Don Wee
Singapore
“(In English): Finally, it is about public awareness. Beyond the real estate sector, what efforts will be made to educate the general public about these challenges to foster a culture of vigilance against money laundering?”
“Chairman, Enterprise Singapore plays a crucial role in supporting our SMEs through various grants and schemes in their green transition. However, the current reimbursement model creates uncertainty in capital recovery, discouraging SMEs from making much-needed investments in sustainable equipment.”
“Since the Government has household data on income, education and occupation, SkillsFuture can pre-qualify Singaporeans and directly recommend accredited courses tailored to their needs.”
“Thank you, Mr Speaker, Sir. I have one supplementary question for the Minister of State. I thank the Minister of State for his positive update. I also thank LTA for improving the bus connectivity as well as the road safety of my Brickland residents over the past four years.”
“I propose that we channel these funds into strategic areas that will directly benefit Singaporeans, such as sustainability initiatives, green infrastructure projects and education programmes.”
“As the Registrar will be better empowered to maintain accurate records of directors, including disqualification status, this could lead to greater transparency and trust in corporate governance.”
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“They will also connect employers in need of sustainability-related talent with their members who wish to embark on this track. Sir, the steps we need to take to transition to a green, low-carbon society may seem overwhelming as there are so many problems we need to solve along the way, but these challenges also present enormous opportunities and chances to make breakthroughs. I call upon all Singaporeans to work with us as we progress towards a greener, more sustainable future. Mr Speaker, Sir, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] We do not want Singaporeans to be left behind as the world progresses towards a sustainable future and economy. We also realised that the Government needs to provide some help to local our businesses because this is a relatively new area, and the size of the start-up fund is not small. We hope to create fulfilling opportunities for Singaporean of all backgrounds in this new sector. Singaporeans should be brave and stand at the forefront, seizing these opportunities presented to them. (In English): I support the Motion. Thank you.”
“As part of its sustainability reporting strategy, ISCA will focus its efforts on capabilities development and career opportunities for the accountancy profession in Singapore. Given that sustainability is a new growth area and to equip Singapore Chartered Accountants with the necessary skill sets to flourish in this area, ISCA will be rolling out courses and certification programmes. This will include sustainability reporting and external assurance on sustainability reporting. In development of such upskilling programmes, there will be significant content development involved. And to encourage more professional accountants to upskill and perform higher value roles, training grants can be made available to encourage employers to send their staff for training. In this area, Government agencies such as Accounting and Corporate Regulatory Authority, Singapore Accountancy Commission and SkillsFuture can provide funding and grants to ease development costs and offset training expenses. This will greatly enhance the career prospects of accountants and contribute to Singapore becoming a sustainability accounting hub in Asia. The Singapore Green Plan 2030 is expected to bring new career opportunities and economic growth. This has created vast job opportunities and new roles for Singaporeans, especially the accountancy and finance professionals. To encourage accountants and aspiring accountants to take up sustainability-related roles, there can be greater efforts to raise awareness of the diverse roles in this aspect and to brand sustainability jobs as attractive career choices. For instance, ISCA also shared with me that they plan to profile their members who have taken on sustainability-related roles to showcase the emerging demand for such talents.”
“Citing the accountancy profession as an example, being stewards of capital and corporate reporting, accountants play a crucial role in accelerating business practices in sustainability. Therefore, increased participation by the accounting and business fraternities is key in Singapore’s bid to become a leading centre for green and sustainable finance in Asia and globally. Climate-related risk management is also an important skill to possess. Accountants must be equipped to prepare sustainability reporting as more stakeholders and investors adopt environmental, social and financial performance metrics. Likewise, auditors need to get themselves ready to verify such information. Both accountants and auditors must step up to meet the market demands for sustainability reporting and the assurance of sustainability reporting. Beyond collecting, analysing and reporting sustainability-related information, accountants and auditors can be strategic advisors to help embed sustainability into a company’s strategy, decision making and reporting processes. There is therefore a need for accountancy professionals to upskill so that they can fully inhabit their role in driving sustainability and meeting the rising expectations of businesses, economies and societies in this area. To engage the accountancy professionals, this is where we can involve professional bodies like ISCA. ISCA is the national accountancy body which has more than 33,000 professional accountants as its members. I understand ISCA has developed a sustainability reporting strategy which aims to raise the capabilities of the accountancy profession in driving sustainability.”
“Every sector, business and individual need to play their part. In promoting the adoption of sustainable business practices and reporting, the trade associations and chambers, or TACs in short, can play a key role as enablers and strategic partners of the Government. TACs or professional bodies can partner the Government to support the sustainability agenda by providing resources to drive adoption of sustainability reporting and green finance. Sustainability reporting is an emerging area, and companies will need references to guide them in their disclosures. With the introduction of the Singapore Exchange Regulation’s roadmap for mandatory climate-related disclosures, ISCA is also developing a series of guides to share best practices and guidance publications on green and sustainable finance. These publications include a roadmap to guide professional accountants on obtaining green and sustainable finance for their organisations if they assess that such financing fits into their corporate business strategy, and a best practice guidance on how businesses can disclose their green finance policies and initiatives. With such assessment, this will allow companies to better approach banks for the financing of their sustainability projects. It leads to a virtuous cycle of sustainability. This is just one example of how a TAC can contribute to the sustainability agenda. Sustainability issues are inter-connected and multifaceted. I urge the TACs to collaborate and work together to impact all sectors of society as we progress in the Singapore Green Plan 2030. To support Singapore's move towards a green economy, there is a need to equip the workforce with the skills and knowledge to participate in the sustainability sector.”
“We can build on MAS’ Greenprint initiative and formulate a Singapore Green Financing framework which sets out the Government’s environmental agenda and its vision for enhancing Singapore’s leadership as the Asia’s green financial centre. The framework should detail how the proceeds from the green bonds will finance expenditures to help tackle climate change, biodiversity loss and other environmental challenges, while creating green jobs in Singapore. The sectors where we can make a difference include clean transportation, renewable energy, energy efficiency, pollution prevention and control, living and natural resources and climate change adaptation. The Government should also perform annual allocation reporting and periodic reporting of metrics on environmental impacts and social benefits and ensure transparency for retail and institutional investors and other interested stakeholders. Singapore is elevating the standards of emissions monitoring and reporting in Southeast Asia so as to help the large emitters in the region to curb their carbon footprint and increase their access to green financing schemes. Singapore can take the lead to devise ASEAN’s version of the Action Plan on Financing Sustainable Growth and follow-up with a Strategy for Financing the Transition to a Sustainable Economy. Other areas we should look into include an ASEAN taxonomy for environmentally sustainable economic activities, sustainability-related disclosures for issuers and for financial market participants, the ASIAN green bond standard and corporate sustainability reporting which may also include carbon tax accounting especially when carbon tax is likely to rise in the near future. To create a sustainable future for Singapore, we need all hands on deck.”
