Gan Kim Yong
Singapore
“Consumer complaints relating to the secondary resale market for tickets to major events and concerts have generally remained low. Nonetheless, to protect the public from scams on secondary ticket resale platforms, the Police have imposed Code of Practice requirements under the Online Criminal Harms Act to require designated online service…”
“Singapore does not condone the use of forced labour. We criminalise forced labour in Singapore under various laws. Relevant Government Ministries and agencies, such as the Ministry of Manpower, Ministry of Home Affairs and Singapore Police Force, play their part in investigating complaints of suspected breaches in domestic laws that relat…”
“The Association of Banks in Singapore (ABS) discontinued the PayNow nickname feature as scammers had been exploiting the use of nicknames to impersonate legitimate entities and trusted individuals.”
“As of end-2025, around 6,900 private residential buildings have registered their solar installations with SP Group for the export of excess solar-generated electricity to the grid. The installed solar capacity of these residential buildings is 115.3 megawatt-peak (MWp), or around 5.5% of all current installed solar capacity in Singapore.”
“The one-year pilot extension of liquor trading hours has seen strong interest from businesses. As of 31 May 2026, the Police have approved 88 applications for the extension of liquor trading hours from public entertainment outlets in these areas.”
“The Government does not make projections of domestic or regional demand for renewable diesel or sustainable aviation fuel. Demand depends on commercial considerations, evolving market conditions and regulatory developments across different jurisdictions.”
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“Biopolis was developed by JTC Corporation as a purpose-built biomedical research hub. The occupancy of Biopolis has grown from 63% at the launch of Phase One in 2003 to more than 90% today, with its rental rates pegged to market. The Greater one-north area, comprising research, science, engineering, artificial intelligence and infocomm technology, and start-up clusters across Biopolis, Fusionopolis, Ayer Rajah and Science Parks, has a similarly high occupancy rate of over 80%. The Prime Minister had announced during Budget 2025, that we would refresh A*STAR's biomedical research infrastructure by extending it into the Greater one-north area. This refresh builds on the strong foundation established in Biopolis and brings A*STAR closer to key ecosystem partners, like the National University Health System (NUHS) clinical community, and venture builders in the Greater one-north area, strengthening the translation of research into commercial and public health solutions. More information on the refresh will be announced in due course. Biopolis and the Greater one-north remain a key node in our biomedical research ecosystem, given its proximity to NUHS and the National University of Singapore. The Government will continue to invest in research and development to build long-term, strategic capabilities for our country.”
“The "Made with Passion" (MWP) initiative was launched in 2020 by the Singapore Tourism Board and Enterprise Singapore (EnterpriseSG) to celebrate and support enterprising local brands and build on Singapore's destination brand. Today, there are more than 150 MWP brands. MWP also serves as a platform to promote awareness and drive the growth of local lifestyle brands through collaborations and participation in various partnerships and overseas opportunities. We are currently reviewing the initiative and will provide an update in due course. The Government has introduced a suite of measures to support capability development and overseas ventures of our local companies, including small and medium enterprises (SMEs). For example, to encourage more SMEs to internationalise and seek new opportunities abroad, the Government announced a series of enhancements at the Budget and Ministry of Trade and Industry's (MTI's) Committee of Supply debates this year. These include increasing support levels of up to 70% for internationalisation-related schemes, such as the Market Readiness Assistance (MRA) Grant. MRA helps to defray the cost of overseas market promotion, business development and set-up. EnterpriseSG also partners trade associations and chambers to support companies' participation in overseas business missions and trade shows. Besides being able to exhibit under a Singapore pavilion, the companies are also connected to in-market partners which aids their internationalisation journey. MTI and EnterpriseSG, together with sector agencies, are continuing to review our initiatives to ensure our companies are equipped to pursue the growth strategies that best meet their needs.”
“The Government has appointed the fund managers for the Long-Term Investment Fund and Private Credit Growth Fund. The fund managers are intended to provide customised financing solutions to quality companies to support their growth. The funds are in their final stages of establishment. The launch of these funds will enable companies to access patient capital and flexible credit terms tailored to their needs as part of the suite of enterprise development tools offered by the Government. The appointed private fund managers will exercise commercial discipline in deploying capital, in line with their respective mandates and prevailing market conditions. This discipline remains relevant in times of tightening global credit conditions.”
“As the Member has pointed out, Singapore has limited land and low wind speeds. Conventional wind energy technologies are, therefore, unsuitable in Singapore. Newer technologies, such as compact rooftop wind turbines, may be able to overcome these constraints partially, but their long-term cost-effectiveness and impact on rooftop solar will need to be studied. Building owners who wish to install such devices on their rooftops may do so as long as they comply with the relevant regulations and technical requirements, including engaging a licensed electrical worker to carry out any required electrical works. The Government will continue to actively monitor the development of such turbines and other emerging energy technologies, as part of our efforts to build a diversified and resilient energy portfolio for Singapore.”
