Economy & business — Topics

1 Mar 2024

Committee of Supply Reporting Progress

The Minister for Education moved to report progress on the Committee of Supply and requested to resume sitting on 4 March 2024.
The Chairman consented, and the House resolved accordingly, with the Speaker resuming the chair.
The Minister formally reported progress on the 2024/2025 Estimates of Expenditure and sought leave to continue on the specified date.
The Speaker approved the request and addressed the Leader.

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1 Mar 2024

Committee of Supply – Head Q (Ministry of Communications and Information)

The debate emphasized the strategic importance of investing in AI and digital infrastructure, with updates provided on the National AI Strategy 2.0, plans to triple AI practitioners to 15,000, and a $500 million investment in high-performance computing to support AI innovation.
Ministers addressed measures to enhance cybersecurity and resilience, including proposed amendments to the Cybersecurity Act, a new Digital Infrastructure Act to cover broader security concerns, and support for SMEs through schemes like CISO-as-a-Service and the Digital Enterprise Blueprint.
Discussions highlighted efforts to ensure inclusive digitalization, particularly for seniors and vulnerable groups, through initiatives like Seniors Go Digital, Mobile Access for Vulnerable Seniors, and community hubs, while balancing the need to maintain human touch in public services.
The government defended its funding for SPH Media Trust, noting it supports public service media, digital transformation, and vernacular capabilities, with KPIs tracking reach and engagement, though some targets were not fully met.
Ministers outlined strategies to foster a trusted digital environment, including combating online misinformation and deepfakes, promoting AI governance frameworks, and enhancing citizen participation in digital solution development.

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1 Mar 2024

Committee of Supply – Head V (Ministry of Trade and Industry)

The debate centered on Singapore's economic competitiveness amid global headwinds, with MPs seeking stronger support for SMEs, manufacturing, and workforce transformation, while the government outlined strategies for growth, energy security, and innovation.
Ministers emphasized investments in high-value sectors like AI, advanced manufacturing, and green economy, alongside initiatives such as the Future Energy Fund, Refundable Investment Credit, and enhanced support for heartland enterprises and tourism.
Concerns were raised about SME challenges, including manpower costs, digitalization, and sustainability compliance, leading to updates on grants, financing schemes, and partnerships between large firms and SMEs.

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1 Mar 2024

Estimates for the Financial Year 1 April 2024 to 31 March 2025

The Committee of Supply began its 3rd Allotted Day to consider the Estimates for the financial year 1 April 2024 to 31 March 2025.
Mr Speaker presided over the session as the proceedings commenced.
The debate focused on the examination and approval of the government's budget allocations for the upcoming fiscal year.
Members were set to scrutinize various ministry expenditures and policies during the committee stage.
The session marked a key step in the parliamentary process for endorsing the national budget.

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1 Mar 2024

Products Certified under Singapore Green Labelling Scheme and Efforts to Promote Wider Adoption

The Singapore Green Labelling Scheme has certified over 4,300 products from more than 800 companies to date, with multiple other green labelling schemes also active in Singapore.
The public sector promotes greener products through its GreenGov.SG initiative, which sets green procurement requirements for various goods and services and regularly reviews these policies.
The government is exploring ways to incentivize the private sector, such as through Enterprise SG and NEA grants, to encourage procurement of sustainability-labelled products despite their premium pricing.

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29 Feb 2024

Applications for Assistive Technology Fund and Subsidy Amounts Disbursed

From 2019 to 2023, 9,100 individuals applied for the Assistive Technology Fund, with 98% of applications being successful.
The mean subsidy amount for successful cases was $1,520, and the median subsidy amount was $1,020.
No appeals have been received for further disbursements beyond the $40,000 lifetime cap.

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29 Feb 2024

Applications for Productivity Solutions Grant in Last Three Years

Over the last three years, approximately 36,400 companies received support under the Productivity Solutions Grant (PSG).
The average quantum of support for PSG was about $6,600 per project.
Nearly 95% of all complete submissions for the grant were approved.