“Our financial services industry, which includes banks, insurers and asset management firms, can play a useful role in promoting sustainable and green finance in Asia, if not the world. Green finance, as one of the key programmes of the Singapore Green Plan 2030, can boost sustainability efforts in Singapore companies and compel companies to consider green projects more seriously. MAS adopts an active approach in promoting sustainable financing in our financial services sector, including engaging financial institutions to consider environmental, social and corporate governance (ESG) criteria in decision making processes, supporting the adoption of industry standards and guidelines, encouraging industry-led capacity-building efforts and developing the green bond market in Singapore. The Government can lead the way to promote sustainable financing by mandating its statutory boards, like MAS, LTA, HDB and NEA, to issue green bonds and laying the framework and rules for green financing. This is on top of the S$19 billion worth of selected public infrastructure projects identified to be financed by green bonds. I hope our government can commit to a minimum number of green bond issuances every year, including a standalone retail green bond product which can be tied to the country's sovereign rating, so as to broaden the pool of Singaporean green investors. We should also tap into the growing investor demand across the globe for green financing products and projects with clearly defined environmental benefits. The Government may consider reporting on the social benefits of expenditures financed by green bonds financing, such as job creation, access to affordable infrastructure and socio-economic advancement.”
“Mr Speaker, Sir, I would like to declare that I am working with a Singapore bank, but I am not involved in the issuance of green bonds nor green equities. I am also a council member of the Institute of Singapore Chartered Accountants (ISCA) on a pro bono basis. Every region of the world has been hit by extreme weather events that are growing more frequent and more powerful. Our neighbouring countries have been impacted as well. These occurrences are the result of climate change from cumulative human-induced factors. And some of these changes – like the continuing rise in sea levels – are irreversible. Left unchecked, the interconnected crises of climate, pollution and biodiversity loss will rapidly erode the very foundations of our existence. Since human activities have resulted in these changes, human activities can also slow down, halt or even, if we may dare hope, recede them. By reducing activities with heavy carbon emissions and through investments in green projects, we can strive to make changes for the better. Green financing is an important enabler to catalyse the evolvement of our region's green economy. As one of the key financial centres in the world, Singapore has a strong responsibility to communities most vulnerable and existentially threatened by climate change. Singapore can catalyse the flow of capital towards sustainable development in the region. We should continue to take the lead in mobilising climate finance from a wide variety of sources, instruments and channels, including instruments to unlock the huge potential of private finance through the targeted use of public climate finance.”
“Can the Reserves Management Government Securities (RMGS) be invested into green and sustainability-related instruments? Were the official foreign reserves valued at cost or market price? I am confident that MAS' accounting conventions adopted conformed to international accounting practice. It is important that the people know the approach taken to value Government assets. Valuations should be derived from prudent principles and not based on optimistic assumptions to inflate asset values. Has MAS' investment approach been to invest its reserves for returns? Will it be reducing its holdings in US dollars and GBP and diversified into other currencies? MAS seeks to smoothen wide fluctuations in the exchange rate by intervening in the currency markets, selling Singapore dollars if the currency is deemed to have appreciated too much or buying Singapore dollars if the currency has been beaten down too much. Mr Speaker, Sir, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] Reserves management is a multi-objective and a multi-generational effort. The OFR serves as a buffer against bad times and as a Singapore dollar stabiliser. MAS, like Members in this House, are custodians of our reserves and we owe a duty of care and responsibility to the current and future generations of Singaporeans. I thank the MAS officers for their hard work in extracting the optimal yield while minimising risk. (In English): I support the Bill.”
“Mr Speaker, Sir, we have a happy problem of official foreign reserves (OFR) outpacing the growth of Government deposits in recent years, that we need to adjust our transfer mechanism through this Bill. Putting aside the pandemic, Singapore could continue to have a high savings rate because of its tradition of prudent fiscal policy and the mandatory contributions all working Singaporeans make to their CPF accounts. Given Singapore’s positive net savings and persistent capital inflows, the nominal exchange rate often tends to appreciate more than is required to keep inflation low and stable. MAS accumulates foreign assets on average in the process of managing the Singapore dollar within its policy band even as it sells foreign assets during times of stress on the Singapore dollar. I would like to ask: what is the desired level of liquid assets which MAS should have in order to maintain the floating parity of the Singapore dollar? Should a sweeping mechanism be imposed so that excess reserves can be transferred to GIC once the OFR reaches a threshold, say 70%? Excess reserves should be managed by GIC as long-term investments and yield more returns. Thus, there is an opportunity cost when the transfer of reserves is delayed. How was the 65% threshold being derived and should it be reviewed or should the OFR be multiples of the highest annual outflow of capital which Singapore had experienced in the past decade? I understand that MAS invests the OFR in a well diversified portfolio. Would the Minister share with the House how much of green bonds and green equities does it have in its portfolio? Can green investments be increased further? Can MAS invest in more green instruments, especially those which are issued in Singapore?”
“Online sellers have found ways to evade paying taxes: posting goods without declaring, offering services on online social media, boosting cash transactions and running multiple sales websites. How will IRAS minimise such non-compliance? Can a portion of tax revenue collected from these imported purchases be earmarked to strengthen the resilience of our retail sector in the event it encounters another major economic downturn like now? I look forward to the Minister's response and would like to conclude with my support for the Bill.”
“On the other hand, local retailers who have supplemented their business with online sales may face the double whammy of low footfall plus a new tax on their online sales of imported items. (In English): Mdm Deputy Speaker, I have some questions for the Minister. Is this new approach meant to minimise the entry of high numbers of new gig economy operators, like the SMEs, into the GST system, perhaps with limited compliance capacity and knowledge of their tax obligations? I am concerned that the new economy operators, especially the micro-businesses and SMEs, may often have limited GST knowledge and capacity to comply while their activities may involve considerable GST revenues and create risks of competitive distortion that may be significant at an aggregated level. Does IRAS expect the revenue impact of this approach to be significant when activity shifts from a limited number of established and largely GST-compliant conventional operators to a large number of gig economy operators that may remain outside the scope of GST? Will bringing in these new gig economy operators into the GST net create undue pressure on tax administration and compliance challenges for the operators? How will IRAS use technology to facilitate GST administration and compliance? Are there third-party reporting obligations, taxpayer education and other activities to raise awareness? How does IRAS enforce and collect the right amount of tax? The purchases that many Singaporeans purchase online are less than $400. So, many Singaporeans will be affected and feel that they are forced to pay the cost of COVID-19 even though the change will only happen in 2023.”