“The Energy Market Authority (EMA) regulates the retail electricity market to ensure it remains competitive and meets the needs of consumers. Most electricity retailers offer 12- and 24-month contracts, but shorter-term and no-contract plans are also available. Consumers may refer to EMA's price comparison tool on the Open Electricity Market website to compare standard price plans offered by electricity retailers. SP Group also offers the Regulated Tariff without any minimum contracting period. EMA has enhanced safeguards for residential consumers on auto-renewal contracts. First, retailers must notify consumers twice before any auto-renewal, instead of once. Second, consumers will also be able to switch to another retailer or a new contract within 60 days after their previous contract is auto-renewed without any penalty. This is an extension from the current 30 days. These changes were announced in December 2025 and will come into effect from 19 June this year. EMA will continue to monitor the retail electricity market and implement measures if necessary to protect consumer interests. We encourage consumers to study the various retail plans on offer to find one that meets their needs.”
“Multinational corporations (MNCs) regularly review and adjust their business operations to adapt to evolving economic conditions and industry cycles. The number of foreign headquarters (HQs) in Singapore has actually increased by 33.8% from about 770 in 2019 to about 1,030 in 2024 and the number of resident professionals, managers and executives employed in foreign HQs based in Singapore has also increased from 12,700 in 2019 to 13,700 in 2024. To attract and retain MNCs in Singapore and create good jobs for Singaporeans, we must continue to strengthen our value proposition and attributes, such as good governance, rule of law, well-trained workforce, strong base in science and technology and connectivity to the region and globally. We do not collect data on the reasons why Singaporean youths relocate overseas for full-time employment.”
“From 2021 to 2025, the Consumers Association of Singapore received between 156 and 176 complaints annually concerning defective non-vehicle consumer goods. Over two-thirds of these complaints were successfully resolved in favour of the consumer. Of the remaining one-third, around 26% were not resolved due to parties being unable to reach an amicable resolution or a lack of response from either the business or the consumer. The remaining 7% are recent cases that are still undergoing the negotiation process. The three most common reasons for unsuccessful resolution are: one, disagreement over whether the good was defective or if the damage was due to wear-and-tear or consumer misuse; two, disagreement over the return policy, for example, whether the good can be refunded instead of being repaired or replaced; and three, partial refunds for the good proposed by the supplier which were deemed insufficient by the consumer.”
“These questions were addressed by the Deputy Prime Minister and Minister for Trade and Industry, the Acting Minister for Transport and Senior Minister of State for Finance and the Coordinating Minister for National Security and Minister for Home Affairs, in their Ministerial Statements on the Impact of the Middle East Situation on Singapore at the Parliamentary Sitting on 7 April 2026. [Please refer to "Impact of the Middle East Situation on Singapore", Official Report, 7 April 2026, Vol 96, Issue 27, Ministerial Statements section.]”
“The Monetary Authority of Singapore (MAS) has set a clear expectation for banks to limit the unscheduled downtime for critical systems to four hours for any rolling period of 12 months. This expectation holds banks to high standards of system resiliency while recognising that operational disruptions can sometimes happen due to the complexity of systems. When there is a system outage, banks are expected to recover services swiftly and safely. DBS Bank encountered a system issue and suffered a service disruption lasting about one hour from 12.03 pm to 1.19 pm on 19 March 2026. The disruption prevented customers from viewing their deposit balances and some customers from making payments through digital channels. Automated teller machines, credit cards and NETS debit cards continued to be accessible. DBS Bank was also able to recover its systems after one hour and restore all services to customers. Investigations reveal that the disruption was caused by an erroneous step when performing a system change. MAS will follow-up with DBS Bank to strengthen their change management process.”
“These questions were addressed by the Deputy Prime Minister and Minister for Trade and Industry, the Acting Minister for Transport and Senior Minister of State for Finance, and the Coordinating Minister for National Security and Minister for Home Affairs, in their Ministerial Statements on the Impact of the Middle East Situation on Singapore at the Parliamentary Sitting on 7 April 2026. [Please refer to "Impact of the Middle East Situation on Singapore", Official Report, 7 April 2026, Vol 96, Issue 27, Ministerial Statements section.]”
“The Monetary Authority of Singapore (MAS) and the Housing and Development Board (HDB) have in place safeguards to pre-empt over-borrowing for property purchases, as well as strengthen borrowers' resilience to rising interest rates. The calculation of the Total Debt Servicing Ratio by banks incorporates an interest rate floor to determine loan affordability to guard against excessive leverage when interest rates are low. This applies to mortgage loans for both private property and HDB purchases. For HDB loans, HDB assesses the loan quantum carefully and offers concessionary mortgage loans to HDB flat buyers. The impact of rising interest rates is mitigated by the peg of the HDB mortgage loan to the Central Provident Fund Ordinary Account interest rate. Interest rates have remained stable in Singapore. However, as the global situation remains uncertain, we urge home buyers to exercise prudence in their home-buying decisions.”
