Economy & business — Topics

2 Mar 2023

Safeguarding Singapore Companies against Short-selling Companies like Hindenburg Report

Singapore companies facing short-seller reports are expected to respond transparently and promptly, with the option to request a trading halt if more time is needed, as guided by the Singapore Exchange (SGX).
SGX and the Monetary Authority of Singapore (MAS) monitor short-seller reports and company responses, and may issue queries, order independent reviews, or investigate potential breaches of listing rules.
MAS and the Commercial Affairs Department investigate market misconduct if evidence arises, while ensuring the regulatory framework protects investor interests and market integrity.
Investment companies are expected to have robust risk management processes, including setting portfolio limits and actively monitoring investments to respond to market changes.

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2 Mar 2023

Committee of Supply Reporting Progress

The Leader of the House sought and obtained the Chairman's consent to report progress and resume the session the next day.
The Chairman recorded the motion and transferred the chair from the Deputy Speaker to herself.
Indranee Rajah reported to the Deputy Speaker that the Committee of Supply made progress on the 2023/2024 Financial Year Estimates.
The Deputy Speaker acknowledged the report and approved the request to sit again tomorrow.

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2 Mar 2023

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

The debate commenced on the 5th Allotted Day for the Committee of Supply to examine the Estimates of Expenditure for the financial year from 1 April 2023 to 31 March 2024.
Procedural orders were read to initiate the consideration of the expenditure estimates, setting the formal framework for the parliamentary debate.
The discussion was chaired by Mr Speaker, who oversaw the proceedings and ensured adherence to parliamentary rules during the debate.

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2 Mar 2023

Foreign Versus Local Companies that Qualify Under Condition 1 of Manpower for Strategic Economic Priorities Scheme

Leon Perera asked for a breakdown of foreign versus local companies among the 1,000 firms qualifying under Condition 1 of the Manpower for Strategic Economic Priorities (M-SEP) scheme, with the Minister clarifying that all beneficiaries must be locally incorporated or registered to hire Work Permit or S Pass holders.
The Minister noted that about 40% of eligible firms have at least 30% local shareholding, but shareholding is not a prerequisite; the scheme focuses on firms contributing to economic growth and creating opportunities for Singaporeans, with tight selection and collaboration with agencies like EDB and Enterprise Singapore.
Perera raised a supplementary question about a two-year requirement for firms to maintain their local workforce share, questioning how hiring more foreign pass holders could affect this share, with the Minister explaining that the scheme’s focus is on overall economic competitiveness and training for locals, not isolated workforce ratios.

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2 Mar 2023

Disbursements for National Productivity Fund

The National Productivity Fund has disbursed over $1 billion across 47 projects in the past five years, split between productivity improvements and Continuing Education and Training programmes, with sector agencies using benchmarking and industry feedback to guide funding decisions.
Funding is channeled through government agencies and initiatives like the Hotel Innovation Committee, which collaborate with trade associations and business chambers to design sector-specific projects, though the NPF does not provide direct funding to TACs or individual companies.
The government regularly monitors project progress and key performance indicators, and conducts economic studies to assess the impact of NPF-funded schemes, while committing to improve public accessibility of NPF objectives, strategies, and annual reviews online.

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1 Mar 2023

Clarification by Senior Minister of State for Finance

Senior Minister of State Chee Hong Tat clarified his earlier statement about the Auditor-General's Office's audits, emphasizing that they include value-for-money assessments in terms of checking for excess, extravagance, or gross inefficiency leading to waste.
The clarification was made in response to a previous parliamentary question from Mr Gerald Giam, with references to an official report on COVID-19 procurement and expenditure.
The Senior Minister of State aimed to provide precise and accurate details on the scope of AGO's audits beyond procedural compliance.