“Will the Singapore-based purchasers, like the consumers, be asked to pay for the GST? Can IRAS work with Electronic Distribution Platforms (EDPs), like Aliexpress and eBay, via a joint and several liability (JSL) notice mechanism to notify the foreign suppliers, as we are unable to regulate these suppliers effectively, to help us with the tax collection? IRAS should concentrate its efforts in the fight against GST fraud and ensuring the effective taxation of cross-border online sales to raise additional revenue and strengthen the functioning of our tax systems. I understand the need to grow our tax base in order to fund other expenditures. For example, Australia recorded total revenues of over AUD 1 billion of GST collected in the first two years of operating its GST regime for online sales of services and digital products and in the first year of its implementation for online sales of goods. Mdm Deputy Speaker, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] One of the justifications for levying of GST on low-value imported goods sold online is to ensure fair competition for our domestic retailers against online retail platforms. Singaporean retailers are required to charge GST on their sales, but online retailers are not. While this measure may help some of our local stores narrow the price gap between them and online retailers, our consumers will have to pay higher prices. Due to the pandemic and the Government's persuasion, many Singaporeans have changed their shopping habits. Cautious consumers should not be punished for remaining wary of crowded shopping centres and stores, especially as COVID-19 cases and hospitalisations are on the rise again.”
“Mdm Deputy Speaker, I declare that I am a Council Member of the Institute of Singapore Chartered Accountants but I do not advise clients on tax matters. The Inland Revenue Authority of Singapore (IRAS) has to factor in many considerations and strike a delicate balance as it seeks to fulfil its mission. For example, there is the trade-off between protecting revenue and minimising the distortions of taxes on market competition. In addition, it has to find ways to optimise the efficiency of tax administration and avoid unnecessary enforcement burden. One of the concerns of levying GST on lower-value items is whether the resources required to enforce the collection are worth the effort. But I can see why the Ministry is implementing GST on this category of goods. There is no better time to start than this current moment and e-commerce has become the hottest vertical in Singapore's tech sector during this pandemic. To facilitate tax compliance for foreign online suppliers, IRAS should implement a simplified registration and compliance regime. In other countries, e-commerce platforms collect and remit the tax on the Government’s behalf, as they take on the role of a "store" with an offering of different supplies. In many cases, it acts as the sole point of contact with the end consumers. Under our current Overseas Vendor Registration regime, I understand that foreign suppliers and e-marketplace operators which make significant sales of digital services to Singapore’s consumers are required to register with IRAS for GST. With this new legislation, the Overseas Vendor Registration regime will be expanded. I would like to ask what if the foreign suppliers are non-compliant for the import of their goods into Singapore?”
“I would like to suggest that MOF offer higher tiers of tax deduction for bigger donations. For example, for donations of $5 million and $10 million, the tax deductions can go up to 300% and 400% respectively. This will encourage the wealthier members of the community to factor in donations as part of their estate planning. My concern is that our wealth gap here may widen substantially after this COVID-19 pandemic. Many of our Institutions of Public Character (IPCs) are doing a great job helping vulnerable Singaporeans. I hope richer Singaporeans can be incentivised to contribute more to support good causes. Amendment of section 104A: regarding the inclusion of a provision to protect informers, how would MOF prevent people with malicious intent from falsifying claims against their competitors or rivals? With informers so well-protected, genuine or not, how can falsely accused persons or companies defend and protect themselves against fabricated charges? I would like to conclude with my support for the Bill.”
“Amendment of section 13ZA: I thank the Government for its compassion towards the companies by exempting the Jobs Support Scheme payouts from income tax during this challenging time. Amendment of sections 14B and 14K: the Ministry proposes to enhance the Double Tax Deduction for Internationalisation (DTDi) scheme to include additional qualifying expenses in support of efforts made by our enterprises to go international. I would like to ask if expenses incurred on digital platforms can be included, such as advertisements on social media and the engagement of influencers to drive online traffic to virtual trade fairs? If the online exposure attracts a great deal of interest and the companies benefit from many business leads derived from the virtual fairs, can the follow-up marketing and business development expenses be eligible too? Amendment of section 14ZA: to promote rated retail bond issuances, the amendments seek to extend and refine the Double Tax Deduction (DTD) Scheme for allowing qualifying upfront costs attributable to these bonds. I would like to ask if green bonds can be included in the scheme to promote sustainability. Amendment of section 19A: the Ministry seeks to extend the option to accelerate the write-off of the cost of acquiring plant and machinery to capital expenditure incurred in Financial Year (FY) 2021. Based on the current business environment which seems volatile till the first half of 2022, would the Ministry consider extending the option to FY2022 as well? This would be helpful as we are encouraging business owners to automate in order to reduce reliance on foreign workers. Amendment of section 37: to continue to encourage donations, the 250% tax deduction for qualifying donations will be extended for another two years to 31 December 2023.”
“Mdm Deputy Speaker, I declare that I am a council member of the Institute of Singapore Chartered Accountants. In Mandarin, please. (In Mandarin): [Please refer to Vernacular Speech.] Mdm Deputy Speaker, income tax is one of the main sources of our national revenue. An appropriate tax regime would enable revenue to be fully utilised and promote economic growth. In addition to giving the Government the capacity to regulate macro-policies, it would also promote the development of specific areas. The amendments proposed in this Bill are broadly in line with these objectives, especially in this challenging economic environment, to help our SMEs. COVID-19 has led to a widening wealth gap between rich and poor in many countries. In order to avoid the rich getting richer while the poor getting poorer in our country, the Government has been improving the situation through a number of inter-Ministry policies and measures, including tax deductions and encouraging individuals and businesses to do more good and to donate to Institutions of Public Character (IPCs). I support and recommend that MOF consider giving higher tax deductions on large donations. I believe this will help build a more united and caring society. A good tax regime is one that works towards an ideal society where the needs of all Singaporeans are met. Next, I would like to comment and ask some questions on the Bill. (In English): Mdm Deputy Speaker, allow me to comment on the various amendments by section. Amendment of section 6: regarding the proposal to allow authorised persons access to IRAS records and/or documents containing taxpayers' income information, would the Ministry share specific examples where IRAS' records will be shared with a private sector auditor?”
