Economy & business

Ng Shi Xuan questioned the Prime Minister about the appropriateness of GIC's Reference Portfolio in relation to its long-term risk posture and mandate. Ng also asked what additional metrics are used to evaluate GIC's investment performance beyond the 20-year real rate of return. Jeffrey Siow indicated that this question had already been addressed in the oral replies to previous parliamentary questions.

Shawn Loh questioned the Prime Minister about the mandates and return targets for the newly restructured Temasek Holdings entities. He also inquired whether the Ministry would consider regularly publishing data on investment returns and costs. Jeffrey Siow responded that the question had already been addressed in an earlier oral reply to related parliamentary questions.

Joan Pereira questioned the Prime Minister and Minister for Finance regarding the need for enhancements in linking and delinking recycled mobile phone numbers to bank accounts for PayNow purposes. Gan Kim Yong referenced a previous reply from 16 October 2024 regarding wrongful PayNow transfers. The Monetary Authority of Singapore maintains that the current processes for changing registered telephone numbers for PayNow are adequate.

Chua Kheng Wee Louis asked about the recourse and penalties for companies that do not comply with anti-competitive merger directions from the Competition and Consumer Commission of Singapore (CCS). Gan Kim Yong explained that under the Competition Act 2004, CCS can issue binding directions to manage such mergers and impose financial penalties. If a company disregards a CCS direction, CCS can register the direction with the Courts, where non-compliance may lead to contempt of court charges, resulting in fines up to $20,000 or imprisonment for up to 12 months.

Lee Hong Chuang raised questions about the Advisory Council on Community Relations in Defence (ACCORD) regarding support for employers creating National Service-friendly workplaces and expanding recognition programs for SMEs. Chan Chun Sing acknowledged the importance of employers in supporting National Servicemen and highlighted ACCORD's role in gathering feedback to improve support mechanisms. He mentioned initiatives like advance notice for In-Camp Training and supportive networking sessions that assist SMEs, which face unique challenges. Various recognition schemes, such as the NS Mark and Total Defence Award, exist to honor supportive employers, with a focus on identifying SME awardees. MINDEF and SAF will continue collaborations with ACCORD to enhance support for both employers and National Servicemen.

Assoc Prof Jamus Jerome Lim asked the Prime Minister about the government's data on suing for damages as a method for state investment entities to recoup losses. Jeffrey Siow responded that GIC and Temasek operate as commercial entities and are expected to protect their investments through legal action when necessary. Legal actions are based on various factors, including relevant facts, legal merits, applicable laws, potential costs, and benefits, alongside other commercial considerations.

Alex Yeo asked about plans to enhance consumer protection measures for high-value purchases from businesses facing insolvency and if actions would be taken against their executives. Gan Kim Yong responded that the Consumer Protection (Fair Trading) Act prohibits suppliers from pressuring consumers in these situations, and the Competition and Consumer Commission of Singapore can take action against violators. The government collaborates with the Consumers Association of Singapore (CASE) to empower consumers and promote fair trading practices. An independent Consumer Protection Review Panel has been established to assess protections for high-value purchases, with findings expected later this year for potential further action.

Patrick Tay Teck Guan suggested expanding the eligibility criteria for the SEP bonus under COMPASS to include multinational companies that invest in local professionals and offer overseas opportunities. Tan See Leng explained that COMPASS already awards bonus points for significant investments and collaboration with the Labour Movement. Companies must engage in specific eligible programs, such as those supporting local executives' overseas stints and leadership development, to qualify for SEP bonus points.

David Hoe raised concerns about the impact of acquisitions on small and medium enterprises (SMEs) in heartland malls, specifically regarding tracking turnover, sustainability indicators, and interventions for high SME turnover due to rising rents. He also questioned the implications of a concentrated tenant mix from a single overseas market on social cohesion. Kenneth Tiong Boon Kiat inquired about the Competition and Consumer Commission of Singapore's assessment of the potential CapitaLand-Mapletree merger and protections for SMEs. Gan Kim Yong responded that tenancy turnover is influenced by market factors and detailed the voluntary merger notification regime, the Fair Tenancy Industry Committee's Code of Conduct for retail leases, and government support programs for local SMEs. The government continues to work with industry stakeholders to enhance the retail sector's vibrancy.

