Economy & business

• Dr. Tan Wu Meng raised concerns about the reporting of defects in leased or hire purchase vehicles, questioning the number of belated reports and the prevalence of vendors buying back defective vehicles at inflated prices.
• He also inquired about cases where hire purchase firms allowed buybacks of cars with undisclosed defects while imposing penalties on hirers, and sought information on support for financially limited hirers in such situations.
• The Minister for Trade and Industry, Gan Kim Yong, stated that only one report matching these concerns had been received in the past two years.
• He highlighted the Lemon Law, which mandates businesses to repair, replace, or refund defective goods within six months, and mentioned that consumers can seek assistance from the Consumers Association of Singapore (CASE) for redress.
• CASE can help negotiate settlements with car dealers, and if unsuccessful, consumers have the option to file claims in court or with the Small Claims Tribunals.

• Mr. Ong Hua Han proposed that retrenchment data submitted to the Ministry of Manpower be shared with the Inland Revenue Authority of Singapore (IRAS) to facilitate automatic income tax deferment for retrenched employees.
• Chee Hong Tat, speaking for the Prime Minister, explained that while retrenched taxpayers can apply for extended tax instalment plans, these are not automatically granted as individual financial situations vary.
• The IRAS provides support options for retrenched workers, including an information kit from Workforce Singapore that outlines available assistance and how to request extended tax plans.
• The current system allows for flexibility in tax payment arrangements, but it requires proactive engagement from the retrenched individuals rather than automatic deferment based on retrenchment notifications.

• Mr. Yip Hon Weng raised concerns about rising credit card debt and questioned the government's plans to hold financial institutions accountable for promoting responsible borrowing and enforcing stricter credit issuance guidelines.
• Minister Gan Kim Yong responded that while credit card borrowings have increased, they remain within historical averages, and delinquency rates are stable, indicating most borrowers can manage their debts.
• The Monetary Authority of Singapore has implemented strict safeguards, including income requirements and limits on credit issuance for borrowers with excessive unsecured debt.
• Financial institutions are required to educate consumers on prudent borrowing and provide support for those in financial distress, including options for debt restructuring.
• The government will continue to monitor the situation and adjust policies as necessary to ensure responsible borrowing practices.

• Assoc Prof Jamus Lim raised concerns about the corporate governance standards for Family Offices (FOs) seeking tax incentives, questioning the requirements for fraud prevention, audits, and compliance reviews.
• The Minister for Finance, Gan Kim Yong, clarified that Single Family Offices (SFOs) manage only their family's wealth and are not subject to specific governance standards beyond general corporate regulations.
• The government emphasizes that imposing additional regulations on SFOs could increase compliance costs and negatively impact Singapore's status as a financial hub.
• The Minister acknowledged risks of fund misappropriation but stated that such risks are common across all businesses, not just FOs, and that existing legal frameworks provide recourse for misconduct.

• Ms. Denise Phua Lay Peng questioned the rationale for ending the Government's matching support for the Enhanced Fund-Raising Programme in FY2027.
• Indranee Rajah explained that the matching support was initially increased during the COVID-19 pandemic to assist charities affected by disruptions in fundraising.
• The Government plans to gradually taper the matching support back to pre-COVID-19 levels to allow charities time to adjust their fundraising strategies.
• Despite the reduction in the EFR Programme support, the Government will continue to offer various forms of assistance to charities, including tax deductions and specific grant schemes.

• The Competition (Amendment) Bill aims to consolidate product safety and legal metrology functions under the Competition and Consumer Commission of Singapore (CCCS) by transferring these responsibilities from Enterprise Singapore, enhancing consumer protection oversight.
• Concerns were raised about the potential impact of the Bill on small businesses, emphasizing the need for practical regulations that do not burden them with excessive compliance costs while ensuring consumer safety.
• The importance of clear communication and a streamlined reporting process for consumers regarding unsafe products was highlighted, with suggestions for a one-stop digital platform for reporting and faster product recalls.
• Supporters of the Bill, including members from the Consumers Association of Singapore, emphasized the need for robust enforcement powers for CCCS to effectively manage consumer protection and address unfair trading practices.
• The government plans to engage with industry stakeholders and review consumer protection regulations to adapt to evolving markets, including digital goods and online commerce, ensuring a balanced approach that protects consumers while supporting businesses.

