Chee Hong Tat
Singapore
“The National Parks Board (NParks) resumed crow shooting operations in March 2026 across nine districts, including Yishun. These sites were prioritised based on several factors, including the volume and severity of public feedback on crow-related issues, as well as the technical feasibility of conducting shooting operations safely at each…”
“To drive sustainable construction and reduce reliance on conventional diesel generators, the Housing and Development Board (HDB) has required the use of battery energy storage systems (BESS) or synchronised generator set systems at Build-to-Order construction worksites for all building tenders called since February 2025.”
“The Housing and Development Board (HDB) tracks resident feedback on maintenance-related issues, including spalling concrete and structural cracks within HDB flats. Such issues are much less common in younger flats, compared to older flats above 30 years old.”
“The Building and Construction Authority (BCA) provides resources on its website to guide building owners and Management Corporations Strata Title (MCSTs) on lift modernisation.”
“Private retail developments sold through the Government Land Sales Programme are intended to complement the commercial offerings in public developments undertaken by agencies, such as the Housing and Development Board.”
“The National Parks Board (NParks) is reviewing both the Animals and Birds Act and the Code of Animal Welfare (COAW). The former will include pet sector businesses and the latter will include and start with pet groomers.”
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“The Land Transport Authority (LTA) is committed to reducing carbon emissions from land transport significantly and contribute towards our national target to achieve net-zero emissions by 2050. LTA has implemented a number of energy-saving green initiatives at public transport premises in support of this. When implementing energy-saving measures, LTA strives to minimise the impact on commuter experience and to ensure safety of commuters, especially vulnerable groups. For example, SMRT’s trials to switch off escalators at selected stations during non-peak hours are only being carried out at locations where there is another escalator or lift nearby serving the same purpose. LTA’s initiative to turn off lights at selected covered linkways between 1.00 am and 5.00 am when pedestrian footfall is generally low is also only implemented at covered linkways with sufficient lighting from nearby streetlights.”
“The Land Transport Authority (LTA) conducted a trial of automated ramps from September 2017 to March 2018. During the trial, LTA observed operational issues, such as longer stopping times at bus stops as more time was needed to safely deploy the automated ramp, and disruptions to bus service when the automated ramp failed to properly deploy. Given these issues and the high cost of retrofitting existing buses with automated ramps, LTA has no plans to do so on public buses due for midlife refurbishment. These buses will continue to be equipped with manual ramps, which can be deployed by bus captains to facilitate boarding and alighting by commuters on mobility devices. Nevertheless, we recognise that technology will improve over time and we are open to new solutions. LTA has included an option for automated ramps in its latest electric bus tender and we will assess the proposals to see if there are feasible options that can be implemented on our new buses.”
“We recognise the need to review our regulations to keep pace with changing commuter and driver needs, as well as structural changes in the industry. In consultation with the tripartite partners and other stakeholders, such as commuters, the Land Transport Authority is conducting a review of the P2P industry structure and regulatory framework over the next few months, to ensure the availability, resilience and inclusivity of P2P services.”
“To ensure the safety of P2P passengers, all street-hail and ride-hail operators must also meet quality of service standards covering accident rates, offence rates and first inspection passing rates. These standards will continue to apply to Grab and Trans-Cab or any other entities granted approval to take over the licences. Mr Yip Hon Weng asked about the growth in e-commerce, ride-hailing and car-sharing services and its effects on our vehicle numbers and road congestion. Private hire cars (PHCs), which include rental cars and cars used to provide ride-hail and car-sharing services, complement our public transport services and provide commuters with more options for direct journeys without having to own a car. Compared to private cars, PHCs generally serve more households and users over time. While e-commerce, ride-hailing and car-sharing services have grown, the total number of vehicles on the road is governed by our Vehicle Growth Rate, which is currently at 0% for cars. We also deploy Electronic Road Pricing to ease congestion in a targeted manner and where necessary. This applies to all cars – be it PHCs or private cars. Following a period of decline due to the COVID-19 pandemic, the overall PHC population has increased to almost the same level as before the pandemic. As a proportion of the total car population, the overall PHC population has remained stable at around 10% over the last four years. There are currently no plans to adjust the Certificate of Entitlement (COE) system in response to the growth in PHCs. We will continue to study the impact of PHCs on the COE market. The P2P sector has evolved significantly since the implementation of the P2P regulatory framework in October 2020.”