Lee Hong Chuang raised questions regarding measures to support small and medium enterprises (SMEs) in adapting to sustainability and maintaining competitiveness in international markets. Gan Kim Yong confirmed the Government's commitment to assist SMEs in transitioning to a low-carbon economy and addressing demand for green technologies. The SME Sustainability Hub was established to provide SMEs with access to resources and support for sustainability, including reporting assistance, training programs, and funding opportunities. The Government is collaborating with trade associations and industries to continuously improve support measures for SMEs in light of environmental standards.

Dennis Tan Lip Fong raised concerns about support for farms that invested in technology to meet the original "30 by 30" food sustainability target, questioning how they will transition to new protein and fibre targets for 2035 and what grants or offtake schemes are available. He also asked why certain vegetables were excluded from the revised definition of "fibre". Chua Kheng Wee Louis inquired about any food types excluded from the new 2035 targets and whether these targets are intended to be realistically achievable. Grace Fu Hai Yien indicated that these questions will be addressed at a future sitting on January 13, 2026, for a comprehensive response.

Gerald Giam Yean Song requested information from the Acting Minister for Culture, Community and Youth regarding direct payments to athletes under various spex schemes, including total payments, number of recipients, and median annual cash payments for the last three years. David Neo highlighted the success of Singapore’s athletes in recent competitions and outlined the government’s investment in a robust High Performance Sport system that supports over 1,500 athletes across 55 sports, significantly increasing from previous years. He mentioned enhancements to the spex programmes, including new initiatives for younger athletes and academic support through scholarships, as well as bolstering financial support through CPF top-ups. Neo emphasized the tailored nature of support based on each athlete's specific needs and performance, and reassured that policies are regularly reviewed for accountability and adequacy. Finally, he called for continued collaboration between the government, corporate partners, and the public to support Singapore's athletes.

• The debate focused on Temasek Holdings' planned restructuring and its implications for investment performance, with questions raised about workforce size, cost benchmarks, and the government's oversight role.
• Members questioned whether Temasek is expected to accept lower financial returns for strategic outcomes and how it benchmarks its investment performance without a conventional reference portfolio.
• The Senior Minister of State for Finance clarified that while the government mandates Temasek to deliver sustainable long-term returns, it does not influence individual investment decisions.
• Concerns were expressed about the performance of unlisted versus listed assets and the potential volatility in returns, with a call for better strategies to maximize returns from private investments.
• The government maintains that Temasek's performance aligns with its risk profile and investment approach, emphasizing the importance of a diversified portfolio to manage volatility.

• Members of Parliament raised concerns about the recent lower investment returns reported by Temasek Holdings and GIC, questioning their performance against global benchmarks and the implications for the government's budget and fiscal stability.
• The government emphasized that GIC and Temasek's performance is assessed based on their specific mandates and risk profiles, rather than direct comparisons with other funds, and highlighted the importance of long-term performance over short-term fluctuations.
• There were discussions on the need for potential adjustments to the investment strategies of GIC and Temasek in light of changing global market conditions and increased competition for investment opportunities.
• The government reassured that the Net Investment Returns Contribution (NIRC) framework is designed to provide stable income for the budget, and that short-term underperformance would not immediately impact fiscal obligations due to a strong balance sheet.
• Calls were made for enhanced public reporting on portfolio risks and performance metrics to strengthen public confidence in the management of Singapore's sovereign wealth funds.

• The debate focused on the new Integrated Shield Plan rider requirements aimed at managing rising healthcare insurance premiums and addressing concerns about out-of-pocket costs for patients.
• Key changes include a reduction in rider premiums by an average of 30%, higher co-payments, and a cap on out-of-pocket expenses, with the intention of discouraging over-consumption of healthcare services.
• Concerns were raised about the potential shift of patients from private to public healthcare due to increased costs, and the government assured that public healthcare remains accessible and is expanding to meet demand.
• The Minister emphasized the need for a sustainable insurance model and the importance of regulatory oversight to ensure insurers operate ethically while balancing market dynamics.
• The discussion highlighted the ongoing challenges of rising healthcare costs, the impact of an ageing population, and the necessity for a coordinated approach to healthcare capacity and affordability.

Abdul Muhaimin Abdul Malik asked the Prime Minister about measures to protect Singapore's reputation as a clean and well-regulated international financial centre. Gan Kim Yong stated that this topic was previously addressed in a Parliament sitting on 5 November 2025, referencing a report concerning corporate governance standards for SGX-listed entities.