“In addition, are the relevant departments considering using other measures to ensure that construction companies abide by the no-work regulations and better manage construction noise? Currently, what measures have the Ministry’s agencies implemented to reduce construction noise in residential areas? Can we use mobile phones to report errant contractors? Notwithstanding all my concerns and enquiries, I support the Bill. 6.41 pm”
“Mr Deputy Speaker, Sir, I support the measures to reduce the use and emissions of hydrofluorocarbon (HFC) refrigerants. However, in view of the current difficulties faced by many companies due to the untamed COVID-19 pandemic, would the Ministry consider reviewing the appropriate time to introduce these measures? My concern is that some of these measures will increase costs for SMEs. For example, low Global Warming Potential (GWP) commercial water-cooled chillers cost more upfront. We can also expect the higher costs to impact end-users. What measures does the Government have to help manage the impact? How will the Ministry ensure that our cold chain needs will not be adversely affected by the increased costs? Another area contributing to higher costs is the certification of technicians handling refrigerants. Only certified technicians will be permitted to supervise or service chillers. Mandatory collection and treatment of spent refrigerants will also entail additional costs. Who will bear the fees? Hence, I appeal to the Ministry to consider delaying the implementation of some of the measures during these challenging times, so as to give our SMEs more breathing room and time to adjust to the new regulations. Mr Deputy Speaker, Sir, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] In order to ensure that construction sites remain quiet on Sundays and public holidays, the authorities will require errant contractors to install video surveillance systems. I would like to know what is the impact of this new requirement on the construction sector. I am concerned that such unnecessary costs will be levied on these SMEs and many of them are already suffering now.”
“Under the Copyright Bill, such persons will no longer be required to pay remuneration in situations where a print copy needs to be converted into other formats to benefit those who are print-disabled. This amendment will further promote an inclusive society in Singapore. When talking about an inclusive society, it is difficult to ignore the problem of illegal set-top boxes. Popular sports events such as the English Premier League, the World Cup and NBA can only be watched through paying expensive subscription fees. I would like urge MinLaw to discuss with MCCY and explore whether the Government can pay for the broadcast?”
“Copyright holder needs to know that reworking of fair use into an open-ended exception is not a straightforward process as it will require determination by the Courts as to whether the potential infringer can avail itself of the new exception in any given situation on a case-by-case basis. Until the Courts have decided, infringers are likely to cite new open-ended fair use exception to defend against allegation. Do we have any mitigant here? Paraphrasing commonly known legal concepts into layman's language can lead to misunderstanding on the part of the public as well. For example, the introduction of the term "permitted use" to describe not only legal exceptions to copyright but other "permitted uses". It may cause confusion for a common man. It is important for the public to understand that the copyright owner is not permitting the use; in fact, in the case of a legal exception or fair use, no concurrence is required. It may be better to be precise, emphasising that a fair use is a legal exception to a copyright holder’s monopoly right, not one that has been "permitted" as in the case of a licensed use. The fifth factor to determine "fair use" has now been omitted from the Bill. I understand that it is subsumed in the fourth factor, in other words based on the effect of the use on the potential market. I feel that this is not as straightforward as the previous wording in providing guidance to the Courts. In Mandarin, Sir. (In Mandarin): [Please refer to Vernacular Speech.] The Copyright Bill provides people who are print-disabled such as the visually impaired greater access to copyrighted works.”
“Mr Speaker, Sir, I support the changes introduced in the Copyright Act, which ensures that the copyright continues to reward the creation of works and the works are available for the benefit of society at large; and as a result, the copyright ecosystem will be strengthened. I have few clarification questions. Besides pursuing artistic excellence, financial benefit is another factor that will motivate the copyright holder to produce more good work. Will MinLaw work with MAS and the accountancy sector to develop a valuation and financing framework so that the copyright can be valued, collateralised and be encashed? The Copyright Bill provides that acts outside Singapore do not infringe the moral rights of creators or performers. Are there any other avenue which can allow a Singaporean copyright holder to sue a foreign infringer? The Copyright Bill appears to support a measured balance between the public interest in permitting the use of computational data analysis and the legitimate interests of copyright owners. It remains uncertain how the safeguards for copyright owners will be interpreted in light of the growing use of artificial intelligence and machine learning platforms to perform autonomous data mining. I applaud the idea of attributing the work to the creator. However, in reality, it may be challenging to identify the creator or performer of the performance. If my interpretation is correct, commissioners of works are to ensure appropriate assignments are entered into with the creators. How about the contracts signed before November 2021? Are the commissioners going to incur legal costs to ratify these contracts? Can the new Act grandfather the contracts signed before November 2021?”
“The waivers will lighten the burdens on retailers and F&B operations as they have problems finding Singaporeans to fill positions in the frontline and back-end. Many of these jobs are now being done by foreign workers. The second request is for subsidies to be also given to distributors and food producers who are also suffering due to the reduction in demand. Mdm Deputy Speaker, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] My work in a bank has exposed me to several small and medium-sized enterprises which are facing many challenges, such as protecting the jobs of their employees, worrying about liquidity and also adjusting their mindset to digitalisation. SMEs employ more than 60% of the local workforce. Their survival also affects workers and their families. I believe that the Government will, as always, help SMEs, but in the past two or three months, some areas have really experienced "roller coaster"-like changes in regulations, proceeding then stopping, turning on and then off, and some had been unable to recover. I hope that the Government will take this opportunity to revisit some policies and to help some sectors pull through this winter in a more targeted manner.”
“This is because of the trust financiers or banks have in our Government agencies as excellent paymasters. Would MOF allow the transfer of such Government payment obligations and receivables from their vendors to third parties without the need for the suppliers to seek explicit approval from the Government “buyers”, in other words, the Ministries and Statutory Boards? The flexibility to use these future cash flows as collaterals will be a big help to these contractors and suppliers. IMDA implemented the nationwide e-invoicing network in 2019 to help businesses improve efficiency, reduce cost, enjoy faster payment and stay green at the same time. This network is an extension of the International Peppol eDelivery Network which enables businesses to transact with other linked companies. The nationwide e-invoicing network was launched in January 2019 and the nationwide e-invoicing network was renamed as InvoiceNow in September 2020. The Singapore Government is one of the largest buyers in Singapore. Have entities like MOF’s VITAL started to require that its suppliers submit the invoices through InvoiceNow? This is the optimal period or timing to catalyse digitalisation, especially when the SME suppliers need faster cashflows. Next, would the Government consider extending the tax exemption period to the end of this year for residents working in Singapore remotely for overseas firms? Finally, I have a couple of requests on behalf of the retail and food and beverage sectors which have been hit hard by rounds of restrictions and closures. The first is for full waivers of foreign worker levies and work permit related fees until the end of the year.”
