Goh Chok Tong
Singapore
“This is what your father said during the debate on the Nassim Jade episode: "The proudest thing (for your mother) are her three children − upright, well-behaved and honourable... They are brought up straight, they are likely to stay straight. It is like, as I have said, a code of honour. If you break that code, you have brought shame...”
“They are not just the headaches of the Prime Minister and his team. They are not just the headaches of the PAP. They are also the headaches of the Workers' Party and every Singaporean. On their own, the Prime Minister and his team cannot resolve them. They require us, the Members of Parliament, and the people, to work with them.”
“The national financial education programme, MoneySENSE, continues to work with partners such as the Association of Banks in Singapore (ABS) and the media to educate consumers on the responsible use of credit facilities and the factors consumers should consider before taking on debt. PROPERTY AGENTS' COMMISSION RATES 2.”
“Mdm Halimah Yacob asked the Minister for National Development (a) in 2008, what is the takeup rate for the interim rental housing scheme that is provided to those without homes; (b) what are the reasons given for rejections under this scheme; (c) whether the rental rates were affordable; and (d) how many applicants had rejected the rental…”
“MAS is working with relevant government agencies and stakeholders to study the issue carefully, and to consider the various proposals that have been raised, including the feasibility of introducing a no-fault regime.”
“Mdm Cynthia Phua asked the Minister for National Development (a) if he will provide an update on (i) the use of sustainable alternative materials in the construction industry and (ii) the cost of construction materials in view of increasing inflation rates and rising oil prices; and (b) how will the high material and labour cost impact on…”
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“I will be very brief. The response by Low Thia Khiang is not unexpected. I expected that. This is what we call political sophistry. And as for Tang Liang Hong, he is not my brother.”
“This is what your father said during the debate on the Nassim Jade episode: "The proudest thing (for your mother) are her three children − upright, well-behaved and honourable... They are brought up straight, they are likely to stay straight. It is like, as I have said, a code of honour. If you break that code, you have brought shame... upon yourself and family". [Applause.]”
“I invite Low Thia Kiang and his Workers' Party Members of Parliament, as well as the Nominated Members of Parliament to also state their position clearly on the Prime Minister's and the Government's integrity. Low Thia Khiang said in his speech, and I quote, that "Mr Lee Hsien Yang and Dr Lee Wei Ling should not make vague allegations in the public domain against the Prime Minister based on scattered evidence centred on family displeasure. Making allegations that appear to be calculated to undermine the Prime Minister's authority does not make for constructive politics." Well said. Follow up with a clear statement of your own that you have come to the conclusion that the allegations are baseless and calculated. His colleague Png Eng Huat read out quotes from Wei Ling's and Hsien Yang's 14 June Facebook statement. Anyone can simply read. That is akin to spreading rumour. As an hon Member of Parliament, he should state his position on what he has read. That is what we are elected as Members of Parliament for − to have a clear view on issues. In 1996, at the end of the debate on Nassim Jade, Low Thia Khiang and Chiam See Tong stated their positions unambiguously. Lastly, if reason fails, I appeal to the emotions and sensibility of the Lees to stop trying to drag each other down and move on. Stop your family quarrel, sort out any misunderstandings and reconcile, and if that is not immediately possible, at least stop making things worse. Keep the quarrel private and seek mediation or arbitration to resolve your differences. No one doubts your deep filial piety. Hsien Loong is here, I hope Wei Ling, Hsien Yang, outside, would hear me, your parents were proud of you.”
“He gave the proceeds from the sale of 38 Oxley Road away so that no one could accuse him that he would benefit, should the Government acquire the land. He had put country before self and family interest. I still keep a close eye on Government matters. This is an occupational hazard for former Prime Ministers. On this case, the Prime Minister's and Deputy Prime Minister's accounts accord with my knowledge of how the Government and Ministers operate. I am also fully satisfied that Deputy Prime Minister Teo acted independently as Chairman of the Ministerial Committee. I met him in June 2016 to understand his thinking of a possible range of options for 38 Oxley Road. The Prime Minister had recused himself a year earlier. I was trying to mediate between the Prime Minister and Lee Hsien Yang. I conveyed Deputy Prime Minister's thinking to Hsien Yang on 23 June last year. I told Hsien Yang that the dispute over the demolition of the house was actually between him and the Government. It was not with Hsien Loong, as the Prime Minister has no say over the fate of the house. I emphasised this point to him − it was between him and the Government. I agree with Low Thia Khiang that we should end this sad saga and move on. But how, he asked? I will tell him how. I have stated clearly my position on the integrity of the Prime Minister and the Government. As Prime Minister, I investigated Lee Kuan Yew and Lee Hsien Loong in 1996 over their purchase of apartment units in Nassim Jade. My judgement and integrity were at stake then, as today, when I state my conclusion on the Prime Minister's character and integrity. After so much has been said by both sides and the Government, it is clear that the allegations are baseless. There is enough distortion out there.”
“Are they whistleblowing in a noble effort to save Singapore, or waging a personal vendetta without any care for the damage done to Singapore? I have kept my ears open. From what Lee Hsien Yang and his wife are freely telling many people, it is clear that their goal is to bring Lee Hsien Loong down as Prime Minister, regardless of the huge collateral damage suffered by the Government and Singaporeans. It is now no more a cynical parlour game. If the Lee siblings choose to squander the good name and legacy of Lee Kuan Yew and tear their relationship apart, it is tragic but a private family affair. But if in the process of their self-destruction, they destroy Singapore too, that is a public affair. Unsubstantiated accusations have been dished out on Facebook and the media, ad nauseam. Singaporeans are getting sick and tired of all this. We cannot, and will not, allow ourselves to be manipulated as pawns. There must be a clear conclusion at the end of this debate. Either we clear Prime Minister over the allegation of his abuse of power or we censure him. I have heard the Prime Minister's and Deputy Prime Minister's Statements. I have also been following closely the lengthy postings that Lee Hsien Yang has shared online. I have heard the views and questions of Members, and paid close attention to those from the Workers' Party and the Nominated Members. I reaffirm my full confidence in the integrity of the Prime Minister. I have known and worked closely with him for more than 30 years. I brought him into politics in 1984 and, I should add, it was not at Lee Kuan Yew's behest. He was my Deputy Prime Minister for 14 years. He has been Prime Minister for some 13 years. In this episode, in fact, he has revealed his political sensitivity and integrity.”
“The Prime Minister has explained in his speech why he would prefer not to sue. I can well understand his dilemma. Being the eldest in the family, he must harbour hopes of reconciliation, however remote it seems now, even at a cost to his own political standing. Indeed, I have urged him as well as Lee Hsien Yang to sort out their differences, misunderstanding and reconcile. It is surely not worth the feud being passed on to the next generation. Given the immediacy of the issue, I commend the Prime Minister for his courage in opening himself and his Ministers to scrutiny in Parliament. Is the Ministerial Committee shrouded with secrecy? Are Deputy Prime Minister Teo Chee Hean and the Ministers Prime Minister's puppets? You have listened to Deputy Prime Minister Teo Chee Hean's explanation yesterday. I brought him into politics after he distinguished himself in the Singapore Navy. He stood with me in the 1992 by-election in Marine Parade GRC. He went on to serve key appointments with distinction. Today, he is Minister-in-charge of the Civil Service and Co-ordinating Minister for National Security. To suggest that he would do Prime Minister's bidding blindly is to insult the Civil Service and Singapore Armed Forces, never mind the PAP and Deputy Prime Minister. Many of the other Ministers served under Lee Kuan Yew, too. And they have stood up to him. Lee Kuan Yew told them that he wanted to have his house demolished after his death. They said no. They are not yes-men. I have come to the conclusion that neither money nor the house is the real issue. The dispute over 38 Oxley Road is only a fig leaf for the deep cracks within the family, cracks which perhaps started decades ago. What then is the agenda of the Prime Minister's accusers?”