“My reply will also address a related Parliamentary Question filed by Ms Yeo Wan Ling for a previous Sitting1. The Point-to-Point (P2P) Passenger Transport Industry Act sets out the regulatory framework for P2P operators. It aims to maintain an open and contestable P2P market. Under this regulatory framework, operators are prohibited from offering exclusive arrangements that, in effect, "lock in" drivers and prevent them from driving for other operators. This gives drivers more options and ensures that they are free to choose which operators to drive for. The proposed acquisition of Trans-Cab by Grab is being evaluated by the Competition and Consumer Commission Singapore (CCCS). Should the acquisition go through, Trans-Cab drivers will still be able to continue driving as they do today, taking street-hail jobs or ride-hail trips on Grab and any other platform. With an open market, commuters are free to choose between different P2P services. These include street-hail services on metered fares and ride-hail services with flat fares. Just as drivers have the option of driving for multiple operators, commuters can compare prices and services offered by different ride-hail platforms and select the ride that best matches their needs and preferences. Ride-hail operators are required to state fares upfront to ensure price transparency for commuters. Having an open market protects commuters, spurs platforms to innovate and improve their services, and allows smaller operators to compete with larger operators. It is also in the interest of platforms to ensure a fair allocation of jobs across drivers, so that they would continue to have a large base of drivers to serve commuters.”
“In response to your question, Mr Speaker, at the next available Sitting.”
“I am sorry, Mr Speaker, I think the microphone is not working.”
“The Land Transport Authority (LTA) regularly reviews traffic accident data to identify areas with higher accident rates. For these identified areas, LTA will conduct detailed investigations to assess the need for additional road safety measures. These measures include (a) road improvements, such as traffic calming measures and signages, as well as road safety barriers which prevent vehicles from crossing over to the other carriageway; and (b) education and outreach campaigns to encourage safer road user behaviour. In addition, LTA and the Traffic Police will work together to step up enforcement to deter dangerous driving behaviour and ensure compliance with traffic rules at these locations.”
“I thank the Member for the question. I have addressed it in my reply to Question Nos 4 and 5 for oral answer at the 3 August 2023 Parliament Sitting.”
“CAAS also appointed an independent external auditor to verify the claims, in addition to conducting its own checks. We expect to fully recover the total amount of over-disbursement within the next three months. While there were controls and processes in place, including requiring grant claims to be verified by external auditors, CAAS agrees with AGO’s recommendations and has taken steps to further strengthen the grant disbursement process.”
“To support aviation companies and workers during the COVID-19 pandemic, the Singapore Government committed more than $2 billion to the aviation sector. One of these schemes was to provide wage support for key companies in the aviation sector to retain core capabilities. Under this scheme, $114.52 million was disbursed from 1 September 2020 to 31 March 2022. The Auditor-General’s Office’s (AGO) checks found that there was an over-disbursement amounting to $1 million or less than 1% under this scheme during that period. The over-disbursements were due to erroneous claims made for employees who did not meet some eligibility criteria. In addition, some claims had incorrectly included non-qualifying amounts, such as employer CPF contributions. The Civil Aviation Authority of Singapore (CAAS) had established checks and controls for the claims submitted by the companies to be in accordance with the grant agreements and only for the purposes for which the funds were provided for. In particular, CAAS had required each company receiving the grants from this scheme to appoint an external auditor to check and verify that its claims were in accordance with the criteria in the grant agreement, before submitting the claims to CAAS. As explained in the Report of the Auditor-General, for the over-disbursements identified, CAAS had disbursed these claims after the respective companies’ external auditors had verified that the claims had been properly prepared in accordance with the criteria in the grant agreements. The errors were not picked up by the external auditors before the companies submitted their claims to CAAS. CAAS has since raised these errors with the companies concerned and their respective external auditors.”
“Mr Speaker, first, let me thank Assoc Prof Jamus Lim for supporting the Bill. I was not sure whether he supported the Bill, that was why I was careful in how I phrased it. But I thank him for that. Sir, let me address the point about the language. I mentioned it earlier in my response speech. The drafting of the Bill to keep the language broad is to cater for future changes because we cannot predict what are the new industries that will emerge; what are the new activities that we will need to focus on; what are some of the new investments that we want to attract to Singapore. But the purpose of me in my Second Reading opening speech making it clear what is the focus and the intent is so that we provide clarity publicly and on record that this is what NPF wants to focus on. So, I hope that gives assurance to Assoc Prof Lim. On the point about productivity, Sir, I know there is a range of different reports with different figures – maybe because they make different assumptions. Like Assoc Prof Jamus Lim, I do not want to go into a lengthy debate here. But let me just say this, Sir. If it is true that over the years, Singapore's total factor productivity (TFP) or labour productivity has been very poor, I do not think it will be possible for Singapore, as a very open small economy, to be able to attract investments, to be able to provide good jobs for people, and for our workers to be able to see, over time, real wage increases. So, I think these are proof points that matter most, I think, to Singapore, to our companies and to our workers. 2.46 pm”
“The three pillars of our strategy are complementary and will help to grow our economy in a sustainable manner, for the benefit of Singapore and Singaporeans. Mr Speaker, I beg to move.”
