Alvin Tan
Singapore
“And if our companies can use Johor as a complementary base to scale, serve larger markets and strengthen their regional competitiveness while retaining their core capabilities here, that is also additive integration.”
“Sir, I have answered the Member's questions specific to HDB car parks. Specifically, I think, with the provision of hose reels, fire engine access, natural and mechanical ventilations that will help in the event of a fire, and that the HDB carparks must comply with these technical specifications and safety requirements under Technical Ref…”
“Sir, all Housing and Development Board (HDB) car parks are designed and constructed in compliance with the prevailing Fire Code stipulated by the Singapore Civil Defence Force (SCDF). This includes provisions such as hose reels, fire engine access and natural or mechanical ventilation to disperse smoke and heat.”
“What was left unsaid was that in the emails and in the MP Appeal System (MPAS), the Member was informed that: one, he was aware of the fact that AVS had investigated the incident; he was aware of the processes; he was aware that AVS found no professional negligence or misconduct by the vet; he was aware and noted that AVS had found no rel…”
“As we have observed a growth in the range of animal-related services offered by non-vets that may pose a risk to animal health and welfare, Part 4 of the Bill will introduce various offences and penalties to safeguard against unlawful practice and misrepresentation by or about unauthorised persons.”
“Owners are responsible for providing for their pets' needs, including medical care. So, we strongly encourage prospective pet owners to thoroughly consider the full cost of raising a pet before committing to becoming a pet owner. Mr Deputy Speaker, Sir, vet professionals form an important pillar of our animal health and welfare system.”
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“Mentoring SG has gathered more than 1,000 mentors and 13 corporate partners, like Micron and DBS, to create over 4,000 mentoring opportunities. We are setting up the Mentoring SG Office to drive this work by growing expertise, resources, and mentoring opportunities at the national level. If you are a company leader, you can one, offer job tasters through the National Youth Council; encourage your employees to sign up as mentors on mentoringsg.com, and partner our Mentoring SG Office to contribute to our mentoring community, offer your venue spaces, amplification channels, and also other expertise. Chairman, in Mandarin, please. (In Mandarin): [Please refer to Vernacular Speech.] As the saying goes, what is taken from the community is given back to the society. While pursuing business interests, businesses should also proactively undertake social responsibility to co-create a harmonious sustainable society. Businesses can benefit from adopting more purpose-driven models and establishing the culture of mentoring. For example, more consumers are choosing to support businesses that generate value for the wider community, including their suppliers and workers. Staff, on the other hand, become more motivated, productive and stay longer with their companies when they know that their company is making an impact on society and investing in their growth. This is especially when senior staff care and look out for their younger colleagues as part of the company's mentoring culture. We recognise that it is not always easy to shift existing business practices. But we have seen how many different businesses have risen to the occasion to become purpose-driven and contribute back to society. More importantly, businesses do not have to do it alone.”
“From 2016 to 2021, businesses made 164 claims and took up about 4,700 volunteering opportunities under this scheme. 2.45 pm When I met Q&M Dental CEO Dr Ng Chin Siau two weeks ago, he shared how his Cares Committee has launched multiple community projects, including working closely with People’s Association to set up free dental clinics for the underprivileged. And he plans to do more. Mr Edward Chia, Mr Mark Chay, Mr Xie Yao Quan and Ms Yeo Wan Ling asked how we are encouraging more businesses to get involved. This January, National Volunteer and Philanthropy Centre (NVPC) and the Singapore Business Federation Foundation launched the Corporate Purpose Framework and Blueprint. This blueprint serves as a common guide for businesses to implement and track their progress in becoming a force for good in society. Thus far, 47 organisations have committed to our blueprint. In line with this blueprint, NVPC has also refreshed its Company of Good programme for companies. Mr Edward Chia will be pleased to know that the programme will include aspects of employee well-being and that we are exploring how more businesses can adopt our blueprint’s goals with partners such as Enterprise Singapore and the Singapore Business Federation. We have also enhanced the Corporate Volunteer Scheme, including expanding the scope of the scheme's qualifying volunteering activities. We hope that this improves adoption of the scheme and strengthens partnerships between corporates and Institutions of a Public Character. Businesses can also contribute through mentoring. Last December, Deputy Prime Minister Lawrence Wong and I launched the Mentoring SG movement, which builds upon our Mentoring Alliance for Action (AfA).”
“Apart from celebrating Racial Harmony Day on 21 July, our Harmony Circles and other community partners will organise activities throughout July to celebrate and promote racial and religious harmony. Community initiatives, like our Mental Well-Being and Harmony Circles, need volunteers and coordination. Mr Mark Chay, Ms Joan Pereira, Mr Mohamad Fahmi and Mr Xie Yao Quan asked how our SG Cares movement can make volunteering more sustainable and effective. SG Cares Volunteer Centres coordinate efforts to channel volunteers and donations-in-kind to unmet local needs. In the past year, the total number of volunteers and beneficiaries grew by 67% and 50% respectively. This means our Volunteer Centres have engaged 45,000 volunteers and served 340,000 beneficiaries in the past year. We are working with the National Council of Social Service (NCSS) and Singapore University of Social Sciences (SUSS) to strengthen our Volunteer Centres, to help them better equip their community partners with capabilities in volunteer management, training, partnerships, digitalisation and communications. We are also encouraging more professionals to contribute their skills and expertise, by engaging SG Cares National Intermediaries, across the legal, accounting, engineering and chartered secretaries sectors. Individuals, schools, and corporates who wish to volunteer your time and talents, please find out more at nearest Volunteer Centre on our SG Cares website. Just as our communities are coming together for impact, our corporates are also stepping up. Corporate volunteering is on the rise. The median percentage of employee volunteering has increased from 25% in 2017 to 50% in 2021. Ms Yeo Wan Ling asked about the take-up and plans of the Corporate Volunteer Scheme.”
“Over the next year, Kenny, along with 400 other trained volunteers and around 30 partners from other Mental Well-Being Circles, will continue to serve their communities. We will learn from these Circles and then scale up our efforts in other locations. Similarly, our Racial and Religious Harmony Circles, previously known as IRCCs, have strengthened ties and built trust among our ethnic and religious communities. Miss Cheng Li Hui, Ms Hany Soh and Mr Xie Yao Quan asked about the progress and plans of our Harmony Circles. We are just getting started. A key part of our refresh is to help Harmony Circles digitalise and diversify their composition, so they continue to be relevant and effective at fostering harmony within our communities and we have a few encouraging examples. Encik Fazlur Rahman leads Kembangan-Chai Chee's Harmony Circle. He was actively involved in our IRCC Refresh Workgroup last year and he is working to make his Harmony Circle more digital and more diverse. Eunos Harmony Circle leaders, Nazath Faheema and Benjamin Tan, are recruiting youths and equipping digital skills into their Harmony Circle. They recently used social media to urge their communities and the public to stay united following reports that several youths had been radicalised online. We hope more Harmony Circles will follow in their footsteps. Next month, more youths, females and representatives from other religious and community organisations will start their new term as Harmony Circle leaders. They will receive training on mediation, interfaith and digital media. If you are a religious organisation or an individual passionate about interfaith and inter-racial work, please join our Harmony Circles. We will also dedicate July as our Racial and Religious Harmony Month from this year.”
