Foo Mee Har
Singapore
“What we need to ensure, therefore, is a better alignment of training and the graduates that we churn out. Loosening the criteria for entry, while simultaneously tightening the conditions for graduation will help keep our tertiary offerings nimble, since we need to worry less about how failing out already small intakes could pre-emptively…”
“Sir, strong R&D support has been central to attracting and retaining MNEs. MNEs have long been a cornerstone of Singapore's economy, driving innovation, investment and job creation. They contribute significantly to GDP, high-value employment, R&D and global trade connectivity.”
“Thank you, Mr Speaker, I have two questions for the Prime Minister. The first question is, with the generous support measures, including the SG60 vouchers, I would like to ask the Prime Minister what impact these measures will have inflation on inflation?”
“So, the Singapore brand has become so exceptional that it is well worth faking, much like a Rolex watch or a Louis Vuitton handbag. And, like these global brands, you know you have made it when imitation becomes the greatest form of flattery.”
“Thank you, Speaker. I thank the Minister of State for the details. I am encouraged to hear the usage but I would like to ask the Minister of State two follow-up questions.”
“Thank you, Speaker. I thank the Minister for his response. I have two supplementary questions for the Minister. First, how does the Ministry plan to leverage the insights from the PIAAC findings, to refine the SkillsFuture programme, particularly in identifying critical skills gaps and developing targeted interventions that enhance the re…”
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“Mr Speaker, Budget 2024 is a budget notable for its wide-ranging support measures. These include generous assistance to meet cost-of-living pressures to taking forward-looking steps to ensure Singapore and Singaporeans continue to thrive in a fast-changing economic and social environment. Sir, I wholeheartedly support this year’s Budget and I thank the Government for listening and being responsive to needs on the ground. There are significant progressive moves announced in this Budget, such as the SkillsFuture Credit top up of $4,000 for those 40 years and above to level up; as well as moves to better calibrate policy such as easing of property tax burden for many home owners who saw their tax bills spike. We even see policy innovation where the Government provides Parenthood Provisional Housing Scheme Vouchers for families to rent an HDB flat in the open market for one year, to supplement the strong demand for temporary housing whilst families wait for their BTO completion. Sir, I would like to focus my speech on three key areas where Budget 2024 helps with cost pressures, sharpens Singapore’s competitiveness as well as addresses retirement adequacy. First, on cost pressures. Sir, riding on the better-than-expected Government revenue in Financial Year (FY) 2023, individuals and families stand to benefit from a mix of cash, vouchers and rebates under the $1.9 billion boost to the Assurance Package. Companies, especially SMEs, also stand to benefit from the $1.3 billion Enterprise Support Package with a slew of support measures, including the generous corporate income tax rebate of 50%, capped at $40,000 in the year of assessment FY2024. Those with less will receive more, but there is something for everyone.”
“To conclude, beyond the specifics hard-coded in legislation, it is imperative to recognise that, for businesses and investors, the consistent application of transparency in interactions with stakeholders after the Bill's passage holds paramount importance. The true measure of our conduct will be reflected in the investors' actual experiences with the authorities. This includes the efficiency with which their applications are processed and the openness of regulators regarding the progress and status of these applications. Singapore boasts an exemplary track record of administrative efficiency. So, I hope the Ministry will maintain this standard of efficiency in the implementation of this Bill. Mr Speaker, Sir, I support the Bill.”
“The Significant Investments Review Bill is expected to be targeted and imposed on individual entities not covered by existing sectoral legislation. Could the Minister please clarify, how the sector-specific legislation will be effectively integrated with the Significant Investment Review legislation? In light of the additional obligations that come with being identified as a critical entity, will the Government consider implementing compensatory measures to ensure these entities can effectively meet their responsibilities? For example, could a large data centre infrastructure, designated as a critical entity, be assured of priority access to electricity to maintain uninterrupted operations vital to its role? Fifth, as the Bill entails a range of possible interventions ranging from divestment orders to remedial directions around equity interests and control over officers of designated entities, such actions may have implications on market perception and confidence of the designated entities' future performance and prospects. I am concerned about the impact to minority shareholders. For example, blocking a foreign acquisition may prevent a potential increase in share price, affecting potential gains for minority shareholders. In some cases, the Government intervention might lead to liquidity concerns, especially if it involves critical sectors where investment options are limited. This could affect the ability of minority shareholders to sell their shares without incurring significant losses. How can the Government protect the rights of minority shareholders in such circumstances? For example, in cases where the Government intervention leads to expropriation or nationalisation, will it ensure that minority shareholders receive fair compensation for their shares?”
“Sir, a robust appeal mechanism adds a layer of fairness and legal recourse for investors, which is critical to maintaining trust. Currently, the Bill has provision for the setting up of a Reviewing Tribunal with members appointed by the President, at the advisement of the Cabinet, and the chairperson must be a Supreme Court judge. The members are also accorded judicial protection and immunity as a Judge of the High Court and decisions made by the Tribunal are deemed as judicial proceedings. At the same time, members of the Reviewing Tribunal will have access to information in the areas of internal security, defence, technology, national security and commerce. These stipulations reflect the highest importance and emphasis placed on the Reviewing Tribunal. I would like to ask the Minister, what would be the broad operating principles that go toward guiding the appointment of the Reviewing Tribunal members, with power to revoke the Government's decisions? How can the investor community be confident that the Reviewing Tribunal members are free from political and economic pressures influencing the review process? Fourth, it is of utmost importance that the application of the Significant Investments Review process is focused on high-risk entities and never to over-extend its regime. Could the Minister clarify how many critical entities are expected to be captured under this new regime at the start and how the list may grow or change over time? Sir, Singapore currently already has in place, a range of sectoral legislation that includes ownership and control safeguards to monitor and manage entities in regulated sectors, such as telecommunications, utilities and banking.”
“But there is great, great merit in increased transparency around what is deemed as critical entities and this would be enhanced by a regular process of providing detailed decisions by which others could judge how the process operates. Third, the designation and approval process must be efficient and streamlined with minimal bureaucracy. I appreciate the Bill sets out clear and detailed processes, including instances where affected parties will have the opportunities to submit representations before the Minister makes his decisions; and there are channels for reconsideration requests and appeals to an independent Reviewing Tribunal. The Minister also mentioned in his Second Reading speech, that there will be a dedicated one-stop office that will be set up to provide guidance as well as address clarifications from affected stakeholders. I think this dedicated touchpoint is helpful and reassuring. However, while Bill does stipulate expected turnaround time for designated entities to respond to the authorities, the other way round is absent – so the expected turnaround time from the Minister or the authorities to revert for approvals and appeals is unclear. As business transactions are often time-sensitive, it would be reasonable to consider providing clarity on turnaround times for approvals and appeals, so that companies may make the necessary arrangements to meet the requirements under the Bill as well as their own business obligations. For example, the CFIUS commits to a specific timeline for its review process, such as a 45-day review period, once a filing is accepted as complete. If necessary, this can be followed by a further 45-day investigation.”
