5,376 debates and bills about economy & business
Chua Kheng Wee Louis questioned the Minister for National Development about the effectiveness and relevance of the Central Business District Incentive (CBDI) and Strategic Development Incentive (SDI) schemes, and whether they would be modified or extended for the Draft Master Plan 2025. Desmond Lee explained that the CBDI aims to convert older office buildings into mixed-use developments to rejuvenate the CBD, while the SDI promotes the redevelopment of older buildings in strategic areas. The URA has received several applications for both schemes, with multiple approvals and ongoing developments. The Ministry plans to monitor market trends and engage with industry professionals to ensure the schemes remain relevant in the upcoming Draft Master Plan.
Leong Mun Wai asked the Minister for Education about the usage of SkillsFuture Credit (SFC) for courses at private education institutes (PEIs) in 2023, including the total amount used, the top five PEIs, and the proportion of SFC utilized. Chan Chun Sing explained that PEIs are regulated under the Private Education Act, which is separate from SkillsFuture Credit eligibility. He noted that PEIs qualify as SkillsFuture Singapore-supported training providers, receiving around 35% of total SFC claims, amounting to approximately $67 million.
Louis Ng Kok Kwang asked the Deputy Prime Minister about grant disbursements under the Enterprise Sustainability Programme (ESP) for micro, small, and medium-sized companies over the past five years, requesting mean and median amounts and top uses of the grants. Gan Kim Yong responded that the ESP includes grants, capability-building courses, and loan support, helping approximately 1,500 unique companies with an estimated $14 million in funding from 2021 to 2023. He noted that funding amounts vary significantly depending on the projects, making average figures not particularly meaningful.
See Jinli Jean asked about the business cost structure in the Information and Communications Sector for 2022, specifically the percentage of spending on "Professional Services" for Singapore-registered businesses and "Contract labour and work given out" for Singaporeans. Gan Kim Yong responded that expenditure on "Professional Services" accounted for 13.5% and "Contract labour and work given out" for 6.0% of total operating costs in 2022. He noted that a breakdown by types of suppliers for these cost components is not available.
Patrick Tay Teck Guan asked the Deputy Prime Minister about labor productivity growth and average earnings in Singapore for the years 2016 to 2023 and the first half of 2024. He specifically requested data on labor productivity measured by value-added per worker and actual hours worked, as well as monthly earnings and gross monthly income for full-time employed residents. Gan Kim Yong responded that the requested data on labor productivity and income growth for residents is available in accompanying figures.
Chua Kheng Wee Louis asked the Prime Minister about the current cumulative fiscal position of the government and whether it includes special transfers like top-ups to endowment and trust funds. Lawrence Wong provided the Overall Fiscal Position (OFP) figures for the recent fiscal years: $1.88 billion in FY2021, $1.72 billion in FY2022, -$2.55 billion in FY2023, and an estimated $0.78 billion for FY2024, noting that special transfers affect overall expenditure and OFP.
Derrick Goh raised concerns about the Monetary Authority of Singapore's assessment of Worldcoin regarding risks related to data privacy, scams, and cryptocurrencies, as well as measures to deter related criminal activities. Gan Kim Yong responded that these issues were addressed in a previous parliamentary reply to another member. Further details were provided in the Official Report on regulations concerning the sale of WorldCoin accounts.
Melvin Yong Yik Chye asked about enforcement actions taken by the Monetary Authority of Singapore (MAS) against financial institutions regarding motor vehicle loan rules and its views on social media ads promoting zero downpayment for luxury vehicles. Gan Kim Yong responded that no financial institution has breached these rules in the past five years, resulting in no regulatory actions by MAS. He emphasized that motor vehicle financing limits are meant to promote financial prudence and advised consumers to be wary of zero downpayment offers, as they are unregulated.
Assoc Prof Jamus Jerome Lim asked if the Monetary Authority of Singapore (MAS) required Allianz to commit to additional capital adequacy for Income Insurance Ltd beyond the $2.2 billion purchase price. Gan Kim Yong responded that MAS will evaluate Income Insurance's business strategy and capital management plan once Allianz submits its application to take control and become a substantial shareholder. The inquiry raises concerns about the future business stability and commitments of Income Insurance following Allianz's acquisition.
