Ho Geok Choo
Singapore
“I thank the Minister of State for the comprehensive response. Just one question: the public had indeed been expressing reservations about eating seafood and I think we are also seeing Singaporeans shunning Japanese restaurants for fear of contaminated seafood. How safe is seafood imported from elsewhere and in Singapore now?”
“Thank you, Senior Minister of State. I have two supplementary questions. First question: short of sounding ageist, would the Ministry consider introducing an age quotient into the qualification criteria of this grant as such a move would encourage young couples to own a home and start a family of their own?”
“Sir, I would like to ask the Minister for his comments on how the political crisis in the Middle East and the nuclear crisis in Japan will have an impact on our energy needs. In view of these developments, what are Singapore's plans to go nuclear and what are our alternative sources of energy?”
“This is an example of mismatch. First, it highlights the need for course counselling for the individual to ensure that the training to be pursued is relevant. Second, it shows that employers in certain sectors are not ready or willing to accept PMETs who have formal management training.”
“Chairman, Singapore serves as a global and regional hub for several international companies. In the borderless global economy, accounting practices are being outsourced.”
“Mr Chairman, Singapore's 1961 Water Agreement with Malaysia expires on 31st August. As the date fast approaches, can the Minister update on Singapore's water situation and plans for self sufficiency? Mr Chairman, I would also like to find out what other plans does the Ministry have to strengthen the habit of saving water.”
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“Mr Deputy Speaker, Sir, the HDB (Amendment) Bill seeks to prevent caveats from being lodged against HDB flats and the proposed restriction to disallow HDB flat owners from using their flats as security for any debt, obligation or claim. Sir, I would like to commend the Ministry for taking quick action in responding to the issue of moneylenders issuing loans to home owners who use their HDB homes as collateral for easy cash to support lifestyle choices rather than for the purpose of financial exigencies for livelihood. This loophole needs immediate plugging, given the exponential increase in the cases reported since 2008 till to date. Sir, according to press reports, these moneylending activities have been targeted specifically and openly at "HDB home sellers only", sometimes with the connivance of housing agents. Mr David Poh, the President of the Moneylenders Association of Singapore, had openly stated that it is not so secure for moneylenders to provide a loan based on the lenders' income as there is a possibility that they may also lose their jobs anytime. Mr James Lee, founder of James Lee Credit, also said that this is a "legal process that is all in black and white", further illustrating the current legal loophole. Sir, what complicates the issue is that the moneylending industry is not the only one that is under scrutiny here. Real estate agents also work hand in hand. They would introduce flat sellers, sometimes desperate sellers, to the moneylenders and then get a referral fee of about $500 in return. Housing agents may claim that the sum may not be big and it is up to the home owners not to go through with the arrangement. But home owners, saddled with mounting debts, may see this collusion as the easy way out without realising the implications.”
“The Minister has earlier said that contractors are mainly responsible for supervising the clearing out of the monsoon drains and the small drains channelling run off, which often are a repository for dried leaves and other stuff not cleared resulting in clogging and even mosquito breeding. I would like to ask the Minister who is in charge of the contractors. The second question is, what action has been taken against contractors who failed to clear the rubbish from the monsoon drains in a timely manner? If there are enough penalties, is the quantum of these penalties sufficient? I wonder whether the fines that have been imposed on these contractors are expensive enough than if the contractors were to deploy more workers to do timely cleaning. It has been said that it is cheaper to pay fines than to employ enough workers to clean up. I would like the Minister's comment on this. Assoc. Prof. Dr Yaacob Ibrahim: Sir, all of the contractors are hired by the PUB to clean the drains, as I mentioned in my reply. They are given a contract. We have, in fact, increased the contract period from three years to five years so that they can explore the use of technology. We have not come across a severe case of contractors who have not been doing their jobs. Having said that, PUB officers are always on the lookout to monitor the work done by the contractors. At this point in time, we do not see any evidence to suggest that the fines are inadequate or that the contractors are cutting corners. Certainly, if we come across incidents of shortchanging, we would certainly come down hard on the contractors. But thus far, I have been informed by the PUB that there are no such incidents.”
