Economy & business — Topics

22 Sep 2025

Impact of US Tariffs on Singapore Companies and Economy, Update on Negotiations and Support for Key Sectors

The US has imposed a baseline tariff rate of 10% on Singapore, along with higher sectoral tariffs on automotives, steel, aluminum, and copper, leading to a 28% decline in Singapore's exports to the US from April to August 2025.
Despite the tariffs, Singapore's economy grew by 4.3% year-on-year in the first half of 2025, but growth is expected to moderate in the second half due to the impact of the tariffs.
The Ministry of Trade and Industry (MTI) is monitoring the situation closely, with concerns about potential additional tariffs on pharmaceuticals and semiconductors.
The Singapore Economic Resilience Taskforce (SERT) is implementing measures such as the Business Adaptation Grant to help businesses adapt to the tariff impacts and support fresh graduates through the GRaduate Industry Traineeships programme.

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22 Sep 2025

President's Speech

The debate centered around the President's Speech, which highlighted significant global and domestic challenges, including geopolitical tensions, economic transformation, and social issues such as job security and the rising cost of living.
Key challenges identified include securing the nation against various threats, transforming the economy in light of climate change, ensuring social support for citizens, and fostering a united society based on trust and shared purpose.
There is a notable concern regarding the mismatch between job seekers' skills and employers' needs, particularly for fresh graduates, leading to high unemployment rates despite a low overall unemployment figure.
Suggestions for addressing these issues include expanding traineeship and apprenticeship programs, enhancing collaboration between government, businesses, and educational institutions, and supporting small businesses facing rising operational costs.
The debate emphasized the importance of a "we first" mindset to foster inclusivity and community support, ensuring that economic growth benefits all Singaporeans and addresses the needs of vulnerable populations.

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22 Sep 2025

Civil Aviation Authority of Singapore (Amendment) Bill

The debate centers on the Civil Aviation Authority of Singapore (Amendment) Bill aimed at amending the Civil Aviation Authority of Singapore Act 2009.
The bill proposes the establishment of a sustainable aviation fuel fund and the imposition of a sustainable aviation fuel levy.
The amendments are intended to support related purposes in the aviation sector.
The bill was presented by the Senior Minister of State for Transport, Ms. Sun Xueling, on behalf of the Acting Minister for Transport.
The bill is scheduled for a second reading in the next available sitting of Parliament.

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5 Sep 2025

Ministry of Finance

The Ministry of Finance aims to ensure a dynamic economy and strong social support, adapting to global uncertainties and technological changes like AI.
Fiscal discipline is emphasized, with a commitment to maintaining a balanced budget while increasing government spending to meet rising needs.
The government will invest in infrastructure, green energy, and social initiatives to enhance quality of life and support vulnerable groups.
Efforts will be made to strengthen Singapore's economic resilience and competitiveness through collaboration with businesses and stakeholders.
The Ministry will uphold governance standards to ensure effective use of public funds and foster a culture of mutual care within the community.

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5 Sep 2025

Prime Minister's Office (National Research Foundation)

The National Research Foundation (NRF) aims to enhance Singapore's competitiveness and societal impact through the Research, Innovation and Enterprise (RIE) 2030 initiative, building on previous RIE 2025 efforts.
Significant investments in science and technology have established a robust research base and innovation ecosystem, with a consistent allocation of about 1% of GDP towards RIE activities.
RIE 2030 will introduce large-scale R&D programs targeting key economic sectors and national priorities, while continuing to invest in talent and basic research.
The initiative emphasizes international research partnerships and aims to strengthen Singapore's position as a global hub for technology and innovation.
Achievements under RIE 2025 include increased research quality, growth in business R&D expenditure, and a substantial rise in venture capital investments in deep tech.

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5 Sep 2025

Prime Minister's Office (Monetary Authority of Singapore)

The Monetary Authority of Singapore (MAS) aims to promote non-inflationary economic growth and maintain a resilient financial sector amidst global uncertainties.
MAS has eased monetary policy in response to declining Core Inflation and is prepared to adjust policies as economic conditions change.
Measures have been implemented to enhance consumer protection and combat financial scams, including updated guidelines and new security features for digital banking.
MAS is focused on fostering growth in the financial sector through technology adoption, including AI and tokenisation, while also enhancing workforce skills for future demands.
The authority is committed to supporting Asia's transition to a low-carbon economy, mobilizing significant funding for sustainable infrastructure projects.