“Second, the Bill seeks to protect the "national security interests" of Singapore by regulating significant investments in, and control of, critical entities. But like many speakers in this House, it is unclear what specific criteria, in regard to "national security interests", apply to entities under the Significant Investments Review Bill. Without a clear definition of what constitutes "national security interests", this may risk the new regime being seen as opaque, lacking in transparency and fuel investors' fear of the enforcement being arbitrary. I do acknowledge the multifaceted dimensions of what national security might entail, and Singapore has our own unique security needs, economic structure and geopolitical context. However, investors will need a clearer set of definitions and guidance to understand how entities are designated and classified in practice. So, I would like to ask the Minister whether the Government can provide further insights by stating, generally, sensitive areas that may be covered by the Bill such as critical infrastructure, advanced technologies, data and personal information, military and defence, public services and utilities or critical supply chain components. For example, the UK's NSI Act identifies 17 sensitive sectors where acquisitions need to be notified for national security reasons. Sir, understandably, the Government ought to retain the flexibility to be able to deal with the consequences and externalities that may arise, to update the definitions in line with the changing technological and geopolitical landscapes.”
“As highlighted in the 2023 United Nations Article on "The Evolution of FDI Screening Mechanisms", it is important to find the proper balance between preserving an appropriate level of regulatory discretion to address national security challenges while ensuring an acceptable level of certainty and predictability to investors. Three crucial aspects – predictability, transparency and administrative efficiency – are key to effective implementation. To achieve this, it is of utmost importance that the provisions in the Bill adopt a balanced rules-based approach, with a predictable screening process with minimal bureaucracy. The Bill should also align with international best practices and standards, be focused on high-risk entities and never, never over-extend its regime. We should also take into consideration how the Bill may impact the wider investor community, including minority shareholders. With these factors in mind, I would like to make five key points pertaining to the Bill. First, it is noteworthy that the provisions in the Significant Investments Review Bill apply to both local and foreign investors, based primarily on considerations of national security. This approach prevents potential biases or preferential treatment that could disadvantage either domestic or foreign investors, fostering a level playing field and enhancing transparency in the investment environment. So, this is a good thing. The distinction between foreign and local can also sometimes be arbitrary. So, knowing that all players are subject to the same scrutiny can reassure investors that the market operates under fair and transparent principles.”
“Mr Speaker, I rise today to express my support for the Significant Investments Review Bill. As the global economic and political landscape becomes increasingly volatile, I agree that it is timely that we further tighten the oversight of critical entities that are crucial to the proper functioning of our economy and society. Singapore must guard against undue influence from players whose interests may not be aligned with ours. As we debate the Significant Investments Review Bill, we should be reminded of instances when Singapore was on the receiving end of such considerations. If Members of this House remember in 2011, the Australian Treasurer rejected the takeover of ASX Limited by the Singapore Stock Exchange, ruling that the takeover could undermine Australia's position as a financial centre as well as jeopardise the stability of the country's financial system. The takeover was deemed not to be in Australia's national interest. With the introduction of Significant Investments Review Bill, Singapore will align with numerous countries globally that have strengthened their investment management legislation. Those in the investor community that I spoke to, whilst initially surprised by this introduction, acknowledged and said they understand the necessity of such measures in the context of today's economic environment. Mr Speaker, whilst supporting the Bill, we must recognise that introducing an investment screening regime in Singapore, a country renowned for its open-market economy, requires careful balance.”
“Mr Speaker, I have two supplementary questions for the Senior Minister of State. The first one relates to my question in the Parliamentary Question. It is about how the HDB infrastructure can cope, because going from six to eight, essentially, you are increasing. If everybody takes it up, it is a third, 33% more. So, in the light of the new occupancy guidelines, which may lead to increased usage of infrastructure, who will be responsible for covering the cost associated with a higher maintenance in the enhancement of facilities in affected HDB blocks? That is the first one. If it is intensified, who is going to bear cost, especially in the common areas? Second, the Senior Minister of State mentioned that it is fine because to preserve the Singaporean character of the HDB estate, HDB has established a quota, 8% at the neighbourhood level and 11% at the block level, for the proportion of flats that can be rented to non-Singaporeans. Actually, I am very happy because I was the one who championed this. But then, if you are now allowing – at flat level – an intensification of 33% from six to eight, how is it that you can still keep the Singaporean character if everybody decides to increase to the maximum cap? So, if the Senior Minister of State can elaborate on that.”
“Thank you, Speaker. I have one clarification for Minister Indranee. We can only be as strong as our weakest link. In many jurisdictions, DNFBPs, such as lawyers, accountants and real estate agents are regulated in as much the same way as credit and financial institutions. Actually, the report that Minister Josephine Teo quoted, the same FATF's report, went on to say, in Singapore, whilst it had good things to say, but it did go on to highlight Singapore's immature understanding of money laundering and terrorist financing risks amongst these players, the DNFBPs. So, I would like to ask the Minister for her assessment of what is the state of development in Singapore amongst the non-financial sector in combating money laundering and what more can we do to strengthen our system? I think, most importantly, when we get to the IMC is to look at aligning of incentives.”
“Thank you, Speaker. I have two supplementary questions for the Minister of State. This is not the first time that Singapore has been involved in special economic zone development with other countries, having been involved in developing industrial spaces in Asia as early as the 1990s in China, Vietnam and Indonesia. So, I would like to ask the Minister of State two questions. One, what lessons can be drawn from our previous experience to ensure positive outcomes for Singapore under the Johor-Singapore Special Economic Zone? Two, the success of special economic zones depends heavily on incentives, policy innovations and experimentation to attract businesses; so, I think it is important to know how we can ensure that the set-up of the Johor-Singapore Special Economic Zone will not impact the competitiveness of Singapore’s own export sector.”
“Thank you, Speaker. I have two supplementary questions for the Senior Minister of State. The first one is about Temasek's unlisted assets, comprising 53% of the portfolio as at 31 March 2023. Temasek had shared – and I think, the Senior Minister of State has also touched on that – if the unlisted portfolio was marked to market, it would provide $18 billion of value uplift. So, my question is, given the dominance of unlisted assets in its portfolio, what are the plans for Temasek to reflect the underlying value of this portfolio in reporting shareholder returns going forward; and also, the impact of this unlisted assets' performance in its contributions to its Net Investment Returns Contribution (NIRC) for Singapore's Budget?”
