetting, and the Minister agreed to consider closer collaboration with different sectors.

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