“This will go a long way in integrating them back into the society and to lead a meaningful life ahead. With that, I support the Bill, Sir. 3.04 pm”
“Segregating these young and vulnerable offenders from seasoned offenders would prevent the creation of another wave of hardened criminals. Singapore society could do with less of such people. Here, I would like to draw attention to Peter Drucker’s nugget of wisdom on managing people, which seems apt here: "Any organisation develops people; it either forms them or deforms them." However, there is the concern that while this is in line with a shift in focus towards rehabilitation and doing something meaningful for the accused, there is a danger of compromising on deterrence which has been the main sentencing principle in the Singapore criminal justice system that is keeping the crime rate low. As we know, traditional deterrent measures will significantly de-incentivise potential offenders. Playing the devil’s advocate, I would like to ask if this change will be perceived by the public as a "softening" stance on crime. Mr Speaker, Sir, I agree that it is a good step for the Community Court to provide relevant supervision, counselling, psychiatric treatment, rehabilitation to the offender. However, I would like to query how these will be funded on top of the existing resources provided to the Community Court? On a different note, the Singapore legal system practises the doctrine of stare decisis, the legal principle by which judges are obliged to obey the set-up precedents as well as sentencing options established by prior decisions. This is a distinctive feature under the common law system. I would like to query how the Ministry intends to address this taking into account the shift towards rehabilitation? I would like to commend the Ministry for reviewing the current sentencing options and for taking steps to assist criminal offenders.”
“Mr Speaker Sir, the Criminal Procedure Code Bill makes several amendments to the existing Code. I would like to talk about the proposed "community-based" penalties, listed under Part XVII. The new community-based sentencing options are as follow: Low-risk offenders might face a Short Detention Order of up to two weeks, which is less stigmatising than a jail term. There is also a Day Reporting Order where the offender reports for supervision, counselling and rehabilitation on a regular basis. It can range from three to 12 months. The third option is the Mandatory Treatment Order where the offender undergoes psychiatric treatment instead of imprisonment. This order is capped at two years. These sentencing options depict a shift towards the focus on rehabilitation. The current Code does not give sufficient powers to the Community Court Judge. As Singapore develops, her criminal justice system can no longer only rely on traditional forms of punishment like fines, jail or caning. This change is to be welcomed, as the Community Court is capable of doing something more meaningful for the accused person. Further, once the sentence is served, it is "cleaned off" or removed from the offender's record. This helps the offender in the job-finding process as well as the integration back to society. I would also like to call upon the Government to look at cases where the convicted person’s crimes are not so severe as to warrant the person’s incarceration together with hardcore criminals. Putting a minor offender with a seasoned offender would only serve to harden and embitter a person who could have benefited from a community-based sentence and transform him into a valuable asset to society. This is especially so if the offender is a young person.”
“I would like to ask the Minister of State three questions. First question is with regard to the service staff at the IR. It is very heartening to note that Singaporeans are moving forward to take up service jobs. I would like to check of these service staff, what is their power of retention or rather staying with the IR, especially those frontline people, how long do they stay in these jobs? Second question has got to do with the ancillary service providers. We understand that supporting the IR industry are many ancillary service providers such as those who are in the laundry service, and so on. What plans are there to help these service providers to solve their manpower problems because I understand that many of them face great challenges of recruiting Singaporeans to take up these jobs but, at the same time, they are not getting the necessary quota to admit more foreign workers. We understand the need for these people to take the productivity route where they should mechanise, but there is a time-lag issue. To what extent is MOM prepared to allow these service providers some time to plan better and, in the meantime, allow more of these foreigners to come in for a period of time? The third question has got to do the 10,000 jobs that are supposed to be promised at the Marina Bay Sands. How many of these jobs have been taken up by Singaporeans?”