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29 Feb 2024

Applications under Enterprise Financing Scheme

Liang Eng Hwa asked about the number of companies that obtained financing under the Enterprise Financing Scheme over the last three years, the average amount borrowed, and how many applicants were unsuccessful.
Gan Kim Yong stated that from 2021 to 2023, over 23,300 companies obtained more than $21 billion in loans under the scheme.
Gan Kim Yong noted that the average amount borrowed varies across different types of loans, such as working capital, fixed asset, and trade loans.
Gan Kim Yong highlighted that the Government does not have data on rejection rates because loans are processed by participating financial institutions.

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29 Feb 2024

Committee of Supply Reporting Progress

The Senior Parliamentary Secretary to the Minister for Law, Ms Rahayu Mahzam, requested consent to report progress and adjourn the debate to the next day.
The Chairman granted consent, and the procedural resolution was passed to report progress and request leave to sit again tomorrow.
The Committee of Supply reported progress on the Estimates of Expenditure for the financial year 2024/2025.
The Speaker acknowledged the report and adjourned the sitting.

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29 Feb 2024

Estimates of Expenditure for the Financial Year 1 April 2024 to 31 March 2024

The Minister for Finance proposed the adoption of the Committee of Supply estimates for the financial year ending 31 March 2025.
MPs debated the allocation of funds across various ministries, focusing on priorities such as healthcare, education, and infrastructure.
Concerns were raised about fiscal prudence and ensuring value for money in government spending.
The Minister for Finance responded to queries, emphasizing strategic investments and maintaining a balanced budget.
The Committee of Supply was resolved to be adopted after the debate, approving the expenditure estimates for the upcoming financial year.

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29 Feb 2024

Supplementary Estimates of Expenditure for the Financial Year 1 April 2023 to 31 March 2024

The Committee of Supply approved the Supplementary Main Estimates, including Heads J, O, X, and Z, totaling $10.48 billion.
The Supplementary Development Estimates for Heads S and W were passed, amounting to $772.94 million.
The Second Minister for Finance reported and moved the agreement of the House with the resolutions, which were agreed to without amendments.

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29 Feb 2024

Effectiveness and Progress of Roll-out of Money Lock Feature in Protecting Consumers from Scams and Unauthorised Bank Transactions

More than 61,000 Money Lock accounts have been set up since its November launch, safeguarding over $5.4 billion in savings by February 2024.
No reports of phishing or malware scams have involved funds under Money Lock to date, with MAS and banks working to monitor its effectiveness and encourage adoption.
The feature is being expanded to other major retail banks by mid-year, and improvements are being made based on customer feedback, such as allowing funds to be locked within the same account.
The majority of scams involve individuals willingly transferring money due to social engineering, highlighting the need for vigilance beyond technical safeguards.

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29 Feb 2024

Addressing Public Anxiety over Job Security and Re-employment Challenges

The Minister for Manpower outlined a tripartite approach to manage retrenchment anxieties, emphasizing responsible employer practices through advisory guidelines and support services like the Taskforce for Responsible Retrenchment and Employment Facilitation to help retrenched workers, including seniors, re-enter employment quickly with reskilling programs and upcoming financial support for involuntarily unemployed jobseekers.
In response to concerns about high retrenchments in specific sectors like electronics, manufacturing, wholesale trade, and ICT, the Government encourages retraining and redeployment over layoffs, offering cost-sharing initiatives such as the Career Conversion Programme to support employers in reskilling workers.
To address difficulties faced by jobseekers unemployed beyond six months, the Government tracks data on barriers like skill mismatches and has rolled out proactive measures like Career Health and CareersFinder to encourage continuous skills updating and career pivots.
The upcoming support scheme for involuntarily unemployed workers is separate from existing retrenchment benefits, aiming to provide temporary assistance for better job matching without replacing current retrenchment policies.

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28 Feb 2024

Clarification by Minister of State for Trade and Industry

Minister of State Low Yen Ling made a factual correction to her previous parliamentary reply regarding Enterprise Singapore's overseas network.
The correction stated that Enterprise Singapore has about 37 overseas centres in 23 countries, not in 21 cities as previously mentioned.
The original reply was given on 28 February 2024 in response to Parliamentary Question No 6.
The corrected statement was circulated with the Speaker’s leave under Standing Order No 29(5).
The clarification aims to provide accurate information on Enterprise Singapore’s extensive international presence.