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1 Mar 2023

Committee of Supply Reporting Progress

Minister Grace Fu moved to report progress on the Committee of Supply and to request sitting again the next day.
The Chairman consented and a resolution was formally passed to report progress and ask for leave.
The Deputy Speaker assumed the chair as the Committee of Supply reported making progress on the FY2023/2024 Estimates of Expenditure.
Leave was granted to sit again the following day, concluding the session's reporting of progress.

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1 Mar 2023

Committee of Supply – Head S (Ministry of Manpower)

The debate focused on the challenge of an ageing workforce, with MPs urging the government to redesign jobs for older workers, expand part-time work opportunities, and enhance support schemes like the Part-time Re-employment Grant to prevent a "cliff-drop" in the workforce.
Concerns were raised about the impact of foreign manpower policies on local PMEs and SMEs, with calls for finer calibration of frameworks like COMPASS and the Shortage Occupation List to ensure complementarity while protecting Singaporean jobs.
The House discussed strengthening retirement adequacy, including CPF reforms for seniors and platform workers, while ensuring progressive wage increases for lower-income workers through the Progressive Wage Model and Workfare support.

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1 Mar 2023

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

The Committee of Supply debated the Estimates of Expenditure for the financial year 1 April 2023 to 31 March 2024.
The session was convened under the Fourth Allotted Day for consideration in the Committee of Supply.
The Speaker presided over the proceedings to facilitate the debate.

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1 Mar 2023

Energy Efficiency Grant Amount Disbursed

Since its launch on 1 September 2022, over 1,000 applications have been received for the Energy Efficiency Grant, with most applicants being micro-SMEs and more than half from the food services sector.
The Minister highlighted that the grant is part of a broader suite of energy efficiency schemes available to businesses, and that the government is working with trade associations to raise awareness and support adoption.
In response to a follow-up question, the Minister noted that the scheme is still in its early stages and that the government is focused on helping SMEs, especially in food services, retail, and food manufacturing, to manage energy costs and integrate sustainability.
The government plans to continue collaborating with industry partners to explore cost-competitive solutions and support long-term energy and emission targets.

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1 Mar 2023

Private Companies Provide Cash Advances to Their Employees as Exempt Moneylenders

The Ministry of Law oversees moneylending regulations under the Moneylenders Act 2008, which distinguishes between licensed moneylenders, excluded moneylenders (who lend only to their employees), and exempt moneylenders (who receive case-by-case exemptions for specific lending models with safeguards).
GFin (a Grab subsidiary) received a three-year exemption in August 2022 for its Partner Cash Advance program because it provides safe credit to drivers and delivery partners with irregular incomes, includes internal credit scoring and borrower support, and has borrowing cost restrictions to prevent exploitation.
The same rigorous exemption framework applies to all similar applications, with conditions attached and ongoing monitoring; non-compliance can lead to revocation or penalties under the Moneylenders Act.

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1 Mar 2023

Analysis of Government's COVID-19 Procurement and Expenditure

The Government spent $72.3 billion on COVID-19 measures from January 2020 to July 2022, with $8 billion for procurement (mostly single-quote contracts for testing and supplies) and the rest for direct support to citizens and businesses.
No procurement was made without a quote, and all single-quote contracts were to unrelated parties, with internal and independent audits ensuring procedural compliance and value-for-money.
The total does not include expenses by Temasek or its foundations for COVID-19 activities, as these are separate from Government expenditure.

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28 Feb 2023

Data on Hawkers on Hawkers Claiming Workfare Income Supplement and Efforts to Supplement Incomes of Hawkers

Mr Leong Mun Wai inquired about the number and percentage of hawkers claiming Workfare Income Supplement, outreach efforts to eligible self-employed persons, and additional government measures to support hawkers’ incomes amid rising costs.
The Workfare Income Supplement scheme automatically provides up to $2,800 annually to eligible self-employed persons like hawkers, with about 50% of stallholders receiving it in 2020, while others are ineligible due to income, age, or MediSave contribution issues.
The CPF Board engages lower-income self-employed persons through multilingual letters, websites, and social media campaigns to promote Workfare eligibility and MediSave contributions.
The government supports hawkers through low rentals and direct household assistance like Community Development Council vouchers to offset food costs, rather than using Workfare to cover business expenses.
Workfare is designed to encourage work and retirement savings, not to offset business cost increases for self-employed persons like hawkers.