“How would this be carried out? Will there be a review of the penalties imposed for breaches of this nature? Sir, while the proposed amendments to the Bill allow online promotion of a candidate – albeit with the written authorisation of the candidate – extreme care should be taken to ensure that it does not end up as a smear campaign as publishing false statements about the personal character or conduct of a candidate is damaging – both for the party and the individual. Imposing a stiffer penalty is a welcome move. Allowing election advertising on the Internet will also help to engage our younger voters who are on the Internet almost every day. It may help to increase their political awareness, the ideology of each political party and help them make a more informed choice when casting their votes. Sir, I would also like to know if there will be restrictions on the type of websites that political parties can advertise in, that is only on their official webpages, or can they advertise on social networking sites as well? How about blogs? Will they be allowed to place links to their official webpages on blogs not run by them? Although there will be more freedom for Singaporeans to discuss political issues and to promote the contesting candidates online, they should not get carried away as the penalties will be heavier. Operators of non-political party websites will not be required to register with the Media Development Authority but it would do them good to take heed of the proposed new laws. On this note, I support the Bill. 3.35 pm”
“The changes to the Act also include removing the prohibition on election advertising on the Internet. This has been debated in and out of Parliament for some time now, and it is good to see that we have finally taken the step to embrace new media as a legitimate, election advertising platform. Of course, this throws up new challenges for the political parties, but it also throws up new opportunities. Sir, the Bill also reveals an interesting nugget of information. Although party political broadcasts and election coverage by the registered media is allowed on the eve of Polling Day, there is a good likelihood that there will be online information flow by unregistered media and individuals. The Bill provides a loophole to candidates – if they can prove that the circumstances were beyond their control and when third parties still campaign or advertise on their behalf on the eve and on Polling Day itself. Despite taking all "reasonable steps and exercising due diligence", in the event it is determined that election advertising was indeed effected, what recourse is there for candidates who may have been set up by their rivals? Sir, as they say, all is fair in love, war and politics but should we allow such political machinations in our midst? There should be no compromise in the integrity of our politics. To prevent ambiguities, section 78B needs to be tightened to prevent loopholes. The penalty of a fine not exceeding $1,000 or to imprisonment for a term not exceeding 12 months or both should be increased. I would also like to enquire if there will be a corresponding increase in the amount that parties can spend on election advertising? Will there be a limit imposed on the amount spent on election advertising and a proper audit of the source of income?”
“Mr Speaker, Sir, elections have always been an emotive issue, wherever and whenever it may be. Singapore is no exception. All our hard work and nation-building efforts would come to nought if we fail to plug the gaps. A look around our region would suffice. Therefore, the changes proposed in the Bill would only serve to enhance the process of parliamentary democracy in Singapore. I would like to comment and seek clarifications on two amendments, namely, cooling-off period and Internet election advertising. Sir, by far, the hottest issue is the cooling-off period, where a moratorium on canvassing is imposed on the eve of Polling Day. The Opposition has cried foul. But they should pause and look at the proposed changes in totality. The Opposition seems to have missed the trees for the woods. The cooling-off period is meant to help cooler heads prevail, to help voters rationalise, points put forth by all political parties, to study the manifestoes and to make informed choices when casting their votes. If I may, and short of sounding dramatic, the lives of Singaporeans depend on each and every cross marked on Polling Day. There is a clear need for Singaporeans to fully understand who and what they are voting for and how it will impact them, their families and country. Sir, the People's Action Party (PAP) will have an unfair edge through the proposed Cooling-Off day, say the Opposition. They should realise that the law applies to the PAP too. If the law does not allow canvassing on the eve and on Polling Day, would the PAP indulge in it and lose its credibility? The actions of any party will be scrutinised by the electorate – right till the end of polling time – and influence the outcome at the ballot box. Sir, on election advertising.”
“Perhaps my question was not clearly understood by the Minister of State. I am actually referring to the dollar signs. In this present situation, individuals are sponsored for training and the grants are normally extended to the organisation and it is for the organisation to support these individuals who are sent for training. But what I am talking about is a situation where if we want to nurture a learning society, I think the best outcome is to have every individual so self-motivated that he or she would want to pursue training. In this situation, would these individuals be able to opt to go for training and have an account, with a sum of money, actually set aside for them to draw down whenever they subscribe to a national programme that will help them in their continuing education and training?”
“I thank the Minister of State for his response. What he has just replied indicates the set-up of a register of sorts for individuals who would like to pursue continuous learning. In light of our move to drive productivity in Singapore and to inculcate a learning society, I am just wondering whether other than individuals waiting for employers to sponsor them for training, would the Government be considering the setting up of an individual Skills Account where learning is really inspired by the self rather than a situation of waiting to be sent for learning?”