“We have also rolled out programmes, like AI Singapore, to support enterprises to find suitable use cases and adopt AI. As AI will affect each industry differently, economic agencies will have to develop tailored AI strategies on a sectorial basis and make plans for how to upskill and reskill our workers as jobs are transformed. We are already funding these initiatives through the Ministries' annual budgets and other funds. If need be, we can also use NPF funds to supplement this funding. In short, if there are meritorious projects that are suitable for funding from the NPF, the PFAB will always welcome such proposals and Government agencies can submit them for funding consideration. Mr Speaker, please allow me to conclude. The proposed amendments in this Bill seek to expand the scope of the NPF Act to cover investment promotion. Through the expansion, we will continue to strengthen Singapore's proposition as a competitive and attractive place for business. But even as we continue to compete for foreign investments, we will also keep our focus and continue investing in productivity and CET so that our local enterprises and workers can reap the full benefits from our investment promotion efforts. As I mentioned earlier, these areas are mutually reinforcing. This is how we can build a virtuous cycle for our economy to thrive through investment promotion where foreign MNEs want to set up in Singapore because they know we have strong local companies and a capable workforce supported by strong tripartite partnerships. At the same time, our local enterprises and our workers benefit from the MNEs' presence here, through access to valuable partnership opportunities and good jobs.”
“9%, which was higher than most advanced economies, such as the US, Germany, Switzerland and Japan, over the same period. So, Assoc Prof Jamus Lim's comment that our labour productivity growth has been "anaemic", if I heard him correctly, is actually factually incorrect and is not supported by evidence. Sir, we will continue to monitor our overall productivity improvement, taking into account the combined effect of NPF funding, other Government schemes and the broader macroeconomic environment. Mr Sharael Taha also asked for an update on the ITMs. I understand that MTI will provide a fuller update on this. Sir, let me now move to the third area. Third, Assoc Prof Jamus Lim, Mr Sharael Taha and Assoc Prof Razwana gave several suggestions for NPF funds to be used to support specific programmes, like AI adoption as well as for specific worker segments, such as seniors and gig workers. I thank them for their suggestions. We will consider their suggestions carefully. Such efforts need not be and are not funded through the NPF alone. Various Ministries and agencies contribute to these efforts through their budgets and other funding sources. For instance, Assoc Prof Razwana suggested allowing firms to tap on NPF funds to engage in R&D. I wish to inform Assoc Prof Razwana that firms can seek R&D funding through the $25 billion Research, Innovation and Enterprise (RIE) 2025 budget. Mr Sharael Taha and Assoc Prof Jamus Lim also suggested allowing firms to tap on NPF funds for AI adoption. In fact, the Government has already been investing in AI, we have developed a national AI strategy and made significant R&D investments to build up our strengths and capabilities in AI.”
“The Police investigated these cases and appropriate actions were taken against the perpetrators. We will adopt the same stringent approach for all funding sources to deter fraud and abuse cases. In terms of monitoring of outcomes, we will monitor the progress of schemes funded by the NPF to see if they are on track to meeting their targets. For a particular scheme, we also review its outcomes and assess whether it has met targets. We will then decide whether the scheme should be closed, extended or regularised as a steady state programme and funded from recurrent funding sources. Mr Sharael Taha asked how we can ensure that NPF funds contribute to productivity improvements that could lower the cost of doing business in Singapore. The NPF will continue to fund existing and new schemes to support our businesses to do so. We will also continually review the effectiveness of these schemes to ensure that they remain relevant and can help our firms to drive real productivity gains. One such example is the iSPRINT scheme, which supported SMEs to automate their business functions through information and communications technology (ICT). A study by the Ministry of Trade and Industry (MTI) found that the median firm saw an increase in revenue of 3.1% after adopting solutions under the iSPRINT scheme, compared to firms that had not adopted the solutions. By and large, we have made good progress in driving productivity growth in Singapore. Since the NPF was set up in 2010, Singapore has met the labour productivity growth target set by the Economic Strategies Committee of 2% to 3% per annum over the next 10 years. At the aggregate level, our labour productivity growth rate over this period was 2.”