“Mdm Deputy Speaker, I declare that I am working with a Singapore bank but I am not involved in the credit application process. I am in favour of all the measures in the support package. I appeal to the Minister to provide additional support to our SMEs through Enterprise Singapore (ESG). Many of our SMEs are facing difficulties due to the prolonged pandemic crisis. For those utilising SME Working Capital under the Enterprise Financing Scheme (EFS), ESG shares the loan default risk with the Participating Financial Institutions (PFIs). I propose that ESG increase its risk-share to 80% for both mature and newer companies, up from 50% and 80% respectively, and extend the maximum repayment period from five to eight years. This is because many financial institutions remain conservative, relying on old business models and track records, despite significant changes in our business environment. In the face of COVID-19, rapid technological developments, climate disruptions and changes in geopolitical dynamics, our SMEs need capital to transform their businesses and become more competitive. A higher risk-share by ESG will make it easier for our SMEs, especially newer companies, to get the necessary loans. Extending the repayment period will reduce the burden on these companies during the transition period. I also hope that ESG can increase its risk-share for Enhanced EFS-Trade Loan (EFS-TL) from 70% to 80% and allow the existing trade loan to be included and eligible under this scheme. For local companies providing products and services to Government agencies, Ministries and Statutory Boards, such as PUB, LTA and HDB, financial institutions may be able to provide them with bigger loans at lower interest rates if Government-related receivables can be used as collaterals.”
“Instead of asking the aged home or caregiver to make an appointment to see the regular doctor for the sake of retrieving the medical record a few months later, would it not be much faster if the information can be shared between the Government restructured hospitals, including IMH, with OPG in a secured manner? This current process is time-consuming and does no service to the patient. For the case which I had handled, I prayed that my client was able to outlive the Court order. Therefore, would the Government restructured hospitals, IMH, MSF, MOH as well as OPG work out a new framework to expedite this process? Notwithstanding the above-mentioned queries, I support the Bill.”
“I am worried that such safeguards are not sufficient. How can we ensure that elderly, in particular, those who are less educated, will not be cheated? This is particularly a concern where the donors and donees are not related. Donees have control over the financial assets of the donor. If they siphon away such resources for themselves, ultimately, the other family members or the Government will have to pick up the tab or pay for the care of the donors. With the increasing number of singles and our rapidly ageing population, the number of such vulnerable, and usually elderly, donors is likely to increase. We have already had cases of opportunistic donees in the past. There is certainly no lack of predatory scammers looking to gain the trust of lonely elderly persons to take advantage of them. I appeal to the Ministry to consider implementing additional measures to screen potential donees for the protection of donors. Would the Ministry share with the House if it had checked with the Singapore Police Force (SPF) on the number of cases involving the defrauding of donors to date? Finally, I have a request based upon my experience as a pro bono deputy with the OPG. Medical diagnosis has to be submitted when applying for a Court order to appoint a pro bono donee, in order to help a client who has lost his or her mental capacity. Assuming the client has an existing medical record which states that he has lost his mental capacity and the record is stored in the National Electronic Healthcare Record.”
“Mr Speaker, Sir, I declare my interest as an Office of the Public Guardian pro bono deputy appointed by the Court under the Mental Capacity Act. I welcome the amendment Bill. One of the main amendments is to set up the new Office of the Public Guardian Online (OPGO) electronic system. I agree that there are many benefits to be gained from the digitalisation of the processes for the Lasting Power of Attorney (LPA). In addition to greater convenience, the new system is more efficient and precious time can be saved with faster transactional time. As the OPGO system will be housed under the Government Commercial Cloud, I am sure that the system will be secured by the same standard of cybersecurity measures as for all other data and information held by the Government. I am glad to note that for those who are less digitally savvy, they will be able to arrange for personalised consultations by making appointment at the Office of the Public Guardian (OPG) and seek help at Citizen Connect Centres located at community centres nationwide. Mr Speaker, Sir, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] I would like to ask the Ministry if the planned roadshows to boost public awareness of LPAs will be affected by the COVID-19 pandemic. Is there any possibility of bundling workshops on LPAs with the Singapore Digital Office's courses to improve our elderly's digital literacy, thereby killing two birds with one stone? For those with mobility problems and who do not know how to go online, will the Ministry assist them by sending a roving team to their homes to help them register LPAs, much like MOH roving vaccination team? (In English): Next, I would like to share my concerns about the additional safeguards for donors.”
“Presently, under URA, DC rates are reviewed every six months in March and September in consultation with the Chief Valuer at IRAS. Would the Minister elaborate under what circumstances valuation will be required and will SLA continue to review LBC rates as frequently as possible with IRAS? Mr Speaker, Sir, in Mandarin, please. (In Mandarin): [Please refer to Vernacular Speech.] With reference to the third and fourth objectives in clause 5, what will be the role of the LBC, in view of our new priorities in land planning and development as set out in the Singapore Green Plan 2030? In addition, would the payments collected be used to help reduce the amounts we need to borrow for future long-term national infrastructure projects? How does the Ministry intend to use the LBC for productivity enhancements in the construction industry, especially during the challenging times we are facing today? Would the Minister provide some examples which can serve to enlighten SMEs in the construction sector on how they can tap upon the incentives in this Bill? (In English): I would like to conclude with my support for the Bill.”
“Mr Speaker, Sir, the aim of this Bill is to provide for a tax, that is, the Land Betterment Charge (LBC), which is based on the enhancement of land value due to a permitted change in relation to the property. The LBC will replace the current Differential Premium (DP), Development Charge (DC) or Temporary Development Levy (TDL) payments. The basis for payment computations will remain the same. Hence, as I understand it, the changes serve primarily to simplify the process for payment computations and to consolidate collections under SLA. At the same time, the tax will be a tool for serving wider national interests. I would like to take this opportunity to seek several clarifications relating to these broader objectives. The first objective, as stated in clause 5, is to ensure that a fair proportion of the expected economic benefits from the land development is shared with the community. So far, the DP and DC payments have been put into a common pool and are not earmarked for use of projects in the vicinity of the properties involved. Going forward, would the Ministry consider ploughing the LBC back into the community most directly affected by the land development, such as re-zoning or an increase in plot ratio? While such developments enhance the value of the land itself, they are not always beneficial to the vicinity. Disamenities may include heavier vehicular and human traffic, noise, pollution, obstruction of scenic views and so on. The payments can be utilised for upgrading community infrastructure and town improvement works as a form of compensation to the community. The second aim is to provide, I quote, "certainty and transparency through rules and processes for calculating most land betterment charges by reference to fixed data without need for valuation".”