“Battery Energy Storage Systems (BESS) and diesel generators have different uses. For the electricity grid, the Energy Market Authority (EMA) is facilitating the adoption of BESS to enhance grid resilience, given the introduction of intermittent renewable energy sources, such as solar. For example, EMA commissioned Sembcorp to deploy a utility-scale BESS in 2023. Diesel generators are most often used in off-grid applications today, such as night markets. For end-users, both BESS and diesel generators can serve as a source of backup power. BESS may have enough charge for several hours of use while diesel generators can provide continuous power if there is sufficient fuel. Our approach has been to let end-users decide based on their operational requirements. The fees of Qualified Persons and Registered Inspectors are determined by the market. For the deployment of BESS, the Singapore Civil Defence Force and EMA will continue to ensure that safety standards and technical requirements are met.”
“As at 1 April 2026, there were 1,338 Variable Capital Companies (VCCs) managed by licensed fund managers and banks. The use of VCCs, alongside our growing asset management industry, is part of Singapore's value proposition as a trusted asset management and funds centre. The Monetary Authority of Singapore (MAS) carries out regular monitoring and review of fund managers as part of its supervision of the fund management industry. This involves reviewing the activities of fund managers, including their regulatory compliance when using the VCC fund structure. Fund managers are required to remediate any observed control weaknesses following such reviews. From time to time, MAS may also publish good practices for wider adoption across the industry. Last year, 25 VCCs were found to have held no assets without a valid reason. The fund managers of these VCCs have been directed to de-register them.”
“Over the full year of 2025, Household Assets grew faster than Household Liabilities. The main reason for the increase in Household Liabilities was the rise in mortgages, alongside the pickup in property transactions for owner occupation in the latter half of 2025. Most of the rest of the increase in liabilities was due to personal loans, including those collateralised by assets, mainly for investments and business purposes. Singapore's household balance sheets remain fundamentally strong, with Household Net Worth continuing to expand. Household Assets are about nine times the size of liabilities, providing substantial buffers against shocks. Liquid assets, such as cash and deposits, also continue to exceed total Household Liabilities. The Monetary Authority of Singapore (MAS) has also put in place safeguards to pre-empt over-borrowing. For example, the Total Debt Servicing Ratio incorporates an interest rate floor to determine loan affordability and guard against excessive leverage taken when interest rates are low. For unsecured consumer credit, MAS imposes minimum income requirements, borrowing limits and credit suspension for borrowers with persistent debt. MAS complements these safeguards through public financial education efforts under MoneySense, which promotes prudent money management and discourages over-borrowing. We will monitor developments and review our policies as appropriate.”
“I refer the Member to Minister Chee Hong Tat's reply to Mr Louis Chua's Committee of Supply cut (Mandating Acceptance of Cash) on 26 February 2026. [Please refer to "Committee of Supply – Head U (Prime Minister's Office)", Official Report, 26 February 2026, Vol 96, Issue 20, Budget section.]”
“The Monetary Authority of Singapore is currently assessing its monetary policy stance and will release its upcoming Monetary Policy Statement next week as scheduled, on 14 April 2026. The inflation outlook for 2026 will be updated.”
“The National Quantum Strategy (NQS) sets out the strategic framework to enable Singapore to strengthen its position as a leading hub in the development and deployment of quantum technologies, including through building our national quantum capabilities. Under the NQS, the Centre for Quantum Technology (CQT) was designated as a flagship national research centre to coordinate research talent nationally and support investigator-led research and capability-building training schemes. These research efforts are carried out in a coordinated manner through a network of nodes in the universities and the Agency for Science, Technology and Research (A*STAR). A*STAR's Quantum Innovation Centre (Q.InC) develops next-generation quantum technologies in strategic research pillars, such as quantum sensing and materials, with its researchers jointly appointed with CQT, and their research agendas coordinated by the CQT Director to ensure alignment and synergy with the broader CQT research programme. In Research, Innovation and Enterprise 2025, $295 million was set aside to fund quantum research efforts under the NQS, with implementation overseen by the National Quantum Steering Committee.”
“The Global Investor Programme (GIP) accords Permanent Resident (PR) status to eligible global investors who make significant investments to drive business growth in Singapore. From 2016 to 2025, around 85% of the individuals accorded permanent residency through the GIP remained a PR as of 31 December 2025. Fewer than 25 individuals did not have their re-entry permits renewed as they did not meet the prevailing criteria, such as economic contribution and length of residency. Fewer than 20 individuals were granted Singapore citizenship.”
“Energy1- and food-related components account for around 24% of the Consumer Price Index (CPI)-All Items basket2. These components are directly affected by higher global energy and food commodity prices. Over the last five years from 2020 to 2025, CPI-All Items rose by 3.3% per annum, with energy- and food-related components contributing approximately 0.9 percentage-point to the increase. Higher global energy prices could also potentially affect the costs of a broader range of consumer items in the economy, including through raising the costs of imported intermediate inputs and imported final goods. This broader impact reflects Singapore's heavy reliance on imports for economic activity and domestic consumption as a small and open economy. Accordingly, imported inflation plays a significant contributing role in overall inflation outcomes in Singapore.”