“Instead, we should preserve flexibility to accommodate fluctuations in spending from year to year, depending on factors, such as what the business needs are, what opportunities are available and what are the take-up rates of the various schemes. Let me now move on to the second broad theme – the safeguards we will put in place to reduce the risk of abuse of NPF funds, to ensure that projects achieve their intended outcomes. Assoc Prof Razwana mentioned that she was pleased to see the Bill will grant the Productivity Fund Administration Board, or PFAB, with the authority to inquire into and verify the accuracy of statements or information provided in applications for financing or incentives. I thank Assoc Prof Razwana for her support in ensuring strong governance of the Fund. The PFAB already has the authority to verify the accuracy of statements made by applicants for a grant from the PFAB. The intent of clause 4 is to clarify that the powers to obtain information under section 24 of the NPF Act apply not just to grants, but also to financing and incentives provided by the PFAB. So, this is an enhancement to an existing power of the PFAB. Currently, NPF funds are channelled through Government agencies to support their productivity or CET schemes, and the individual agencies are responsible for the implementation of these schemes. As part of PFAB's governance process, implementing agencies must carry out regular internal audits and these audit reports will be submitted to the PFAB for review. Rectifications will be made if there are audit observations raised. The cases of fraud cited by Mr Sharael Taha pertain to the Productivity and Innovation Credit, or PIC, scheme. Sir, I want to clarify that these were not funded by the NPF.”
“We will use the NPF funds to anchor quality investments from best-in-class companies in high-growth and high value-added sectors, including advanced manufacturing, the green economy and digital economy. This includes attracting foreign MNEs to make new significant investments here, to create good jobs in Singapore, provide training to our workers and partner our local enterprises. All these will be supplemented by a robust cost-benefit analysis to ensure that the value these MNEs bring to Singapore outweighs the incentives given to them. Sir, I do not know whether I heard Assoc Prof Jamus Lim correctly earlier, but he seems to suggest that we may want to use the NPF to attract sports events, festivals and concerts. Maybe he meant that in jest, because certainly that is not the plan. As I mentioned in my opening speech, we want to target quality investments from MNEs to anchor those that can add value to Singapore, create good jobs for Singaporeans. The broad phrasing in the Bill is to give flexibility, to be able to meet future needs and requirements, which can change over time. But the intent is clear and I have said that clearly in my opening speech. Sir, we will continue to ensure that there are sufficient resources available through the NPF and other funding sources to support investment promotion. At the same time, we will monitor the use of NPF funds across the three areas of productivity, CET and investment promotion. It may not be meaningful to ringfence the funds for any specific area, since all three are mutually reinforcing.”
“The NPF is generally used to fund new initiatives on productivity and CET. Once these initiatives have proven to be effective, we will regularise them as mainstream programmes and they are then funded by the respective Ministries' annual budgets or other sources. As for investment promotion, MTI will continue to tap on its annual budget for such activities. The reason we are expanding the NPF to cover investment promotion is to ensure that we have the additional firepower ready to attract key investments to Singapore in the event that the timing of these opportunities does not neatly match with existing funding mechanisms bound by the terms of Government. So, even as we expand the scope of supportable activities under the NPF to cover investment promotion, please let me assure Members that the Government will continue to set aside sufficient funding, be it in the NPF, Ministries' annual budgets or other funding sources, to support meritorious productivity enhancements, CET and investment promotion. Mr Sharael Taha asked about our ability to compete with other major jurisdictions for investments and what are the investments we are targeting. Our intention is not to try and outbid the major economies in terms of overall spending. With limited resources, we cannot afford to do that. In view of our constraints of land, labour and, increasingly carbon, we will have to play to our strengths and in areas where we have a competitive advantage. We cannot attract every project. Some are not compatible with Singapore's constraints and how we want to grow our economy. Our economic agencies have to carefully select the right projects that bring value and critical capabilities to Singapore.”