“These individuals should not see this as a crimp on their personal freedom but rather as insurance by their new country of choice. The stakes are too high for us and the risk of a renegade MP could only do untold damage to Singapore as a whole. Sir, the Bill also seeks to amend Article 9(4) whereby it enables a person who is arrested and not released, to be produced within 48 hours before a Magistrate by way of video-conferencing link or other similar technology. Contrary to NCMP Sylvia Lim's views, I think this is commendable amendment and in keeping with the times, where IT should be used to help streamline processes. We should definitely look for more situations where IT can help to make processes more efficient in our Government organs and to reduce costs. This is especially important as our resident population is increasing and processes that can be automated or moved online should be done so. Video-conferencing allows for communications as real life. The recent example of how businesses and political leaders overcame the volcanic ash saga by way of using video-conferencing is a business contingency plan that we must not ignore. On this note, Sir, I support the Bill. 4.43 pm”
“In the face of new immigrants and citizens entering the mainstream of Singapore society, we need to look into ensuring the quality and quantity of political aspirants. In the United States and United Kingdom, we see a new wave of immigrants contesting the local and national polls. In the UK, a Singapore-born woman is contesting the polls as a Liberal Democrat candidate. The US Constitution sets out limits on age, minimum residency period for candidates seeking to become senators where they should be at least 30 years old and be a US citizen for at least nine years at the time of election to the Senate and be a resident of the state one is elected to represent in the Senate. Singapore is fast becoming a melting pot like the US and the UK. But in talent-starved Singapore, we need to get as many committed and talented people on board Singapore Inc. Who knows, we may get another Goh Keng Swee or another S Rajaratnam? We have always called upon our foreign talents who chose to make Singapore their home, their country to step up to the plate and deliver. To make good our call, we should allow these new Singaporeans to be part of the establishment. But caution is necessary. Given our short history and multi-racial mix, it becomes a heady brew in the hands of lesser and self-serving individuals. Singapore is too small and young to afford such an experiment in these trying times. What is the Government’s stand on this? Sir, I would like to suggest that we allow new Singaporeans a "cooling-off" period of 10 years. In the case of exceptional individuals, we can make an exception. But a 10-year period should be imposed on new citizens who want to enter Parliament, either as an elected Member or nominated Member.”
“Sir, on the NMP scheme, I seek clarifications on making the NMP scheme a permanent feature of Parliament. The NMP scheme served its purpose well when it first started, primarily to encourage and stimulate more alternative, non-partisan views in a period where views were not so forthcoming. I remember many of them, past and present, who have contributed to the plethora of views in their respective areas of interests. But today, many avenues are available – from the Government institutions such as REACH, Forum Page of national papers, Speakers’ Corner to online exchanges. The views and ideologies from sectoral interest groups to VWOs are proliferating like wildfires. Sir, has the original role of NMP evolved over the years and, in light of the proliferation of more avenues for expression of views, how will the NMP role change to be more effective? Sir, the Parliament is an august Chamber and elected parliamentarians have to go through the baptism of fire in elections to be qualified. Elected MPs are accountable to the electorate for speaking out their wards’ views on national issues that impact the ordinary citizens and their needs. Elected Members of Parliament shoulder a heavy responsibility and carry risks of actions taken by them. Elected MPs are always under the constant scrutiny of the public eye. They are deemed to do no wrong; they are vulnerable and easy prey for negative and self-serving elements. What would be the status of NMPs compared with that of elected MPs, now that the NMP scheme is being proposed to be made a permanent feature? However, unlike NCMP Ms Sylvia Lim's view, I believe that NMP's role could be evolved to be more effective. Sir, on new citizens seeking Public Office.”
“Mr Speaker, Sir, the proposed amendments to the Constitution is an important watershed in Singapore politics. I would like to comment on the NCMP and NMP amendments as well as on new citizens seeking Public Office and the use of video-conference link. Sir, first, the proposed amendments to Article 39(10)(b) seeks to increase the number of NCMPs and section I of the Fourth Schedule to make the NMP scheme a permanent feature of Parliament. Sir, the amendments will enable the entry of nearly 18 non-elected MPs into our august Chamber. This is no small number as it makes up nearly one-fifth of the House. Like a few of my PAP colleagues before me, I ask if there is a need to increase the number of NCMPs and, indeed, is it the ruling Party's responsibility to ensure that the Opposition parties have more bandwidth. Sir, on the NCMP scheme, I wonder what would be the implications if the highest losers in the polls are non-credible condidates who have lost their deposits in the elections. Would we unwittingly then be admitting non-credible candidates into Parliament? How would these candidates increase the quality of debates? Sir, what would be the implications if we are not cognisant of the fact that the Opposition could try and capitalise on the situation by working out an arrangement among each other to get into Parliament via the NCMP route. Opposition candidates who gain this backdoor entry could band together to put forth their causes or demands in an un-parliamentary manner. We should draw lessons from our neighbouring countries where opposition members create havoc and bring parliamentary proceedings to a standstill. Singapore definitely could not afford such a situation. What additional measures are in place to prevent disruptions, if any, to parliamentary proceedings?”