“Thank you, Speaker. Just two quick clarifications. Firstly, of the cases that are currently considered to be under investigation, what would be the estimated total tax that should have been collected? The second is: what would be the consequences for those who have been caught flouting the rules and the penalties that would apply to them.”
“Today, many among the new generation of wealth owners have a similar aspiration to contribute meaningfully to society. So, what is needed is greater effort to drive awareness and momentum to support both local and regional causes. We should also encourage sharing from family offices who are already major philanthropists, to provide aspirational examples for others. Initiatives, such as the recent launch of the Impact Philanthropy Partnership, led by WMI and the Private Banking Industry Group with the support of MAS, will help galvanise more family offices in this area. Madam, in conclusion, today, as Singapore continues to be an attractive destination for global wealthy individuals, our doors will always be open for those who desire and can co-create purposeful wealth with us. To preserve our social compact, it is critical that they are orientated to integrate with Singapore's social norms and have the right support and access to networks, so that they can ramp up their contributions in terms of investments and impact. Through this, we can make the most of this unique opportunity to shape this growth towards a more inclusive society for the benefit of all. With this, I support the Motion.”
“Newly set-up family offices need more help to connect the dots of the full spectrum of what Singapore has to offer. We need to help orientate them towards the local ecosystem and curate a systematic introduction to the different areas within the innovation community. This will help fast-track capital deployment. Madam, the third area that family offices consider is how to contribute to impact and philanthropy initiatives, usually across a wide continuum of different ways of doing good. Many family offices actually have a stated objective to give back, in line with their family values. But conducting effective philanthropy is a thoughtful process going beyond chequebook giving. The inspiration is often deeply personal and tied to the values of the family. Based on these values, families will decide what their impact goals are and which causes to support, what assets they could contribute and how to leverage different giving structures. Giving structures take time to establish. Increasingly, wealthy families want to go beyond straightforward grant-making type philanthropy. They aspire to tap their financial resources and networks in creative ways to make impact. We must evolve our charity policies to support new forms of giving, including venture philanthropy, concessionary capital to impact investing. Madam, in my previous speech, I spoke about generations of Singaporeans having benefited from visionary philanthropists and organisations, including the likes of Tan Kah Kee, P Govindasamy Pillai and Ngee Ann Kongsi, among many others. They have contributed to important social services, public healthcare and education and cultivated a culture of giving that is central to Singapore's social compact.”
“Family capital is valuable because it can be a useful complement to institutional capital – it can be more flexible, agile and catalytic, often in line with the values of the family. Investments are often the main purpose of the family office. However, before they deploy a large amount of capital or any amount of capital, family offices need to build a robust understanding of the investment landscape so that they can home in on areas of opportunity. Fundamentally, they seek good financial returns and sound business models to invest in, and this often takes time to understand and evaluate the different investment options available. Also, the market environment in recent years has been challenging. They also need to find like-minded partners for co-investments. Many family offices tell us they prefer to co-invest with other families – but only with those that they know and trust. A newly-arrived family office will need to build up these trusted networks before they can co-invest effectively. One current gap is the lack of a systematic on-boarding process to integrate newly arrived wealthy individuals into Singapore's enterprise and investment ecosystem, so they can become active members of our venture community. There is also a need to help them become aware of the promising research and tech innovations that we have in Singapore from our startup communities and research institutes and where they can help commercialise and scale promising new ideas. Family offices tell us they struggle to navigate the fragmented and fast-changing landscape. They share that they need to work hard to understand who the credible players are and what the roles of different ecosystem actors are.”
“Madam, the arrival of family offices in Singapore is still a relatively new concept. We have seen strong growth in a short period of time. This means that the industry is still nascent and many family offices are still in the initial stages of development. Family offices typically go through three phases as they set up in Singapore. First, they set up the governance, then investment; and finally, philanthropy and impact. The first stage, governance, is about establishing an effective operational base and putting in place a governance framework under which the family office will operate. Good governance requires careful consideration. How should they set up their legal and trust structures? What systems should they put in place, from financial monitoring to cybersecurity? What should their board and risk management processes be? How can they attract and hire the right talent in Singapore? Who should they appoint as their advisors? How can they meet the evolving regulations in Singapore which have been introduced to raise the bar? As they establish themselves, family offices contribute towards job creation – both directly and indirectly. Even though family offices are typically small in team size, they have to meet requirements on hiring, annual business spending and local investments. The key impact of their set-up, in terms of job creation, will be driving the additional demand and job creation and professional services, such as wealth management, asset management, fund administration, trusts, legal, tax and consulting. Since 2020, WMI has had over 1,500 enrolments for family office-related programmes, in testament to the strong appetite for upskilling in this area. Madam, with the office and governance structure in place, family offices then focus on investments.”
“These families do not just bring capital but also knowledge, networks, skills and talents as well. These are assets we can channel to support new innovation and enterprise, allowing businesses based in Singapore to benefit from mutual technological innovation and talent transfers. Some of these families also bring long track record of giving generously, sometimes stretching back across multiple generations. They have built schools and hospitals, funded scientific advancements, supported conservation efforts and contributed generously to relief efforts, including disaster recovery and pandemic recovery. Madam, these family offices are coming to Singapore for a variety of reasons. Some are seeking safety and stability, whereas others are expanding to Singapore in search of attractive investment opportunities to support growth in Asia – and Southeast Asia, especially. We are also seeing greater involvement of the next generation of family principals who are increasingly focused on areas, such as impact investment, venture capital and alternative Investments. Madam, family offices are typically extremely private. So, recent reports of flashy and ostentatious behaviours are restricted to a minority. Inflows of funds are subjected to MAS' stringent rules of comprehensive client due diligence, including establishing a clear and legitimate purpose of the use of the family office structure, ascertaining the ultimate beneficial owners and corroborating the sources of wealth and funds. We should welcome this inflow of family offices because they can bring many positive long-term benefits, but more can be done to accelerate their integration and contribution; and most importantly, orientate them to Singapore's norms, values and ways of working.”
