Economy & business

Saktiandi Supaat questioned whether the Government plans to expand the scope of Singapore's sovereign green bond issuances beyond major infrastructure projects like the Cross Island Line and Jurong Region Line. Jeffrey Siow responded that the Government only borrows for significant long-term infrastructure under the Significant Infrastructure Government Loan Act (SINGA) and that current sovereign green bonds comply with the established frameworks. He confirmed there are no plans to include additional categories for green bond issuances. Additionally, he noted that Statutory Boards have issued their own green bonds to finance projects related to green buildings and sustainable management.

Saktiandi Supaat raised questions regarding public education on stablecoins, their impact on monetary policy and currency stability, and any government evaluations of these factors. Gan Kim Yong responded that MoneySense is already providing educational resources about the risks associated with crypto-assets, including stablecoins, and highlighted that financial institutions cannot promote these products to the public. The Monetary Authority of Singapore is creating a regulatory framework to distinguish between regulated and unregulated stablecoins, emphasizing that while well-regulated stablecoins can enhance payment efficiency, consumers should be cautious as they are not as safe as bank deposits. The assessment is that the adoption of SGD stablecoins will not significantly impact monetary stability or policy, and MAS will continue monitoring the situation and advise the public to exercise caution with crypto-assets.

Gho Sze Kee raised concerns about job market uncertainties and challenges for recent graduates, asking if the foreign manpower mix would be reviewed to improve local opportunities, especially for entry and mid-level PMET positions. Minister Tan See Leng affirmed that the Ministry of Manpower regularly reviews foreign workforce policies to ensure they complement the local workforce and provide job access for Singaporeans. Updates include adjustments to Employment Pass and S Pass salaries to match local wage growth, while balancing talent access for businesses to maintain competitiveness. The Ministry will continue to invest in the local workforce and assess policies holistically to adapt to market conditions.

Foo Cexiang questioned the Minister for Digital Development and Information about government funding for public service broadcasting (PSB) over the past five years, specifically regarding the amounts allocated and the programs receiving support, as well as the need for revisiting funding levels to enhance local content popularity. The Minister reported that approximately $380 million has been allocated annually to support Mediacorp in reaching domestic audiences, which is lower than similar funding in other countries. Viewership metrics have shifted from traditional television to online platforms, showing a decline in TV reach but an increase in unique online viewers, while overall public satisfaction remains stable. Foo highlighted recent successes of local productions on streaming platforms and asked if the government would support more collaborations with international platforms to increase the international reach of local content. The Minister affirmed the importance of local productions and mentioned the International Co-Production Fund aimed at encouraging partnerships with international creators to enhance visibility and storytelling.

Yeo Wan Ling and Ang Wei Neng raised concerns about safeguarding the livelihoods of Singaporean taxi and private hire drivers in light of potential increases in cross-border taxi services from Malaysia. Sun Xueling addressed the ongoing illegal point-to-point (P2P) services and outlined the Land Transport Authority’s enforcement efforts against such activities while exploring enhancements to the Cross Border Taxi Scheme for greater convenience. The Ministry of Transport is considering using technology to ensure fair competition and to track cross-border vehicles effectively, and they aim to consult with industry associations to establish reasonable fare structures. There are plans for more designated drop-off points on both sides, but measures will be implemented to prevent illegal services and fare undercutting between licensed vehicles. Additionally, the Ministry is exploring ways to crack down on illegal services offered through apps and chat groups.

• Mr. Shawn Loh questioned the adequacy of market-based disincentives for property vacancies across different commercial property types and sought clarity on government intervention thresholds for vacancies.
• He requested the government to provide more localized retail rental data at the unit level to assist tenants in business planning and negotiations.
• Loh also proposed that the government publish monthly retail rent and vacancy trends in a more detailed manner, categorized by planning area, property type, and size.
• Chee Hong Tat responded that vacancy rates for commercial and residential properties have been stable, and landlords are motivated to avoid prolonged vacancies due to associated costs.
• The government considers various factors beyond vacancy rates when assessing the property market and already publishes detailed rental data quarterly to aid public and business decision-making.