• The Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill aims to strengthen Singapore's regulatory framework against money laundering, terrorism financing, and proliferation financing in the real estate sector, aligning with international standards set by the Financial Action Task Force (FATF).
• Key amendments include increasing penalties for non-compliance, expanding due diligence obligations to cover unrepresented parties in transactions, and clarifying restrictions on individuals convicted of related offenses.
• Concerns were raised about the potential burden on smaller estate agencies and the need for support mechanisms to help them comply with the new regulations without incurring excessive costs.
• The debate highlighted the importance of effective enforcement and compliance, with calls for a balanced approach that does not stifle legitimate business activities while ensuring robust measures against financial crime.
• The Minister emphasized that the Bill is part of ongoing efforts to enhance Singapore's reputation as a trusted financial hub and that training and resources will be provided to assist the real estate sector in adapting to the new requirements.

• The Prime Minister highlighted the significant shift in global trade dynamics due to recent US tariffs, marking the end of an era of rules-based globalization and free trade, which could lead to increased protectionism and instability in the global economy.
• The US has imposed a blanket 10% tariff on imports from many countries, including Singapore, despite existing free trade agreements, which has raised concerns about the implications for global trade and the potential for a trade war.
• Singapore's economy is expected to face challenges, including slower growth and potential job losses, as the tariffs impact various sectors, particularly manufacturing and services, prompting the government to establish a task force to support affected businesses and workers.
• The government aims to engage with the US and other countries to address trade concerns and explore new markets, while also emphasizing the importance of maintaining a rules-based trading system and strengthening regional cooperation within ASEAN.
• The Prime Minister reassured Singaporeans of the government's commitment to navigate the economic uncertainties and protect the interests of the nation, while fostering resilience and adaptability in the face of changing global conditions.

• The debate focused on the exclusion of Singapore Real Estate Investment Trusts (S-REITs) from new rules under the Global Investor Programme's family office option, which requires a minimum investment in equities.
• Usha Chandradas, a nominated member and independent director of an S-REIT, sought clarification on the rationale behind this exclusion and any future review plans.
• The Minister of State for Trade and Industry explained that the exclusion aims to enhance Singapore's equities market by encouraging investments in equities, which have lower trading liquidity compared to S-REITs and bonds.
• New applicants under the Global Investor Programme must invest at least S$50 million in approved equities but can still allocate their remaining assets to S-REITs.
• The government plans to continue reviewing the Global Investor Programme to ensure its effectiveness in attracting business investments to Singapore.

• The debate focused on the need for safeguards against non-licensed individuals and financial influencers (finfluencers) providing financial advice, especially following a recent incident involving a financial services platform.
• The Monetary Authority of Singapore (MAS) reported an increase in complaints against finfluencers, with eight complaints in 2025 compared to an average of five per year in the previous five years.
• MAS emphasized that finfluencers must not provide financial advice unless regulated and must avoid making false or misleading statements about financial products.
• The Minister of State highlighted the importance of finfluencers sharing information responsibly and accurately, and indicated that MAS is open to discussions with them to improve compliance and understanding of regulations.
• MAS is actively monitoring complaints and encourages consumers to report any suspected misconduct related to financial advice from finfluencers.

• The debate focused on the need for consumer protection and regulatory measures for fintech platforms and non-bank financial institutions, particularly regarding liquidity and fund withdrawal risks.
• Questions were raised about the effectiveness of current safeguards and the clarity of communication from financial institutions regarding product risks and changes.
• The Minister of State highlighted that investment platforms are required to segregate customer assets and that recent incidents demonstrated the effectiveness of these safeguards, although communication challenges remain.
• Suggestions were made to improve consumer understanding of financial products, including mandatory risk summaries and enhanced public education initiatives.
• Concerns were expressed about the use of AI in marketing by fintech companies and the need for stronger oversight to prevent exploitation of consumer biases.