“Mr Speaker, I would like to thank Mr Sharael Taha and Assoc Prof Razwana Begum for their support and all three Members for their comments and suggestions. Members raised questions around three themes: one, adequacy of the NPF funds for various purposes; two, ensuring proper accountability and governance for NPF-funded projects; and three, providing support for specific groups or programmes through the NPF. I will address them in turn. Assoc Prof Razwana asked whether part of the funds in the NPF could be ringfenced for CET and Assoc Prof Jamus Lim asked how we will ensure that NPF does not dilute its focus on productivity. Mr Sharael Taha asked if the $4 billion top-up is adequate and how we can balance the use of NPF funding across the three purposes of productivity enhancement, CET and investment promotion. Sir, as I explained in my opening speech, all three purposes are important and they are complementary pillars of our economic growth strategy. Foreign MNEs which invest in Singapore, bring with them new technologies, market access and business models which are internationally competitive. The net injection of such companies raises the quality and productivity of our local economy. Investments in CET build a skilled workforce, raising the overall productivity and competitiveness of our economy and enable our workers to earn higher wages over time. With a better skilled workforce, Singapore also becomes more attractive to foreign investments. MNEs in Singapore benefit the wider ecosystem as they provide valuable training to our workers or form partnerships with our local enterprises, including SMEs. The NPF is not the only source of funding for productivity enhancements, CET or investment promotion.”
“As I explained earlier in my speech, attracting MNEs to Singapore will benefit our local companies as they can access opportunities to get more contracts, enhance their capabilities, including upskilling of workers and developing strong track records, to support their overseas expansion. This is how we ensure that each new investment we bring in strengthens the vibrancy of our economy, enhances our competitiveness and, ultimately, benefits Singapore and Singaporeans. Mr Speaker, I beg to move. [(proc text) Question proposed. (proc text)]”
“This is crucial because MNEs make their investment decisions based on business and investment cycles, which may not align neatly with funding mechanisms bound by the terms of Government. This Bill will amend the NPF Act to effect the changes announced at Budget this year. If Parliament approves this Bill, funds from the NPF can be used to support all three prongs of Singapore’s economic growth strategy. We will continue to tap on the NPF to support local enterprises to improve productivity and generate greater value. One scheme that the NPF has supported is the Construction Productivity and Capability Fund (CPCF). It offers incentives to help firms adopt productive technology and develop their workforce to raise productivity in the construction sector. To date, the CPCF has helped over 10,000 companies, with more than 90% being SMEs. We also want to continue investing in CET and lifelong learning to further strengthen our human capital. The NPF supports initiatives, such as the SkillsFuture Work-Study Programme, which has helped more than 7,000 fresh ITE and polytechnic graduates deepen their skills through integrating on-the-job training with classroom learning. With the proposed expansion, we will also be able to tap on the NPF to anchor quality investments from MNEs in Singapore. This includes the use of incentives to attract companies in advanced industries to make new manufacturing investments here. It can also support efforts by MNEs to train and upskill local workers. Sir, as we compete for foreign investments, we will also continue with investments in our local enterprises, including our SMEs, to help more companies improve productivity and scale up their business.”
“0) initiative, we have less scope to use tax incentives as a tool to attract new investments. At the same time, countries are intensifying their efforts to attract new investments, particularly in strategic sectors, such as semiconductors and biomedical manufacturing. Several countries have already announced generous incentives to anchor manufacturing activities. The US CHIPS and Science Act sets aside S$69 billion to support semiconductor manufacturing, R&D and workforce development. India has similarly announced a S$13 billion package to attract investments in semiconductor manufacturing. We will not be able to, nor should we try to, outbid these major economies in terms of spending. But we will certainly have to do more to ensure that Singapore remains competitive and relevant on the global stage. We must, therefore, double down on our productivity efforts and ensure that our workforce remains highly skilled and competitive. Only then can we remain attractive to foreign investors, grow strong local companies that can do well in domestic and overseas markets and ensure that Singapore remains top-of-mind as a choice destination for investments and talent. To demonstrate our commitment to attracting new investments, the Deputy Prime Minister and Minister for Finance announced in the FY2023 Budget Statement that the Government will top up the National Productivity Fund (NPF) with $4 billion and expand the scope of the Fund to include investment promotion as a supportable activity. We are setting aside funds when we can, to ensure that we have the resources ready to anchor new investments when there are opportunities to do so.”
“We put in place a strong governance and legal framework, so that investors would have the confidence that their business operations and assets would be protected, contracts would be honoured and there is strong rule of law. With these conditions in place, we attracted MNEs, such as Texas Instruments, Philips and Panasonic, previously known as Matsushita, to set up in Singapore. They brought with them production capabilities and management know-how. Local companies that supplied to these MNEs benefited as they built up capabilities and gained access to the global market. Similarly, workers employed by these MNEs and their local suppliers benefited. They were able to earn a stable income and acquired valuable skills to progress in their careers. Through these investments, we grew our economy and created employment opportunities for Singaporeans over the years. Today, our economy is in a stronger position. Singapore is a regional and global hub for many MNEs and a leading international financial centre. We are a global trading hub, with strengths in transportation and logistics, anchored by our world-class air and sea ports. We also have a vibrant manufacturing sector with key segments like electronics, chemicals and biomedical science. These generate good jobs for our people and deepen the expertise and sophistication of our economy, which, in turn, enhance Singapore’s competitiveness against other cities. But we cannot take this for granted, as nothing in our story of survival and success is pre-ordained or guaranteed to last forever. We know that the external environment has become more challenging and competition for investments is increasing. With the Base Erosion and Profit Shifting (BEPS 2.”