• The average and median times for Singaporeans to exit bankruptcy have decreased from 2010 to 2025, with specific data provided for three distinct periods.
• There is little difference in bankruptcy duration statistics when excluding repeat bankrupts.
• Significant reforms to bankruptcy laws were last made in 2015, introducing a Differentiated Discharge Framework, with further changes implemented in 2023 regarding the administration of bankruptcies.
• The Debt Repayment Scheme is under review to prevent misuse by debtors influenced by third-party consulting firms.
• The Ministry of Law aims to maintain a rehabilitative bankruptcy regime that balances the needs of both debtors and creditors.

• Ms. Mariam Jaafar inquired about the differences in MediSave adequacy at age 65 across income groups and the risk of lower-income seniors exhausting their MediSave balances.
• Minister Ong Ye Kung explained that MediSave adequacy varies based on individual health needs and lifespan, making age 65 an inadequate benchmark for assessment.
• He noted that lower-income individuals may save less in MediSave but benefit from higher healthcare subsidies and initiatives to help build their balances, such as the MediSave Bonus and the upcoming Matched MediSave Scheme.
• Ong assured that safety nets like MediFund are available for those who exhaust their MediSave balances, ensuring access to necessary healthcare regardless of financial status.

• The debate focused on the need for safeguards to prevent unsustainable private insurance practices from impacting public hospital charges and to keep insurance premiums affordable.
• Minister Ong Ye Kung emphasized that public healthcare is managed through clinical protocols and value-driven programs to maintain cost sustainability and affordable premiums for MediShield Life.
• He highlighted that overly generous coverage in Integrated Shield Plans can distort healthcare costs, potentially leading patients to seek public healthcare when private options become too expensive.
• The Ministry of Health is working with various stakeholders, including doctors, hospitals, insurers, and policyholders, to address the rising costs of private healthcare and insurance premiums.

• Zhulkarnain Abdul Rahim inquired about the practice of multiple sourcing for drugs and services in public hospitals to ensure competitive pricing and suggested a systematic productivity extraction factor to benefit patients.
• Ong Ye Kung responded that the Ministry of Health has established the Agency of Logistics and Procurement Services to enhance procurement efficiency and supply resiliency through multiple supplier contracts.
• He noted that productivity extraction is not commonly practiced in the healthcare sector globally and mentioned a shift to capitation funding to encourage value maximization in public healthcare.
• The Ministry will continue to monitor healthcare expenditures to maintain affordability for Singaporeans.

• Singapore's electricity tariffs are influenced by its heavy reliance on imported natural gas, which accounts for over 95% of its energy needs, leading to fluctuations based on global fuel costs.
• The electricity tariff saw a slight increase of 0.3% in Q4 2025, but overall, tariffs have decreased by about 9% since their peak in Q3 2022.
• The government is focusing on increasing the share of renewable energy, particularly solar, to mitigate exposure to fuel cost volatility, having already surpassed its 2025 solar deployment target.
• Despite efforts to transition to renewable energy, Singapore's small size limits its capacity for domestic renewable energy deployment, meaning natural gas will continue to play a significant role in the energy mix.
• The long-term impact of transitioning to low-carbon energy sources on electricity prices remains uncertain and will depend on the types and timing of new energy sources introduced.

• The Ministry of Trade and Industry engages with business owners to assess the impact of the F1 Singapore Grand Prix and has implemented support measures for those affected.
• Government agencies, including the Singapore Tourism Board and the Land Transport Authority, actively seek feedback from businesses in the Marina Bay area to mitigate disruptions caused by the event.
• Measures to reduce disruptions include improved access and wayfinding, as well as a reduction in road closure periods from 12 days in 2008 to 7 days currently.
• The F1 Singapore Grand Prix has attracted over 720,000 international visitors and generated more than $2.2 billion in tourism receipts since its inception in 2008.
• The Grand Prix Season Singapore initiative encourages businesses to leverage the increased footfall and spending during the event through race-themed festivities.

• Ms. He Ting Ru raised concerns about the need for the Competition and Consumer Commission of Singapore (CCCS) to monitor and publish data on commission fees and contractual clauses of dominant e-commerce and food delivery platforms.
• The Deputy Prime Minister, Gan Kim Yong, stated that CCCS does not typically collect or publish sensitive commercial data but actively monitors market developments and intervenes in cases of anti-competitive practices.
• CCCS has conducted investigations into the online food delivery sector and has collaborated with industry players to enhance guidelines for fair treatment of merchants and consumer protection.
• The government emphasizes the importance of competitive markets to ensure fair pricing and is open to feedback from businesses and consumers to address market failures effectively.