“I would also like to take this opportunity to thank Deputy Prime Minister Heng for his contribution to Singapore in his capacity as Finance Minister. (In English): I support the Bill. 6.31 pm”
“How much of the SINGA bonds will be green? Would the Minister provide estimates for the various initiatives in our Singapore Green Plan 2030 and fight against climate change which will be supported by the SINGA green bonds, such as the construction of polders and so forth? Can we set out a range of planning instruments relating to the provision of infrastructure? These can include a 20- to 30-year infrastructure strategy and 10-year plans for services and activities broken down to how they are related to financial strategies and annual plans. Next, I would like to ask if bond issuance is the only mechanism to fund infrastructure development. How about public-private partnerships or crowdfunding? Perhaps we should look into the availability of private partners for public-private partnerships to finance local investments, for example, special purpose vehicles or lease contracts. I hope Singapore's sovereign rating remains AAA forever. However, in the event that our rating deteriorates, to limit financial risks, derivative contracts should not be allowed and speculative positions with derivatives should not be permitted. Mr Speaker, Sir, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] The Significant Infrastructure Government Loan Bill will play a vital role in the development of our country's infrastructure construction in the future. With complete infrastructure and social resources such as sea walls, transportation, hospitals and schools, we can build a beautiful, sustainable and warm home, an ideal home where the capable can be gainfully employed, the young can learn, the sick can be treated and the elderly can find joy.”
“We can have a separate category for long-term debt. Singapore's institutional framework has often been praised for its high level of quality, predictability and transparency. Although it was brought up during the Committee of Supply debate in March, I wonder if we could set such prudent debt limits in consultation with our citizens? I understand that in New Zealand, for example, the government had organised consultative sessions with industry bodies and its citizens to share the need to borrow or issue bonds. I fully support the decision to issue green bonds to fund environmentally sustainable long-term projects under SINGA. This will result in a deeper and more varied Singapore bond market, providing more opportunities for long-term investors. Would the Government set aside a good portion of SINGA bonds for retail investors? I hope a significant portion in affordable denominations can be reserved for Singaporeans so that more of our citizens can own a piece of our country's future development. I would like to ask if there will be any issuance in US dollars or the euro so as to tap the pool of international investors. With the growing concern and interest in environmental issues globally, we will be able to attract a substantial pool of international green investors. As what Member Saktiandi Supaat has said, drawing on the experience of Germany's sovereign green bonds, our potential investors should be able to attach a durable premium – in other words, lower yield – to green issues versus the conventional ones. I understand that many investors who support green initiatives accept lower yields because it is important for them to finance environmentally responsible projects. With aligned goals for the benefit of our planet, our green issues should do well.”
“Mr Speaker, Sir, I agree that it is necessary to exercise good fiscal prudence by capping SINGA gross borrowings at $90 billion and setting the annual interest ceiling at $5 billion. I have some queries about these limits. Firstly, I would like to ask whether these two controls are independent of one another. If they are related, assuming that we reach the maximum borrowing of $90 billion based on the $5 billion annual interest payment, the borrowing rate is 5.5% per annum. It would appear that the annual interest threshold is set rather high, considering that the coupon rate of a 30-year Temasek bond is only 2.25% per annum. Would the Minister elaborate on why the annual interest threshold is set at $5 billion? Secondly, would the Minister share how the target of $90 billion was decided upon? Why not $88 billion – an auspicious number? Has the Government already selected the projects to fund and have their estimated costs in hand? Otherwise, why not choose a figure which is a percentage of our GDP or a multiple of the average development expenditure for the past three years, for example? Another question is why is the minimum project cost set at $4 billion? To put this figure in context, a massive project like the iconic Sports Hub incurred only $1.3 billion in construction costs. Instead of an aggregate limit of $90 billion, is it possible to consider an annual debt ceiling which is based on the estimated infrastructure expenditure over the next 10 to 15 years? We have seen how costs have ballooned over the past one year and costs will only continue to escalate in the future. Can we consider a short-term debt ceiling? For example, net short-term debt should not exceed a certain percentage of budgeted expenditure in a financial year.”
“In addition, can the National Library Board consider allowing its books to be sent and returned via this locker network so that disadvantaged children can also have easy access to books? Notwithstanding the above concerns, I support the Bill. 5.12 pm”
“Groceries and temperature-sensitive parcels can be stored in closed, temperature-controlled lockers, which include freezer units. I share the same hygiene concerns with Member Mr Gerald Giam earlier. The COVID-19 pandemic has highlighted the importance of hygiene. In some countries, lockers are sanitised with UV light and disinfectant after each use. I would like to ask about the maintenance and cleanliness of the lockers. Would the Minister share the main details about which entity will be responsible for their cleanliness and how standards will be maintained? I am concerned with the security of these locker stations. I am glad that Senior Minister of State Sim Ann has addressed the security-related concerns when she explained the policy intent just now. Next, what technology will these lockers be equipped with for access? Lockers can be opened with PIN numbers sent by SMS, Whatsapp, QR codes or via Bluetooth with an app on customers’ phones. We need to ensure that everyone, no matter how poor, can access the lockers. I would recommend that we standardise accessibility as much as possible. For example, these lockers should be opened by PIN numbers in case people do not have smartphones, which are necessary for QR codes. On the other hand, with our nationwide push to being a SMART nation, will IMDA be assuming that everyone will be using smartphones? Finally, I would like to share some ideas regarding the use of these lockers. In some countries, parcel lockers will be used for purposes, such as recycling, particularly, personal electronic devices, consumer-to-consumer sales and delivering rental devices. In Finland, customers can try on apparel in “fitting room” parcel lockers equipped with digital kiosks.”