“I would like to ask the Minister two questions. Of late, there have been letters to the press of marriage breaking up due to the long waits for HDB's new BTO flats. How does the Ministry address the problem where an allotted flat is not taken up? How are they classified in the Ministry's database? Second question: How could HDB overcome the anomaly of the current valuation process and high COVs? Would a review of our current HDB valuation process help address the issue of high COVs?”
“I would like to suggest that this Skills account incorporate SPUR funding and absentee Payroll, and a small percentage of the CPF. PMETs dispute settlement mechanism”
“Madam, WDA has set up about 50 CET Centres to inculcate the culture of lifelong learning. The Minister for Finance in his speech said that CET Centres should advocate mastery of skills and domain expertise in every trade and profession. To reach such standards that will level up Singapore's HR capabilities, we need to ensure that CET Centres in Singapore will collaborate, leverage and add value to one another. The CET Centres can end up replicating each other's efforts if they work in isolation and this will not be productive. It is important that we have a system to aggregate both the demand and supply of learners and courseware providers respectively. To be able to spawn excellent CET Centres, we must have CET Centres specialise in their respective domain. For example, both e2i and Human Capital Singapore (HCS) train professionals, managers, executives and technical staff (PMETs). Perhaps e2i could aggregate its PMETs training under HCS which specialises in training PMETs while HCS could refer its PMETs to e2i for placement. To support continuous training for PMETs, I advocate that MOM fund passion for learning. I propose that MOM set up a skills account for all PMETs parallel to WTS for workers. The skills account holds the key to lifelong learning for PMETs and will lead to sustainable employment for PMETs. This will address obstacles faced by passionate learners whose employers may not be supportive of training, lest they become marketable. In this way, every PMET will take self responsibility and initiative towards mastering skills and knowledge. Learning must begin with self and the skills account will provide the impetus to initiate self learning.”
“Sir, to make Singapore an attractive business and talent hub for Asia, we should focus on the development of the accounting sector as part of our strategy. And to help the accounting sector gain more currency, I would like to propose a body to help set strategic directions for the accounting sector. The body could help establish a strong network between Singapore and the international accounting community. It could foster thought leadership, look into research and development activities for accountancy and related activities. To lend an international voice to its deliberations, we could have representatives from global accountancy related organisations. Sir, such a body would transform the accounting sector and help it move forward in the local and international context. To create demand and recognition for our accounting staff, specialisation is necessary and the accounting sector should be able to create expertise in areas like internal audit and risk management expertise and valuation expertise. To solidify Singapore's status as an accountancy hub, special attention and effort should also be accorded to the development of Chief Financial Officers. Sir, what is MOF's strategy with regard to the strengthening of accounting institutions and nurturing of accounting talents to help our accounting firms compete internationally? 4.00 pm”
“Sir, in the last 10 years, compared with other Sovereign Wealth Funds, like Abu Dhabi Investment Authority and the Norwegian SWF – GPF, GIC's portfolio has certainly performed better. With a big portfolio, it is understandable that GIC may not be as nimble as the smaller fund managers. What is important is that GIC has been able to preserve and guard our national reserves well. Fund management is risky business. At end March 2009, GIC's portfolio suffered a loss of more than 20% in Sing dollars. These losses were a result of the 2008 global economic downturn. GIC has been releasing its financial report for the past two years but Singaporeans are expecting to know more. As long as information is market sensitive, GIC, like other fund managers, has a responsibility to ensure that it does not take positions that may lead to speculation and chaos in the market. However, where it warrants a clarification, GIC should be more forthcoming in its disclosures. Would the Ministry enlighten us on GIC's stake in UBS and the subsequent $9.5 billion paper loss it has suffered? How does GIC intend to ride out the loss? GIC is also helping to underwrite the sale of new shares by Prudential to help pay for its US$35.5 billion purchase of American International Group's (AIG) Asian unit, AIA. What are the implications for GIC? In January, GIC announced that it had recognised losses on its investment of US$675 million on the Peter Cooper Village and Stuyvesant Township project. Newspaper reports suggest that GIC had written down US$575 million in mezzanine debt. What is the actual amount lost on this project? How are we recouping our loss?”
