Economy & business

Abdul Muhaimin Abdul Malik raised a question regarding potential additional disclosure requirements for SGX-listed entities involved in foreign investigations, settlements, or convictions to inform retail investors of risks. Gan Kim Yong, representing the Prime Minister, referenced a previous reply given on 5 November 2025, suggesting that the matter had already been addressed in an earlier parliamentary session.

Charlene Chen asked about the introduction of disclosure requirements or labeling standards for AI-generated images to help consumers identify misleading content. Gan Kim Yong indicated that while the Consumer Protection (Fair Trading) Act protects against false claims, there are no plans for specific regulations regarding AI-generated content. The Competition and Consumer Commission of Singapore (CCS) is promoting responsible business conduct and has developed tools to help businesses manage AI-related trading risks. Consumer education initiatives are in place, including workshops for seniors by the Infocomm Media Development Authority (IMDA) and resources for identifying misinformation and using AI responsibly.

Gerald Giam Yean Song questioned the Minister for Digital Development and Information about plans to ensure the consolidated Simba-M1 entity invests in infrastructure to maintain network quality if the IMDA approves the deal. He also asked if the Ministry would require the entity to unbundle certain infrastructure to promote competition among Mobile Virtual Network Operators. Josephine Teo responded that the consolidation is being assessed under IMDA's Telecom and Media Competition Code, which includes consideration of feedback from the industry and public, as well as commitments from Simba and M1 to maintain service quality and competition.

Dennis Tan Lip Fong asked about anticipated layoffs in the petrochemical industry following ExxonMobil's announcement of retrenching up to 500 staff by 2027 and if support would be provided for affected workers. Tan See Leng confirmed the layoffs and noted that the energy sector is experiencing global changes, but new job opportunities are emerging in low-carbon industries like specialty chemicals and bio-chemicals. The Government's priority is to assist retrenched workers through the Taskforce for Responsible Retrenchment, which offers career matching and retraining programs. Additionally, the SkillsFuture Jobseeker Support scheme provides financial assistance to help retrenched individuals find new employment opportunities.

Gerald Giam Yean Song asked the Minister for Foreign Affairs about measurable targets for the enhanced Comprehensive Strategic Partnership (CSP) with Australia, data on the success of the previous CSP, and factors determining the implementation of commitments regarding essential supplies. Vivian Balakrishnan highlighted the strong relationship between Singapore and Australia, noting significant increases in trade and investment since the CSP's launch in 2015. The upgraded CSP (CSP 2.0) features 80 new initiatives, including enhanced defence cooperation and negotiations for trade and essential supplies commitments. Key initiatives under CSP 2.0 aim to strengthen defence and economic resilience collaboration between the two countries.

Gerald Giam Yean Song queried the Minister for National Development about complaints from BCA-registered lift contractors since 2019 regarding OEM vendors' adherence to voluntary commitments. Chee Hong Tat replied that neither the Building Construction Authority nor the Competition and Consumer Commission of Singapore has received any feedback about such non-adherence since 2019. He stated that if complaints arise, CCS will investigate and take appropriate actions as necessary.

Lee Hong Chuang questioned the Minister for National Development on the monitoring of home-based businesses, their fairness compared to traditional retailers, and the measures in place for regulatory oversight. Chee Hong Tat referred to a prior response about the Home-Based Business Scheme, indicating that regulations for home-based businesses are designed to be proportionate to their scale and externalities. He clarified that home-based businesses must keep operations small, cannot display signage, and cannot employ individuals outside the household.

Valerie Lee requested an update on regional import projects with Conditional Approvals or Licenses issued by the Energy Market Authority, including information on any unviable projects. Gan Kim Yong reported that eleven projects have received Conditional Approvals to import eight gigawatts of low-carbon electricity from countries such as Australia and Indonesia, with six Indonesian projects progressing to Conditional Licenses. All companies involved in these projects remain committed to their development, and the government will work with source countries and developers to assess project viability further.

The Regulation of Imports and Exports (Amendment) Bill aims to strengthen Singapore's trade certification framework and enhance customs enforcement to maintain its reputation as a trusted global trade hub. The key proposals include tighter regulations for issuing Trade Information Certificates (TICs) and expanded investigative powers for Singapore Customs to detect and deter fraudulent activities. Concerns were raised about potential compliance burdens on small and medium enterprises (SMEs), leading to calls for government support through grants and technical assistance to ease the transition. The Bill also introduces new penalties for violations related to trade certificates while ensuring that enforcement remains proportionate and practical for businesses. Overall, the amendments aim to balance enforcement with support, ensuring that legitimate trade continues to flow efficiently.

The Minister for National Development addressed remarks made by Louis Chua regarding the Equity Market Development Programme and the role of GIC in investing in local equities. Chee Hong Tat acknowledged a misunderstanding about Chua's comments, noting that he believed the Workers' Party shared the view against mandating GIC and Temasek to pump-priming the local market. Kenneth Tiong requested a formal withdrawal of the comments for clarity, to which Chee maintained that he did not express those remarks in Parliament. The session was then suspended for a break before resuming.

The Finance (Income Taxes) Bill 2025 is introduced to update Singapore's tax system, ensuring alignment with global developments and enhancing economic competitiveness. Key amendments include the implementation of the Pillar Two rules to establish a minimum effective tax rate of 15% for large multinational enterprises and tax incentives for new listings in the equities market. The Bill also introduces a personal income tax rebate of 60% for eligible taxpayers, aiming to provide immediate relief amid economic challenges. Saktiandi Supaat supports the Bill while raising concerns about its complexity for small businesses and inquiring about automatic tax refunds for previously taxed training allowances.

Abdul Muhaimin Abdul Malik questioned the Deputy Prime Minister about Singapore GasCo's plans to develop spot trading capabilities for liquefied natural gas (LNG) and to collaborate with financial institutions or commodity exchanges to manage price volatility. The Minister for Manpower, Dr. Tan See Leng, confirmed that Singapore GasCo aims to create a diversified gas supply portfolio to enhance security and manage price volatility, while ensuring procurement practices avoid reliance on sanctioned entities. He also mentioned the establishment of a standby LNG facility to buffer against supply disruptions and announced the construction of a second LNG terminal to increase capacity by 50%, expected to be completed between 2028 and 2030. Finally, Dr. Tan assured that pricing volatility would be managed through a diversified portfolio starting in 2026.