“We will continue supporting the innovation journey of local enterprises, including GLCs.”
“The research and development (R&D) capacity of our firms has increased significantly over the years, with Business Expenditure on R&D (BERD) growing by a compound annual growth rate of 7.8% from 2016 to 2023, reaching $9 billion. Within the same period, the BERD from local enterprises, including Government-linked Companies (GLCs), grew to $1.7 billion, contributing to about 20% of total BERD. GLCs have undertaken R&D investments and innovation activities that are aligned with the Research, Innovation and Enterprise (RIE) Domains. They are in line with Singapore's decarbonisation goals, artificial intelligence (AI) push and advanced manufacturing priorities. For example, ST Engineering will intensify its AI R&D efforts through its Artificial Intelligence Centre of Excellence (AI CoE) to scale up its core of AI-ready modules and solutions. With the AI CoE in Singapore, ST Engineering aims to grow its existing AI talent pool from 2,000 to 5,000 over the next five years, creating new high-value jobs for Singaporeans. Industry R&D collaborations in strategic areas, such as healthcare and semiconductors are also fostered by our Research Institutes and National Platforms like the Diagnostics Development Hub and the National Semiconductor Translation and Innovation Centre. We welcome innovation activities from both local and foreign enterprises as they lead to the creation of good jobs and strengthen Singapore's competitiveness in technologically intensive sectors. Between 2016 and 2023, R&D jobs in the private sector grew by 36%, reaching more than 30,000, with locals filling more than 70% of these roles. Today, Singapore is the sixth largest exporter of high-tech goods globally, according to the World Bank Group.”
“The value of incentives awarded is a fraction of the projected total value of the investment and incentive recipients are required to achieve economic outcomes, such as job creation, local employment, business spending or fixed asset investment. For example, the Economic Development Board's investment commitments in 2025 are expected to create 15,700 new jobs when realised over the next five years, with about two-thirds paying a gross monthly wage above $5,000. Majority of these jobs are expected to go to locals. The Government adopts a multi-pronged approach to create good jobs for Singaporeans. In addition to incentives to anchor foreign investments, we have various enterprise development grants to support local companies to transform, grow their business and move into higher-value activities. When companies become more productive and competitive, they will be better able to create quality jobs and pay higher wages.”
“Under the Consumer Protection (Consumer Goods Safety Requirements) Regulations 2011, all children's products and toys supplied in Singapore must comply with applicable international safety standards. The Consumer Product Safety Office (CPSO) under the Competition and Consumer Commission of Singapore conducts regular market surveillance on children's products and toys by testing selected products against international safety standards, including for the presence of hazardous substances. The CPSO works with both online and physical suppliers on an ongoing basis to ensure regulatory compliance, including with e-commerce platforms to detect and take down any non-compliant products. Where harmful substances exceeding safety limits are detected, suppliers are directed to cease supply of the product. Failure to comply with the CPSO's directions may result in fines or imprisonment.”
“Following the recent exit of Deliveroo in March 2026, the Competition and Consumer Commission of Singapore (CCS) has been closely monitoring Singapore's food delivery market for anti-competitive concerns, including the conduct and pricing behaviour of the remaining players. To date, CCS has not observed any systematic shifts in commissions or fees. Nonetheless, CCS will not hesitate to investigate evidence of any anti-competitive practices under the Competition Act 2004. Parties with relevant feedback are encouraged to approach CCS.”
“Tables 1, 2 and 3 below present data on the total annual rental cost, operating revenue and gross operating surplus of the retail trade and food & beverage (F&B) services sectors from 2019 to 2024. A breakdown of the data by small and medium enterprises (SMEs) and non-SMEs is not available. Retail trade and F&B services firms located in properties with attributes, such as proximity to key transport nodes or estates with high population density may face higher rents.”
“Between 2019 and 2024, rental costs as a share of total business costs declined from 26% to 17% for the food and beverage services sector, and from 30% to 26% for the retail trade sector. Data on (a) the median and interquartile ranges of rental cost as a share of total business costs, and (b) the proportion of firms which experienced rental increases exceeding 10%, 20% and 30% upon lease renewal over this period are not available.”
“For instance, SERT convened last week to discuss the tariff developments and preliminary sentiments of businesses and workers. The Government is committed to helping our businesses and workers navigate the challenges arising from these tariff developments. In October 2025, SERT launched the Business Adaptation Grant (BizAdapt) to help businesses affected by the tariffs to evaluate the impact, optimise their supply chains and reconfigure their operations. The Graduate Industry Traineeship was also launched as a temporary scheme to provide traineeships for fresh graduates to gain industry-relevant experience and skills amid economic uncertainty, so that they are better equipped to transition into full-time employment. At Budget 2026, the Prime Minister and Minister for Finance announced that support levels under BizAdapt would be raised from up to 50% to up to 70%. We stand ready to provide further support, as needed.”