“Chairman, we are building ecosystems for impact together with our community, our corporates and our youths. Please let me start with mental health and mental well-being. We launched our Singapore (SG) Mental Well-being Network in July, to destigmatise, raise awareness of and drive partnerships on mental health and mental well-being. It is doing so in the following ways. First, it is helping remove the stigma for individuals to seek help. Last year, some members of this House and I shared our past struggles in a YouTube video called "99 Singaporeans sharing their darkest moments". This was one of the Network's contributions to a series of initiatives for World Mental Health Day 2022, which aimed to rally people to build a caring society for everyone, particularly those who are struggling. Second, the Network has started regular Partners' Networking Sessions to share ideas and aspirations. Third, the Network is working with our Health Promotion Board (HPB) and National Youth Council (NYC) to fund and mentor 20 youth teams to tackle mental health issues in Season 4 of our NYC's Youth Action Challenge. Fourth, the Network has set up six Mental Well-being Circles across Singapore. These Circles strengthen community and peer support by equipping volunteers with the skills to care for themselves and also for others. Last week, I met Mr Kenny Sng, who is leading efforts to ensure grassroot volunteers can recognise and support those with mental health conditions in Bukit Batok East. He shared that his Well-being Circle is a key platform for his volunteers and leaders to collaborate with partners, such as the Singapore Anglican Community Services, Club Heal and the Agency for Integrated Care (AIC).”
“This is supplemental to Member Derrick Goh's question – SMEs that are currently new to digital technology can adapt or adopt startup digital packs under the SMEs Go Digital programme which helps SMEs to start right with foundational digital tools such as accounting or digital marketing. Mr Derrick Goh asked, about how many? Well, to date, more than 37,000 SMEs have signed up for this startup digital packs. The second data point which is quite useful for his understanding is also a programme called Growth Digital, which helps SMEs expand into overseas markets. And SMEs can get a head start in this in going global by tapping on established B2B as well as B2C e-commerce platforms. And to date, more than 2,900 enterprises are transacting on these e-commerce platforms. We are growing this, we are helping them to digitalise and they are early indicators of success.”
“I thank Mr Saktiandi for his clarifications. The Green Skills Committee (GSC), as the Minister has mentioned, will be set up by the second quarter of this year. How is it different from Jobs-Skills Integrators? Jobs-Skills Integrators will serve sectors which are a little bit more fragmented and less regulated, such as precision engineering, retail, wholesale, trade. The GSC is different in such that the focus will be on emerging green skills. These are in areas of green growth opportunities such as smart grid technology, even for workers that are graduating from Institutes of Higher Learning (IHLs) or ITEs, for example, in electric vehicle (EV) technology. Those are very emerging technologies. The committee will need to map this green skills development with a framework and a training roadmap and size the implementation and training needs as the economy grows in this regard. The GSC will focus first on two green skill areas, as the Minister mentioned. First is on sustainability reporting and assurance and the second is on energy. Let me just dive very quickly into these two. We are looking at skills on the first front – sustainability reporting, disclosures, advisory and compliance. So that is one sector, one first key area. The second is on energy. We know that and we envision that there will be a demand for skills associated with generation storage and deployment of renewable energy, for example, battery energy storage systems design, modelling and simulation and distributed energy resources management. So, sustainability reporting and assurance first because this is emerging and, of course, as infrastructure changes, energy as well.”
“We partner other countries to develop trusted and robust international markets for carbon credits. This will increase investments, create jobs in the green economy and support global decarbonisation efforts. These efforts will make us a credible sustainability services hub, with a strong ecosystem for carbon services, green finance, sustainability reporting and professional services. Finally, we will continue to prepare our workers for the green economy, a point Ms Mariam Jaafar raised. Minister Gan already announced the new Green Skills Committee. Mr Chairman, in conclusion, our journey may be fraught with challenges but it is also filled with opportunities. As we write the next chapter of our economic story, we must build on our existing foundations, yet be bold enough to trailblaze new industries in this new era. Our edge in digitalisation and sustainability will help us achieve our Manufacturing and Services 2030 visions. This will enable our businesses to capture new markets and position Singapore as the gateway to Southeast Asia, creating good jobs and opportunities for Singaporeans. While we attract new investments here, we must also help our local and heartland enterprises compete globally. Next, Minister of State Low Yen Ling will share how we will support our enterprises to weather the economic challenges and move forward together.”
“EnterpriseSG and Infocomm Media Development Authority (IMDA) will also continue to explore ways to support more advanced solutions through the Advanced Digital Solutions scheme, which we will announce details for in the second half of 2023. EnterpriseSG will also work with Accounting and Corporate Regulatory Authority (ACRA) and industry partners to develop programmes to help enterprises embark on sustainability reporting. We will also help businesses strengthen their knowledge on sustainability through courses and new playbooks. EnterpriseSG will develop new Enterprise Sustainability Programme (ESP) thematic courses in topics like Decarbonisation and Sustainable Finance, and expand the number of ESP Foundational Course partners. We will announce new course providers and the new courses will commence in the second quarter of this year. To complement this, EnterpriseSG will also develop playbooks for businesses to learn more about sustainability topics and how to take steps to become more sustainable. Ms Foo Mee Har also suggested building knowledge-sharing platforms. She would be pleased to know that EnterpriseSG will set up a sustainability website for enterprises to access such resources. Ms Foo also suggested helping companies test-bed new ideas and experiment with new technologies. In November, we launched Green Economy Regulatory Initiative (GERI) to speed up innovation in the green economy. There will be more details there. Mr Derrick Goh asked how we are positioning Singapore as a leading international green hub. We are building our credentials as a carbon services and trading hub. We are now home to more than 80 organisations providing carbon services – the highest concentration of service providers here in Southeast Asia.”