“Mdm Deputy Speaker, I rise in support of the Motion to thank our President for her Address. I support the determination of our Government to refresh our social compact and broaden meritocracy. Our efforts to build an egalitarian society where everyone will be treated equally with dignity and respect must continue. At the same time, we must reaffirm Singapore as an open society, expand our economic space and stay connected to global growth opportunities for Singapore to stay relevant and provide a bright future for Singaporeans. It is against this backdrop that I would like to speak about family offices in their role in contributing to Singapore's development. I declare my interest as the chief executive officer of the Wealth Management Institute (WMI). WMI is the host of the Global-Asia Family Office Circle, a network platform that provides a trusted environment for the family office ecosystem to convene as a community to learn about best practices in family office governance, as well as opportunities in Singapore and Asia in areas, such as innovation, sustainability, co-investments and philanthropy. The number of wealthy individuals and family offices in Singapore continues to grow, which is a testament to Singapore's strength as a hub wealth and asset management. There has been much interest about the arrival of family offices in Singapore recently. From my experience, they come from a diverse range of countries from around the world, including Greater China, South Asia, ASEAN, the Middle East, US and Europe. Many of them represent some of the most successful entrepreneurs and business owners across the globe, including notable investors, leaders in renewable energy, pioneers of world-changing technology platforms and leaders of Asia's largest family businesses.”
“Chairman, as part of the September 2022 set of cooling measures, the Loan-to-Value (LTV) limit for all HDB loans was further lowered from 85% to 80%, to encourage more financial prudence when taking on loans. I agree with the Government on the need to tighten lending criteria. I support the raising of interest rate floor used to compute mortgage servicing ratio in order to avoid overleveraging amidst a rising rate environment. However, the lowering of LTV further to 80% means 20% of cash or CPF is needed upfront for the flat purchase. This excludes the significant expenses home buyers need to also put aside for renovation and other cost. Many first-timers have found this cash outlay substantial and difficult to afford even if they can afford to service the debt repayment based on the latest debt servicing ratio. The need to save for the additional cash for downpayment may set them further back on their home ownership journey. I call on the Government to have a differentiated LTV for first-time home owners as it exists in some other countries. In fact, is quite commonly practised. For example, in Hong Kong, first-time home buyers qualify for a higher loan-to-value ratio of 90%. Availability of Flats for Divorce Cases”
“Thank you, Chair. I have two clarifications for Minister of State Gan Siow Huang. It is related to the speech I made. The first clarification is, Minister of State actually responded to my call that from the vast group of SkillsFuture training providers, it is time for the Government to streamline into three categories and actually, indeed, that is the plan. Could Minister of State elaborate on the criteria that MOE will be using to streamline the whole group of 790 training providers which I counted online? The second recommendation I gave to Minister of State is about the idea of appointing lead training providers for each of the key sectors along the Industry Transformation Map (ITM). A little bit about the idea like anchor operators in the childcare sector. You work closely, they are selected by the industry and, most importantly, they must be set up to do practice-based training, not just academic but to reskill people with practice-based curriculum using real-life simulation. People who teach those programmes are industry leaders so that the skills are really practice-based. So, can the Minister of State comment on that?”
“Furthermore, as training subsidies can change from time to time, impacting demand, sometimes, in short notice, training providers find it challenging to invest in their programmes as they are unsure of their future income stream. The Government should review the funding model for training providers under SkillsFuture to foster capability development, quality standards and impactful learning outcomes. Sir, to focus training efforts, the Government should consider a category of training providers. Let us call them lead training providers (LTPs) for each of the industry groups. Rather than having a plethora of small players, LTPs should be selected based on their commitment to build scale and capabilities to deliver a full suite of training programmes tailored to the industry. LTPs should be chosen by the industry and serve as the respective industries' centre of excellence for training and education so that scalable training may be delivered to meet the manpower needs of the respective sectors dynamically. These LTPs should be eligible for substantially more funding support for developing their infrastructure and industry relevant programmes. At the same time, they should be subjected to a vigorous governance and review process by SkillsFuture Singapore. Sir, the next phase of SkillsFuture must be to systematically nurture a core of top quality lead training providers with strong capabilities and scale to serve its sector over the long term. Matching Jobseekers' Skills to Vacancies”
“Category C programmes support skills discovery, including the learning of new hobbies and interests, many of which can be supported through the People's Association community platform. Sir, by having a tiered approach to SkillsFuture, the Government can then be more targeted in its funding and prioritise resources for maximum impact. The requirements on the rigour of the programmes should also vary according to the learning objectives of the programmes. For example, for category A programmes, courses would have to be full-fledged certified programmes that lead to verifiable credentials recognised by the industry. These programmes should be organised along Industry Transformation Maps and be subjected to a rigorous assurance process by relevant industry panels and associations to ensure relevance. The teaching faculty should come primarily from the industry to impart highly practice-based skills, using work-related simulations and practices as well as internships as core components of the training programme. Job placement should be a key performance indicator. Most importantly, trainees who gain admission to these category A programmes and successfully graduate should be sought after by future employers as they are deemed to possess the necessary skills and competencies required of the new role, having gone through the training. Sir, one of key struggles of SkillsFuture training providers is the funding model. It is currently based on training subsidies provided to trainees. This system incentivises the training providers to maximise student numbers and not the quality of the training.”
“Chairman, I would like to declare my interest as the CEO of the Wealth Management Institute, a training provider serving the finance sector. There has been much scrutiny on the effectiveness of SkillsFuture in achieving its mission of supporting workers to upskill, build deep capabilities as well as transition to new careers or different industries. Sir, there are currently over 27,000 courses funded by SkillsFuture Singapore listed on its site. These courses are delivered by a large number of over 790 training providers ranging from large autonomous universities such as NUS to private training organisations of varying size and focus. Given the sheer volume of training programmes and players involved, it is hard to ascertain the training impact of all the programmes under the SkillsFuture umbrella. As we gear up to make training truly count, an important step is to evolve the SkillsFuture framework to clearly differentiate training programmes and training providers in terms of quality standards, key performance indicators (KPIs) and funding. For example, the Government may consider differentiating training programmes along three broad categories for better targeting and funding model. Category A: for programmes that would be designed to support jobseekers' reskilling needs, matched to industry talent demands. Therefore, these programmes are likely to be intensive and need to be purposefully designed to be effective. Category B programmes would be about upskilling and building mastery amongst practicing professionals and craftsmen, an important part of continuing education and training for working adults.”