“Mdm Speaker, this sad public squabble between the Lee siblings is blown out of proportion. But it has embroiled all of us. It has tarnished the reputation of Singapore and distracted the Government from far more important work. Because the allegations against the Prime Minister have been made by members of the Lee family, they are given weight. The public is confused and concerned, even as Singaporeans continue to trust the Prime Minister and the Government. There is thus an urgency to explain, restore trust and get back on track. It is our duty and responsibility to do this, to account to our voters. My main concern is neither the fate of 38 Oxley Road nor the family feud. They are far removed from the daily concerns of Singaporeans. It is the wilful attack on the integrity of our leaders and the insidious erosion of public faith in our institutions that I want to address. The nub of the issue for us in Parliament is integrity and trust − in the Prime Minister and our system of government. Absent these, Singapore will descend to a Third World country. Incorruptibility of our Government is what distinguishes Singapore. The Prime Minister is central in upholding that incorruptibility. He holds the key levers of state power, entrusted by the people. When trust in the Prime Minister disappears, his moral authority and political capital shrivel. Therefore, the constant self-policing, restraint and care of the Prime Minister in wielding the immense power at his disposal are paramount. There is no hiding from public scrutiny. One's entire character is laid bare and there is only total dedication to the job. This is the standard we want to uphold. My view remains that when a Minister thinks that an allegation made against him is without basis, he has to sue.”
“They are not just the headaches of the Prime Minister and his team. They are not just the headaches of the PAP. They are also the headaches of the Workers' Party and every Singaporean. On their own, the Prime Minister and his team cannot resolve them. They require us, the Members of Parliament, and the people, to work with them. This means sharing our views and ideas with them, and forging a consensus on the way forward. Singapore has succeeded only because of the courage of our leaders and people to face challenges squarely, and because of our will to succeed and our ability to work together to overcome issues of survival. This is the only way for us to ensure that the Singapore Story can continue. I support the amendment moved by Mr Liang Eng Hwa to the White Paper. On this note, Mr Deputy Speaker, I support the White Paper. 5.52 pm”
“We are sandwiched between the economic powerhouses of China and India, and other fast-growing economies. Whether we can continue to attract companies to provide good jobs for Singaporeans, and whether we can continue to shape international developments to our advantage, is contingent on Singapore remaining vibrant and successful. If our institutions are not forward-looking, our economy flat, our society divided, Singapore will not be able to punch above its weight. It will lose its lustre and influence. Why would others invest in Singapore and in Singaporeans if our house is in disarray and we cannot solve the big problems confronting the country? These are tough, fundamental challenges which the Prime Minister and his Ministers will have to resolve. They will have to do this not only intellectually and logically, but also emotionally and sensitively. They will have to dispel people's current and future fears, win their hearts and minds, while planning a better life for them. Page: 114 Let me conclude by setting out my position on the White Paper in unmistakable terms. One, I endorse it. I am reassured that the population figure of 6.9 million is a planning parameter and not a target. Two, I support the calibrated approach in slowing down the growth of the non-resident workforce. Three, I support building the physical and social infrastructure to ease the present crowdedness. Four, we should read the White Paper together with the many programmes that the Government has rolled out and is still rolling out to meet the needs of different segments of the population. All these taken together, they form the strategic plan to move Singapore to the next level and make lives better for all Singaporeans. Lastly, the challenges we face concern all of us.”
“But I also recall the courage and sacrifice of doctors, nurses, taxi-drivers, grassroots leaders and a host of front-line staff, and how we all pulled through together as one people. In all of these crises, the critical success factors were the leadership of the country, the bond between the Government and the people, our unity, our trust and support of each other. In those crises, people could see and sense the immediate danger. We instinctively came together to tackle issues head on. We knew we would otherwise be worse off. We weathered the storms, emerging Page: 113 stronger from each. The White Paper is the Government's plan to forestall an impending crisis. Forestall an impending crisis. But unlike our previous crises, our demographic challenge unfolds imperceptibly over one or two decades like a slow, sinking ship. Yet it is urgent, in that we need to decide how to act now to right the ship. That is the difficulty for the Prime Minister and his team. They have to think long term. They can see the population pyramid becoming unstable. They can see the silver tsunami coming. They can see the economy deflating at some point in the future. They fear the Singapore ship will sink. But it is perfectly understandable that many Singaporeans worry more about the present than the future. They feel the effects of over-crowding, competition for schools and jobs, high home prices, and the large numbers of foreigners most keenly. They want these pressures to be eased now. While we debate intensely the domestic implications of the White Paper, we must also remember that Singapore exists as part of a dynamic, competitive and constantly changing world. Singapore is a price-taker in international economics and geopolitics, and always will be.”
“Affected Singaporean workers must be helped. Members would have noted the letter from the AustCham and eight other chambers of commerce in yesterday's papers on their members' concern about the more restrictive inflow of foreign workers. I know that foreign businesses in Singapore are watching our debate and our next steps closely. We should take the views of these chambers seriously and weigh their interests against our need to restructure the economy and depend less on foreign workers. I applaud the Prime Minister and his team for their courage and leadership in tabling this paper to sketch out the next chapter of the Singapore Story. The politically expedient alternative would have been to leave the issue to his successor to tackle. But that is not the responsible way to govern Singapore. My experience in Government has been to be upfront with Singaporeans, face the unpleasant facts and work together to overcome problems and crises. Prime Minister and his team did the right thing by laying out the problems, the trade-offs and our options in a transparent manner so that all Singaporeans can become more aware of our demographic destiny, debate it and build consensus on the way forward. Indeed, as a people, we have come together and weathered successive tests of our unity, resolve and resilience. I remember the 1997 Asian Financial Crisis, SARS in 2003, the September-11 terrorist attacks, the discovery of a terrorist cell in Singapore and recently, the 2008 sub-prime crisis. I remember the anxiety and uncertainty of Singaporeans during these crises, and the tough decisions we had to take to overcome them. I remember most of all the fear in Singaporeans as SARS took its toll on the lives of Singaporeans and our economy. Our hotels went almost empty.”