“Ms Foo Mee Har, Ms Jessica Tan, Ms Janet Ang and Prof Koh asked how we are helping businesses transition to a low-carbon future and equipping our workforce for jobs in the green economy. Members also asked how we are helping our SMEs embark on decarbonisation, carbon accounting and sustainability reporting. We aim to transform our economy, work with the international community to achieve our collective climate targets and remain relevant in a low-carbon future. Our Green Economy Strategy will help our businesses do so. How? First, as we digitalise our economy, we are also greening our businesses and industries. We will extend the enhanced support under our Enterprise Development Grant (EDG) for sustainability projects, to encourage more local companies to identify and seize opportunities in the green economy. Sustainability projects will continue to receive funding support of up to 70% for three more years. Other projects under EDG will revert to a support level of up to 50% from April this year, along with the Productivity Solutions Grant and Market Readiness Assistance scheme. Sustainability reporting is increasingly important for companies to demonstrate their sustainability performance and commitment to the environment. Consumers and investors want greater transparency through sustainability disclosures. They are more conscious of the environmental and social impact of their products and investments. Companies can start by measuring carbon emissions, which will enable them to monitor, improve and subsequently report their sustainability impact. If you are an SME keen to measure your carbon emissions, please explore EnterpriseSG's Productivity Solutions Grant.”
“We will start this April, by launching Tiny Away Escape @ Lazarus Island by Big Tiny, comprising five eco-tourism accommodation units on the island. Big Tiny operates sustainably through using renewable energy, energy efficient appliances and a biodigester which converts food from waste to compost on-site within 24 hours. In the coming months, we will also launch other offerings at Lazarus Island like non-motorised water activities and also glamping. So, come visit us! I hope our continued investment in our tourism businesses and workforce will give Members confidence that our tourism businesses are well-equipped to thrive. Our efforts, to green our tourism sector is part of our larger plan to tackle climate change. We remain committed to achieve net zero emissions by 2050 and have taken decisive steps towards our climate goals, which brings me to our Green Economy. Prof Koh Lian Pin asked about the transition framework for companies in emissions-intensive trade-exposed sectors. The framework aims to help our businesses transition into low-carbon operations, while mitigating the risk of carbon leakage, which could happen when companies shift operations to other jurisdictions with lower or no effective carbon prices. I would like to assure Prof Koh that the allowances will only be for a portion of companies' emissions. It will be determined based on internationally recognised efficiency benchmarks, where available; or the facilities' decarbonisation plans that are aligned with our net zero commitments. We are engaging affected companies on details of the transition framework, including how to apply these efficiency benchmarks. We will finalise these details ahead of changes to the carbon tax regime taking place in 2024.”
“When borders reopened last year, STB and NTUC's e2i launched our Tourism Careers Hub to provide career coaching and employment and training support for our tourism workers. As of end-2022, more than 500 workers were placed into our tourism sector. Third, we have ambitions to be a globally known sustainable urban destination. Last Friday, Senior Minister Teo spoke about our industry sectoral roadmaps that guide companies in their sustainability journey, including for tourism. Ms Foo Mee Har also asked about developing sustainability roadmaps. Last year, we launched our Hotel and Meetings, Incentives, Conferences & Exhibitions (MICE) Sustainability Roadmaps to help both these sectors build new green skills and track their carbon footprint. Tech has also played a part in greening our tourism sector. For example, Pontiac Land Group partnered a local startup under our Singapore Tourism Accelerator to pilot a user-interface platform that integrates data on energy, water, waste and carbon emissions across Pontiac Land's four properties in Singapore and helps them to monitor their sustainability efforts. And with that, I am proud to announce that Singapore has recently been certified as a sustainable destination based on the Global Sustainable Tourism Council's Destination Criteria. What does this mean? This certification validates our policies in stewarding Singapore to become a sustainable urban destination by 2030, in line with our Singapore Green Plan 2030. I am also happy to share that Sentosa Development Corporation will be making our Lazarus Island a light touch destination over the next three years, where visitors can experience its rustic charm while minimising their impact to biodiversity and the environment.”
“This year, we welcome international leisure events debuting here, such as Van Gogh: The Immersive Experience and Sneaker Con Southeast Asia; and will witness the return of top business events like Gastech Exhibition & Conference. As SportSG announced last November, Singapore will also host the inaugural Olympic Esports Week in June. This has the potential to grow Singapore as an eSports Hub, attracting investments, creatives and talents in an emerging sector. Second, we will continue to build our tourism businesses' tech capabilities and workforce. We will partner industry to create virtual experiences and experiment with extended and augmented reality to complement real-world offerings. Singapore Tourism Board (STB) and Gardens by the Bay are currently trialing the Lost Fairy, an augmented reality storytelling experience. Visitors at the Floral Fantasy are transported into a magical fantasy world, providing a refreshing and gamified visitor experience. We will also continue to help our tourism sector use tech to raise their productivity. By end-March, 90 hotels, which covers about 40% of Singapore's hotel room stock would have adopted self-check-in solutions that are integrated with STB's E-Visitor Authentication system. This system uses facial recognition technology to authenticate guests' identities, verify the validity of their stay and automatically transmit relevant data to the Immigration & Checkpoints Authority (ICA). Guests will experience a more seamless check-in process with waiting time shortened by up to 70%. We will also continue to prepare our tourism workers for post-pandemic recovery. Our Enhanced Training Support Package provided close to 60,000 training places by end-2021.”
“These centres will groom talent, develop sustainability expertise and drive R&D capabilities and activities for Southeast Asia. Our Design Singapore Council has also developed the Good Design Research Initiative as well, to help designers and firms like Ginlee Studio and bioSEA design for environmental impact. We will also help Singaporeans take on new jobs in the professional services sector by reskilling and redeploying workers through initiatives like our Career Conversion Programmes. For example, if you are looking to upskill and explore new roles in the accountancy sector, you can approach the Accountancy Careers Hub to pick up new skills and receive career guidance to advance your career within the industry. 1.45 pm With these ITM 2025 building blocks in place, our professional services sector is looking professional and bright! Just as our Professional Services sector is distinguishing itself globally, a vibrant tourism scene will also differentiate us from other business hubs. In the next decade, we will build our tourism sector in three ways. First, we will continue to refresh and invest in new products and events. Our tourism sector received just over S$2 billion of new investments and reinvestments last year, even during the pandemic. This reflects strong confidence in our competitiveness as a top tourism destination and ensures we continue to have new and updated hotels, attractions and events. We will also partner world-class event organisers and frontload our investments to build a strong leisure and business events pipeline that appeal to different interests and sectors.”