• Ms. He Ting Ru inquired about the number of entities that have participated in the Monetary Authority of Singapore's (MAS) regulatory sandboxes since 2016, including details on processing times and outcomes.
• The Prime Minister's representative, Gan Kim Yong, provided a breakdown of applicants across three sandbox categories, noting that some were not accepted due to existing regulatory frameworks.
• The median processing time for applications to the sandbox is approximately three months, factoring in applicant responses to MAS clarifications.
• Out of 19 firms accepted into the sandbox, 15 graduated and obtained relevant licenses, while one firm that graduated has since ceased operations.

• Alex Yeo raised concerns about potential exemptions from the PayNow surcharge rules, specifically regarding entities like Singapore Pools, and called for a review of the policy framework to ensure consumer protection consistency.
• Gan Kim Yong, representing the Prime Minister, confirmed that over 300,000 businesses use PayNow, with transaction fees waived for merchants, but acknowledged that Singapore Pools imposes a surcharge on PayNow transactions.
• The Association of Banks in Singapore (ABS) prohibits merchants from charging surcharges for PayNow payments and is currently in discussions with Singapore Pools to address their surcharge practice.

• The Uplifting Employment Credit (UEC) scheme, launched in April 2023, provides wage offsets to employers hiring ex-offenders.
• Approximately 1,200 employers have utilized the UEC, hiring over 3,200 ex-offenders across various industries.
• The most common job roles for these ex-offenders include drivers, cleaning supervisors, and cleaners in sectors like administrative support and accommodation services.
• More than half of the ex-offenders hired under the UEC have remained employed after the nine-month wage support period.
• The Ministry of Manpower will continue to monitor the effectiveness of the UEC in supporting ex-offenders' employment.

• The Monetary Authority of Singapore (MAS) is easing tax framework requirements for single family offices (SFOs) to reduce operational friction and enhance economic benefits.
• Proposed changes include streamlining application processes, simplifying reporting obligations, and expanding eligible investment types.
• MAS has not observed a net outflow of SFOs and regularly reviews its schemes to maintain competitiveness with other jurisdictions like Hong Kong.
• The presence of SFOs in Singapore contributes to local business revenue and job creation through the use of various financial services.
• SFOs are increasingly engaging with local communities and supporting philanthropic initiatives, demonstrating their positive impact on society.

• The Singapore government is investing $150 million in drainage projects for FY2025 to enhance flood resilience, with four out of 19 ongoing projects already completed.
• Three of the six new projects planned for 2025 have begun, with the remaining three set to start within the year.
• Since 2011, approximately S$2.5 billion has been spent on upgrading drainage infrastructure, averaging S$180 million annually.
• Comparisons of Singapore's flood resilience spending with cities like Hong Kong and Tokyo are deemed unhelpful due to differing environmental conditions and infrastructure needs.
• A review of the drainage infrastructure plan for FY2026 to FY2030 is underway, which will outline key projects for the next five years.

• The debate focused on the sustainability of Singapore's tax revenue, particularly from corporate income tax and GST, which are currently the largest sources.
• Concerns were raised about the volatility of corporate tax collections and the impact of global tax changes, such as the BEPS Pillar Two framework.
• The recent increase in GST is intended to support medium-term priorities, including healthcare costs associated with an ageing population.
• The government aims to diversify its tax base and enhance revenue sustainability through strategies like the Net Investment Returns Contribution (NIRC) from reserves.
• Ongoing prudent expenditure management and potential adjustments to tax policies are essential to adapt to economic changes and ensure long-term fiscal health.

• Victor Lye raised concerns about the Temporary Permit (Exhibition) Scheme (TPES) potentially creating an uneven playing field between established firms and newly-registered companies.
• The TPES is designed to meet seasonal manpower needs in the Meetings, Incentives, Exhibitions and Conventions industry, with specific restrictions on the type of work and duration of employment.
• Workers under the TPES can only perform installation and teardown tasks at designated venues for a maximum of three weeks and must be Malaysian nationals.
• The Minister for Manpower, Tan See Leng, stated that the scheme is accessible to all firms and does not favor any particular group, and emphasized ongoing monitoring and review of the TPES.