“What proportion of citizens and foreigners should be in the population is also another important question to resolve. But this is not the time for us to resolve this. We should further debate this in the future. But for now, let us not be fixated on the population figure in the White Paper. Instead, we should decide if we agree with the broad approach laid out in the White Paper. These are: (a) changing to a lower gear in our economic growth, (b) a calibrated slowdown in expansion of the non-resident workforce, and (c) extensive construction of infrastructure and affordable housing to meet the needs of the still growing population. Continual economic restructuring is one of the enduring features of the Singapore Story. Since the Economic Strategies Committee released its recommendations in 2009, the Government has moved to enhance productivity and to wean businesses off cheap and easily available foreign labour, and with increasing urgency in the last two years. It is clear that we have brought in too many immigrants for our infrastructure to cope and for Singaporean society to integrate. The Government has recognised this and has taken steps to put things right. The Government's calibrated approach on reducing our reliance on foreign workers is realistic. Like weaning babies off milk, it has to be done gradually. Going cold turkey with foreign workers is traumatic. The White Paper seeks to strike a balance, with the interests of Singaporeans and businesses in mind. A reduced inflow of foreign workers will complement the impetus to raise Page: 112 productivity. Our businesses must adjust, and the Government will help them make the transition. Those which are structurally unable to adjust may have to rationalise their operations. Some may have to relocate.”
“They include: (1) Meeting the higher expectations of a well-educated young generation for better jobs, promising careers, affordable housing and comfortable lifestyles. (2) Meeting the needs of the burgeoning older generation, in particular, their medical, social and financial needs. (3) Preventing the citizen population and workforce from shrinking in the next decade and raising the Total Fertility Rate. (4) Overcoming our physical space constraints. (5) Coping with slower growth as the economy matures, even as demands to increase social spending grow. (6) Reducing our reliance on non-resident workers. (7) Keeping the Singaporean identity alive and not becoming a minority in our own country. (8) Defending ourselves as future cohorts of combat-fit NSmen would be much smaller than today's. Page: 111 I read the White Paper as the Government's attempt and strategic plan to find solutions to surmount our constraints of space and the limits of an ageing and shrinking citizen population. In short, it is about sustaining our growth and prosperity, so that the young can pursue their dreams, the seniors can grow old with dignity, parents can raise families, and everyone can enjoy a comfortable life. Regarding population size, I, too, am not sure about the idea of having 6.9 million people. Many Singaporeans cannot imagine how that can work, when their daily experience with 5.3 million people is of crowded trains and buses. It is good that Deputy Prime Minister Teo has reiterated and reassured all of us that 6.9 million is only a planning parameter and not a policy target. What the optimal, stable, long-term population for Singapore should be is a legitimate question, a very important one.”
“Mr Deputy Speaker, Sir, is the Singapore Story over? All nations face their own unique set of complex and intractable challenges. We, too, are at a crossroads where we as a people have to make some tough decisions. How we respond to these challenges, and how our leaders and the people rally together, will determine the future of the Singapore Story. This is what the White Paper is about – A Sustainable Population for a Dynamic Singapore. As Singapore's second Prime Minister, my key mission was to Keep Singapore Going. Keeping Singapore Going includes growing the economy to improve the lives of Singaporeans. Why is the economy important? Because it Page: 110 means jobs, food, homes, clothes, schools, medical services, roads, trains and all the necessities and niceties of life. We pay attention to economic growth in order to create good jobs for fresh graduates and school-leavers, provide security for workers, accumulate resources to subsidise housing, health care and education, help the lower income Singaporeans through schemes like Workfare, and save for the future. Gross Domestic Product (GDP) is an economic indicator to sum up the economic activities within a country. Pursuing GDP growth is a means to get a good harvest for Singaporeans. It is not an end in itself. The bigger the GDP, the bigger the harvest. To Keep Singapore Going is like perpetually rolling a huge boulder up a mountain side. We have no natural resources and it is our fate that we have to keep rolling it to survive. But as we near the proverbial summit, the slope gets steeper, the air thinner and the boulder heavier. Singapore faces some very serious challenges which the Prime Minister and his team must tackle.”
“Default rates refer to the number of defaulters as a percentage of the total number of cardholders. Defaulters are consumers with a card status that has been written off as bad debt. Some of these defaulters may eventually be declared bankrupt. 3. According to data from IPTO, about 6,768 cases (20% of bankruptcy cases) over the period 2000 to 2010 have declared the cause of their insolvency as overspending of some kind or other, including overspending on credit cards, on personal lines of credit, and on hire-purchase. 4. “Revolvers” refer to those who have not paid their outstanding credit balances in full. 5. “Frequent revolvers” refer to those who have not paid their outstanding balances in full for at least three consecutive months. 6. New credit cardholders refer to those who have been granted a credit card for the very first time in that year. EXPENDITURE ON OFFICIAL DEVELOPMENT ASSISTANCE 3. Ms Sylvia Lim asked the Minister for Foreign Affairs how much Singapore spends each year on Official Development Assistance (ODA) as a percentage of Gross National Income (GNI).”
“Importantly, borrowers have a role to play in ensuring that they use credit responsibly, and within their means. The national financial education programme MoneySENSE continues to work with partners such as ABS and the media to educate consumers on the importance of thrift and responsible use of credit facilities. ABS, with the support of MoneySENSE, has developed a consumer guide which has key information on what cardholders should know about credit cards, including information on interest, late payment charges as well as the implications if a cardholder pays only the minimum sum and rolls over the balance. When banks issue credit cards, they send cardholders information based on this guide. The Monetary Authority of Singapore (MAS) has in place several measures to mitigate the risks of over-borrowing by individuals. MAS has set the minimum annual income requirement for credit cards at $30,000 to ensure that credit cards are only issued to individuals who have sufficient financial means to handle them. The maximum credit limit, including any other unsecured credit facilities that a financial institution can give to such individuals is limited to four times his monthly income. Financial institutions must conduct comprehensive credit bureau checks before granting individuals credit cards. Through these checks, a card issuer can be informed of the number of credit lines that the applicant already has with other financial institutions and if the applicant has not been able to repay these facilities. This supplements the rigorous credit assessments that MAS expects financial institutions to conduct before they grant credit to customers. 1. The rollover ratio refers to credit card balances outstanding for 30 days or longer as a percentage of total credit card balances. 2.”
“The rollover ratio1 was 15.5% in 2010, after dipping to a historical low of 14.5% in 2008. This is less than the five-year average of 17% between 2004 and 2008 and below the 20%-25% range recorded during the peak period between 1999 and 2003. Although international data are not directly comparable, our rollover balances as a percentage of total balances appear lower than those of Australia and the UK. Nonetheless, credit card default rates2, which are leading indicators of bankruptcy numbers3, have remained low. Default rates fell from 0.23% to 0.19% between 2004 and 2010. Data from Credit Bureau Singapore show that the share of "revolvers"4 has remained broadly stable. However, the share of "frequent revolvers" 5 has risen slightly in recent months. Young adults aged 21-29 have contributed to this increase.As of November 2010, they represent 39% of new credit cardholders6 who are frequent revolvers. Young adults also account for a rising share of credit card defaulters, increasing from 9.4% or 123 defaulters in January 2008 to 13.4% or 233 defaulters in November 2010. This bears close monitoring. MoneySENSE has been working with the Association of Banks in Singapore (ABS) to conduct a series of talks on understanding different types of loans, including credit card loans, and avoiding the debt trap. These talks have been delivered to students at tertiary institutions and young working adults at their workplaces. Key messages on the responsible use of credit facilities are also disseminated through radio programmes and events such as the annual National Economics and Finance Management Quiz, organised by the National University of Singapore Economics Society for students from junior colleges, polytechnics, integrated programme schools and centralised institutes.”