“From 2020 to 2025, we expect our professional services sector to achieve VA growth of 3% to 4% per annum, to $27 billion and create 3,800 additional PMET jobs annually for locals. To achieve this, our Professional Services ITM 2025 will focus on three areas. First, we will strengthen Singapore's appeal as a business hub for companies to build their headquarters here. Headquarters create meaningful jobs for Singaporeans in various areas, including corporate functions such as marketing, legal and finance and accounting. We have a pool of ready talent to provide these services. We are already attracting leading global firms because of the strong fundamentals I mentioned earlier, but to help existing headquarters in Singapore improve their in-house corporate functions, EDB has designed two online assessment tools for marketing and also for finance and accounting. These resources help companies assess their corporate functions and recommend ways to transform job roles. EDB's Corporate Venture Launchpad also help Singapore-based companies nurture new venture concepts here. SembCorp Industries Ltd has benefited from this programme and spun off new ventures. Last year, we injected an additional $20 million into this scheme to onboard more firms to start new ventures. Second, we will help our professional services SMEs become more digital. If you are a professional services SME, please continue to use our Productivity Solutions Grant and Enterprise Development Grant and platforms like IMDA's Chief Technology Officer-as-a-Service. Third, we will help our companies create jobs and upskill our workforce to meet rising demands in sustainability. EDB is partnering consulting and engineering services firms to set up regional sustainability Centres of Excellence.”
“At the Global Space and Technology Convention organised by Singapore Space and Technology Limited two weeks ago, Minister Iswaran announced that Mangata Networks, a satcom company, is establishing its maritime global headquarters here and will create at least 160 new and exciting jobs. Our space industry is fuelled with potential. As I see our students strolling in, please come and join our space sector and join our rocket ship. We have made good progress for Manufacturing 2030, including in biotech, robotics and space. As we programme our satnav back to Earth, let us land on Services 2030 – our plan to grow our services sector. Mr Derrick Goh asked how we have been helping our SMEs digitalise. Our Services 2030 vision is to grow our services sectors by making them more digital and sustainable and to anchor Singapore as a leading hub for business, lifestyle and tourism. By 2030, we aim to entrench Singapore as a hub of firms, a hub of flows and a hub of talents. A hub of firms – where we continue to attract multinational enterprises and large local enterprises to use Singapore as a base for their Global-Asia operations. A hub of flows – where we strengthen our position as a global trading, financial and lifestyle hub, build on our networks of international trade agreements to connect Singapore and Southeast Asia to the world and further our digital and green economy agreements. Finally, a hub of talents – where we build a strong Singaporean workforce and continue attracting global talent. Let me elaborate using three sub-sectors. First, professional services. Minister Gan spoke of how our refreshed Professional Services Industry Transformation Map (ITM) will help our professional services firms transform so Singapore remains a hub for firms.”
“Enterprise Singapore's Scale-up SG programme helped MiRXES internationalise and expand to North and Southeast Asia in 2022. These firms are doing good work to help address challenges in ageing societies like ours and in many parts of the world. We will continue to help them thrive in this emerging global silver industry. We have seen how tech-enabled manufacturing solutions improve the lives in the silver industry. This also inspires us to explore new frontiers like space. We thank Mr Shawn Huang for acknowledging the space industry's growth potential. We have been gradually growing our space industry since the early 2000s. Today, the global space industry is valued at over US$400 billion, set to increase to over US$1 trillion by 2030. In 2013, we established our national space office – the Office for Space Technology and Industry (OSTIn). OSTIn brings together players from different disciplines to build our nascent space ecosystem and develop emerging and disruptive technologies. We have good local capabilities in satellite engineering, remote sensing and satellite communications (satcom) and have launched over 15 satellites thus far. DSO National Laboratories collaborated with OSTIn, local space research partners and international industry partners to launch our first locally developed Synthetic Aperture Radar microsatellite into space last year. We can also apply space-based technologies to other sectors such as aviation and maritime. Our space industry has also created attractive jobs and anchored foreign companies here. Today, we have approximately 2,000 professionals and researchers in our space sector and more than 60 local and international space companies based here.”
“Just as our biotech sector is showing promise, we are also making strides in robotics. Singapore has the second most robot-intensive manufacturing sector in the world, just after South Korea. Our manufacturing, construction and healthcare sectors here use robots to improve productivity, safety and quality. In manufacturing and construction, robots can ease on-site manpower constraints. For example, construction company Gammon uses Spot, a four-legged robot built by Boston Dynamics to scan sections of mud and gravel at construction sites to check work progress. We will strengthen our national robotics ecosystem through the National Robotics Programme (NRP). In fact, last month, Minister Tan and I celebrated NRP's sixth anniversary at Singapore University of Technology & Design (SUTD) with startups and industry players. There is great energy and promise in our robotics sector. Our biotech and robotics solutions have applications for the silver industry too – a sector Ms Sylvia Lim asked about. For example, Alexandra Hospital successfully trialed Florence, a robotic nursing assistant co-created with NCS to perform tasks, including taking vital signs of patients at their bedside and delivering medication and items. This frees up time for nurses to perform other value-added tasks for their patients. Another example is MiRXES, a homegrown A*STAR spin off firm that focuses on early detection of cancer using its proprietary microRNA platform. MiRXES launched GASTROClear in 2019, the world's first approved molecular blood test for stomach cancer, which has been used by over 30,000 patients to help detect early-stage cancer before an endoscopy is prescribed.”
“Mr Shawn Huang is right also to highlight the potential of robotics and space. We aim to be a frontrunner for tech-enabled manufacturing in areas like biotech and robotics while also exploring the space industry. On biotech, our biotech sector may be nascent but we expect it to grow by 8% annually. Ms He Ting Ru asked about the opportunities and support to further develop this sector. We are doing so in several ways. First, nurturing our talent pipeline. A*STAR's Singapore Therapeutics Development Review (STDR) initiative and Technology for Enterprise Capability Upgrading (T-Up) programme is one such thing. Since 2003, more than 950 A*STAR research scientists and engineers have been seconded to support over 850 local SMEs in product development under T-Up. Of this pool, close to 70 of them have been seconded to 45 biotech-related companies and 16 have joined the companies full-time at the end of their T-Up projects. One example is A*STAR scientist Dr Lionel Low, who was seconded in 2019 to Tessa Therapeutics. Dr Low has now since joined Tessa Therapeutics full-time as Director of Research and Development. Minister Tan also announced that we are expanding our Innovation and Enterprise Fellowship Programme (IFP) to include public sector partners like the Experimental Drug Development Centre. The second thing that we are doing is to grow our biotech venture ecosystem financing and funding. We are working with venture capitalists (VCs) to channel more investments into Singapore-based biotech startups. In 2021 and 2022, Enterprise Singapore's SEEDS Capital invested $70 million and catalysed another $300 million from 40 private equity and VC funds into 70 deep-tech startups while Startup SG Tech extended $10 million in funding to 30 projects.”