“Mr Speaker, on behalf of the Deputy Prime Minister and Minister for Finance, I beg to move, “That the Bill be now read a Second time.” Sir, this Bill seeks to expand the scope of the National Productivity Fund (NPF) Act to cover investment promotion. Specifically, clause 3(b) of the Bill amends the NPF Act to allow NPF funds to be used to anchor quality investments in Singapore. Clause 6 of the Bill amends the NPF Act to extend specific powers of the Productivity Fund Administration Board (PFAB), which administers the NPF, to also cover investment promotion activities. Let me explain why we are making this change. Investment promotion has been a cornerstone of Singapore’s economic growth over the years. Pre-Independence, there was significant unemployment in Singapore. The Government quickly recognised that rapid industrialisation and investment from multinational enterprises (MNEs) were needed to provide jobs for large numbers of unemployed workers. To accelerate the pace of industrialisation and inflow of investments, Dr Goh Keng Swee established the Singapore Economic Development Board (EDB) in 1961 to attract MNEs to Singapore. The Government built on the initial momentum to establish Singapore as a credible location for higher-value and more advanced economic activities. We built up key infrastructure, we set aside industrial land and developed our utilities, transport and communications networks. But hardware alone is not enough. We also invested in other intangible fundamentals – our operating software and the skills of our workers. We developed our workers, equipping them with skills for the new jobs that would come. We also fostered strong tripartite relations as a foundation for economic stability and growth.”
“Mr Speaker, I feel like I am repeating myself, but the RFI exercise is conducted by MyHSR Corp. We are not involved in this RFI exercise.”
“Mr Speaker, the RFI exercise is conducted by the Malaysians, MyHSR Corp. As to what are the plans, I think we have to receive the proposal and then we can study the proposal. We will keep an open mind on what are the possibilities, to have a win-win arrangement between Singapore and Malaysia.”
“Thank you. Sir, Singapore is willing to discuss any new proposal for a Kuala Lumpur-Singapore High Speed Rail (HSR) from Malaysia in good faith, starting from a clean slate. We have not yet received any new proposal from Malaysia.”
“Mr Speaker, may I have your permission to answer Question Nos 4 and 5 together? My reply will also address a question by Mr Louis Chua on the same topic.”
“The Certificate of Entitlement system is designed to allocate vehicles to different quota categories according to the vehicle types and not the intended purpose of use. Cars are in Categories A and B, while motorcycles are in Category D. Goods vehicles and buses are in Category C. Categorising vehicles based on their purposes would result in significant rigidity for vehicle owners and would also be challenging to enforce. The current approach of categorisation by vehicle type allows owners to optimise the use of their vehicles based on their needs. For example, a car or motorcycle can be used to transport goods both for personal and commercial purposes.”
“Power-assisted bicycles (PABs) are required to register with the Land Transport Authority for use on cycling paths and roads. The number of registered PABs increased from about 16,000 in 2020 to 37,000 in 2022. Motorised tricycles are not allowed on public paths and roads unless exempted for specific uses.”
“Ms Foo Mee Har and Mr Yip Hon Weng have filed related questions for a subsequent Sitting. The Ministry of Transport will respond to these questions together. [Please refer to "Evaluation of Grab's Proposed Acquisition of Trans-Cab for Anti-Competitive Practices", Official Report, 3 August 2023, Vol 95, Issue 110, Oral Answers to Questions section.]”
“Personal mobility aids (PMAs) include wheelchairs, motorised wheelchairs and mobility scooters which are designed to carry individuals with mobility challenges. PMAs are subject to a device speed limit of 10 kilometres per hour, and mobility scooters must satisfy certain additional criteria, such as having three or more wheels, a single seat, a footboard and be steered by handlebars. Devices that do not satisfy these criteria, such as e-scooters, are considered motorised personal mobility devices. These would be regulated differently under the Active Mobility Act and require mandatory registration, labelling and inspection. Our current regulations surrounding PMAs are intended to be inclusive to support a wide range of persons with mobility challenges. The Active Mobility Advisory Panel is currently reviewing these regulations and will study the feedback raised by the Member.”