“The penetration rate of life insurance coverage in Singapore, measured as the percentage of insurance premium over the GDP of the country, is 5.1% in 2009(1). By this measure, Singapore is ranked 17th in the World and 5th in Asia. As of end 2009, about 14% of the total in-force life policies comprised investment-linked policies. The breakdown of in-force policies by product type as at end 2009 is as follows: 2009 Investment- Linked Term Whole Life Endowment Accident & Health Others Total % of In-force Policies 14% 19% 16% 17% 33% 1% 100% Investment-linked, Whole Life and Endowment products contain an investment element, and these products comprise 47% of the total in-force policies. To help consumers better identify their own insurance needs and understand the different features of insurance products, MAS and the Life Insurance Association have issued consumer guides on life insurance, investment-linked insurance plans and participating life insurance policies. These guides are produced under MoneySENSE, our national financial education programme, and are available on MoneySENSE's website. (1) As reported in Swiss Re Sigma Report 2/2010. HEALTH INSURANCE (Medisave and Medishield ) 2. Mdm Ho Geok Choo asked the Minister for Health (a) whether Singaporeans are under-insured in health insurance and whether their Medisave and MediShield covers need to be complemented with an enhanced insurance cover; (b) what measures will the Ministry take to educate Singaporeans on the need for health insurance; and (c) what percentage of Singaporeans have health insurance and of these, how many are under-insured.”
“The financial crisis has reinforced the importance of investors equipping themselves with the necessary knowledge and skills and investing only in products that they understand. MoneySENSE was launched in 2003 as a national financial education programme to provide consumers with knowledge and skills to enable them to make informed financial decisions. More recently, MoneySENSE has stepped up efforts to educate consumers on specific investment products. This includes arranging educational seminars and publishing articles on what consumers should consider before investing in various investment products such as structured notes and Singapore Government Securities. MoneySENSE has also been partnering MediaCorp on a series of "Mind Your Money" seminars and radio programmes to bring financial education to consumers. Going forward, MoneySENSE will be working with media to educate consumers on various new and common investment products offered to retail investors. CLOSURES OF SPA OPERATORS 5. Er Lee Bee Wah asked the Minister for Trade and Industry in light of the sudden spa closures by spa operators (a) what is the Ministry doing to protect the image of Singapore as a regional spa centre; and (b) whether the Ministry will consider disallowing spa operators from signing up treatment packages that are more than six months to protect the interest of the customers.”
“The development of the Singapore Government Securities and corporate bond markets provides investors with more investment choices, and serves as a complementary pillar of corporate fund-raising, in addition to bank and equity financing. In this regard, the Monetary Authority of Singapore (MAS) has been working with stakeholders to build a deep and vibrant bond market. The financial crisis over the last two years has however shown that what may be perceived as less complex or safe products may not necessarily be so in a turbulent market. While investment products such as plain vanilla corporate bonds are less complex than structured notes, these products still carry investment risks, including counterparty and interest rate risks. These risks also vary across issuers and market cycles. For instance, while such products may appear attractive in the current low interest rate environment, their prices may be affected when interest rates rise. The Securities and Futures Act requires the disclosure of all information that retail investors and their professional advisers would reasonably require to make an informed assessment of the product. This includes the risks associated with the issuer as well as the product. Recently, MAS, in consultation with the industry, conducted a review of the regulatory regime for listed and unlisted investment products and has developed proposals to further safeguard consumers' interests and promote higher industry standards. MAS aims to put in place the necessary legislation to effect these changes by 2011. Investors must also play their part in making informed investment decisions and invest in their own financial literacy.”
“The national financial education programme, MoneySENSE, continues to work with partners such as the Association of Banks in Singapore (ABS) and the media to educate consumers on the responsible use of credit facilities and the factors consumers should consider before taking on debt. PROPERTY AGENTS' COMMISSION RATES 2. Mdm Ho Geok Choo asked the Minister for National Development where consumers (sellers and buyers) have to negotiate with the property agents for an agreed commission rate, whether there will be any avenue for dispute resolution when the consumers or property agents do not honour the agreed commission rates.”
“Banks may only access information about a person's credit-worthiness with a credit bureau when that person applies for a credit facility with the bank. Access for any other purposes, such as for the marketing of credit cards, is prohibited in order to protect the individual's privacy. Through the mandatory credit bureau check, a card issuer can be informed of the number of credit lines that the applicant already has with other financial institutions and the applicant's repayment record for these facilities. This supplements the rigorous credit assessments that financial institutions are expected to conduct before they grant credit to customers. Apart from credit bureau checks, we have several other measures in place to implement the Government's social policy of discouraging Singaporeans and permanent residents from spending beyond their means. To ensure that individuals holding credit cards have sufficient financial means to handle these spending instruments, we have set the minimum annual income threshold at $30,000 for a credit card. We have also limited the amount of credit that an individual can obtain from a financial institution and its affiliated entities. An individual, whose annual income exceeds $30,000, can obtain credit of up to four times his monthly income. These measures are in place to regulate the amount of credit that financial institutions grant to consumers, thereby mitigating the risk of over-borrowing by individuals from all income groups. At the same time, consumers also have a role to play in ensuring that they use credit responsibly, and within their means. They need to exercise prudence when deciding whether to sign up for a credit card, carefully assess their repayment ability and ensure that they do not incur excessive debt.”
“Assoc. Prof. Fatimah Lateef asked whether there are guidelines for card issuers in relation to inviting customers to apply for credit cards, and which agency oversees the enforcement of these rules. Card issuers in Singapore have to adhere to regulations in the Banking Act which is administered by the Monetary Authority of Singapore (MAS). While the regulations do not prohibit card issuers from inviting customers to apply for credit or charge cards, card issuers must check that the applicants satisfy the minimum annual income requirement and other regulatory requirements, as well as the card issuers' internal credit risk criteria before approving the application. In addition, card issuers are not allowed to send or give credit or charge cards to someone unless the person has requested for it in a document that has been signed. These rules seek to ensure that customers have to take the additional step of applying for a credit or charge card before being issued one. There are a few exceptions to this and they apply to the sending of "replacement cards", "additional cards" and "substitute cards". These are situations where the consumer is an existing cardholder of the card issuer. In the case of a replacement card, the cardholder is expecting the issuance of the card – for example, where the card is issued as a replacement for a lost card, or when the card is about to expire. For additional cards, an example would be where a bank wishes to upgrade the card of an existing cardholder. Substitute cards are cards issued for the sole purpose of enhancing security features of existing cards. Assoc. Prof. Fatimah Lateef has also asked about the marketing of credit cards to individuals with bad credit history or who are in credit card debt.”
“Mdm Halimah Yacob asked the Minister for National Development (a) in 2008, what is the takeup rate for the interim rental housing scheme that is provided to those without homes; (b) what are the reasons given for rejections under this scheme; (c) whether the rental rates were affordable; and (d) how many applicants had rejected the rental flats because they had to share with other families that they find unsuitable or incompatible.”