“Last year, Deputy Prime Minister Heng and I, together with SPETA and the Institute for Human Resource Professionals, launched our Manufacturing Employers' Handbook, which provides companies with human capital best practices and tools to help them structure career progression pathways for their employees. Despite a more challenging global environment, we plan to continue growing our manufacturing sector. How? First, we will do even more to attract frontier investments here. We remain an attractive manufacturing location for many best-in-class firms like BioNTech, which chose to locate here because of our strong fundamentals, like our pro-business environment and a strong rule of law. We will continue to strengthen our manufacturing ecosystem and toolkits to maintain our competitiveness. Minister Gan announced earlier we will extend our Pioneer Certificate Incentive, Development and Expansion Incentive and the Investment Allowance tax incentives to end 2028. This further reinforces our commitment to strengthen incentives to attract leading edge investments here. Prof Hoon Hian Teck also asked how we are creating the manpower required for Manufacturing 2030. The short answer is we will attract more Singaporeans to the sector. How? First, we piloted the Accelerated Pathways for Technicians and Assistant Engineers (Manufacturing) Grant to help selected manufacturing companies hire, train and offer career progression for ITE graduates to become proficient technicians in the sector. We will extend this pilot by another two years to March 2025 to allow even more companies to be onboarded. Mr Liang Eng Hwa, Mr Saktiandi Supaat and Ms Jessica Tan asked about emerging sectors in Singapore and opportunities for businesses in those areas.”
“Mr Chairman, Minister Tan reminded us to keep an eye on the future. What will our economic future be like? Earlier, both Ministers offered a glimpse by outlining our trade and enterprise strategies under our Singapore Economy 2030 vision. I will share about the other two pillars under this vision, which Mr Saktiandi Supaat and Ms Jessica Tan asked about. Let us start with manufacturing. Manufacturing remains the bedrock of our economy, forming its largest component. In 2022, it accounted for about 22% of GDP and 220,000 local jobs. Our established strength in manufacturing has allowed our economy to remain resilient in spite of the pandemic. In 2021, we launched our Manufacturing 2030 vision to grow our value-added (VA) by 50% from 2020 to 2030. We have made significant progress since. In 2022, our manufacturing VA increased by more than 15% from 2020. The sector also received a record S$17 billion in total fixed asset investment, driven primarily by investments in the semiconductor industry. We expect these projects to create more than 4,600 jobs over the next five years. To have enough workers to fill these newly created jobs, we will partner industry to develop a strong talent pipeline. We are working with trade associations and chambers like the Singapore Precision Engineering and Technology Association (SPETA) and the Singapore Semiconductor Industry Association to offer quality internship opportunities for Institute of Technical Education (ITE) students to raise job awareness of and enhance these students' experience in the sector. As of September last year, we have created 806 internship opportunities across 71 companies, exceeding our target of securing 200 internships across 50 companies by end 2022.”
“I thank the Member. There is a variety of performance indicators of which managerial competencies is one. I mentioned earlier the WMS has its limitations; they do not do it on a yearly basis. So, even when you look at 2004 to 2022, they do not do it on a yearly basis; and from what I understand, it is snapshots of different countries across that span. So, I think in that regard, we look at a variety of different studies. I think the IMD World Competitiveness Yearbook provides at least some form of understanding. Competitiveness, performances – I think managerial competencies help to build competitiveness in any economy. But I think the crux of the question and the crux of the push for Government is to ensure that we remain competitive, of which managerial competencies is a core part. And the sectorial agencies as well as Government as a whole, on the upstream, with Institutes of Higher Learning (IHLs), for example, can play a very strong part in improving both our managerial competitiveness as well as our competitiveness as a whole.”
“Earlier, I mentioned Enterprise Singapore's Enterprise Leadership for Transformation (ELT) scheme – that is targeted at senior leadership of promising small- and medium-sized enterprises (SMEs). ELT supports business leaders, help them to achieve the next point of growth, help them to develop business strategies and to enhance their leadership skills. So, that is one example. Maybe I will just update the Member that since we launched ELT in October 2020, we have onboarded more than 400 business leaders from over 300 companies. I also cited how a sector agency like MAS has the Financial Sector Development Fund (FSDF) which supports promising Singaporean financial leaders to navigate a very challenging regional environment. We also have others like on the manufacturing front. We have our Smart Industry Readiness Index (SIRI) which help our manufacturers start, skill and sustain their manufacturing journeys. And on human capital, a key indicator also, we have Workforce Singapore (WSG) and the Singapore Business Federation's Industry 4.0 Human Capital Initiative (IHCI) to help companies strengthen HR planning and job redesign. The Member had a question also in his question in part (c) on academics and non-academic institutions. The Singapore University of Social Sciences (SUSS) helps administer this ELT that I mentioned earlier on. So, there is a whole ecosystem. But I wanted to assure the Member that we are focused on this and we are looking to enhance some of these schemes, some of these initiatives. I welcome his ideas and suggestions on how to do this even better.”
“I thank the Member for his supplementary question. The Economist had an article on the WMS in early-February which had a table and also talked about different managerial competencies and where Singapore, vis-à-vis other countries, is situated. I mentioned earlier in my Parliamentary Question (PQ) reply that the WMS is just one of many of these surveys and the Government is open to collaborating with private researchers, institutes to study Singapore's performances across a variety of indicators, a variety of performance factors and dimensions. Maybe I take a step back and look at other such studies which may offer a variety of perspectives. For example, the Government tracks Singapore's performance in the annual Institute of Management Development (IMD)'s World Competitiveness Yearbook, which assesses countries' competitiveness and the ability to create and sustain long-term growth. In 2022, Singapore placed third in this IMD World Competitiveness Yearbook behind Denmark and Switzerland, but ahead of some of the countries which the Member mentioned in the WMS survey. Our third place ranking in this IMD World Competitiveness Yearbook is an improvement over 2021, where we placed fifth. We remain Asia's top performing economy in terms of competitiveness and the ability to create and sustain long-term growth. It is not just on the whole but also our sector agencies examine the variety of indicators that are irrelevant to management, for example, competitiveness specific to their sectors. But I think the bigger question that is embedded in the Member's question in part (c), is what we are doing as well. So, let me go into that detail a little bit.”
