Economy & business

He Ting Ru raised concerns about whether current initiatives adequately address high startup costs, rental pressures, and disadvantages faced by smaller F&B SMEs compared to established chains, and sought clarification on government support for improving productivity. Gan Kim Yong affirmed that the government has established several initiatives to assist SMEs, including the Enterprise Financing Scheme for better access to financing and a corporate tax rebate. New initiatives like the FoodX programme for shared resources and the F&B Process Optimisation Programme aim to help smaller F&B businesses enhance efficiency and profitability. The government is also collaborating with industry stakeholders to address challenges and will continuously evaluate support measures for SMEs.

Darryl David questioned the Deputy Prime Minister about recent statistics on MICE visitor numbers and the government's plans to support the local MICE industry amid rising costs. Gan Kim Yong responded that MICE visitor arrivals in Singapore reached 830,000 in 2023 and are projected to hit 1.1 million in 2024, surpassing pre-pandemic levels. The government is considering the development of a new downtown MICE hub to enhance capacity and compete with regional venues. Additionally, the Singapore Tourism Board has initiatives aimed at improving operational efficiency and supporting the industry's growth and competitiveness.

Poh Li San questioned the Minister for Sustainability and the Environment about PUB's strategy to manage rising national water consumption, benchmarks for water efficiency, and incentives or penalties for businesses based on their performance. Grace Fu Hai Yien explained that PUB employs a multifaceted approach, including pricing water to reflect its true cost to encourage conservation, especially among non-domestic users. Large water users are required to submit annual Water Efficiency Plans and comply with mandatory water recycling standards starting in 2024, with penalties for non-compliance. PUB also offers support through the Water Efficiency Fund for companies pursuing efficient water management and reviews efficiency benchmarks annually to guide improvements in sector performance.

Gerald Giam Yean Song posed questions regarding the Future of Investment and Trade Partnership (FIT-P), specifically about its mechanisms to counter rising protectionism, its effectiveness beyond mere discussion, and timelines for concrete outcomes. Gan Kim Yong explained that FIT-P, launched on 16 September 2025, aims to counter protectionism by bringing together trade-dependent countries, developing initiatives for supply chain resilience, and promoting multilateral cooperation. The governance structure is designed to be outcome-oriented, allowing subsets of members to advance initiatives without requiring full participation. Singapore will host the first FIT Partnership Ministerial meeting in November 2025 to outline the program and adopt actionable deliverables.

The Corporate and Accounting Laws (Amendment) Bill 2025 aims to strengthen regulations against misuse of companies, safeguard shareholders' interests, and enhance the regulatory framework for public accountants while reducing compliance burdens. Key amendments include the introduction of stricter criteria for company registration restoration, a two-tier approval process for share purchases, increased penalties for directors' misconduct, and modifications to access company records by allowing electronic retrieval with appropriate notice. Supporters highlighted the need for balance to ensure transparency and accountability without overwhelming SMEs, advocating for phased implementation and tailored compliance requirements to ease the transition.

Kenneth Tiong Boon Kiat raised concerns regarding individuals linked to criminal activities operating tax-exempt family offices in Singapore and questioned the due diligence measures taken by the Monetary Authority of Singapore (MAS). The Minister for National Development, Chee Hong Tat, outlined Singapore's high regulatory standards and ongoing investigations into a money laundering case linked to Chen Zhi, noting that two family offices were identified and had their tax incentives ceased. MAS conducts thorough screenings and ongoing monitoring of family offices, aiming to refine regulations while maintaining competitiveness, as they reported only a small percentage of applications had been rejected. Tiong requested further measures for existing family offices linked to criminality, while Chee emphasized the need for a risk-proportionate approach to maintain Singapore's financial integrity and attractiveness. The session included a brief confrontation over language used during the debate, resulting in Tiong issuing an apology to the Minister.

Ang Wei Neng raised concerns regarding unfair clauses in government tender specifications, particularly following feedback from the Singapore Institute of Architects about the Singapore University of Social Sciences' tender documents. Indranee Rajah emphasized that government agencies are required to conduct procurement fairly and that the Ministry of Finance provides templates for contractual terms that reflect industry norms. Ang highlighted specific clauses, including unlimited liability, limited milestone payments, and requirements for unlimited design changes, suggesting they be modified to support small and medium enterprises (SMEs). Indranee responded that changes are being made, such as limited liability options and improved payment structures, and emphasized the need for a shift towards collaborative and fair contracting practices in the industry.