“A Harvard Business Review report argued that whilst climate change mitigation efforts have been front and centre, more efforts must be dedicated to climate adaptation to help people, animals and plants survive because of the rising climate volatility. I would like to ask the Minister how much is the Government's effort towards climate adaptation to help companies evolve organisational practices and infrastructure to deal with the inevitable climate risks such as floods, droughts, heat waves? Equipping the Singaporean workforce to take on jobs in the green economy must be a key priority. As countries compete for green talents to meet Environmental, Social and Governance (ESG) needs in the coming years, Singapore must both attract the best of sustainability as well as develop our own capabilities to nurture our pool of talent to take up green jobs. I would like to ask how many of such positions does the Government project to become available over the years? How can Singaporeans receive the necessary training and credentials to secure green jobs? Energy Security”
“I would like to call on the Government to help them with four interventions: (a) promote sector-based sustainability road maps, frameworks and uniform standards to level up knowledge and understanding; (b) support our companies with pre-identified sector-based green solutions to fast-track adoption, including supporting them in test-bedding new ideas and experimenting with new technologies; (c) leverage the ecosystem to build scalable green capabilities and collaborations, including knowledge-sharing platforms; and (d) build a framework to help companies comply with reporting requirements and compliance practices that are required by their counter parties. Sir, making the green transition will incur substantial investments by these companies. I would like to ask the Minister what strategies will the Government adopt to help companies cope with higher business costs arising from investment in low-carbon equipment, using sustainable supplies and adopting green processes? They also need to make provisions for the carbon tax hike. Sir, the introduction of the new Enterprise Financing Scheme Green (EFS-Green) to support local firms with a range of financing needs is a great initiative. However, companies have pointed out that the financing terms, which are intended to fund green transition, actually do not go far enough to spur adoption. With the Government sharing up to 70% of the risk with partner financial institutions, I would like to ask the Minister what expectations have been laid down with participating financial institutions to provide preferential loan terms and interest rates under EFS-Green? Sir, addressing climate change requires both mitigation and adaptation.”
“Mr Chairman, over the past year, Singapore has clearly stepped up in its green ambition. We have committed to net-zero emissions by 2050 and passed the Carbon Price (Amendment) Bill in this House. We will raise carbon tax from $5 per tonne of emissions to $50 to $80 by 2030 to provide an economy-wide price signal to reduce emissions. The public sector has also stepped up and made the commitment to reach net-zero carbon emissions five years earlier, by 2045. These decisive commitments made in last 12 months should now translate to decisive actions. We have seen sustainability efforts gather pace across Government agencies as well as large corporations. However, the picture is mixed with SMEs. According to UOB's SME Outlook Study in 2022, whilst three in five of Singapore's SMEs believe in the importance of incorporating sustainability practices, they face challenges in implementation. Sir, the net-zero goal will increasingly become a prerequisite in the expectations of customers, investors as well as regulators across the world. It is urgent that we support our SMEs to take action to stay competitive and relevant. Companies are increasingly subjected to tighter sustainability reporting and regulations, particularly those with trading partners such as the EU, which have placed higher standards. As more trading partners follow similar measures in meeting their own goals of net zero by 2050, our businesses will face growing pressures to adapt or face obsolescence. It is critical that the Government supports industry to achieve a better understanding of the impact of a low-carbon future on their business and help them with the know-how and innovations that are available to make the green transition.”
“Thank you, Chair. I have two clarifications for Senior Minister of State Chee, not on philanthropy because the question roughly is answered, but two clarifications regarding a debate brought up here. First, Senior Minister of State spoke about Government's effort to support businesses, especially SMEs. So, how we pay them is going to be important. I would like to ask, this has been brought up in previous speeches, what is Government's plan to try and pay the businesses transacts within 14 days? Is that achievable, that request from Nominated Member of Parliament Ms Janet Ang? The second clarification is, what is the targeted adoption rate for e-invoice for transaction with Government? The Senior Minister of State spoke about that just now. I want to ask what happens if some SMEs have not put in place the necessary infrastructure? Does that mean they cannot participate in Government procurement?”
“As a recent McKinsey climate philanthropy report has noted, philanthropists possess both resources and expertise to support climate mitigation and adaptation solutions, especially in areas that may lack market support. They can quickly deploy unrestricted funds in response to urgent problems such as natural disasters, back high-risk ventures, convene stakeholders and promote collaboration, develop and share research, and support large-scale implementation of climate solutions. So, I want to ask how can the Government foster support and public-private partnerships, both in Singapore and overseas, for such philanthropic causes, to address some of society’s most pressing challenges and issues? In promoting philanthropy, we must also consider policies across the continuum of doing good, which is wide-ranging and can include venture philanthropy, concessionary capital and impact investing – a broad range continuum. Many wealth owners, especially those in the next generation, are looking towards these newer and more innovative approaches, sometimes referred to as “moon-shot” philanthropy. So, we must also recognise that beyond grant making, there are other ways to give back such as volunteerism and the contribution of skills and networks. As the Government develops more initiatives and policies to promote philanthropy, how can it promote more diverse ways of doing good?”
“Chairman, we anticipate a tighter fiscal space in the coming years. There is scope for wealthy families, businesses and individuals to contribute meaningfully through philanthropy to our rising needs. Unlike a conventional system that relies heavily on taxation and redistribution, philanthropy offers the added benefit of strengthening our social compact. The number of wealth owners and family offices in Singapore continues to grow at a healthy rate. Many of them have expressed interest to give back to society, both in Singapore and regionally. The Philanthropy Tax Incentive Scheme announced in Budget 2023 for Family Offices is another important step to facilitate philanthropy and to meet Singapore’s ambition to be Asia's philanthropic hub. As we encourage philanthropy to continue to grow, it is important to ask what types of philanthropy will have the greatest impact on Singapore. Prof Rob Reich of Stanford University has argued that philanthropy has a special role in discovery and experimentation, serving as society’s "risk capital" to foster innovation in important areas that deemed to carry too much risk for Government or private sector appetites. As such, philanthropy can be catalytic and complementary to public funding – it can identify and support high-impact opportunities that are in its early stage. When the solutions are proven, philanthropists can partner with the public sector to scale them up. It is also important to identify the most pressing areas of need where philanthropy can have the greatest impact. Take climate change as an example – it is an existential imperative, and the negative effects of climate change will also exacerbate other areas of need, such as global health and pandemics, inequality and displacement of communities.”
“Thank you, Deputy Speaker. I have one clarification for Deputy Prime Minister. Whilst we cheer the Government Budget this round, with the generous support to household. And I think we all support and cheer. I did mention in my Budget speech that some economists have cautioned that the Government handouts, such as the GST vouchers and cost of living support may actually stoke inflation pressures, as we have seen in other countries. I think Deputy Prime Minister has acknowledged that in his speech. I think there are a lot of economists wanting to hear your view about whether our inflation pressure is under control. So, if you could just share, in planning the support, that we will still have inflation under control.”