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5 Sep 2025

Ministry of Trade and Industry

The Ministry of Trade and Industry (MTI) aims to refresh Singapore's economic blueprint to ensure resilience and strong growth in a changing global landscape, focusing on innovation and productivity-led growth.
MTI will support businesses and workers through the Singapore Economic Resilience Taskforce and an Economic Strategy Review, addressing challenges like increased tariffs and capturing opportunities in advanced manufacturing and the green economy.
Investments in research and development will be prioritized, fostering collaboration between industry and academia, while also enhancing tourism and lifestyle sectors to maintain Singapore's vibrancy.
MTI plans to attract global companies by improving infrastructure and connectivity, while also helping local enterprises internationalize and adopt digital solutions to boost productivity.
The ministry will deepen regional economic integration, expand trade links with emerging markets, and support a rules-based trading system to navigate global uncertainties and enhance opportunities for Singaporeans.

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5 Sep 2025

Ministry of Manpower

The Ministry of Manpower (MOM) aims to empower Singaporeans by enhancing skills, career pathways, and AI literacy to adapt to a changing economy and workforce needs.
MOM is promoting flexible work arrangements and multi-generational workplaces to support longer careers and better work-life balance for seniors.
The Central Provident Fund (CPF) system will be strengthened to ensure adequate retirement savings, with additional support for those struggling to save enough.
MOM is focusing on fair and inclusive growth by raising workplace standards, ensuring protections for diverse worker groups, and supporting lower-wage workers through wage increases and upskilling initiatives.
Collaboration with businesses and stakeholders is emphasized to create a thriving workforce and address challenges faced by various worker categories, including platform workers and freelancers.

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8 Apr 2025

Incentives for Taxi Drivers to Continue Offering Street-hail Services to Cater to Seniors

The Ministry for Transport is collaborating with taxi operators to ensure street-hail services remain viable for seniors.
Measures are being introduced to improve the commercial viability of taxis, including allowing the sale of older taxis and reducing regulatory differences with private hire cars.
The Land Transport Authority (LTA) is implementing initiatives to reduce operating costs for taxi drivers, such as extending the statutory lifespan of taxis and lowering vocational licence fees.
The LTA is also exploring ride-hail services to better meet the needs of senior commuters, including a new co-funding grant for ride-hail operators to enhance service accessibility.

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8 Apr 2025

Distribution of Terminal 5 and Supporting Infrastructure's Development Costs amongst Government and Other Stakeholders

Mr. Leong Mun Wai inquired about the cost distribution for developing Changi Airport Terminal 5 and its supporting infrastructure among various stakeholders.
Minister Chee Hong Tat responded that the majority of the costs will be covered by the Government due to the broader economic benefits of a well-connected airport.
The remaining costs will be financed by the Changi Airport Group through its reserves, future surpluses, and borrowings, as well as contributions from airlines and passengers via airport charges and levies.

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8 Apr 2025

Data on Warees Halal Limited's Annual Revenue, Expenses and Income

Mr. Muhamad Faisal Bin Abdul Manap inquired about the annual revenue, expenses, and income of Warees Halal Limited from 2020 to 2024, as well as the allocation of its yearly income.
Minister Masagos Zulkifli stated that the audited financial statements of Warees Halal Limited are publicly accessible for purchase.
The Board of Directors of Warees Halal Limited governs the treatment of any surplus, deciding on allocations for reserves, reinvestment, and charitable donations.
Donations made by Warees Halal Limited must align with the company's objectives and comply with legal requirements.

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8 Apr 2025

Formal Body to Protect Interests of and Provide Dispute Resolution Assistance to Micro and Small Enterprises

Mr. Chua Kheng Wee Louis proposed the establishment of a formal body to protect the interests of micro and small enterprises and assist them in disputes with larger suppliers.
He emphasized the need for mediation and advisory services specifically tailored for micro and small enterprises facing challenges with e-commerce platforms.
Minister Gan Kim Yong responded that existing mechanisms, such as the Small Claims Tribunals and mediation services, already provide support for resolving commercial disputes involving micro and small enterprises.

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8 Apr 2025

Projected Cost Per Tonne of Carbon Dioxide Abated through Carbon Capture and Storage in Singapore

Gerald Giam Yean Song inquired about the projected cost per tonne of carbon dioxide abated through carbon capture and storage (CCS) in Singapore, including various associated costs and comparisons to Indonesia's proposed arrangements and alternative decarbonisation strategies.
Gan Kim Yong acknowledged CCS as a recognized decarbonisation method and mentioned that the government is exploring the feasibility of a cross-border CCS project, focusing on developing a complete CCS value chain and obtaining clearer cost estimates.

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8 Apr 2025

Applications for Longer Instalment Plans for Income Tax Payments

Mr. Ong Hua Han inquired about the number of individuals who applied for longer instalment plans for income tax payments and the approval rate of these applications over the past five years.
Chee Hong Tat, representing the Prime Minister, stated that taxpayers facing difficulties can apply for extended instalment plans beyond the standard 12 months.
The majority of applications for extended instalment plans were approved by the Inland Revenue Authority of Singapore (IRAS), as applicants typically provided valid reasons for their requests.