“Crossing networks are required to submit regular trade reports to MAS and maintain an audit trail of their trades. In addition, they have to report each trade to SGX to ensure consolidated post-trade transparency. This information forms part of a share’s turnover, which is reported to the public. As part of its regular market surveillance and enforcement work, SGX is responsible for the detection of irregular trading and follow-up on suspicious trades, including possible insider trading. This applies to transactions put through crossing networks. Following its initial investigations, SGX will refer the case to MAS, where necessary. MAS has statutory powers to obtain information, including the identity of the investor. MAS therefore does not consider crossing networks to pose additional concerns on insider trading. Crossing networks provide an efficient channel for institutional investors to deal in large blocks of shares. MAS will continue to monitor the development of crossing networks in Singapore as well as global regulations relating to these entities, and review our regulatory regime if needed. (1) The recognised market operator regulatory regime caters to markets including traditional exchanges and trading facilities which pose lower systemic risk to Singapore. (2) Market impact costs refer to the change in market price as a result of a large order that is placed on the exchange. It is the difference between the transaction price and what the market price would have been without the large order. TAKE-UP RATE OF INTERIM RENTAL HOUSING SCHEME 2.”
“Dark pools, otherwise known as crossing networks, are an alternative trading venue where institutional investors can transact large blocks of shares that are listed and traded on stock exchanges. Concerns that have been raised about crossing networks include possible market fragmentation and a lack of transparency. The Monetary Authority of Singapore (MAS) recognises these concerns and has brought crossing networks under its regulatory regime for recognised market operators(1) since September 2007. These market operators are permitted to offer trading access only to institutional investors, and have to comply with the relevant statutory obligations. These include ensuring that the market is fair and orderly; managing any risks associated with its business and operations prudently; and not acting contrary to the interests of the public. Currently, orders above S$150,000 or 50,000 shares can be executed off the Singapore Exchange (SGX) as SGX members can negotiate such orders directly with each other. These off-exchange trades are subject to relevant SGX trading rules which require a trade to be reported to the Exchange within 10 minutes of execution. SGX’s rules seek to balance the ability of institutional investors to execute large transactions, minimising market impact costs(2), with the overall requirements of market transparency and integrity. MAS has required crossing networks to match only large orders that comply with the SGX off-exchange thresholds. As an additional measure to prevent liquidity in the exchange from being fragmented by the crossing network, MAS has set limits on the volume any crossing network can trade in any single SGX-listed share.”
“For example, a one-time-password (OTP) may be required for online transactions as an added layer of authentication, obtained via tokens or an SMS from the card issuing bank. At the same time, cardholders should continue to take care of their credit cards and to protect themselves against credit card fraud. For example, credit cards should be treated like cash and kept safe, and credit card details should not be given to unknown parties. MoneySENSE will continue to work with ABS and the Consumers Association of Singapore (CASE) to educate consumers on what they can do to protect themselves against credit card fraud. In the next few weeks, ABS and CASE, with support from MoneySENSE, will run radio programmes to highlight how consumers can safeguard their credit cards. Column No : 1401 TRAFFIC ACCIDENTS 27. Mr Ang Mong Seng asked the Minister for Transport (a) in the last 12 months, what is the number of injuries and fatalities involving cyclists in traffic accidents; (b) whether cyclists are allowed to drive motorised bicycles on the road; and (c) whether the Ministry has any plans to reduce the number of accidents involving cyclists.”
“It also serves as a benchmark to help consumers determine whether their bank is providing them with services that meet the standards articulated in the Code. MAS welcomes the steps taken by ABS and its member banks to implement these new measures through the ABS Code of Consumer Banking Practice. They establish clear and reasonable rules on the respective responsibilities and liabilities of banks, merchants and cardholders for unauthorised transactions conducted through lost or stolen credit cards. At this time, MAS does not consider there is a need to implement regulations in this area. It is inevitable that there will be instances of credit card fraud. While Singapore has one of the lowest levels of credit card fraud in the world, this statistic would be of little comfort to someone who has been the victim of such fraud. Preventing credit card fraud is the shared responsibility of banks, merchants and customers. ABS has reiterated that when card issuing banks are informed by cardholders of unauthorised charges, the issuing banks will ensure that appropriate investigations are carried out to determine responsibility and liability for the unauthorised transactions. Where it is determined that fraud is due to the merchant’s negligence, the bank can withhold payment, and the merchant will have to be responsible for the unauthorised charges. MAS has announced that it has been engaging banks and card brands in exploring enhancements to credit card security, and is considering the implementation of dynamic authentication for "card-not-present" transactions, and the adoption of a chip technology platform. MAS is looking at a phased introduction of some initiatives in the first quarter of 2010.”
“Mr Lim Biow Chuan has asked if the Monetary Authority of Singapore (MAS) will consider regulations to limit the liability of credit card holders whose credit cards were lost or stolen, and where unauthorised transactions were made on these credit cards. On 4th September 2009, the Association of Banks in Singapore (ABS) announced new measures to further limit credit cardholders’ liability arising from unauthorised transactions made with lost or stolen cards. The new measures complement current practice where banks have in place fraud detection systems to alert cardholders of suspicious or high risk transactions and conduct investigations to determine liabilities for unauthorised charges. ABS has stated clearly that if a lost or stolen credit card is used for unauthorised transactions prior to the cardholder notifying the card issuing bank of the loss, the cardholder will only be subject to a maximum liability of $100. This is provided the cardholder informed the card issuer of the loss as soon as reasonably practicable after being aware that his credit card has been lost or stolen and has not acted fraudulently, or with gross negligence. In a situation where a credit card is not lost or stolen, but the card details were used for unauthorised transactions, ABS has reiterated that cardholders will not be held liable as long as they have not acted fraudulently, or with gross negligence. These new measures take effect from 1st November 2009, and will be incorporated into the ABS Code of Consumer Banking Practice. The Code of Consumer Banking Practice describes the standards of service and conduct expected of ABS member banks.”
“MAS is working with relevant government agencies and stakeholders to study the issue carefully, and to consider the various proposals that have been raised, including the feasibility of introducing a no-fault regime. The experiences in countries that have introduced the no-fault regime are that there are pros and cons which require further evaluation. FULL-TIME NATIONAL SERVICEMEN DEPLOYED OVERSEAS 22. Ms Ellen Lee asked the Minister for Defence whether parents of full-time National Servicemen are officially informed when their sons are deployed for overseas missions or exercises.”
“There is currently no statutory motor insurance compensation regime for motor accidents in Singapore. Instead, the claim of a motorist against another arising from a motor accident is founded in the tort of negligence. This means that a person who has suffered damage arising from the negligence of another may seek recourse from the negligent party for compensation. Any compensation paid out would be in proportion to the degree of negligence committed. The Motor Vehicles (Third-Party Risks and Compensation) Act does not set out a compensation regime for motor accidents. However, it requires a motorist to purchase compulsory third-party insurance to cover his liability arising from the death or bodily injury of others caused by his use of a motor vehicle. While additional coverage beyond third-party bodily injury liability is not a legal requirement, most motorists choose to purchase comprehensive insurance policies that also cover the cost of repairing damage caused to third-parties’ property as well as their own vehicles. Otherwise, they would have to pay for these costs out of their own pockets. The recent increase in motor insurance premiums has featured prominently in the media of late. The insurance industry has explained that this was necessary following record losses incurred by insurers, as gross claims settled increased by 36% from 2007 to 2008. Several reasons have been cited for this increase in claims. Some have cited inflated third-party claims and suggested that a no-fault regime might reduce this. There are several factors that have contributed to the increase in motor claims costs.”