“The Occasional Paper put out by the Ministry of Finance projected a fiscal gap of $7.5 billion to $15 billion over the medium term from 2026 to 2030 mainly to fund healthcare, uplifting lower-wage workers and improving childhood education. The projections have not factored in future policy moves such as additional spending to further strengthen our social compact and economic competitiveness. It is clear that the Government will need to continue to review and adjust its fiscal strategies. Taking the cue from the Government's recent tax moves, it is right that we continue to make our taxes progressive, as in the case of this year's increase in stamp duties for higher-end properties and luxury cars. On other areas worthy of review include a lift in gambling and alcohol taxes, as well as introducing tax on sugar. With limited fiscal space, it is imperative that the Government continuously review schemes to assess value for money and have the discipline to retire programmes appropriately. Lastly, we need the fiscal buffer to give ourselves enough capacity to deal with future shocks, including black swan events like the COVID-19 pandemic, as mentioned by my hon Member, Mr Liang Eng Hwa. Sir, I agree with the Deputy Prime Minister's position that our financial reserves are our greatest insurance. With that, Sir, I support the Budget.”
“Catalysing high-impact research and translating them into enterprising innovations that benefit industry and society, should be a prioritised KPI when granting research funds. Sector-based innovation roadmaps and solutions are the way to go, in nurturing an innovative SME ecosystem. Sir, one distinctive strength that has always stood in Singapore's favour is our trusted brand. Our trust quotient has now been further strengthened by the way in which we navigated the pandemic. Investors value our open economy, as well as the safety, reliability and transparency that the Singapore system accords them. With MNEs building resilience to secure their supply chains post COVID-19, we must leverage our trust premium to seize the re-shoring opportunities. We should also fully leverage this window of opportunity to expand key sectors such as finance, services, logistics and transport and manufacturing to leap forward. Sir, for FY2022, I applaud the Government for rolling out three successive packages, totally more than $3.5 billion, that were not in the original budget to address cost of living concerns, especially for the lower- and middle-income families. This is funded entirely from stronger than expected revenues. Rather than record a surplus, the Government acted nimbly and tapped into its fiscal space to help people cope with inflation. I think that is commendable. Special transfers, including top-ups to endowment funds and trust funds, were revised to $9.2 billion in FY2022, representing a $2.9 billion increase from the estimated figure. This I would like to ask the Deputy Prime Minister to share the reasons behind the top-ups and how this may impact Singapore fiscal space in the years to come. Mr Speaker, I would now like to speak on Singapore's fiscal challenges.”
“He also announced the $4 billion top-up of the National Productivity Fund to include investment promotion as a supportable activity, along with a very generous new Enterprise Innovation Scheme (EIS) with up to 400% tax deductions on qualifying expenditure, with potential to enjoy tax savings of nearly 70% of investments. The question is whether such moves will be sufficient to attract business investment into Singapore during this period of global change. Other countries, such as US and China, are rolling out vast subsidies to build up their strategic industries. Countries in the region are also strengthening their competitive positioning with respect to costs, manpower and energy. The transition to a low-carbon future will also present significant challenges given Singapore's inherent limitations in energy resources. So, Sir, there is no shortage of support schemes to help companies based in Singapore build capabilities and invest in innovation. On top of these, the Government has committed significant resources to R&D over the years, including investing $25 billion from 2021 to 2025 to catalyse research, innovation and enterprise. MNEs who operate across jurisdictions understand the attractiveness of our schemes and are well-positioned to take full advantage of the benefits the schemes offer. We have also nurtured a vibrant start-up ecosystem in Singapore, including a cohort of Singapore-based unicorn startups with valuation exceeding US$1 billion. But more can be done to help our SMEs leverage public R&D and innovation capabilities to build new products and solutions. This will require a closer nexus to be drawn between them and our public research institutes and Institutes of Higher Learning.”
“They must up their game in offering compelling value proposition to attract and retain staff, rewarding them fairly, engaging them skillfully and investing vigorously in their capability development. Sir, through SkillsFuture, we have successfully ignited the movement to embrace lifelong learning. Deputy Prime Minister Lawrence Wong announced the introduction of Jobs-Skills Integrators to further strengthen the SkillsFuture ecosystem. This is a welcome news. We need to urgently shift to a higher gear in order to make training truly count. The task of linking workers' training to securing good jobs is a huge challenge. This requires fundamental changes in how the current lifelong learning ecosystem is set out and governed. This is an area where strong Government intervention is needed, in the setting of standards, the rallying of stakeholders and the provision of resources beyond the simple training subsidies. Evidently, Deputy Prime Minister has set his sights squarely on fixing this, and I look forward to understanding Government's plan to take SkillsFuture forward in the upcoming Ministry of Education (MOE) Committee of Supply (COS) debate. Mr Speaker, our overall response to the revamp of international tax rules under Base Erosion and Profit Shifting (BEPS 2.0) initiative, will be important. We have historically leveraged tax incentives to encourage multi-national enterprises (MNEs) to place high value functions in Singapore. BEPS 2.0 will impede Singapore's use of tax incentives to attract new investments, requiring us to compete on other capabilities to anchor quality investments. Deputy Prime Minister Wong announced that the implementation of Singapore's Domestic Top Up Tax (DTT) is currently planned for 2025.”
“This is because redistribution is only possible if the economy continues to grow so that benefits of the growing pie from healthy tax revenues can be shared. Singapore's continued growth in the new era of global development is not guaranteed. It is predicated on our ability to navigate the volatile and uncertain operating environment to steward industries, enterprises and our workers toward long-term, sustainable growth. Sir, the constant gripes from our business community are around escalating costs and manpower shortage. To employers, especially our SMEs, these Budget measures, such as the raised CPF monthly salary ceiling and the doubling of paternity leave, are like adding fuel to the fire. Even before they have had the chance to fully digest impact of earlier moves, such as cost increases associated with Progressive Wage Model and CPF contribution rate for older workers, employers feel overwhelmed by another flood of pro-worker initiatives. Sir, it is unfortunate that there is no silver bullet for the longstanding manpower challenges confronting businesses. The war on talent is increasingly a world-wide phenomenon. We have seen moves made by other countries, such as UK's Global Talent Visa and Hong Kong's Top Talent Pass Scheme, designed to attract talent from around the world. Even China, who has traditionally thrived on their pool of over 300 million migrant workers to maintain their reputation as the "Factory of the World", now struggles to attract workers back to their big factory hubs. So, employers must accept that the tight labour market is here to stay. They must embrace this new normal where the balance of power has shifted from employers to employees.”