“Three clarifications: one, could the Minister update us on the prognosis for dengue fever or the dengue situation in 2010? Second clarification: I had asked the question about the rubbish compacter because I still have a problem with the rubbish chutes in Boon Lay. As I said, it is a structural problem and one way to actually clear this issue of bulky recyclable materials disposal is really to look into some compacters to be installed, maybe in every household. If we cannot afford that, maybe on every floor? And the third question I really have is with regard to the co-funding incentive, which Town Councils have, on employing dedicated personnel or the use of operations to control the dengue situation. When that incentive expires, will MEWR consider extending it?”
“Sir, after open-air concerts, public events and gatherings, the amounts of garbage left over pose hygiene problems. What measures are there that MEWR is adopting to ensure high levels of hygiene and cleanliness in Singapore? Will penalties for littering be made heavier? Sir, very often, discarded receptacles are not cleared. They collect water that could lead to mosquito breeding. Could MEWR update us on the dengue situation and what are the measures being taken to keep the dengue situation under control? Sir, the issue of rubbish chutes in older housing estates needs urgent remedy. These flats were built over 30 years ago of which we have several blocks in Boon Lay. And they have rubbish chutes which get choked up on a daily basis due to the constricted structure of the chutes. The stench and the sight just churn your stomachs. Contractors clear the choke by hacking the walls outside the chutes. But this may cause potential structural problems and it does not solve the problem. Is it possible to install rubbish compactors in households? If it is too costly, we can have rubbish compactors for common use on each floor. Twenty years ago, when I visited Norway, rubbish compactors were installed in every household. Rubbish compactors will help to reduce the collection of bulky items thrown down the chutes. As Singapore will hit its six million population mark, what plans does MEWR have to make Singapore a clean and green city? Licensing”
“How far have we progressed towards our goal of building Singapore into an international knowledge hub in sustainable development solutions? What is the progress report on the Jalan Bahar Cleantech Park which is due to open this year? Could the Minister also update us on our landfill at Pulau Semakau? Where are our alternative landfills? Are there any plans to introduce new technology and efficiency methods into our landfill programme? Sir, how does MEWR forecast for the kind of manpower capabilities that it requires for its current and future projects? The Changi NEWater plant is expected to meet 30% of our water needs. With the technological advances made over the years, what are our plans to make Singapore self-sufficient in our water needs? On the domestic front, how can we also find innovative ways to consume less water? We see maids spray-hosing our cars and gardens. We should also find other alternative ways to encourage the re-use of water used to clean rice and fish for the plants at home. Sir, on a personal note, I have gone waterless when cleaning the floor in the house. I have been using Magiclean moist paper wipes to mop my floor. It costs about 0.6 cents per sheet and one sheet can do a whole floor of about 500 square feet. It is anti-bacteria and its electro-magnetic properties pick up particles and dust. It certainly cleans up the floor better than water. Most importantly, this alternative cleaning has been lighter on my water bill. We should encourage Singaporeans to go waterless and try new ways of minimising our water consumption. Recycling industry”
“Sir, I would just like to ask the Minister whether he could elaborate on the EXIM Bank. I had asked earlier with regard to the parameters under which it would operate and whether Minister could give some insights on the EXIM Bank.”
“Sir, in the next 10 years, how will Singapore overcome the intense competition presented by rising Asia? India and China have their own home-grown multinationals. How many local MNCs do we have and are they capable of harnessing the might of these two countries? We have more than 110,000 enterprises here, of which 99% are SMEs. How many are involved in trading activities? How many have been venturing out into the region and have made inroads there? How does IE Singapore deploy its manpower resources to facilitate and support SMEs who are making inroad into Asia? Sir, the Local Industry Upgrading Programme will soon be subsumed under PACT. How much has been spent on this programme and what is the present status of these companies? How many companies have been transformed into our very own local MNCs? And how will PACT help in greater collaboration between MNCs and local firms? Sir, a common grouse amongst SMEs is the lack of financing. Banks shun new markets and favour established players. The ESC report recommended the setting up of an EXIM bank to provide risk insurance for trade and overseas investments. When will such an institution be set up and what are the parameters under which it will operate? Tapping on China's growth”
“Their bigger stumbling block is that, most of the time, they are too small to have a specialised HR function. They gloss over the most strategic aspect of capability development. I urge SPRING Singapore to explore the possibility of setting up an HR service outsourcing hub to give more focus support to SMEs in their HR processes and systems. SPRING Singapore has the HR tool kit, a DIY for SMEs. I understand that the ones who are benefiting from it are the MNCs, who are happily downloading the tools free of charge (FOC). And they can Do-It-Yourself (DIY) because they have specialist HR function to leverage on these tools. As for SMEs, they do not have specialist HR resources to do-it-yourself, instead, they are saying, do-it-for-me. Sir, to strengthen the human capability management function of the SME, I urge that the WSQ national framework on HR competency qualifications and the HR toolkit induction be taken seriously by agencies as eligibility criteria for companies vying for the respective SQA, ASME or Asian Human Capital Awards. Afterall, these national programmes were mounted to level up the capabilities of companies and their people managers. Strengthening SMEs and corporate ecosystem”