• Ms. He Ting Ru inquired about the total passenger load and cost assessment of the free Marine Parade shuttle bus service since its launch.
• The shuttle bus service was initiated as a pilot project to address last-mile connectivity needs in the Marine Parade area.
• Usage of the service varied significantly by route, location, and time, indicating differing demand across the community.
• The initial estimated cost of the pilot program remains at $1 million, primarily funded through donations and a $200,000 grant from the South East Community Development Council.

• Ms. Hazlina Abdul Halim raised concerns about rising COE prices and proposed government grants to help families with special needs afford vehicle access.
• She also inquired about support for car-sharing platforms and leasing services to provide flexible options for these families.
• Jeffrey Siow responded that the government prefers direct subsidies for specific needs rather than complicating the COE system, citing existing support like the Enabling Transport Subsidy.
• The government is focusing on enhancing public transport and expanding point-to-point transport options for those needing occasional car access.

• The debate focused on the long-term sustainability of over $2 billion in annual public transport subsidies and their impact on fare-setting autonomy and transparency.
• Jackson Lam questioned the Ministry of Transport about the implications of relying on these subsidies for future fare adjustments and the safeguards in place for subsidy allocation.
• Jeffrey Siow explained that the Public Transport Council (PTC) uses a fare adjustment formula to determine fare increases, which considers various economic factors and allows for independent decision-making.
• For the current year, the PTC approved a 5% fare increase, deferring a larger allowable increase, with the government providing an additional $200 million in subsidies to cover the shortfall.
• The subsidies are essential for maintaining reliable public transport services and managing the costs of asset renewal while keeping fares affordable for users.

• Ms. Elysa Chen inquired about the support mechanisms Workforce Singapore is implementing to assist small and medium enterprises (SMEs) in hosting trainees under the GRaduate Industry Traineeships (GRIT) Programme.
• The GRIT programme aims to provide fresh graduates with high-quality work experience to enhance their employability.
• Selection of host organizations for the GRIT programme prioritizes companies' ability to deliver effective training, with Workforce Singapore collaborating with sector agencies to identify suitable hosts, including SMEs that meet the requirements.

• The Ministry of Manpower has launched 19 Jobs Transformation Maps (JTMs) that cover approximately 1.7 million employed residents.
• Workforce Singapore (WSG) utilizes insights from JTMs to create sector-specific workforce interventions, including the Job Redesign and Reskilling Career Conversion Programmes (CCPs) aimed at mid-career employees.
• In 2024, over 400 companies participated in JRR CCPs, reskilling around 2,300 individuals for growth job roles identified in the JTMs.
• JTMs assist in anticipating workforce needs for sectors undergoing restructuring, with specific initiatives in the financial services and tourism sectors to upskill affected workers.
• WSG is committed to continuously refining JTM methodologies based on feedback from sector agencies and industry insights to ensure actionable workforce plans.

• Dennis Tan Lip Fong raised concerns about the ongoing restrictions on bank accounts for individuals acquitted of being scam mules and sought clarification on the government's actions to lift these restrictions.
• He inquired about the immediate steps that would be taken to remove such restrictions and whether there are provisions for recourse if these restrictions negatively impact livelihoods.
• K Shanmugam referred to a previous response regarding the issue, indicating that further details could be found in an official report from October 2025.

• Mr. Cai Yinzhou inquired about the number of individuals investigated for scam mule offences from January to June 2025 who unknowingly transferred funds or lost control of their accounts.
• He also asked about interim support measures for those restricted from banking services to ensure access to salaries or government benefits.
• Minister K. Shanmugam referred to a previous response regarding the recruitment of money mules by criminal syndicates, indicating that detailed information was provided in an earlier report.

• Ms. Gho Sze Kee raised concerns about the implications of China's export curbs on rare earth elements for Singapore's trade and technology sectors.
• Deputy Prime Minister Gan Kim Yong clarified that China's export controls are not outright bans and that licenses will be available for legitimate trade.
• The impact of these export controls on Singaporean companies has been minimal so far, but there are potential risks of delays and increased compliance challenges.
• The government encourages companies to consider these regulations in their international business operations to mitigate disruptions.