“Singapore's success as an international financial centre is built on a track record and reputation for integrity, high standards of financial regulation and rigorous supervision and strict enforcement. MAS requires all financial institutions operating in Singapore to abide by the relevant laws and regulations in Singapore and their home jurisdiction. The investment in UBS has nothing to do with our effort in building Singapore as an international financial centre. This investment is made by GIC and Government does not influence or intervene in GIC’s specific investment decisions. GIC makes these decisions on its own, and has explained the reasons for its investments in UBS. ANNUAL TRAFFICKING IN PERSONS REPORT 2008 (Improvement of Singapore's "Tier 2" placement) 2. Dr Fatimah Lateef asked the Deputy Prime Minister and Minister for Home Affairs (a) what will be the course of action to improve Singapore's "Tier 2" placement, alongside Thailand and Cambodia, in the US State Department’s Annual Trafficking-in-Persons Report 2008; and (b) whether there are proposed targets for the next two to three years. 5. Mr Sin Boon Ann asked the Deputy Prime Minister and Minister for Home Affairs whether the Government has plans to remove the negative perception arising from Singapore being classified as a "Tier 2" country in human trafficking, dropping from "Tier 1" in 2006, based on the Trafficking in Persons Report released by the US State Department in June 2008.”
“Mdm Cynthia Phua asked the Minister for National Development (a) if he will provide an update on (i) the use of sustainable alternative materials in the construction industry and (ii) the cost of construction materials in view of increasing inflation rates and rising oil prices; and (b) how will the high material and labour cost impact on (i) HDB’s upcoming building programmes and the prices of flats; and (ii) other Government development projects.”
“The number of cars which have been repossessed by finance companies(1) regulated by the MAS has declined in the last three years, from about 1,100 in 2005 to 290 in 2007. Banks and finance companies consider the credit worthiness and debt servicing ability of the borrowers and the value of the collateral before approving each loan application. Financial institutions are also subject to their own management and board oversight. As part of ongoing supervision, MAS requires that banks and finance companies put in place appropriate risk management practices that are commensurate with the risk profile of the activities undertaken. Non-performing car loans granted by financial institutions regulated by MAS have been declining since 2003 and there is currently no indication that borrowers are taking on unsustainably large loans. Even though the current indicators are not worrying, MAS will continue to emphasise to banks and finance companies the need to uphold prudent lending standards that take into account the credit worthiness of the borrower, the borrower's debt servicing ability and the value of the collateral. (1) Note: MAS only has information on the three finance companies regulated by us, namely, Hong Leong Finance Limited, Sing Investments and Finance Limited, and Singapura Finance Limited. MAS does not have such information on other credit companies. CONSTRUCTION INDUSTRY (Use of sustainable alternative materials) 29.”
“As more industry players offer $500 payment instruments, we would encourage the industry to come up with a common Code of Conduct to bolster responsible lending practices in this segment. To help young Singaporeans acquire the skills and knowledge to better manage their finances, we have been working through MoneySENSE, the national financial education programme, with schools to teach youths basic money management skills. Ultimately, Singaporeans have to take personal responsibility for their finances, and ensure that they do not incur excessive debt. GST PROFITEERING (Measures to protect consumers' interests) 25. Mr Sam Tan Chin Siong asked the Minister for Trade and Industry in light of the reported increase in GST profiteering cases (a) whether the current measures against GST profiteering are adequate; and (b) if not, will his Ministry consider introducing tougher preventive and punitive measures to protect consumers' interests from such profiteering.”
“Mr Palmer asked about the relaxation in the minimum annual income for credit card applicants, and about the launch of payment instruments with a credit limit of not more than $500 without a minimum income requirement. First, let me clarify that the minimum annual income requirement to qualify for a credit card has not been relaxed, and remains at $30,000. There are no plans to change this. When Mr Palmer mentioned the relaxation in the minimum annual income for credit cards, I presume he was referring directly to payment instruments with a maximum credit limit of $500. MAS has exempted payment instruments with a credit limit of less than $500 from MAS' rules to provide some leeway to the market to innovate and develop convenient payment instruments. For example, there have been initiatives in Europe to develop systems for processing payment for small-ticket items using handphones. Whether it is cards or other instruments used for payment for goods or services, MAS has set the maximum credit limit at $500. This allows flexibility in payments for small-ticket items without raising substantial concerns about Singaporeans spending beyond their means. Mr Palmer expressed concern about cards targeted at students aged 18 and above. I agree with his view that card issuers should be responsible when targeting at students. We note that some industry practices include requiring parental consent when issuing cards to individuals aged below 21 years, suspending the card once there is a missed payment as well as contributing customer credit data to the credit bureau. These practices, together with the modest credit limit of $500, will help avoid situations where young cardholders take on unsustainably high debt.”
“That was what I said. But that is not necessarily the Cabinet's view. That was one of the reasons why I thought we should go ahead with the next stage. It was my personal view.”
“I welcome the strong stand taken by those who opposed the casino idea. These Singaporeans give Singapore its moral ballast. If there were little objection to the casino, I would be even more worried. For it would mean that we have become so blase about life and have lost our moral bearing. I do believe that we can manage the social costs of the two casinos, otherwise I would not have supported the project. Our family, social and religious institutions are strong. Have faith in the judgment of the Government and the strength of Singaporeans.”
“For example, casinos operate for 24 hours in artificial light. Gamblers, therefore, lose track of time. She was thinking of requiring casinos to have skylight so that gamblers could tell night from day. I do not know whether this will help, but the point is we must think of all ways to minimise and manage the social costs. I am now no longer the Prime Minister. PM Lee is the man in the hot seat. As Cabinet was divided on the issue, I told him that the burden of the decision rested on his shoulders. If the majority was against going ahead with the integrated resorts, he should go with the majority. But if the majority was for going ahead, he should not simply follow them. He had to weigh the views of those who object carefully against the economic benefits. But whichever way he decided, we would support him. The PM has decided. As he told you on Monday, he is the one who has to ultimately carry the burden of the decision. The Government's decision affects the lives of all Singaporeans and the future of our country. Nobody can say that we have made the right decision or not until years later when we have the benefit of perfect hindsight. But having made the decision to have the integrated resorts with casinos, we must now focus on minimising the social costs, while maximising the economic benefits. It is within our power to make sure that the decision turns out right. And the people who can play a bigger role here are exactly those who object to the casino. They must help us minimise the social costs of our decision, taken after long and hard deliberations, in the best interest of our country. We have had an open and passionate public debate. On an issue like this which engages very deeply our personal values, there can be no unanimity of views.”