“The current policy allows vehicle owners to renew their Certificates of Entitlement (COEs) for another five or 10 years. The decision to allow five-year renewals was made as a concession. Given the limited supply of COEs, we must strike a balance between existing vehicle owners who wish to renew their COEs and those who wish to buy a new vehicle. Each renewal is one less COE that is returned to the pool for new buyers. Allowing one-year renewals may also inadvertently amplify the magnitude of the COE cycles, as vehicle owners may use it to time the market by deregistering their vehicles only when COE prices are low. The COE quota supply may be even scarcer when COE prices are high, exacerbating the COE cycle.”
“Mr Speaker, I will invite Mr Leong to have a look at what Temasek has put out previously in its annual report. The numbers that he referred to, the numbers that he wanted to clarify, I believe these are already explained by Temasek in their annual report.”
“Sir, I think Temasek has explained its position clearly in its report. I refer the Member to those reports.”
“Mr Speaker, unlisted assets cover a diverse range of asset classes. They include private equity, but they also include infrastructure and real estate. I think Ms Mariam asked about the benchmarks and comparisons. I shared in my main reply, and let me just refer to that again, that if we look at the rate of return, the IRR, for Temasek's unlisted assets, these have registered an IRR of 14.4% in the past 20 years. If you look at it, the unlisted portfolio has also generated an IRR of over 10% per annum over the last decade. The comparisons are not one-to-one with some of the other fund managers that Ms Mariam may be referring to. I do not have the data in front of me right now, but as I had also explained, Temasek is not a portfolio fund manager.”
“Mr Speaker, I think the portfolio and the investment decisions are what we will leave to the board and the management of Temasek to decide on independently. As I mentioned in my reply, what the Government will do is to look at the overall portfolio returns for Temasek over the longer term. Sir, Mr Saktiandi also asked about whether there will be certain thresholds. Sir, I think we have to bear in mind that we should look at the returns over a longer time period and on a portfolio basis. I think the board will set certain benchmarks to measure the performance of management. As the Government, we will certainly hold Temasek accountable for the overall long-term returns.”
“Mr Speaker, Temasek's valuation methodology for its unlisted assets is defined on its website and specifically, the unlisted assets are valued at book value less any impairments that are required to be taken and it only recognises any value uplift for these investments upon listing or sale. Ms Foo also asked about the impact on NIRC. Sir, NIRC is calculated based on the overall expected long-term returns of our investment entities and not the actual year-on-year returns. What this means is that the annual fluctuations to our entities' returns do not directly impact the NIRC at all.”
“On comparisons with other sovereign wealth funds, we have previously explained that it is not straightforward to make such comparisons because the funds have different mandates, investment approaches and risk profiles. There are also funds, like Saudi Arabia's Public Investment Fund, that do not report their performance on the same basis as Temasek. With regard to Temasek's performance for the latest Financial Year ending 31 March 2023, this was largely driven by mark-to-market losses as global investments saw a reversal of gains from the high valuations in the last two years. To position its portfolio for the future, Temasek has stated that it is focused on building a resilient portfolio that can withstand exogenous shocks while capturing growth opportunities. As shareholder, the Government's role is to ensure that Temasek has a competent board to oversee its management and ensure that its mandate is met. The Government will continue to hold Temasek accountable for delivering good long-term returns on the overall investment portfolio.”
“Thank you. Sir, Temasek publishes its portfolio's performance relative to various market indices like the MSCI All Country World Index (ACWI) over different horizons. The data requested by Members are generally available on Temasek's website and annual reports. Broadly speaking, Temasek has outperformed these market indices over the long term. But it is important to recognise that Temasek is not a portfolio fund manager and the MSCI indices are not direct benchmarks for Temasek's performance. As a bottom-up investor, Temasek invests directly in companies. Temasek started with the Singapore companies it owned and subsequently expanded to take stakes in companies in Asia. Temasek has only recently invested more actively in North America and Europe. Therefore, its portfolio for now is still Asia-centric, with about two-thirds exposure in Asia. On the other hand, the composition of indices varies significantly from Temasek's portfolio. For instance, MSCI World Index and ACWI have larger weightages to the US stock market, which has done very well over the last 10 years compared to Asian stock markets. This is why there will be occasions when Temasek's returns are higher than the MSCI World Index and ACWI, and other occasions when the returns are not as high as these indices. As for returns on Temasek's unlisted assets, these have registered an Internal Rate of Return (IRR) of 14.4% in the past 20 years, compared to 8% for its listed assets. Over the last decade, Temasek's unlisted portfolio has also generated IRR of over 10% per annum, higher than its listed portfolio.”