“Sir, employers will be the prime movers of our renewed productivity drive. There are, in our midst, corporate leaders who still do not see the bigger picture. The importance of investing, in employee training is to drive productivity and employability. These leaders have voiced various concerns in the words of one, "I do not want to train them and make them marketable. They have no time for training." These employers question whether the broad-based training and the diagonal exposure and vertical path progression to value add to employees. Development tracks, as mentioned by Deputy Prime Minister Teo Chee Hean, is indeed the employers’ responsibility. These concerns will be stumbling blocks for our Nation's productivity drive. I fear that such leaders fail to understand that Singapore's future growth agenda must stem from a positive mindset of magnanimity, sincerity and an understanding that we are training our employees for a bigger goal and our competition is really not amongst Singaporean companies but the neighbours around us. We must impress upon our corporate leaders the need to think Singapore first. In this productivity journey, we must be able to align every employer to the National Productivity goals. What is the Government's plan on this? Strengthening SME capabilities Sir, capability development is important in achieving higher productivity, in particular, human capital management and human capital processes and system, the underpinning foundation is both critical and pivotal to the SMEs' growth and productivity journey. SMEs are well supported in the areas of automation for work processes and market exposure but more attention should be paid to Human Capital Management and development capabilities.”
“Sir, Minister Mentor has mentioned that HDB's Ethnic Integration Policy is a "very valuable instrument of communal harmony." The EIP which has been in place since 1989 has prevented the formation of racial enclaves. But how effective has our EIP been over the past 20 years? Have our efficiency and over zealousness in implementing this policy impacted upon our social and community bonding efforts? Now, 20 years later, we are facing the same set of problems with the second wave of immigrants – this time in the resale housing market. We have about 530,000 permanent residents and they own about 43,000 HDB flats island-wide. But as these PRs can only own resale flats, it poses an even bigger problem. They buy when the respective ethnic quota in the precinct is relaxed, and when they buy they do so near their own countrymen. How do we avoid that? Sir, this has several implications upon the HDB resale market. Firstly, most of these foreigners are flushed with money and are willing to plonk their savings into a flat of their choice. Secondly, I have been receiving feedback that their social and cultural norms are left wanting by fellow residents. HDB's announcement that it would introduce a separate ethnic quota for residents is a welcome move as it helps allay fears of enclaves forming. But in our haste to implement a second tier ethnic policy, we should consider the outcome of such a move. If our implementation policy is not carried out judiciously, Singapore might be seen as a nation unwelcoming of foreigners. I think we need to tweak the system such that nobody gets offended.”
“Sir, our Government has done what no other Governments in the world has done – provide affordable public housing for all at subsidised term loans. But many will still fall through the cracks. For some, it is not their own doing – they may have lost their jobs and had to sell their flats to repay their loans; for others it could be bad lifestyle choices. At my Meet-the-People Sessions, I have met several heart-wrenching cases. An example is an 80-year old widow, who bought and sold two flats through HDB and she is now seeking a rental flat. Her children had pocketed the proceeds from the sale of the two flats and now would not support her. Sir, she is asking for a flat. How can we help someone like her to get a roof over her head faster but not join the queue and wait for her turn to come? Sir, rental flats serve a purpose. Rental flats provide a temporary haven to those knocked out of the rat race. The low subsidised rental rates should give them time to catch their breath and re-enter the rat race. Could HDB increase the number of HDB rental flats beyond the 8,000 new rental flats that it would build over the next three years? As of now, will there be enough flats to meet the demand till then? What is the number of applicants for rentals flats and what is the profile of these applicants? To prevent the abuse of the rental flat scheme, a proper audit is necessary. How many rental flats have been sub-rented? What is the number of rental flats taken back and what is HDB's vigilance procedure? Supply of Rental Flats”
“Granted housing options are limited in mature estates with all their basic amenities, we should continue building more affordable Dawsons, Pinnacle or Sri Geylangs in pockets of land in mature estates. There is quite a bit of land available in a mature estate like Boon Lay. HDB could consider building more Boon Lay Meadows. But please keep the prices within the reach of ordinary Singaporeans. Sir, high Cash-Over-Valuation (COV) is a dampener for many going the resale market route. The average COV in the first quarter of 2009 was $4,000. But in the fourth quarter 2009, it was $24,000, six times more than first quarter 2009. The COV is a cash hurdle for many young couples who are only eligible for 80% loan of the selling price. How does Minister intend to resolve the COV issue? Sir, although PRs constitute a mere 5% of households, the fact of the matter is that this percentage can have a significant impact on the limited supply in the HDB resale market. Should HDB consider extending the debarment period for resale of flats by PR dwellers, so as to minimise speculative tendencies by PR HDB owners? Sir, many private owners are buying resale flats. We cannot deny them their fundamental right to be a HDB flat owner. But there should be proper checks to ensure that they buy flats to stay and not to rent out so as not to deprive those who genuinely need to buy a resale HDB flat, in view of the limited supply.”