“Sir, the World Management Survey (WMS) seeks to measure the quality of management practices in companies in selected countries and sectors. While the WMS provides useful data, it also has its limitations like any other survey. For instance, the WMS survey is not conducted on a regular basis nor on a consistent sample of countries. We track the performance of our firms and our economic competitiveness through other data points and surveys instead. We remain committed to raising the managerial capabilities of our workforce. Sector agencies monitor the performance of their sectors closely and provide companies with the necessary support to transform their business and workforce. The Government also supports ecosystem partners such as training providers, employers and trade associations and chambers on managerial skills training. For example, the Financial Sector Development Fund (FSDF) administered by the Monetary Authority of Singapore (MAS) co-funds eligible leadership programmes under the Asian Financial Leaders Scheme (AFLS) to develop promising Singaporean leaders in acquiring knowledge to navigate the diverse operating environment in the region, as well as leadership competencies in corporate governance, ethics and culture, as well as strategic thinking and execution. In addition to the sector-specific initiatives I just highlighted, the Government also helps our local enterprises grow their business and leadership capabilities through programmes such as Enterprise Singapore’s Enterprise Leadership for Transformation.”
“The organisations are: the Singapore Red Cross Society, Rahmatan Lil Alamin Foundation Limited, Mercy Relief Limited, Operation Mobilisation Singapore Limited, World Vision International, Bible Society of Singapore, Buddhist Tzu Chi Merit Organization (Singapore) Limited. In fact, COC granted waiver of the 80:20 rule for all of these permits. Talking about the criteria, well, given that the funds raised will be used to support overseas beneficiaries, permit holders must: first, have in place an anti-money laundering and countering of the financing of terrorism (AMLCFT) policy; two, exercise sensitivity when conducting its fund-raising activities and also not engage in any activities that may undermine the social and racial religious harmony in Singapore; and three, ensure that the funds raised are used by its beneficiaries in conformity with the laws of their respective countries and in a manner that would not affect Singapore's bilateral relations with these countries. The COC will continue to review the 80:20 policy and will update the Member in due time. We can and have already been, on a case-by-case basis, waiving the rule, as I mentioned in my reply to the PQ and supplementary questions. We thank the Member for his continued support for organisations who are working hard to support worthwhile causes overseas and, also, to Singaporeans and Singapore residents who have contributed to these causes.”
“Sir, I thank the Member for his supplementary questions and also, for speaking up for the NGOs, whom we have met, who also generously and candidly shared about their experiences and also their work and their feedback. Just to take a step back – the intent of the 80:20 rule is to ensure that these funds that are raised from the public are used primarily to benefit locals and also local causes. A concession is made where a proportion of the funds – in this case, 20% – is allowed to flow overseas for charitable purposes. Why? Because it is important o ensure: one, the accountability and transparency of permit holders since public funds are involved; and two, that the external flow of funds for overseas causes to foreign entities are legitimate. All organisations have to apply for a foreign fund-raising permit from the COC if there is a need to raise funds for a foreign charitable purpose, and to seek waiver of the 80:20 rule where appropriate or when required. In the case of smaller organisations like some of the NGOs that we met, who may not have enough resources to monitor its partners and affiliates, these organisations may consider partnering with those who are equipped to do so and who already have valid fund-raising permits in place. We do this in order to mitigate risks and also to reduce restrictions faced during the fund-raising process. I wanted to give the Member an update that, for example, the COC has already issued seven permits thus far for fund-raising efforts for the earthquakes in Türkiye and Syria.”
“Thank you. The short answer is that we are still monitoring developments in this space.”
“Mr Speaker, to reduce electronic waste or e-waste, the European Union (EU) requires all mobile phones and other portable electronic devices sold in the EU to be equipped with a USB Type-C charging port by the end of 2024. The Indian government intends to implement a similar requirement. But most countries have not announced similar measures. We are monitoring developments in this space, including manufacturers' response to the EU requirements. In the meantime, we have implemented other ways to manage e-waste, such as the Extended Producer Responsibility framework.”
“These skills maps set out capabilities that family office employees, management and external service providers should possess, including in new technical skills and competencies for family governance and philanthropy advisory. These skills maps are used by training providers such as our Wealth Management Institute and the Singapore Management University Business Families Institute to develop relevant training programmes, with co-funding of training fees provided for Singapore Citizens and Permanent Residents. The Wealth Management Institute, for instance, aims to train more than 5,000 professionals via its family office programmes by 2025.”
“I thank the Member for his supplementary question. Family offices do open accounts with banks in Singapore, and MAS requires all banks operating in Singapore to put in place robust controls to detect and defer the flow of illicit funds. These controls include rigorous processes to identify customers, understand the intended purpose of account opening, evaluate the risks posed and monitor the accounts on an ongoing basis for suspicious activity. Since 2018, Singapore has activated over 70 relationships with countries to share tax-related information. Though these relationships, tax authorities will be able to get information through financial institutions of account holders who are their tax residents. These reaffirm Singapore's commitment to international standards on transparency and cross-border tax cooperation to deter tax evasion. On the Member's other question, I would like to respond that SFOs are set up to manage the family's own monies. And thus, it is reasonable for the families to have the discretion to make their own decisions on who to hire to manage their families' investments. Further, family offices often invest in globally diversified assets which may require knowledge of overseas markets; and fundamentally, not imposing a requirement to hire locals is to allow family offices the same ability to make hiring decisions that are based on merit, similar to other employers. Nonetheless, it is our objective to create good jobs here and to give our locals the best chance to take up those jobs by investing heavily in their capabilities and skills. To equip locals with skills relevant to family offices, MAS has partnered with industry experts and the Institute of Banking and Finance to launch three skills maps for the family office sector in 2020 and 2021.”
“Mr Speaker, the prices of goods and services sold on major e-commerce platforms, such as Shopee, Lazada and Qoo10, are incorporated in the Consumer Price Index (CPI). E-commerce benefits consumers by offering them a wider choice of goods and services, at a wider range of prices. It also reduces the costs of sale such as those incurred by physical retail outlets.”
“I thank the Member for supporting our attractions. Well, at this moment, Singapore Tourism Board (STB) does not have plans to provide guidelines for direct subsidies pertaining to admission prices for Singapore's attractions. However, if the Member would remember during the height of the COVID-19 crisis, where many of our attractions and, indeed, our tourism sector was hardest hit by COVID-19, we launched SingapoRediscovers Vouchers (SRVs). And that, indeed, helped a lot of the attractions. It did not just help our tourism sector, but it also enabled Singaporeans to go out there and to participate and enjoy the many attractions we have to offer. Just to give Members some data, about 1.9 million Singaporeans used their SRVs, generating about $300 million in voucher redemptions, including $180 million in vouchers and about $120 million in out-of-pocket top-ups for the SRVs bookings. The scheme also assisted and helped many of our retail, food and beverage and transport in about $100 million dollars' worth of ancillary spending. Although the scheme has ended, we urge the Member, and many Singaporeans, to continue supporting our local businesses and exploring our country. We have many new developments coming up, including Bird Paradise in the second quarter of this year. So, please do visit and support our tourism attractions.”