“This question was addressed by the reply to Questions No 5 to 7 for oral response during the Parliament Sitting on 5 March 2026. [Please refer to "Updated Assessment on Impact on Singapore's Economy and Businesses from New 15% Tariffs", Official Report, 5 March 2026, Vol 96, Issue 25, Oral Answers to Questions section.] On 20 February 2026, the Supreme Court of the United States (US) struck down the US' "reciprocal" tariffs that were imposed on the US' trading partners under the International Economic Emergency Powers Act. On the same day, the US announced a tariff of 10% under Section 122 of the Trade Act of 1974 on all US imports for 150 days. The US Customs and Border Protection started collecting this 10% tariff from 12.01am on 24 February 2026, US time. While US President Donald Trump announced via a Truth Social post on 21 February 2026 that the tariff rate would be raised to 15%, the US has yet to issue an official directive on this increase. The immediate direct impact of these tariff developments on Singapore's economy is not expected to be significant, given that the current Section 122 tariff of 10% is broadly unchanged from the previous 10% "reciprocal" tariff that had been imposed on Singapore's exports to the US since April 2025. Those with a greater dependence on the US for final demand and whose exports are covered by the Section 122 tariff, such as the precision engineering cluster and some segments under the general manufacturing cluster, could see a greater impact from any tariff increase. We will continue to work with our tripartite and industry partners through the Singapore Economic Resilience Taskforce (SERT) to gather feedback on how businesses and workers are affected.”
“These questions are addressed by the reply to Questions No 64 to 69 for oral answers during the 7 April 2026 Parliament Sitting.”
“These questions were addressed by the Deputy Prime Minister and Minister for Trade and Industry, the Acting Minister for Transport and Senior Minister of State for Finance, and the Coordinating Minister for National Security and Minister for Home Affairs, in their Ministerial Statements on the Impact of the Middle East Situation on Singapore at the Parliamentary Sitting on 7 April 2026.”
“Singapore financial institutions have very small exposure to private credit. The Monetary Authority of Singapore regularly monitors the risk exposures of Singapore financial institutions as part of our supervisory oversight. This includes engaging financial institutions on stress testing their balance sheets, which features global financial stress scenarios, such as defaults on private credit assets.”
“Like many jurisdictions, Singapore uses a range of grants and tax incentives to compete for investments. These incentives are not automatically granted to all companies looking to invest in Singapore. They are offered judiciously and only if our economic agencies assess that the incentives are necessary to secure the investment in Singapore and if the companies would generate a net benefit for our economy. Companies receiving tax incentives are required to achieve specified economic outcomes, such as job creation, local employment, business spending or fixed asset investment. Specific targets are calibrated and set according to the nature and scope of each project. The Government has mechanisms to revoke tax incentives and recover benefits from tax-incentivised companies that fail to achieve their commitments, but the vast majority have managed to do so.”
“At the macro level, rent increases for retail spaces have broadly tracked economic fundamentals, trending below nominal gross domestic product growth and inflation in the last few years. Between 2019 and 2024, rental costs as a share of total business costs declined from 26% to 17% for the food and beverage sector and from 30% to 26% for the retail sector. But at the local level, rental costs can vary for retailers due to attributes, such as proximity to key transport nodes or estates with high population density. They can also vary based on factors, such as the property type, unit level and demand. Different retailers face different cost structures and business circumstances. Aside from rent, retailers may also face other cost pressures, such as raw materials and labour. Businesses may decide that it may be more viable to restructure, scale down or exit their operations. Nonetheless, we continue to strive to support local retailers and small and medium enterprises (SMEs) in strengthening their capabilities and competitiveness. This includes providing schemes, such as the Enterprise Development Grant and Productivity Solutions Grant, which help SMEs transform and enhance their productivity. The Government also offers targeted programmes that encourage local retailers to innovate and provide differentiated offerings. An example is the Retail Maverick Challenge, which enables local retailers to pilot innovative and experiential retail concepts. The Government is continuing to engage and work closely with industry stakeholders and key trade associations, such as the Singapore Retailers Association, to assess and enhance our support for Singapore enterprises through these transitions.”
“The Government has worked with the industry to develop the Fair Tenancy Industry Committee's (FTIC) Code of Conduct for Leasing of Retail Premises in Singapore. The FTIC sets out key leasing principles to facilitate fair and balanced lease negotiations between tenants and landlords. Since February 2024, all qualifying retail lease agreements must comply with the Code under the Lease Agreements for Retail Premises Act (LARPA). In the event of disagreements over lease negotiations or terms, the parties may bring their cases to the Singapore Mediation Centre for low-cost mediation or adjudication under LARPA. The Code stipulates a cap of three months on the security deposits of gross rent that subtenants of small retail commercial properties are required to provide for retail premises of up to 5,000 square feet floor area and a lease term of up to three years. This principle aims to strike a balance between avoiding undue strain on tenants' cash flow and protecting landlords from the cost of reinstating the unit. The FTIC is undertaking a review of the Code which is expected to be completed later this year.”
“The income bands for the new household market income series published by the Department of Statistics (DOS) follow that adopted for the earlier household employment income series to facilitate comparison across series. DOS regularly reviews the household income statistics it publishes to ensure that they remain relevant and meet user needs. Following a recent review, DOS will be expanding the income bands in its upcoming releases of household income statistics.”