“Mr Speaker, Budget 2023 coincides with Singapore's DORSCON level finally reverting to green. This is after three long years of restrictions, shielded by extraordinary Budget measures. Even as Singaporeans return to their lives they were accustomed to, the effects of the pandemic coupled with the Ukraine war, has left the Government dealing with the significant inflationary pressures in a more fragmented world. We are debating Budget 2023 one year after Deputy Prime Minister Lawrence Wong was endorsed as the leader of Singapore's fourth generation (4G) political leadership. So, this Budget sets the tone for the years to come. I am heartened by the Government's decisive moves to address Singaporeans' needs and aspirations. They form the headline in this Budget. These include a slew of pro-family initiatives, coupled with generous support to cushion cost of living pressures and measures to bolster retirement adequacy. Budget 2023 will give Singapore's social compact a significant boost. But amidst all this good news on continuing support for Singaporeans, Deputy Prime Minister Wong did not shy away from warning us about the sustainability of such Government support. In fact, some economists have cautioned that Government handouts, such as GST Vouchers and our cost of living support measures may increase demand and further stoke inflation pressures. This has, in fact, already happened in other countries where huge government handouts had created a vicious escalation in prices. So, I would like to ask Deputy Prime Minister for his assessment of such risk in Singapore. Sir, I would like to focus my speech on our need to stay competitive and relevant in the new world order.”
“Thank you, Speaker. I would like to ask the Minister of State whether the Government can make available the price transparency of key daily items for consumers' reference. This is to facilitate easy price comparisons and for them to avoid falling prey to unjustified price hikes.”
“So, I would to call on the Government to monitor this space closely, through the Committee Against Profiteering and to check inflation fuelled by opportunistic price increases. Mr Speaker, this is a difficult Bill coming at the challenging time. We have a long list of deserving initiatives that warrant Government funding, especially those towards supporting our healthcare and social expenditures to take care of our seniors and retirees, given our rapidly ageing society. We must, with courage and wisdom, confront the question of how to pay for them today, whilst safeguarding Singapore's tomorrow. I support the Bill.”
“I have spoken on numerous occasions in the past about the premium that Singapore commands in a volatile and uncertain world, because we enjoy the rule of law, stability, safety and international connectivity. This has not been lost on investors and wealthy families who choose to base themselves out of Singapore and they will continue to do their calculations. We must therefore continue to ensure that Singapore remains their destination of choice, even if we cannot be the most price-competitive location. Mr Speaker, whilst I agree that the GST and cost of living support measures should be targeted at providing the most support to shield lower-income and retiree households, increases in the cost of living has put the squeeze on middle-income families, especially those whose income growth have stagnated. I often hear middle-income residents share the challenge they face to sustain their financial commitments and the frustrations of not being able to maintain their way of life. They worry about the adequacy of their safety nets, should they lose their jobs or suffer a life-changing event. We must do more to support this group and give them greater assurance. Sir, with so many support schemes being announced, the Government should make it easy for people to understand how the various schemes apply to them and how they will be paid out. Currently, not all eligible beneficiaries can understand how the slew of support schemes will benefit them, as they vary in eligibility cut-offs, payment modes, flat type, household size and so on. Finally, there are genuine concerns on the ground that businesses could use GST as a cover to raise prices.”
“I am therefore, reassured to see the Government make good on this commitment with the successive rounds of household support packages, including the latest $1.5 billion announced in October, adding up to a total of $3.5 billion this year alone. Such actions by the Government go some way to assure fellow Singaporeans that our Government has our back. I note that these support measures are funded from better-than-expected fiscal outcomes in the first half of FY2022, with no draw on Past Reserves. I would like to ask, what would happen if we encountered the need for a similar response, at the time when our fiscal outcome is less favourable? Sir, with the Government support measures shielding lower- and middle-income households from the impact of the GST increase, the question is, "Who then bears the burden of the GST increase?" As GST is a consumption tax, those who consume more, naturally pay more. Over 60% of net GST is paid by the top 20% of Singaporean households, foreigners living in Singapore and tourists-net of refunds. Then the next question usually comes, "Is Singapore getting too expensive and therefore less competitive?" After all, the wealthy are globally mobile – and with so many schemes from around the world wooing them, will they still choose Singapore in which to invest, build their business and bring good jobs? Keep in mind that GST is not the only tax they face – for example, the foreigners are subjected to 30% additional buyers stamp duty to purchase property, over five times more for hospital ward and up to 70 times more to attend Singapore Secondary school.”
“Increasing our dependency on the reserves to fund expenditures will further tilt the balance towards unhealthy concentration risk. Our reserves also served as a precious war chest that saw us through the crisis of a generation. We drew about $37 billion to fight the COVID-19 pandemic, and we are unlikely to be able to put back what we have drawn down, anytime soon. It would be wrong for us to contemplate taking more and leaving less for the next generation. This is particularly at a time when the world is getting more divided and more dangerous, because of contentious geopolitics, disrupted supply chains and existential climate change challenges. Those coming after us would need more, not less, of a buffer of financial resources, to secure their future. Mr Speaker, in his 2022 Budget round-up speech, Deputy Prime Minister Lawrence Wong had provided a detailed account of why a GST hike is needed, alongside hikes to personal income tax, property tax and vehicle tax. The choices, unfortunately, that he laid out point to the inevitable increase, however reluctant we may be to support it. But the Government has committed to cushion the impact of GST increase with the Assurance Package, covering at least five years of additional GST expenses for majority of Singaporeans households and about 10 years for lower-income households. We have also seen there are also enhancements to the Permanent GST Voucher scheme, to provide continuing offsets for GST expenses of lower- to middle-income households and most retiree households, therefore providing beyond the transitional period covered by the Assurance Package. And also, in response to our numerous queries on support for cost of living, the Government has consistently responded that it would do more should the need arise.”
“Since I became a Member of Parliament in 2011, I have witnessed first-hand, the positive impact on our seniors and their families, of successive healthcare support schemes such as MediShield Life, CHAS and the enhanced CHAS, Pioneer Generation Package and the Merdeka Generation Package. This step change I have seen that the Government has provided in healthcare provision affords great peace of mind to our seniors and their families and greatly reduces their financial burden. I must acknowledge that during this same period, we have seen healthcare costs more than triple and, given our rapidly ageing population, is projected to reach $59 billion in 2030 from $22 billion in 2018. Furthermore, the pandemic experience reminds us how crucial it is to continue to invest in our healthcare system in order to be able to respond effectively to future pandemics and emergencies. The hard truth is that all these need to be paid for. The Government has singled out increasing healthcare costs as a primary driver for the need to increase GST. We have had many debates in this House, like I have said, on how we should pay for these higher expenditures. I admit I was one of them. Members of the Opposition have repeated called for more of our reserves to be used to meet our rising expenditure. On this, I disagree. It would be unfair to future generations if we were to raid our reserves and leave them with less. Contributions from our reserves to fund public expenditures has already doubled in 10 years, ballooning from about $8 billion in 2011 to $20 billion in 2021. Indeed, since 2016, I have observed that our reserves had already become the single largest contributor to the Budget. The fiscal strength of Singapore is built upon a diversity of revenue streams.”