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28 Feb 2024

Effectiveness of Cooling Measures in Addressing Concerns over Million-dollar and High-value Resale HDB Flats

Minister Desmond Lee reported that after implementing a 15-month wait-out period for private property owners, the proportion of million-dollar HDB resale buyers who were private property owners fell from 34% to about 14%.
Resale price growth moderated, with the HDB Resale Price Index rising 4.9% in 2023 compared to 10.4% in 2022, following cooling measures and increased BTO supply.
The government continues to monitor the resale market to ensure public housing remains affordable and accessible for Singaporeans.

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28 Feb 2024

Update on Tracking Companies Tapping on Government Grants for Internationalisation to Uphold ESG Practices

Ms. See Jinli Jean asked if the Ministry tracks whether companies using government grants for internationalisation uphold responsible ESG practices abroad, what actions are taken if they are irresponsible, and how Singapore's reputation as an ESG hub is protected.
Minister Gan Kim Yong responded that companies must comply with ESG requirements in the countries they expand into, but the government cannot track compliance due to varying standards across economies.
The government, through Enterprise Singapore and the Singapore Standards Council, encourages companies to adopt international and local sustainability standards and has launched the Enterprise Sustainability Programme to provide resources for decarbonisation.

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28 Feb 2024

Implications of Dominant Player in Ride Hailing and Taxi Services on Consumers and Drivers and Measures to Prevent Monopoly

The Minister for Trade and Industry highlighted that a dominant player in the ride-hailing and taxi market is not inherently problematic if it does not abuse its position to harm consumers, drivers, or suppliers or create barriers for new competitors.
The Point-to-Point Transport Industry Act establishes a regulatory framework to maintain an open and contestable market, prohibiting operators from offering exclusive arrangements that lock in drivers and prevent them from driving for competitors.
The Competition and Consumer Commission of Singapore is empowered under the Competition Act to take enforcement action against anti-competitive mergers or the abuse of a dominant market position.

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28 Feb 2024

Tracking Targeted Outcomes Not Met Under Grants Governance Framework and Average Returns

Ms See Jinli Jean asked about the performance of grants under the governance framework, specifically the number and proportion that failed to meet targeted outcomes, accountability mechanisms, and average returns for successful grants.
The Deputy Prime Minister explained that the framework provides central guidance on grant management but individual ministries and agencies are responsible for setting objectives, controls, and monitoring performance.
He noted that ministries track outcomes of their schemes and can provide more details if requested, but did not give specific figures on non-meeting grants or average returns.

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28 Feb 2024

Update on Budget Spent on Outsourced IT and Non-IT Activities for Whole of Government

Leong Mun Wai asked the Deputy Prime Minister and Minister for Finance about the budget spent on outsourced IT and non-IT activities across the whole of Government.
Lawrence Wong explained that procurement contracts are classified as ICT contracts only if the majority of the contract value is for ICT purposes.
Over the last three years, the Singapore Government awarded an average of about $2 billion per year for ICT contracts and $24 billion per year for non-ICT contracts.

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28 Feb 2024

Alternative Measures to Address Ongoing Concerns on Affordability of BTO and Resale Flats

The Minister outlined a multi-pronged strategy to address affordability, including ramping up housing supply with more than 63,000 BTO flats offered over the last three years and completing over 21,400 flats in 2023, the highest in six years.
The government has implemented three rounds of cooling measures since December 2021, resulting in a slowdown in HDB resale price growth to 4.9% in 2023, and maintains stable BTO pricing through market discounts despite rising construction costs.
A new flat classification framework for Prime and Plus flats introduces additional subsidies, a 10-year minimum occupation period, and resale price repayment conditions to keep housing affordable while ensuring a fair subsidy system.
Substantial housing grants, such as the Enhanced CPF Housing Grant of up to $80,000 and the Proximity Housing Grant of up to $30,000, help offset costs, with over 80% of first-timer families in 2023 having a mortgage servicing ratio of 25% or less.
The government remains committed to monitoring affordability and adjusting policies as needed, while advising households to exercise financial prudence when taking on mortgage commitments.

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