“This was before we had decided on going ahead with the casino. To my astonishment, they advised me against it. Their main worry is that a casino will undermine our work ethics. In Las Vegas, money talks. Everyone is chasing after money the easy way. I am relating these personal anecdotes to illustrate the point that there are no easy answers, one way or another. There are social and human costs in proceeding with the integrated resorts with casinos. But assuming that we do not proceed, does that mean we will have no social problems? I do not believe so. We have been remaking the Singapore economy to stay ahead. The integrated resort proposal is a key component of our overall strategy. If we cannot keep our economy vibrant and create enough jobs for Singaporeans, what is there to stop the better educated Singaporeans from migrating? Those who cannot leave will be stuck here. Singapore will stagnate. If that happens, what will be the fate of our sons and daughters? Do they have to work overseas as guest workers, and work under difficult conditions? The dilemma we face is similar to Britain's. I sat next to Mrs Tessa Jowell, Secretary of State for Culture, Media and Sport, at dinner when I was in London for the Singapore Season in March. She is the Minister in charge of the mega casino project amongst other duties. Like us, she agonised over the same issues. She and the Labour Government had come to the same conclusion that Britain had no choice but to go for integrated resorts with casinos. They already have casinos, but these are small casinos in hotels. So they have decided that they must go for mega resorts with casinos to generate growth in the tourism sector. I asked her about the social costs. She said that they had to manage them.”
“In other words, easy access means that casinos are already here in Singapore even though they are not physically here in Singapore. Lastly, I believe that having casinos in the integrated resorts will not dramatically increase the social costs of gambling. I am not brushing aside the social costs, which are real and a price we have to pay. But we should look at the incremental social costs, not the total social costs, and balance them against the economic benefits and social problems of unemployment. I am aware of the social costs. Recently when I was in London, I met a New Zealander who is working for Nestle. He is married to a Singaporean who is a friend of my daughter. He asked me about our proposed casino. I explained why we were considering it. I then asked him for his views. He was against it. He explained that he was posted to Sydney many years ago. He lived near the Crown Casino. There was almost a suicide every week in the casino car park. He was against the casino because of the high social and human costs. If we could do without the casino, it was better to do without it, so he advised me. Two of my friends just came back from Las Vegas. They are professionals. They went with some Singaporean high-rollers, and these are really high-rollers who roll something like $1-2 million a night, to enjoy the perks provided by the casino for high-rollers. My friends played golf in Shadow Creek. It is a most exclusive course reserved only for high-rollers and their friends. The golf course is built into the desert, and is one of the most beautiful golf courses in the world. They had good food. They enjoyed the top class entertainment. Yes, they also gambled and won a tidy sum of money. I asked them what advice would they give me regarding our casino.”
“They are confident of eclipsing Dubai in 15 to 20 years' time. Dubai is now the aviation hub in the Middle East. Qatar wants to compete. It is building a US$5 billion airport with a capacity for 50 million passengers. Qatari Airways aspires to catch up and outstrip Emirates. These two airlines will put pressure on SIA. And the two airports, Dubai and Doha in Qatar, will compete with Changi Airport. To attract tourists and people to live and work in Qatar, Qatar is building The Pearl Qatar to match Dubai's Palm Island and The World. This is a US$2.5 billion man-made island covering 985 acres of reclaimed land offshore. Our Marina Centre is only 208 acres or less than one quarter the size of The Pearl Qatar. There are many other big scale projects which Qatar is embarking on. Money is no object. Brand names matter. They want the best so that they can become "the leading centre for business, leisure, sports and education". Dubai and Qatar are not re-inventing themselves. They are inventing themselves in a big and bold way. Fortunately, Dubai and Qatar are not building any casinos. They are Muslim countries. If we reject the integrated resorts with casinos, we are throwing away a competitive advantage over Dubai and Qatar. But nearer home, Thailand will have a casino. Prime Minister Thaksin told that to a leading Singapore banker who told me. The world is moving on. It is a wide open world. Do we want to be left behind? The third reason why I support the integrated resort with casino is that gambling in all its forms is already easily available in and near Singapore. The table games of the casino are not available in Singapore but Singaporeans have easy access to them on cruise ships sailing out of Singapore and in nearby Batam Island.”
“Dubai is growing on the back of Arab oil wealth. Qatar has plenty of gas, oil, sand and land and wants to use these resources to build a modern country. They are not just targeting Arabs but also tourists from all over the world. So it is not just Singapore competing with Thailand, Malaysia, Hong Kong and China for tourism. We are also competing against Dubai, Qatar and other countries in the Middle East. Dubai already has many skyscrapers but is constructing the world's tallest building. When completed, Dubai Tower, expected to be at least 750 metres high, will be more than 300 metres higher than the Petronas Twin Towers. Dubai Mall, the world's largest shopping mall, is also being built. It has 3.6 million square feet net retail space. This is equivalent to six Suntec Cities. The mall will have 14,000 car park lots. In Dubai, whatever they do, they want to be the biggest; size matters. But is Dubai just being vain or after the tourist dollars? No. Dubai knows that its oil reserves will one day run out. It is therefore building a new future for itself, diversifying its economy and lessening its oil dependency. In fact, Dubai's model is Singapore - the way we organise ourselves and our can-do attitude. Whatever we do which are successful, they copy and do it on a larger scale. Qatar, an Arab country of less than one million people, is about 10 to 15 years behind Dubai in development. But it wants to surpass Dubai. Its attitude reminds me of the lyrics from the song in Annie Get Your Gun: "Anything you can do, I can do better". The Emir of Qatar told me that they did not want to simply copy Dubai because Dubai is a city while Qatar is a country. They have more oil and gas than Dubai. They want to be different and better than Dubai.”
“He said that he was ambivalent about the casino but he saw no choice for Singapore. He said that we had no exciting tourist attractions and he himself did not bring his family members to Singapore often. Whatever they wanted to buy, they could buy in Jakarta. They have been to our Night Safari and other attractions but he said once was enough. But if we had world-class entertainment in the Integrated Resort, he said he would come often with his family members and friends to enjoy the entertainment. What he said struck me. Static tourist sights will not attract repeat visitors. So we are after repeat visitors, not just visitors coming here once and never come back again. But the ever-changing scene of world-class entertainment will. Entertainment never becomes dated if the IR operators can bring in new top rate singers, dancers and other shows. If the operators can bring in big names, tourists will come from all over the region to listen to the singers and watch the shows. Big names like Celine Dion, Elton John and Rod Stewart who now perform in Las Vegas, and big shows like Cirque du Soleil, that is, a circus without animals but with human beings performing in a very interesting manner, from Canada and Crazy Horse from Paris. When I was in Kuwait, one of the Ministers also asked me about the casino. He understood our need for a casino as part of an Integrated Resort. I asked him whether Arabs gambled. He said many did and they gambled in London and Europe. I have been visiting China and India regularly for many years. I have seen the breath-taking transformations there. I have also been visiting countries in the Middle East. You should see the ambitions and the pace and scale of developments in places like Dubai and Qatar.”