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28 Feb 2023

Mandatory Unit Pricing for Essential Food Items in Supermarket and Grocery Store Chains

Leon Perera proposed mandatory unit pricing for essential food items in supermarkets to increase transparency and counter shrinkflation.
Gan Kim Yong highlighted the Price Kaki app’s unit pricing feature launched by CASE to help consumers compare prices across products and brands.
The government will study the feasibility and benefits of mandatory unit pricing based on insights from the Price Kaki initiative.

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28 Feb 2023

Rise in Number and Proportion of Motorcycle Loans with Zero Downpayment

Mariam Jaafar asked the Prime Minister about any rise in the number and proportion of motorcycle loans requiring zero downpayment.
Tharman Shanmugaratnam, speaking for the Prime Minister, stated there is no legislative minimum downpayment for motorcycle loans, but financial institutions may set their own as part of credit risk management.
He noted that currently no local banks offer motorcycle loans with zero downpayment.
The Government does not collect data on such loans, whether from financial institutions, licensed moneylenders, or unregulated motorcycle dealers.

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28 Feb 2023

Committee of Supply Reporting Progress

The Minister for Education moved to report progress and adjourn the session, which the Chairman approved.
The Minister formally reported that the Committee of Supply had made progress on the 2023/2024 financial year's expenditure estimates.
The Speaker acknowledged the report and allowed the session to be adjourned until the next day.

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28 Feb 2023

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

Parliament debated Singapore's economic outlook amid global uncertainties, with ministers outlining the Singapore Economy 2030 vision focused on advanced manufacturing, services, trade, and enterprise transformation, including refreshed Industry Transformation Maps and a new Professional Services ITM.
Key measures to support businesses were announced, including extending enhancements to the Enterprise Financing Scheme and Energy Efficiency Grant, a $4 billion top-up to the National Productivity Fund with expanded scope, and new initiatives like the Green Skills Committee and Heartland Innovation and Transformation Programme.
Members raised concerns about rising costs, manpower constraints, SME digitalization, and the green transition, with the government highlighting support schemes, internationalization efforts, and plans to strengthen consumer protection and the role of trade associations and chambers.

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28 Feb 2023

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

The Committee of Supply convened for the third allotted day to deliberate on the Estimates of Expenditure for the financial year from 1 April 2023 to 31 March 2024.
Procedural orders were read and the session was formally commenced with the Speaker presiding over the proceedings.
The debate centered on the review and approval of government spending plans for the upcoming fiscal year, focusing on budget allocation and oversight.
Members of Parliament were expected to scrutinize expenditure items and raise queries to ensure accountability and efficient use of public funds.

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27 Feb 2023

Update on Proposed Flying Taxi Service since Joint Trial in 2019

Leon Perera asked for an update on the flying taxi service since the 2019 trial, its expected initial daily trip capacity, and the number of jobs it could create over the next five years.
Minister Gan Kim Yong stated that progress has been made in growing Singapore’s Advanced Air Mobility ecosystem since Volocopter’s 2019 eVTOL test flight, with initiatives in R&D, commercialisation, manufacturing, and maintenance.
The government is exploring a piloted eVTOL commercial trial in Singapore, but the specific capacity and job creation figures remain dependent on still-developing operating models.

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27 Feb 2023

Committee of Supply Reporting Progress

The Leader of the House moved to report progress on the Committee of Supply and requested leave to sit again the next day, which was approved by the Chairman.
The Deputy Speaker assumed the chair, and Indranee Rajah formally reported that the Committee had made progress on the 2023/2024 Estimates of Expenditure and sought leave to resume the following day.
The Deputy Speaker acknowledged the report and noted a pending clarification by the Minister of State, Mr Muhammad Faishal.

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