“That is why I was just standing up to say that that question has been answered by Minister Ong already.”
“The Economic Strategy Review Committee report will not be the final review of our economy; I think it is an ongoing process. We just have to keep running. Hopefully, we run slightly faster than our competitors.”
“And if we talk about the security for our oil dependent sectors, particularly our refineries, we talk about the access to crude and the need for us to explore alternative sources, and we talk about supplies from outside the Middle East, which will be more costly and take longer to deliver – all these are balances that we need to recalibrate, in response to the changing environment in the geopolitical outlook. At the same time, we talk about the long-term strategy: what should we do? We have already set up the Economic Strategy Review Committee and they are finishing their work, and the report will be released shortly. And in that work, we focus on how we can strengthen Singapore's economic resilience, so that is not only to respond to crisis, but to respond to long-term changes in the global economic structure. This will include our emphasis on AI, to give us that edge and that leg-up against our competitors. If we are able to move fast, decisively, into embracing AI and adopting AI, and becoming an AI leader, I think that will give us an added competitive edge versus our competition. At the same time, I also talked about, in my speech earlier, that we need to continue to strengthen our partnership with our like-minded partners – other countries, other economies – to see how we can cooperate and create more space for us, and by international cooperation, that would also strengthen our economic resilience. So, I think it is a multi-pronged approach, it is not a single strategy. But all these, what we are putting in place, I also need to remind all of us that these strategies must continue to evolve and change, because the global environment is changing all the time. So, we cannot stay static.”
“Not quite. I think this is regarding security and long-term strategy. I will be happy to answer. First and foremost, I think this crisis is temporary – in a sense, and all crises are temporary, But I think the impact of this crisis will be quite long lasting. First, it reminds us that the geopolitical situation landscape has changed and it is important for us to understand the implications of that. And that also relates to your second question, with regard to a trade-off between resilience and cost. I think many years ago, our focus has been efficiency. Our focus has been in cost effectiveness, just-in-time delivery and production. But I think over the last few years, with the multiple crises that we have been confronted with, including COVID-19 and now, this oil crisis, energy crisis, it reminds us that it is not just about "just in time", it is also "just in case". So, therefore, it is important for us to review our policy, our strategy, our approach, to ensure carefully calibrated balance between resilience and at the same time, competitiveness. There will always be trade-offs in terms of cost, if you want to have a greater security. I think even in today's world, when we talk about energy security, we talk about stockpile for our energy requirement, stockpile will cost money. And even if we enter into long-term contracts, long-term contracts will also have a premium versus a spot market in situations when there is a volatility. At the same time, when we look at the cost increase, as a result of disruptions in supply chain, it is something that we also have to always bear in mind.”
“I want to thank Mr Victor Lye for his suggestion. Indeed, communication and engagement are an important part of the work of the committee. We do want to reach out to take this opportunity to re-emphasise the importance of conservation and to share with Singaporeans the situation regularly so that they are updated on the situation that we are facing. This is indeed a crisis and it is a crisis serious enough for us to set up the HCMC to oversee this whole-of-Government effort to manage the crisis. Today, we have three Ministerial Statements, which also signifies the importance of this crisis situation. This is something that we hope to be able to reach out to our people. The Member's suggestions about campaigns and exercises are something that we will consider. Where practical and where it is meaningful, we will be happy to work with the community or community organisations, we will work with schools, we will work with trade associations to see how we can continue to re-emphasise this message of a crisis situation and that we need to do our part to continue to conserve all our resources – energy, food, water and all the important resources.”
“Thank you, Speaker. I just want to explain that we operate our economy in a very competitive manner. We just want to make sure that in our retail market and wholesale market, we have sufficient competition to allow businesses to operate in a competitive way. This way is the best way to ensure that our prices are reasonable. For those who are taking advantage of the market to try to raise the prices, there will be competitors, they will compete to offer alternatives. This is the best way to ensure that our prices are always reasonable and competitive. Our Competition and Consumer Commission of Singapore will continue to monitor and carry out surveillance in the market to ensure that the market in different areas, whether it is retail or wholesale, whether it is food or energy or any other commodity, we will make sure that there is sufficient competition. If there is a lack of competition, then the Commission will intervene where necessary.”
“Sir, let me just give a quick answer on the wealth hub. Singapore has been a financial centre and we have been a centre to receive capital and wealth investment from all over the world. There has been increased interest and enquiries with regard to wealth coming into Singapore. We are happy to see that trend and we are also happy that we are able to provide services to these investors and this capital, that we can allow them to have an alternative location to be able to continue to safekeep their wealth and also, use Singapore as a gateway to invest in this region. I think we will continue to monitor the situation, and we will continue to ensure that we operate efficiently and reliably as a financial centre.”