“During those discussions, I said that I would make up my mind only after I knew what kind of integrated resorts there would be. I did not believe in arguing in a vacuum. I therefore supported George's proposal to proceed to Request for Concepts stage. Therefore, those people who think that we have already decided on the casino were wrong. Many of us did not decide until we had seen the bids from the potential investors. On 5th March, together with PM and other Ministers, I attended the briefing on the 19 proposals for an Integrated Resort. Having seen for myself the scale, boldness, creativity and seriousness of most of the proposals, I support going ahead with the Integrated Resort. At stake are our credibility and how the world will perceive us. The 13 bidders have put in a lot of time and effort to come up with serious proposals for Integrated Resorts with theme parks or MICE. They are internationally well-known. They are global players. Not to proceed to the next stage now implies that the proposals are without merit, which cannot be so. It will hurt our international credibility and reputation. We will be seen to be incapable of making rational decisions. We will be regarded as timid and not being serious about Remaking Singapore. We will be seen as lacking boldness in mapping Singapore's future in a fast-changing world. Second, economic benefits. Having seen the proposals, I believe the economic benefits are big. I believe the Integrated Resorts will reinvigorate our tourism industry. Our tourist attractions are dated and lack excitement. Recently, when I was in Jakarta, an Indonesian businessman asked me whether Singapore was going ahead with the casino. I told him that we were in the process of making a decision.”
“Hence, the debate over the past year. But the debate is not really over whether we should or should not have a casino. It is whether we should forgo the integrated resort because of its gaming component. It is about our economic future over the increase in social costs. It is about families who would benefit from the jobs created versus families who could have their lives destroyed because of gambling. It is about whether we want to have a vibrant, cosmopolitan and fun Singapore or a fuddy-duddy Singapore. I was not in Singapore when Cabinet deliberated on the issue on 9th April. I was in Qatar. But before I left, I sent an email to Prime Minister Lee giving him my views. He circulated my views to Cabinet. I was for moving on to the next stage of the project, which is Request for Proposals. I gave four reasons: - Credibility of Singapore and how we are perceived; - Economic benefits; - Easy access to existing casinos; and - Manageable incremental social cost. I shall elaborate on the reasons which I gave to PM. Right from the beginning, I kept an open mind on the casino question. When the subject was first broached by George Yeo, the Minister for Trade and Industry, PM and many Ministers were against it. The project nearly did not see the light of day. But George Yeo persisted. As the Minister in charge of the economy, he had to persist. I was not for or against the Integrated Resort with casino at that stage. I kept an open mind. I was aware of the religious, moral and social objections. But I also knew the economic opportunities we would miss if we were to forgo the Integrated Resort. More importantly, I was concerned over Singapore's future as a vibrant, cosmopolitan city.”
“I tried two more times. Lost again. I left the casino, richer for the experience but six dollars poorer. You might call me a low roller. The second time I went into a casino was in 1989. I was on an official visit to Kuala Lumpur as Minister for Defence. My host and counterpart, Tengku Rithaudeen, took me up to Genting Highlands to play golf. In our flight were Najib Razak and Ahmad Mattar. We stayed overnight in Genting Highlands. That night, the owners of Genting Highlands took me to their casino. My Malaysian hosts, of course, did not join us. They would not have been allowed in anyway. Lim Goh Tong and his son explained to me the various games, the security arrangements and the surveillance cameras and systems that they had in place. More interestingly, Lim Goh Tong related how he managed to secure the concession for Genting Highlands. One day, when he saw the uninhabited Genting Highlands or mountain ranges in Pahang, he visualised a holiday resort. But the holiday resort on its own, even in the cool highlands, would not be economically successful. There were no roads, no electricity, no water, no infrastructure, just virgin jungle. So he persuaded Prime Minister Tunku Abdul Rahman to give him a gaming licence in return for developing a resort on Genting. Tunku Abdul Rahman agreed. Today, Genting and Malaysia are much better for it. What was once virgin jungle and uninhabitable mountains have become prized real estate. Genting Highlands Resort has generated billions of dollars for Malaysia. Can we develop a mega holiday resort or a mega Meetings, Incentives, Conventions and Exhibitions (MICE) centre without a gaming facility? If the answer is yes, then the casino question would not have arisen at all. Unfortunately, the answer is no.”
“I thought that, after having served dutifully as Prime Minister for nearly 14 years, Lady Luck might be a little kinder this time. I bought the number of my car over four weekends. I was poorer by $80. I have never gambled on card games. I make a distinction between card games and number games like Toto and Sweepstake. One is active, a waste of time and can be addictive. The other is passive and less likely to be addictive. Yes, I have been inside a casino - not one but two. The first time was - you will never guess - in Africa. I had accompanied Prime Minister Lee Kuan Yew to Lusaka, Zambia, for the Commonwealth Heads of Government Meeting in 1979. Dhanabalan, Lim Chee Onn and Eugene Yap were there too. We stayed in a hotel while PM Lee stayed in a guest house which was specially built for the occasion. Before the meeting started, the four of us felt bored. There was nothing to do. We did not, and we dared not, stray far away from the hotel, just in case PM Lee called us for a meeting. There was a casino in the hotel, so we decided to see what it looked like. The four of us had never been inside a casino. We went in. It was morning. There were no gamblers around. But the croupier, a friendly African, beckoned us and offered to play with us. I had never heard of Black Jack or Baccarat. But there was a roulette table. I thought the game was simple enough - a no-brainer - just put some coins on some numbers, you roll and you would strike it, if you are lucky. Chee Onn and I decided to try our hand at it. Dhanabalan did not because of his religious belief. Eugene also did not take part. There was a certain innocence in him. I picked two numbers and betted a dollar on each number. The friendly African gave the roulette a friendly spin. The ball gave my numbers a miss.”
“Mr Deputy Speaker, Sir, I rise to state my position on gambling and the casino issue. I do not approve of gambling, but I am not anti-gambling. I take a practical, realistic and balanced view of life. There will always be gambling, just as there will always be prostitution and alcoholism. These vices are as old as human civilisation. I do not condone them, but I accept them as part of our society. We cannot eradicate them, so we have to manage them. I have gambled, but only infrequently, and I would add, in a most timid way. When Toto was introduced in 1968, like many Singaporeans, I played for the fun of it. But after a few times, the novelty wore off. I never struck any prize. I have also bought sweepstake tickets. When I first started work, I had a car loan and housing mortgage to service. I had a young family. So, I wishfully thought that if I could strike a lottery, it would lighten, and perhaps even settle, my loan burden. I bought one ticket at a time. I believed that if Lady Luck smiled on you, one ticket would be enough. If she did not, a hundred tickets would make no difference. I had no luck. In all, I probably did not spend more than $100 on sweepstake. That is throughout my life, much less than Hwee Hua's visit to Las Vegas on jackpot! I have also played the 4-D on special occasions like when I had a new car. When I became the Managing Director of Neptune Orient Lines, the company provided me with a Mercedes-Benz. I bought its licence plate number. The number never came up. Instead, the number plate of my Ford Cortina, which I had sold off, came out. My friend who bought my car grinned from ear to ear; he bought 4-D. Last year, I bought my own car after I stepped down as Prime Minister.”
“Had I lived in another country with a different political system and philosophy, I would never have the chance to lead such a fulfilling life and make a difference to my country. I have done my bit forSingapore as Prime Minister and will continue to contribute in my new capacity. I call on the younger generation to do their part to makeSingapore an even more prosperous, secure and exciting home. Thank you, once again, for your support and kind tribute. [Applause].”