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8 Apr 2025

Promote Understanding for Immigration as Strategic Imperative for Sustained Economic Growth and National Security

The debate focused on the importance of immigration for Singapore's economic growth and national security, addressing concerns about integration and national identity.
A significant majority of Singaporeans recognize the benefits of immigration, with over 75% supporting its positive impact on the economy and 62% acknowledging cultural contributions.
The government aims to manage immigration carefully, ensuring that new immigrants are well-suited to contribute to society and are supported in their integration efforts.
Various programs and initiatives are in place to help immigrants adapt to local norms, including mandatory citizenship journeys and community integration efforts led by the National Integration Council.
Education plays a key role in fostering understanding of immigration, with schools teaching students about the value of diversity and the historical contributions of immigrants to Singapore.

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8 Apr 2025

Stricter Guidelines for Advertisements of "Buy Now, Pay Later" Schemes

Ms. Nadia Ahmad Samdin raised concerns about the need for stricter advertising guidelines for Buy Now, Pay Later (BNPL) schemes, particularly due to their heavy marketing on social media targeting young consumers.
The Prime Minister's representative, Gan Kim Yong, stated that BNPL firms in Singapore adhere to an industry-led Code of Conduct to mitigate debt risks and protect consumers, ensuring advertisements are clear and not misleading.
The Code requires transparency in advertising, including the disclosure of fees and charges, and prohibits misleading implications about the safety of BNPL services.
Additional safeguards include restrictions on debt accumulation, such as not charging compound interest and limiting services to individuals aged 18 and over.
The Monetary Authority of Singapore (MAS) is actively monitoring the BNPL sector and will adjust regulations as necessary, while also promoting financial education through initiatives like MoneySENSE.

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8 Apr 2025

Prevention of and Punishment for Sale of Data by Bank Employees with Access to Clients' Credit Card Information

Ms. Ng Ling Ling raised concerns about the potential abuse of client trust by bank employees with access to credit card information and inquired about measures to prevent data sales to scammers.
The Minister for Finance, Gan Kim Yong, stated that the Banking Act prohibits the disclosure of customer information without permission, with penalties including fines and imprisonment for violations.
Banks are required to implement IT controls to safeguard customer data and limit employee access based on necessity, as mandated by the Monetary Authority of Singapore (MAS).
MAS expects banks to conduct audits to identify and mitigate risks related to data loss and to enhance their ability to detect unusual employee activities through advanced technologies.
The protection of customer information is emphasized as a fundamental aspect of banking operations, with ongoing investments in security measures expected from banks.

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8 Apr 2025

Safeguards to Prevent Diversion of Restricted Goods to Countries Targeted by Export Controls

Mr. Yip Hon Weng raised concerns about the effectiveness of export controls in preventing the diversion of restricted goods, particularly regarding third-party transshipment risks.
Deputy Prime Minister Gan Kim Yong referenced previous discussions on the impact of export controls and emphasized the importance of compliance in Singapore's semiconductor industry.
Singapore Customs employs a risk-based approach to enforce export laws while maintaining efficient port operations, utilizing cargo-targeting and inspections to ensure compliance.
The Ministry is committed to investigating and taking action against any fraudulent practices that attempt to evade export controls.

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8 Apr 2025

Utilising Portion of Foreign Worker Levy Revenue for Fund to Improve Migrant Worker Safety and Well-being

Mr. Ong Hua Han proposed using a portion of foreign worker levy revenue to create a fund aimed at enhancing the safety and well-being of migrant workers.
Minister Tan See Leng responded that the government consolidates revenue across ministries and allocates funds based on merit, already directing resources towards migrant worker initiatives.
The Ministry of Manpower has established programs and partnerships, including recreation centers and support from NGOs, to improve migrant workers' safety and mental well-being.
The government encourages a collaborative approach, urging employers to take responsibility for providing safe and healthy work environments for migrant workers.

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8 Apr 2025

Adopting Preschools' Anchor Operator Partnership Model for Other Sectors to Moderate Costs

Denise Phua Lay Peng proposed considering the Anchor Operator partnership model from preschools for other sectors to help moderate living costs and enhance supply chain security.
Gan Kim Yong responded that the Anchor Operator scheme is not suitable for food and essential item suppliers due to global market influences and the risk of distorting market prices.
The government prioritizes diversifying import sources and promoting free market competition to ensure competitive pricing and consumer choice.
To address cost of living challenges, the government has introduced financial support measures, including vouchers and utility subsidies for households.
Initiatives by social enterprises, like FairPrice Group's price control and discounts, aim to help consumers manage living costs effectively.

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