“Mr Deputy Speaker, Sir, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] I strongly support the Amendment Bill which will empower IMDA to install and manage our nationwide open access parcel locker network. With the Government in charge of the network, we can better harness the benefits of delivery aggregation and reduce facility duplication from competing private operators in certain locations. This is a timely development in view of the exponential growth in e-commerce and the ever-increasing number of doorstep deliveries. It was estimated that the locker system will enable delivery drivers to make up to four times more deliveries per hour. This is a tremendous boost in productivity and will help solve the problem of manpower shortage in this sector. It will also greatly reduce our carbon emissions, in line with our environmental goals. Presently, parcel lockers are mostly located in commercial areas and our residential areas are under-served since the private sector does not perceive it profitable to install lockers in housing estates. I welcome the plan to install 800 open access parcel locker stations in our HDB estates. This will bring much convenience to our residents. For the SME suppliers, parcel lockers allow them to consolidate deliveries, which is efficient and save costs. I would like to ask if MCI would consider conducting a pilot to allow block-booking of a limited number of the lockers, for example, around 10 percent, so that certain retailers, such as online grocery shops, can have lockers as their "shopfronts" and advertisements at the stations. (In English): Would the Ministry also consider installing cold storage parcel lockers, such as those set up in Finland?”
“Since the developers are allowed under the law to delay the projects, these developers should not file claims and lawsuits against sub-contractors downstream. Doing so will only heap additional burdens upon troubled SMEs. Can MND work with relevant commerce chambers and associations, and the Monetary Authority of Singapore (MAS) to inform the industry and banks here? One way to prevent similar delays from happening in the future is to reduce reliance on foreign labour and supplies coming from overseas by improving productivity and upscaling domestic manufacturing capabilities to produce more Precast Concrete Building Components. I believe the Government is already working on these changes. To prepare myself for the debate on this Bill, I had a chat with a successful "TowKay" (business owner), to understand more about the construction industry. I jokingly asked Mr Lee, "You are already so wealthy, despite the on-going challenges. Why are you still going after every tender and cent?" His reply was, "I have many mouths to feed." Indeed, like our Government, many local construction owners have a strong sense of responsibility to take care of their employees, many of whom are sole breadwinners. According to the Labour Market Report, as of December 2020, there were about 116,300 Singaporeans and 288,700 foreigners working in the construction industry. I believe the Government will work with the industry and address the concerns so that our country’s infrastructure development will not be compromised. Notwithstanding my queries above, I support this Bill. 3.39 pm”
“Mr Speaker, I declare my interest as I have many corporate clients in the construction industry. In Mandarin, please. (In Mandarin): [Please refer to Vernacular Speech.] COVID-19 has dealt a severe blow to our construction industry. Most construction projects have been delayed. In addition to developers and their employees, related suppliers, contractors and the blue-collar construction workers, even building owners, buyers, sellers and tenants have been affected. Many Singaporeans who anticipated their new HDB flats have had to delay moving into their new homes. The COVID-19 (Temporary Measures) Bill seeks to provide viable and reasonable solutions for all affected stakeholders. I would like to ask the Minister, if HDB is the developer and a flat applicant is not able to move into his new home because his flat’s construction has been delayed beyond the legal completion date and he needs to rent a place elsewhere or pay the buyer of his old residence damages as he continues to stay there, is HDB liable for these extra rental and compensation costs? Clause 3 of the Bill provides that the developer may only further extend the delivery date after the developer has already extended the original delivery date by a total of 122 days. I would like to ask how did MND derive 122 days? This 122-day duration is longer than the three months' circuit breaker period. As for the assessors appointed by the Government, would the Ministry provide details about them, such as their backgrounds and professional credentials and how does the Ministry determine that they are independent? Most main contractors will issue a bankers' guarantee to the developer in order to perform contractual obligations.”
“Mr Chairman, for lower income families, coping with children with special needs is particularly difficult. These families are already struggling financially and with children who require more care, their ability to work and earn income is further reduced. In addition, therapies and intervention cost money and exert more stress on the families. I urge the Government to expedite and increase financial care assistance for them so that they can seek the appropriate therapies for these kids. For many cases, regular intervention at the earliest opportunity can make a significant difference to their lives because young minds and bodies are pliable and have great potential to receive and retain treatments. With children, we have a "golden period" to help them reduce the severity of their conditions, so we should help the families seize the opportunity without hesitation. The funds spent on the therapies will be well-invested, subject to the guidance of the Government, who must draw up a list of qualified practitioners. In addition, I would like to ask if all applicants for Special Student Care Centres (SSCCs) are able to enroll? Is there any shortage of vacancies and, if so, how many more places will be made available in the upcoming years? Since July last year, MSF had increased the subsidies and broadened the income criteria so that more families qualify for the Student Care Fee Assistance (SCFA) scheme. Would the Ministry share an update on the impact of these changes and a summary of the profiles of the families and the children it has helped? Disability”
“Chairman, the efficiency of our nation is powered by many hardworking men and women who work around the clock to support us – the workers who start packing your online orders in the warehouses at midnight, the healthcare staff who tend to our sick and wounded as our city sleeps, the fishmongers who collect our seafood supplies from Jurong Fishery Port, the list goes on. For shift workers who do not have family support and cannot afford to hire a foreign domestic helper, getting evening and overnight childcare services for their young children is a big challenge. There have been cases where lower Primary school kids are tasked to look after younger siblings or where children are entrusted to incompetent babysitters. Will the Ministry consider setting up an islandwide network of evening and overnight childcare services for shift workers to ensure the safety and well-being of their vulnerable children? KidSTART – Growing Together with KidSTART”
“Chairman, I would like to urge the Government to consider implementing a seamless application process for the disadvantaged children who require financial assistance to attend schools. Social Service Offices’ records about their families can be shared with MOE and schools, so that the children do not need to apply for the Financial Assistance Scheme, school pocket money fund and other related programmes separately. For the underprivileged families, the adults are already struggling with a multitude of problems. Navigating assistance schemes is not easy for them, much less for their children. As a Smart Nation, we can tap upon information technology to make the process easier for all stakeholders using data integration. The seamless integrated financial assistance application process will need more proactive and closer collaboration amongst the involved Ministries – MSF, MOH’s NEHR MND as well as the approved financial service centre's database on kids studying or staying in the rental HDB units.”