“Mr Speaker, may I have your permission to take Question Nos 31 to 33 together?”
“Madam, all HDB flats had an Annual Value (AV) of below $13,000 in 2022, as their AVs are set based on market rents in the preceding year. Market rentals rose sharply in 2022. As a result, there are now about 430,000 or about 40% of HDB flats with AV of $13,000 or more. Based on estimates from the Department of Statistics, about 36,000 resident households with zero monthly household income from work, live in HDB flats with AV of $13,000 or more. Madam, as the Ministry of Finance (MOF) announced previously, the AVs of 2022 are still being used to determine eligibility for social support schemes. MOF had also mentioned that we are reviewing the AV thresholds to ensure that Singaporeans in need are able to receive the appropriate support. We will provide an update on the revised AV thresholds for social support schemes when ready.”
“Sir, I mentioned this in my reply earlier. Maybe Mr Gan may have missed it. Starting from next year, we will be replacing the one-car trains with two-car trains on both Punggol and Sengkang LRT.”
“Sir, I thank Ms Yeo for her feedback. Indeed, I think we do need to make sure that the transport system as a whole, the different parts of it, work well together. Because from a commuter's point of view, you take bus and LRT, and you may switch to the trains for the longer part of the journey. One useful tool which I will encourage commuters to use, especially those who are more familiar with technology, is to download and use the transport app. That will show the possible journey options and also, which is the path that will give you the quickest way to get to your destination and also what are the connecting options available. Sir, I also want to express on behalf of LTA our thanks to the Grassroots Advisers from Punggol for working closely with us to give us feedback and allowing us to then look at what are some of the areas for improvement for Punggol residents.”
“Mr Deputy Speaker, the Punggol LRT system operates at maximum capacity during the morning peak period. It is supplemented by 18 bus services that serve all the LRT stations and provide connectivity to the town centre and beyond. We are increasing public transport capacity in Punggol, in anticipation of new residents moving into the town. The Land Transport Authority (LTA) recently added frequency to some bus services and is using more double-deck buses. LTA is closely monitoring the situation and will add more bus trips during peak hours if necessary. From next year, LTA will progressively replace the existing one-car LRT trains on both Punggol and Sengkang LRT systems with new two-car LRT trains, to increase the overall capacity. The North East Line will also be extended to Punggol Coast next year, with the opening of a new Punggol Coast MRT station.”
“Madam, in the event that MPA detects pollution that might have originated from beyond Singapore's port waters, MPA would share information with the relevant authorities in the region for their investigation and enforcement. MPA also has implemented measures to monitor and ensure that ships in our waters are not illegally discharging oily wastewater into Singapore port waters.”
“Madam, the Maritime and Port Authority of Singapore (MPA) inspects ships regularly to ensure their compliance with international regulations, including the International Convention for the Prevention of Pollution from Ships. MPA has not detected incidents involving ships deliberately and illegally discharging oil from their engine room in the last five years.”
“Mr Deputy Speaker, I thank Mr Giam for his suggestion. Certainly, I think we will look at different ways to improve the visibility and how the information is being displayed. I just want to clarify that, today, as he acknowledged, the information – the name, the alphanumeric code and the five-digit code – they are all displayed at the bus stops. And depending on, from your perspective as a commuter, different people would require the information in different ways and use it differently to help with their navigation. One analogy that I could give is this: it is a little bit like our postal code. If we refer to a particular block, let us say in my area Block 130A Lorong 1 Toa Payoh. It is part of Toa Payoh Crest but it also has a six-digit postal code which is 311130. So, I think both sets of information are useful and they are used for different purposes.”
“Sir, the bus stop name, alphanumeric code and five-digit code are displayed at the bus stops. Since 2018, the Land Transport Authority (LTA) has fitted all new public buses with the Passenger Information Display System (PIDS), which displays and announces the name of the upcoming bus stop, including references to nearby landmarks or the road. Other measures to make navigation easier include the installation of tactile ground surface indicators, Braille signages for the visually impaired and murals to assist commuters with dementia. New bus interchanges also have enhanced signages with bigger fonts and brighter lighting for improved readability and better wayfinding. Besides infrastructure enhancements, the Caring SG Commuters Committee has been promoting a more inclusive and caring commuting culture, to encourage commuters to assist fellow passengers who may require help with navigation.”