“Periods of disruption, such as this, will test the resilience of countries and economies, but they also create impetus for firms to transform, diversify and deepen their capabilities. We must press on with the recommendations of the Economic Strategy Review – including building global leadership in key growth sectors, such as advanced manufacturing and modern services, supporting firms to diversify and internationalise, and accelerating enterprise transformation through technology and innovation, so that our economy remains resilient and competitive in a more challenging global environment. This also means making our energy and supply chains more resilient, deepening partnerships with like-minded countries and staying open and connected to the global economy. If we stay disciplined, deepen our trust in each other, preserve our capabilities and use this period to sharpen our competitive edge, Singapore will be well placed not only to weather this crisis, but to emerge from it stronger. [Applause.]”
“] Mr Speaker, this crisis will not end in the short term, and Singapore must prepare early and not be complacent. As a small open economy, we cannot be completely unaffected. Rising external costs will ultimately impact businesses, households and prices. We will strive to ensure stable energy and food supplies, strengthen economic resilience to cope with the crisis and provide necessary assistance to the most severely affected businesses, platform workers and low-income families. We will also provide training and employment support for workers and help families cope with cost-of-living concerns. Most importantly, whether businesses or individuals, all must respond calmly to changes. The Government will strengthen inter-agency coordination to safeguard supplies, stabilise the economy and mitigate the impact. As we have done before, let us stay resilient and united, as we weather this crisis together. (In English): Sir, the Government recognises that the impact of this crisis will be felt by households and businesses. We will do what is necessary to support them through this period. Senior Minister of State for Finance Jeffrey Siow will share more on our support measures. At the same time, all of us – Government, businesses and households – will need to do our part. Households can do our best to conserve electricity, use climate vouchers to purchase more energy efficient appliances and adopt simple measures, such as using fans instead of air-conditioning and taking public transport instead of driving. Businesses can also conserve energy by tapping on schemes, such as the Energy Efficiency Grant, and investing in more efficient equipment.”
“We will strengthen our resilience by building up inventories and diversifying our sources of supply, but Singapore will always remain dependent on imports for our supplies. It is therefore critical that we continue to strengthen our partnerships with like-minded countries and uphold an open and rules-based trading system. As a trading nation, keeping faith with our partners and maintaining our credibility is crucial. We must foster the free flow of energy and goods as far as possible. Prime Minister Lawrence Wong has spoken to Australian Prime Minister Anthony Albanese. They jointly affirmed our commitment to support the flow of essential goods, including petroleum oils, such as diesel, and LNG between our two countries. Prime Minister Wong has also spoken to New Zealand Prime Minister Christopher Luxon to reaffirm our commitment to strengthen supply resilience and mitigate disruptions. Singapore and New Zealand concluded an Agreement on Trade in Essential Supplies last October, which is a timely framework to ensure the continued flow of critical goods between our two countries. The Association of Southeast Asian Nations (ASEAN) Foreign Ministers and Economic Ministers have discussed and underscored the importance of maintaining stable, open and reliable global energy supply chains, as well as the importance of minimising disruptions to the flow of essential supplies, including food. Singapore and 10 fellow members of the Future of Investment and Trade Partnership also issued a Joint Statement last week, reaffirming the importance of not imposing restrictive trade measures, including ex port restrictions, tariffs and non-tariff barriers, on essential goods. Mr Speaker, may I now say a few words in Mandarin, please. (In Mandarin): [Please refer to Vernacular Speech.”
“We should therefore expect a much sharper increase in the next tariff adjustment, which will fully reflect the higher costs of fuel. These cost increases will feed through to broader inflation in Singapore. We had earlier forecast Consumer Price Index (CPI)-All Items and Monetary Authority of Singapore's (MAS') Core Inflation to come in at 1.0% to 2.0% in 2026, after inflation broadly eased in 2025. However, the Middle East situation has driven up global energy and commodity prices, which will drive up global inflation. Consequently, we now expect Singapore's overall inflation for 2026 to be higher than earlier projected. If the conflict is protracted, higher inflation in our source markets could also lead to further increases in import prices over time. These pressures will be felt by households in more expensive electricity, transport and daily necessities. Lower-income households will be more affected, as a larger share of their spending goes towards essentials. MAS will take these developments into account in its upcoming assessment of the inflation outlook, which it will release on 14 April 2026. Mr Speaker, the crisis is unlikely to be over anytime soon, and we must be prepared for its effects to persist for some time. Even more worrying is the risk of escalation, including further damage to energy infrastructure, or a prolonged blockade of the Strait of Hormuz. This could trigger a global energy crunch – slowing global growth and pushing up inflation worldwide. This crisis has reminded us again of how interconnected and how fragile the global system is. We need to be prepared for more frequent inflation shocks and supply chain disruptions in a world of heightened geopolitical contestation.”