“Mdm Chair, during the COS debate last year, the Ministry announced that it would masterplan Lim Chu Kang to optimise food production using our limited farming area. Given the potential impact on livelihoods and the environment, how had the relevant stakeholders been involved in the masterplanning process? Will these experienced farmers and their staff be invited to participate in the new plans and be given assistance to change or upgrade their operations so that they can be part of the new production initiatives? For those who choose to retire or discontinue, what assistance or compensation will be provided for them? Will there be any disruptions to our food production during this transition period. Next, I declare my interest as the Council Member of the Institute of Singapore Chartered Accountants and I am working with a Singaporean bank. For a new eco-system to flourish, availability of financing is important. Will the Ministry consider working with MAS and Association of Banks of Singapore to develop Singapore into a global, if not a regional green trade financing hub. Next, concepts like sustainable financing and carbon credits are still relatively new to many local companies which are unsure of the accounting treatment. Thus, I also urge the Ministry to work with the Accountancy body or Singapore Accountancy Commission to formulate a prescriptive set of accounting standards and framework. I am confident we can be the credible accountancy and financing hub for sustainability. Food Security”
“Mdm Chairperson, the Government has announced that Choa Chu Kang, Nee Soon and Tampines have been earmarked as Eco-towns. Residents can expect transformations which will enhance their environments so that there will be more sustainable and livable space for residents. On the drawing board are sustainable community touchpoints such as hawker centres which will have zero waste by composting food scraps. In addition, these towns will be able to track their energy consumption, water usage, carbon emissions and their progress in recycling. Can the Ministry provide an update on what has been implemented so far and what future developments can be expected? Will new waste disposal methods such as Pneumatic Waste Conveyance System be introduced in these towns?”
“Mr Chairman, I would like to compliment and congratulate MOE and ITE management for improving the quality of ITE tremendously over the past decade. Like Mr Eric Chua, I have met many excellent ITE youths who help out at my constituency's events. Like what Minister Mohamad Maliki Bin Osman has said, many of these youths lack family support and guidance when they were much younger and therefore, they draw inspiration from their ITE teachers. Besides teaching, all these class advisors do general management, they facilitate social and financial assistance and they also perform the role of counsellor. Moreover, ITE is also admitting more and more students with special needs. May I ask MOE if it will continue to pump in more resources to alleviate the workload of ITE teaching staff by introducing the likes of Allied Educators or the equivalent because we need happy and effective ITE teaching staff to produce happy and effective ITE talents.”
“Chairman, for students from disadvantaged families, Student Care Centres, or SCCs can play a crucial role in ensuring that they get the additional support for their well-being. In addition to supervision and guidance for their studies, centre staff can help to keep an eye on their health and emotional conditions, and alert the authorities if there are troubling issues affecting these students. May I ask if all underprivileged families whose children apply for places in Student Care Students are admitted? Can they be given priority for places at their own schools' SCCs to minimise travelling, particularly for Primary school students? If their own Primary schools do not have SCCs, if the families wish, can their children be accorded priority for transfers to the nearest schools with SCCs? Lastly, can dinners be provided for children from distressed families to minimise food insecurity? Education to Strengthen Mobility”
“Chairman, I am heartened to understand from Senior Minister of State Sim Ann that the new Choa Chu Kang library will have very good offerings. So, when the library is undergoing renovation now, there is a book dispenser, which is placed at Lot One, Level 1 currently. So, I wonder if NLB can consider shifting the book dispenser to the nearest rental block, which houses about 500 units of young families, once the renovation is over, and since the rental block is only about 2 km away from Lot One?”
“Chairman, last but not least, digital communications is expected to become the dominant mode of engagement amongst people, the Government and the private sector. With this widespread digital utilisation, the Government needs to find a range of methods to engage groups with diverse needs. Would the Minister share what are the Ministry’s plans to ensure that it can reach as many Singaporeans and residents as possible on the various digital platforms? How will it assist and reach vulnerable segments which may not have the digital skills and know-how, and access to the requisite software and hardware, such as Internet connection, devices and suitable software? In addition to English, does the Government have plans to further augment its digital engagement with Singaporeans in the other three official languages – Malay, Chinese and Tamil – on all its platforms?”
“Mr Chairman, SMEs, which include the hawkers, provide employment for two thirds of our workforce and contribute to almost half of our GDP. The Government had put in place the SMEs Go Digital and Hawkers Go Digital programmes to support their digitalisation efforts so as to transform their operations, increase productivity and expand their businesses. With the COVID-19 pandemic hitting so many business sectors, what has been its impact on SMEs' adoption of digital technologies? Has the Ministry observed any changes in the take-up rates of the digitalisation programmes and what has been the utilisation rates of the various services such as SME Digital Tech Hub consultancy services and pre-approved solutions and the Digital Resilience Bonus? Digital transformation has not been uniform amongst the SMEs. Which sectors are slower and how is the Government supporting them to overcome the difficulties that they face?”
“Mr Chairman, Singapore had flourished, despite our lack of natural resources, by being attuned to the needs of our region and the world. By fulfilling these needs and adding value, we had aligned the interests of our allies with our own and had thus been able to earn our place in the world. Our relevance had enabled us to survive and thrive. The COVID-19 pandemic has led to many disruptions and changes. Our status as a hub – air hub, maritime hub, financial hub and more – is being threatened by uncertainty, travel restrictions and tighter border controls. In addition, ever improving online connectivity has shrunk distances between nations, bypassed physical obstacles and blunted certain geographical advantages. To stay relevant within this new order, we will have to change course, invest more in certain sectors and partnerships, reduce resource allocations for others or even give up certain endeavours. Would the Ministry share how Singapore is working to retain its relevance internationally in this challenging environment? How can we remake ourselves so that we remain a valued member in the international community? In the face of weakening multilateralism, what is Singapore's strategy to secure our place amidst international engagements? 2.30 pm A Broader Base of International Support”
“Chairman, as a small nation, we have to work harder to protect our sovereignty and independence, and avoid being dominated by bigger countries. To secure our place in the world, we need support and cooperation from other friendly nations who are also committed to an open rules-based global order and multilateralism. There are many common threats which we can only overcome by working together with our allies. These challenges include climate change, pandemics, terrorism, cyberattacks, water shortage, food insecurity, just to name a few. We are also dependent on partnerships for trade and other exchanges vital to our survival. Hence, we have put in much effort over the years to build strong and productive relationships with our neighbours and nations further ashore. We have been actively engaged with the international community and contribute to common goals. In many areas, we are punching above our weight. We have established a track record as a fair, reliable and valuable partner. Amidst the global uncertainty and growing geopolitical tensions, we need to re-strategise. What are some of the practical measures that we have taken to maintain or strengthen Singapore’s reputation as a constructive and responsible member of the international community? Maintaining Singapore's Hub Position”