Pritam Singh asked about the Community Improvement Projects Committee (CIPC) funding disbursed to each Town Council from 2019 to the present. Desmond Lee explained that the CIPC funds community-led improvement projects in HDB estates, averaging $47 million annually for all towns over the past five years. Funding amounts vary by town and year, based on proposals from Town Councils and Citizens' Consultative Committees. Disbursements to Town Councils depend on completed works and are reported in their annual financial statements. CIPC projects may span multiple years and exclude those implemented by CCCs.
Chua Kheng Wee Louis raised concerns about payment delays experienced by merchants using the Singapore-based e-commerce platform Qoo10, asking if the Government is investigating the issue and working with South Korean authorities. Gan Kim Yong confirmed that the Government is aware of feedback from Singapore-based merchants regarding these delays and has contacted Qoo10 for resolution. Merchants are encouraged to report unresolved issues to Qoo10, and there are established procedures for commercial dispute resolution, including civil claims. Additionally, merchants facing cash flow problems can apply for financial assistance through the Enterprise Financing Scheme.
Saktiandi Supaat asked the Minister for Social and Family Development about the average monthly fees charged by government-supported and private preschools, the differences in government funding per child for both types of preschools, and how quality is ensured across them. Masagos Zulkifli B M M responded that government spending per preschool child has significantly increased, with higher expenditures for government-supported preschools and children from lower-income families. Additional funding for Anchor and Partner Operators is aimed at enhancing access to affordable preschool options, with fee caps for these operators set significantly lower than the median fees of private preschools. Plans are in place to increase the number of government-supported preschool places, targeting 80% enrollment by 2025, and initiatives for professional development and quality assurance have been established to benefit all preschools.
Tan Wu Meng questioned the need for trainees in certain medical specialties to pay an additional monthly training fee and whether this affects applications from less well-off junior doctors. Ong Ye Kung explained that postgraduate medical training is heavily subsidized by the Government, with a $450 monthly co-pay for residents in popular specialties to balance training costs and encourage diversification into less sought-after areas of specialization to meet healthcare needs.
Yip Hon Weng raised concerns about the impact of the lowered loan-to-value (LTV) limit on aspiring homeowners transitioning from rental housing to purchasing a flat. He also asked about the number of lower-income households affected by the new LTV limit who qualify for the increased Enhanced CPF Housing Grant of S$120,000, and the measures in place for those ineligible. Desmond Lee referred to a previous response addressing these questions regarding the residential property market and housing affordability provided on 9 September 2024.
Jean See inquired whether the Ministry for Digital Development and Information would require firms awarded creative projects to engage Singapore-registered subcontractors and local talents and allocate a portion of their budget for this purpose to enhance the local creative workforce. Josephine Teo explained that while government agencies procure creative services through various means, they must also allow agencies the flexibility to hire the best talents for their clients in a cost-effective manner. The government supports local artists and the creative industry through programs and grants intended to uplift local talent and companies.
Liang Eng Hwa questioned the Deputy Prime Minister about the value of the Singapore-Johor Special Economic Zone (JS-SEZ) to Singapore's economy and its developmental timelines. Gan Kim Yong emphasized the JS-SEZ's aim to leverage Singapore and Johor's complementary strengths to attract global investments. A report indicated that 90% of surveyed Singapore businesses view Johor as an attractive investment location but seek improvements in labor availability, business ease, and goods and people flow. Discussions with Malaysian counterparts are ongoing, aiming for conclusive outcomes by the upcoming Malaysia-Singapore Leaders' Retreat.
The debate focused on the proposed amendments to the Building Control Act aimed at enhancing energy efficiency in Singapore's built environment as part of the country’s sustainability goals. The key points included the introduction of a Mandatory Energy Improvement (MEI) regime that will require owners of energy-intensive buildings to conduct energy audits and implement improvement measures. Various members expressed concerns about the financial burden these changes may impose on building owners, particularly for smaller entities. There was a call for the government to provide greater support, including the expansion of existing incentive schemes and training for energy auditors to manage increased demand. Several members also urged the importance of maintaining flexibility for older buildings facing implementation challenges and emphasized the need for inter-agency collaboration to facilitate this transition towards greener buildings. Overall, the bill received strong support from members as a necessary step towards reducing carbon emissions from the building sector.
PAPERCUTS