“Beyond the energy and chemicals cluster, higher fuel and electricity prices will also affect a wider range of industries, including electronics, precision engineering and other energy-intensive clusters. In services, outward-oriented sectors like air and sea transport, as well as tourism, will be affected by higher costs and weaker demand. On the other hand, domestically-oriented sectors, such as retail, food services and private land transport will face higher operating costs, including utilities and fuel. Taken together, these sectoral impacts will weigh on economic activities in the coming quarters, although the extent remains uncertain as the conflict is still unfolding. MTI will continue to monitor developments closely and will update our GDP forecast in May. Let me now move to the impact on Singaporeans. As we import nearly all our energy, the spike in global oil and natural gas prices will inevitably raise fuel and electricity costs for Singapore. About 95% of Singapore's electricity is generated from natural gas, whose price is mostly pegged to market prices. The regulated electricity tariff, which most Singapore households pay, increased by 2.1% to about 27.27 cents per kilowatt hour (kWh) for the second quarter of 2026. The increase is modest relative to the spike in fuel prices. But that is because the tariff is based on fuel prices from the first 10 weeks of the preceding quarter, from January to the middle of March. That means only a small portion of the recent surge in fuel prices has been captured in this tariff adjustment. Fuel makes up about half of the tariff, so higher fuel prices will flow through to electricity prices.”
“First, securing our supplies, such as LNG and diesel for power, as well as other essential fuel products like jet fuel and motor gasoline; strengthening our economic resilience, by helping businesses to preserve their productive capacity and capability, and facilitating their transformation where necessary; providing targeted help for those most affected by the crisis, including businesses in the energy and chemicals cluster, platform workers and low-income families; and helping workers with training and employment support, as well as providing households with broad-based help to address cost-of-living concerns. Minister Shanmugam will share more later on how we are organising ourselves to coordinate our national response. Mr Speaker, Sir, what do these developments mean for our economy? In February this year, the Ministry of Trade and Industry (MTI) upgraded Singapore's gross domestic product (GDP) growth forecast for 2026 to 2.0% to 4.0%, on the back of the strong growth momentum seen in the fourth quarter of 2025, supported by robust artificial intelligence (AI)-related demand. Early data indicates that economic activity continued to be resilient in the first quarter of 2026. However, growth in the coming quarters is likely to be affected by the ongoing conflict. While the conflict impacts many sectors, some sectors will feel it more than others. In manufacturing, the most direct impact will be on industries that rely on natural gas, crude oil and crude oil derivatives as feedstock. Our refineries have adjusted by reducing their run rates and brought in shipments from sources outside of the Middle East. Downstream chemical firms will also be affected. Some firms, such as PCS have already declared force majeure due to upstream supply disruptions.”
“If farmers reduce or stop fertiliser use, crop yields will fall, raising global food prices. Other industries are also affected. This includes aluminium, which is used to manufacture cars, airplanes and many other products, as well as helium, which is needed for producing semiconductor chips and cooling magnetic resonance imaging (MRI) machines. These disruptions are cascading through the global economy. Higher fuel and raw material costs will raise business costs, some of which will pass through to consumers through higher prices. Higher energy prices have also increased transport and shipping costs. Airfreight rates between Asia and Europe have almost doubled since the conflict began. This will eventually push up costs of other items including food and grocery supplies. Rising business costs and consumer prices will, in turn, dampen demand and slow down the global economy. Many Asian currencies have weakened against a stronger US dollar, compounding inflation and growth risks in these countries. All of these pressures could intensify further in the coming weeks. As a small and highly open economy, Singapore will not be able to insulate ourselves completely from this crisis. We must respond with a coordinated, multi-agency effort to cushion the impact on our people and our economy. This is why we have convened the Homefront Crisis Ministerial Committee (HCMC), chaired by Coordinating Minister for National Security K Shanmugam and comprising several Ministers. We will focus on the following areas.”
“Thank you, Mr Speaker. Sir, the conflict between the United States (US)/ Israel and Iran has entered its sixth week and spread across the wider Middle East. Within days of the conflict, Iran effectively closed the Strait of Hormuz. It has also attacked close to 20 vessels. Last month, only about six vessels on average passed through the Strait of Hormuz each day, compared to around 135 in normal times. President Trump has said recently that the US has almost accomplished its goals in Iran, but it is still not clear when the conflict will end and when the Strait will be reopened. In the near term, the closure of the Strait has caused a global shortage of energy supplies, including crude oil and gas. Before the conflict, one quarter of the world's supply of seaborne oil and one-fifth of its gas transited through the Strait. More than 80% of these flows were bound for Asia. Such a severe choking off of supply is unprecedented. It is the worst disruption since the 1973 oil embargo. The fuel shortages have caused a surge in global energy prices. Since the onset of the conflict, Brent crude oil prices have doubled from US$71 per barrel just before the conflict, to a peak of US$141. Similarly, spot liquefied natural gas (LNG) prices have also doubled, from US$11 per million British Thermal Units (MMBtu) to as high as US$22/MMBtu. The disruption extends to other key products too, particularly those that use oil and natural gas as feedstock or starting materials. One example is fertilisers. Most fertilisers are made using natural gas – and the Middle East is a key global producer of fertilisers, second only to Russia. Nearly a third of the world's fertiliser trade is shipped through the Strait. The supply disruption has led to soaring fertiliser costs.”