• Ms. See Jinli Jean urged the government to enhance support for local culinary professionals through marketing and rental assistance to help them establish food and beverage businesses in rejuvenated government spaces.
• Minister Gan Kim Yong highlighted the government's collaboration with partners to promote local F&B brands through events like Food and Hotel Asia and the Singapore Food Festival, which provide networking opportunities.
• Enterprise Singapore offers various support programs for local food companies, including internationalization initiatives and grants for market readiness and business transformation.
• The government refrains from providing rental cost support to prevent market price distortions.

• The Leader of the House acknowledged the end of the Committee of Supply and reflected on the challenges faced during the current parliamentary term, including the pandemic and global crises.
• The speech highlighted the significant fiscal measures taken through various Budgets to support public health, economic recovery, and social welfare, emphasizing the importance of these decisions for Singapore's future.
• The debate included discussions on the need for more support for workers and families, addressing cost-of-living concerns, and enhancing social safety nets in light of an aging population.
• The Speaker expressed gratitude for the contributions of all Members of Parliament and emphasized the importance of respectful discourse and the need to balance immediate support with long-term fiscal responsibility.
• As Singapore approaches its 60th year of independence, there is a call for unity and a commitment to adapt and navigate future uncertainties while ensuring progress for all citizens.

• The Supplementary Supply (FY2024) Bill was introduced to provide additional funding beyond the amounts authorized by the Supply Act 2024.
• The additional expenditures were approved in the Supplementary Estimates of Expenditure for the financial year from April 1, 2024, to March 31, 2025.
• The Bill was read a Second time and subsequently passed after being read a Third time.

• The Supply Bill is presented to obtain legislative approval for appropriations from the Consolidated Fund and Development Fund for the financial year from April 1, 2025, to March 31, 2026.
• The Bill includes Heads of Expenditure and the corresponding sums, which have been previously approved in the Main and Development Estimates of Expenditure.
• Upon approval, the Bill will authorize the Minister to issue warrants for expenditure as specified in the Bill.
• The Bill was read a Second time and subsequently read a Third time before being passed.

• The Singapore Parliament debated the total sums for the Main and Development Estimates for the financial year 2025-2026.
• A total of $139,804,307,900 was approved for the Main Estimates and $39,236,834,600 for the Development Estimates.
• The resolutions regarding these sums were reported and agreed upon by the Committee of Supply.
• The Second Minister for Finance, Ms. Indranee Rajah, moved for Parliament's agreement with the resolutions, which was subsequently approved.

• The Chairman addressed the remaining Heads of Expenditure, proposing to take Heads B, C, D, E, G, and Z en bloc for the Main Estimates.
• The sums for Heads B, C, D, E, G, and Z were agreed upon as part of the Main Estimates.
• The Chairman then moved on to the Development Estimates, focusing on Heads B, C, D, and E.
• The sums for Heads B, C, D, and E were also agreed upon as part of the Development Estimates.

• The debate focuses on the Estimates of Expenditure for the financial year from April 1, 2025, to March 31, 2026.
• The session is being conducted in the Committee of Supply on the 7th allotted day for budget discussions.
• Mr. Speaker is presiding over the debate.

• The debate focused on the balance between attracting foreign talent and developing the local workforce in Singapore's financial sector amid a talent shortage.
• The Monetary Authority of Singapore (MAS) is committed to enhancing local workforce skills while remaining open to foreign talent, with over 80% of the financial sector workforce being local.
• MAS has allocated $400 million from 2021 to 2025 for training local finance professionals, supporting various programs for different career stages, including internships and leadership development.
• Financial institutions are actively involved in local talent development, with initiatives like OCBC Ignite and UBS-SUPER aimed at training and employing local graduates and mid-career professionals.
• The Ministry of Manpower's COMPASS framework encourages firms to prioritize local employment while also recognizing the value of global talent with in-demand skills.

Louis Ng Kok Kwang asked for increased funding for the Development Support-Plus (DS-Plus) programme, which aids children needing low levels of early intervention support. Masagos Zulkifli B M M explained that the Early Childhood Development Agency (ECDA) funds various Early Intervention programmes, including DS-Plus, which offers support in preschools through professional co-teaching. The Government has been progressively increasing funding for early intervention, expanding placements, and subsidizing fees for these services. ECDA collaborates with sector partners to reach eligible children and promote DS-Plus in their preschools.