“Sir, the Ministry of Trade and Industry (MTI) encourages attraction operators to offer discounts to Singapore residents. However, admission pricing is, ultimately, a decision to be undertaken by the operators themselves. Some attractions have differentiated pricing or seasonal discounts for locals, vis-à-vis tourists. For instance, Universal Studios Singapore (USS), S.E.A. Aquarium, ArtScience Museum and the Mandai Wildlife Parks all offer cheaper, single-entry tickets to locals. These attractions also typically offer seasonal or annual passes to locals. And other attractions, such as the National Museum of Singapore and the National Gallery, also offer free admission to locals. So, please, visit all of our attractions.”
“Majority of them are working as PMETs and the Government is working closely with companies, schools and unions to build a robust local talent pipeline for the sector. So, we will focus on reskilling and upskilling workers in this regard. Please do join our aerospace industry. We are expanding the industry, we are also creating jobs and we also provide training. I give you two quick examples, SkillsFuture Singapore transition programme on aircraft maintenance for technicians and then also there is a Workforce Singapore's career conversion programme. Finally, we are also developing technology and innovation. So, it is not just bringing them in, providing jobs and skilling, but we are looking forward bound into the future. For example, the Agency for Science, Technology and Research (A*STAR), Rolls-Royce and Singapore Aero Engine Services Private Limited (SAESL) have set up the smart manufacturing joint lab to develop next-generation MRO and manufacturing capabilities. More than 100 SMEs have thus far participated in the joint lab with some becoming qualified suppliers to global aerospace companies. Finally, we also have a plan. Deputy Prime Minister Heng and I launched our aerospace industry transformation map in October 2022. It is a forward-looking map, which has plans for the aerospace industry to 2025 and we hope to achieve $4.6 billion in real value-added by 2025, which is a 15% increase in our target of ITM 2020. So, the aerospace sector is looking bright and I encourage Singaporeans to also apply and join the sector.”
“I thank the Member for his questions. I think it is good now to paint a broader picture of the aerospace industry, and to welcome both new entrants to the aerospace industry and also workers who have left and can come back. Let me give Members a broader picture and in this case, it is a bit of a HR practitioner, in this regard. First, we are attracting new MRO operations in Singapore. I give you two examples. First, there have been many MRO companies that have expanded their operations since last year. They include Liebherr, who is expanding their in-house repair capabilities for hydraulic and heat transfer equipment. They are also working with our EDB to train and develop programmes for their employees. We also have Meggitt, who doubled the size of their centre of excellence to accommodate MRO capabilities for over 100 new aircraft components. So, we are continuing to attract these aerospace companies into Singapore and helping them also to expand their offerings into Singapore and therefore increasing our manufacturing output. The second is the ensuing jobs created. Aerospace companies, as mentioned in my earlier reply, are actively recruiting talent to fill the various roles across all of the different MRO sub-segments. There are many roles in demand, you might want to try including technicians, engineers, production associates; and companies are also keen to hire talented emerging areas such as digital services as well as autonomous technologies. This can enhance productivity and innovation in the MRO process. On the localisation, the aerospace industry has a high rate of job localisation of almost 80%.”
“Sir, our aerospace industry is coping well with the increase in demand for maintenance, repair and overhaul (MRO) services, following the reopening of borders. The industry's monthly index of industrial production has exceeded pre-COVID-19 levels since the second quarter of 2022 and grew 27.7% year-on-year in 2022. We expect MRO demand to grow further as China opens its borders. To cope with this demand, aerospace companies are increasing their recruitment efforts and looking to fill about 3,000 new roles by the end of this year. They are also investing in technology and innovation. For example, Pratt & Whitney announced plans last September to establish its Technology Accelerator here in Singapore, which will develop technologies to increase productivity and help the company meet future demand.”
“As I mentioned in my earlier reply, CPI-All Items inflation is projected to be higher, as well as our core inflation, but the global market outlook is uncertain; in part, because of potential geopolitical tensions that we have been seeing in the news almost every day. There is also a softening of or normalisation of supply chains but it continues to be tight. We are still quite moderate in our expectations for growth, but at the same time, it is important for us to keep a longer-term view. That is why, for example, for the monetary policy to be proactive, for fiscal policy to be also supporting both our businesses as well as Singaporeans as a whole.”
“5 billion support package announced in June, the Government's co-funding share of this 2022 PWCS support was enhanced from 50% to 75% for wages up to $2,500, and from 30% to 45% for wages above $2,500 and up to $3,000. The Government will look into the business environment and assess if more support schemes are required to support our businesses.”
“I thank the Member for his supplementary question. In fact, MAS was very pre-emptive in its response to the pick-up in inflation, having started monetary policy tightening in October 2021, even when global inflationary pressures were relatively modest. That is important. And just to give Members a sense, as at end January 2023, the Singapore dollar nominal effective exchange rate (S$NEER) has strengthened by 7.8% against a basket of currencies of our major trading partners, if you compare that to October 2021, when MAS first began tightening monetary policy. On domestic inflation, domestic inflation is related to external factors. So, if you look at the external front, you might have fresh shocks to global commodity prices such as those arising from worsening geopolitical tensions or a significant strengthening of demand following the reopening of China's economy. This, naturally, will result in higher domestic inflation, particularly for food and energy-related items. Domestically, more persistent than projected manpower shortages could culminate in stronger labour cost pressures. The Government is aware of this but we expect this current tightness in the domestic labour market to ease over the course of the year, particularly with labour demand likely to soften amidst global economic headwinds, while continued non-resident inflows could also help to reduce labour market tightness and moderate cost pressures. For labour costs, the Government is also co-funding the wage increases of lower-wage workers for five years, from 2022 to 2026, under the Progressive Wage Credit scheme (PWCS). As part of this $1.”
“Speaker, Singapore’s inflation outlook this year is dependent on both external and domestic factors. Externally, global inflation is likely to stay firm in the near term as global energy and food commodity prices remain elevated despite coming off their peaks in 2022. At the same time, labour markets in advanced economies remain tight, thereby keeping pressure on wages. Domestically, businesses are likely to continue to pass through elevated import and utilities costs, along with rising labour costs, to consumer prices. Meanwhile, housing rent and car inflation are projected to remain firm due to the strong demand for rental housing and tight COE quotas respectively. Taking these factors into account, inflation in Singapore is expected to remain elevated in the first half of 2023, before slowing more discernibly in the second half, as global inflation moderates and the current tight domestic labour market eases. For 2023 as a whole, the CPI-All Items inflation is projected to come in at 5.5% to 6.5%, compared to 6.1% in 2022. Over the same period, MAS Core Inflation – which excludes accommodation and private transport costs – is expected to average between 3.5% and 4.5%, compared to 4.1% in 2022. On our monetary policy, as I had explained to this House in November last year, the effects of the Monetary Authority of Singapore (MAS)’s five successive monetary policy tightening moves will continue to dampen inflation in the year ahead. MAS remains watchful of the near-term risks to inflation and growth. The agency will review our monetary policy in April 2023.”