“Mr Speaker, the topic of raising Goods and Services Tax or GST is difficult and unpopular. This is especially so, given the heightened inflation and concerns around cost of living. My residents are feeling the pinch, and the bad news is that inflation is expected to be prolonged this time. The GST hike was first announced in 2018 and five years in the making. We have had many debates in Parliament, including today. And speaking on behalf of my residents, I have made repeated appeals asking the Government to consider alternative revenue sources, delay the increase and provide support to Singaporeans to cope with the impact. This year alone, I raised such questions on five separate occasions. Sir, I thank both Deputy Prime Minister Heng Swee Keat, Finance Minister then, and Deputy Prime Minister Lawrence Wong, the Finance Minister now, for their patience and for going to great lengths to explain the rationale behind GST increase, as well as their commitment to cushion the impact to middle- and lower-income households. Sir, it is undeniable that the Government's spending is set to increase on multiple fronts. There are many meritorious commitments made by the Government, including support for parents dealing with childcare and education. We just heard about HDB subsidies for young couples in the form of housing subsidies – the big deficit that HDB is recording. For our workers in the form of higher wages we have all been championing, for all the upskilling initiatives and for the significant investments in the Singapore Green Plan. And we all in this House, have said yes to all of these. Take the case of healthcare spending. I feel for that a lot.”
“Thank you, Speaker. I would like to ask the Minister two supplementary questions. The Minister just alluded to HDB's attempt to complete within three years. Can the Minister give some guidance exactly what percentage of future launches will likely fall within the three-year timeframe, just so to give us a guidance? Secondly, given the increasing risks around supply chain disruptions due to geopolitical tensions, I would like to ask the Minister to comment about the strategies the Government would adopt to build stockpiles of building materials to avoid delays and how the Government intends to buffer against price variations.”
“Under this scheme, debtors can access legal protection from their creditors and debt collectors for a specific duration of time to seek temporary relief from debt collection activities, including a provision to tend to mental health crisis. Sir, I would like to ask the Minister if such a debt respite scheme may be considered, that might apply only to those with exceptional circumstances. This will go some way towards giving struggling debtors breathing space to get their financial and mental state in order. Mr Speaker, Sir, let me end by recognising that debt collection is a legitimate business activity that facilitates the fulfilment of financial obligations. The Debt Collection Bill, when implemented well, has the potential to professionalise debt collection. All borrowers should recognise that borrowing money is a huge responsibility. They are expected to repay in full and on time, according to agreed repayment terms. A loan is a legal obligation and the creditor has the right to take Court action to recover the debt. It is important that anyone considering a loan should fully understand their borrowing terms and the reasons for doing so. Notwithstanding my requests for enhancements, I support the Bill.”
“The code of practice under the Bill is intended to cover the conduct, duties and responsibilities of licensees. This is a critical component of the Bill to enable clear lines to be drawn on what specific actions would constitute unlawful activities and provide clarity on previously grey areas surrounding conduct of debt collection. So, it would be useful to prescribe a clear set of lawful practices. It should contain clear rules on what is and what is not allowable, in order to provide debt collectors with a clear framework within which to operate, as well as to educate debtors on their rights. Sir, I would like to ask the Minister if such a list is available and where this sits under the Bill. Mr Speaker, I would also like to request that the Ministry consider incorporating a requirement that all debt collection firms' management and staff undergo an accredited training programme covering the rules and regulations around debt collection, including the code of practice. The training may also cover relevant rules around the Moneylenders Act and the Protection from Harassment Act. As part of the licensing programme, debt collectors should be required to pass a test on their understanding of the debt collection rules and regulations before being granted the licence. This will ensure that all parties involved are not only screened, but they are also adequately trained to understand and uphold the code of practice in carrying out their duties as debt collectors. Sir, some countries have put in place schemes to give debtors in problem debt the right to legal protections from their creditors. One such example is the Debt Respite Scheme, or Breathing Space, in the United Kingdom.”
“Mr Speaker, Sir, in the course of my work as a Member of Parliament, I have experienced first-hand the devastating impact of debt collection harassment on residents, their families and their neighbours. Affected parties live in constant fear that the debt collectors may harm them and/or their loved ones. Some dread returning home or even picking up the phone for fear that the debt collector is after them. The stress and anxiety arising from debt collection activities have caused some of my residents to contemplate suicide. There were cases where the outstanding debt owed is grossly overstated, with no basis. There were also incidents where residents were tricked into borrowing and then subjected to exorbitant interest charges and their repayment refused; and cases where the wrong parties are mistakenly identified and pursued by the debt collector. So, Sir, the Debt Collection Bill is, therefore, timely to improve visibility and oversight of the debt collection industry and deter problematic debt-collecting behaviour. The licensing regime introduced under the Bill, to ensure that those involved are fit and proper, would go some way to hold those involved in debt collection accountable for their debt collection activities. However, it is unclear what specific criteria the Police would use to assess the applicants as fit and proper. I would like to ask the Minister to elaborate on the key considerations for approval. Beyond screening for records of previous offences, how will the Police evaluate the suitability of the applicants to engage in debt collection activities, before granting the licence? Sir, I would like to raise a query pertaining to the code of practice, as indicated under section 16.”
“Thank you, Speaker. I thank the Minister for her response. I have two supplementary questions. First, to enhance the preparedness for future emergencies, I would like to ask the Minister what are the key measures the Government intends to put in place to minimise financial risks and better manage contracts and payments during emergencies. The second supplementary question is, I note that in the Minister's reply just now, MOF has started its review of controls and checks for COVID-19 procurement and expenditure. We are now in FY2022. I wonder if the Minister can give us an update of the actual total COVID-19 expenditure for FY2020 to FY2021, the period that has passed.”
“I am so sorry. Of course, it is Deputy Prime Minister Lawrence Wong! We appreciate his response about Singapore's fiscal position and I especially want to acknowledge the one-off support that was given to Singaporeans, the $1.5 billion. It is probably at the back of the increased revenue. So, when things are going well, we appreciate the Government doing more and the $1.5 billion support measures recently, is a good example. And the 75% support to employers for the low-wage is also a good example. My question, Speaker, to Deputy Prime Minister Lawrence Wong is: bottom line, whether the expected overall deficit of $5 billion in FY2021 and the deficit of $3 billion in FY2022 will actually materialise in light of the strong revenue growth.”