“I thank the Member for his questions. I do not have the economic value of the site; I can get back to the Member. But JTC and URA are jointly reviewing the longer-term land use plans for the site, along with other agencies like NParks. We will take into consideration existing features, such as the waterfall as well as the Jurong Hill Tower nearby. Given the memories and history tied to Jurong Bird Park, we will seek public feedback in due time to shape the future plans for Jurong Hill together. Meanwhile, I encourage everyone to visit Jurong Bird Park before it closes on 3 January 2023 and also to support Bird Paradise when it opens in the second quarter of 2023.”
“Speaker, Mandai Wildlife Group will move more than 3,000 birds and about 50 species of flora from Jurong Bird Park to Bird Paradise at Mandai after it closes on 3 January 2023. Mandai Wildlife Group's detailed planning for this move includes necessary steps and measures to ensure the welfare, health and safety of the birds during the relocation. The Jurong Bird Park site is expected to be returned to JTC in 2025. JTC is working with Mandai Wildlife Group and the relevant agencies on the reinstatement of the site after Jurong Bird Park moves to Mandai.”
“I thank the Member for his supplementary question. As I mentioned earlier on, MAS' monetary policy is focused on – in fact, it is our only approach towards monetary policy – our exchange rate-based policy. Interest rates are set by financial institutions. MAS, because of our open trade architecture, we use our exchange rate, not our interest rate, to manage inflation. So, I think that is critical. The global environment, as the hon Member knows, is very fluid. That is why, over the course of a year, we have been very careful, very calibrated in our approach towards monetary policy. We have tightened monetary policy five times. We will deploy monetary policy as appropriate and as the circumstances change.”
“Deputy Speaker, I thank the hon Member Mr Leong Mun Wai for his supplementary questions. I invite him to file a separate PQ. But I think MAS' monetary policy, as we mentioned, is very much exchange rate driven. Right now, central banks all over the world have, by and large, also tightened monetary policy to combat inflation. I think what we are trying to do is also to make sure that, in a very dynamic environment, we monitor the rate of increase in terms of prices, as I mentioned in my reply. But I invite the Member to file a separate PQ.”
“On the Member's first question about the fundamentals and the basics of our monetary policy, I thought it was useful to clarify to Members of this House, the market, general public, as well as students, MAS' unique approach to monetary policy, given that the Parliamentary Question (PQ) is also related to monetary policy. Yesterday, Assoc Prof Jamus Lim said in this House, and I quote, "I am befuddled because even now, the Government routinely alters levers or policies, such as the interest rate where there is uncertainty on a year-to-year basis about the level of interest rate". I wanted to clarify that, unlike most central banks which target interest rates, MAS uses the nominal exchange rate as the intermediate target of monetary policy. This is a very unique approach to monetary policy. In fact, MAS' exchange rate policy is Singapore's only form of monetary policy. As Singapore's monetary policy is centred on the exchange rate and our capital markets are open, domestic interest rates are largely determined by global interest rates and foreign exchange rate market expectations of the Singapore dollar. So, I thought it would be very useful for us to just clarify that MAS' unique approach to monetary policy is centred on the exchange rate monetary policy.”
“Deputy Speaker, I thank the hon Member for his supplementary questions. First of all, let me start with the second question. Inflation affects everyone – employees, employers alike. We are now undergoing a very dynamic, volatile and challenging global environment. Employers must, on their own and also together with our partners in the tripartite arrangement, make their companies more productive, so that they can pay their employees more to cope with inflation. Employers, employees and the Government work with tripartite partners to press on and we work together with all of these partners to transform our economy, to raise our productivity and also to turn all of the current challenges, which are not just faced by Singapore, but globally, into opportunities. We have launched 23 Industry Transformation Maps (ITMs). These ITMs help to sharpen our competitiveness, for both our companies and our workers. They help to deepen skills and also set the stage for us to raise productivity. All this, in turn, will, hopefully, also help us to raise and to have more and better wages. The Government is helping employers by restructuring businesses and also upskilling employees. We have a couple of different schemes, including Workforce Singapore's Job Redesign and Reskilling programmes; Enterprise Singapore has the Enterprise Development Grant, as well as the Productivity Solutions Grant. And on the whole, on the macroeconomic picture, our Economic Development Board is continuing to attract investments, even within this very volatile economic environment. That helps. And the profile of investments has now shifted also to higher value-added, more innovative investments into Singapore and that will help to provide for, create more higher paying jobs, as well as good wage growth.”
“The Government has also increased market subsidies to ensure that prices of new HDB flats remain affordable, as well as increased supply in both the public and private housing markets.”
“Mr Deputy Speaker, MAS began tightening monetary policy in October 2021. And it was among the earlier central banks in the world to do so, at a time when the pickup in global inflation was still quite modest. In October, it tightened monetary policy for a fifth time in the last 13 months, by re-centring up the mid-point of the Singapore dollar nominal effective exchange rate (S$NEER) policy band. MAS expects core inflation to stay firm for the rest of this year and into the first half of 2023, before slowing more discernibly in the second half. Monetary policy takes time to affect inflation. The effects of MAS' successive monetary policy moves are still working their way through the economy. It will also take time for external- and domestic-induced price pressures to ease more discernibly. The cumulative effects of the five monetary policy tightening moves are estimated to dampen core inflation by an average of 1.5 percentage points each year, over 2022 to 2023. MAS will continue to deploy monetary policy as appropriate, to ensure medium-term price stability, while recognising near-term risks to economic growth from a slowing and uncertain global economy. The Member asked about whether the Government will consider more targeted measures to rein in food and accommodation prices. On food, the Minister for Trade and Industry had, in October 2022, spoken about how (a) the appreciating Singapore dollar, (b) the diversification of Singapore's food supply sources and (c) Government assistance to lower-income and vulnerable Singaporeans should mitigate the effects of higher global food prices. As for accommodation prices, MND, HDB and MAS have, as Members know, taken steps to promote sustainable conditions in the property market.”
“And as the Member mentioned earlier on, with regard to all of our free trade agreements that we have signed, we should make sure that we diversify as much as possible to prevent us from being affected by future shocks that will inevitably arise. 3.00 pm”