“My first cut is three minutes. Mr Chairman, Sir, the HDB will build 12,000 new flats under the BTO programme this year. Most of these flats are going to be in non-mature estates and will be many times over-subscribed but about half will be withdrawn. Why is this so? How could HDB further tighten the huge drop-out rate? How long does it take for HDB to sell off all the remaining flats not taken up by the original applicants under the BTO programme? Are they to be sold at a higher price or lower than the original price? The Minister said the BTO programme will be intensified as per demand. Will the supply be able to meet the demand, given that Singapore's population is expected to increase by another one million to six million in another 10 years? Will the Minister be able to give us the total number of registered applicants, seeking to purchase flats from the HDB? The Minister has said the BTO system is the best way to address Singapore's housing needs. But in the face of pent-up demand for HDB flats on the ground, is it possible to re-implement the Build-to-Sell system? If there is no full U-turn, as indicated by Minister in his response to my Parliamentary Question in February, can there be a half U-turn? Will HDB immediately consider reducing the three-year waiting time under BTO to achieve better productivity for all, including young couples eagerly waiting to start a family? Sir, the basic principle of affordable housing does not extend to fulfilling the aspirations of young families but the fact of the matter is that HDB can ill afford to ignore managing the growing expectations and aspirations of younger Singaporeans. This group will grow to form a significant cohort of HDB dwellers in land scarce Singapore.”
“Sir, I will be taking two cuts so will it be three minutes?”
“By the impending measures, there will be a compression of the foreign workers' levy tiers and the gradual increase in levies would result in a double whammy for small-scale businesses. I fear that there would be dire consequences on small businesses, which employ a critical number of foreign workers as they cannot find Singaporeans to do the jobs, for example, the confectionaries and the hairdressing salons, even though they may be prepared to pay Singaporeans higher salaries. The measures would increase the potential of these outfits folding up. What is there to help these small businesses? Sure, they can tap on the sums available to innovate but being small-scale operations, it makes it a challenge. So are we giving the signal that small-scale businesses are not only vulnerable but can also be terminated anytime? Sir, all said, I want to end by commending the Minister for Finance. The 2010 Budget does presents a quantum leap in faith by the Government. To some, it may be old wine in a new bottle but we all know how precious old wine is. One thing is certain – the 10-year yatra (journey), to achieve our desired productivity growth and to transform our economy begins with a decisive step by every Singaporean. On this note, Sir, I support the Budget.”
“I suggest a regular interactive column in BT to engage PMETs on the whole gamut of productivity issues in Singapore. Sir, the plight of displaced PMETs seems to have been overlooked in Budget 2010. These displaced PMETs, mostly middle aged, are not ready to retire yet because they still have many good years left in them and they need to work to survive. Sadly, there are very few takers for them as employers look at employees past 50 or even in their mid 40s as being past their shelf life. Displaced PMETs have knowledge and expertise that employers can tap into; they can serve as mentors to younger colleagues and, most importantly, they are willing to be trained and reskilled. They are realistic in their expectations and are willing to work more for less. The PMETs whom I have come into contact, ask for a chance to lead their life with respect and dignity and not to be treated as curry leaves – discarded after they have been used to enhance the curry. Sir, many of these displaced PMETs who would like to upgrade themselves are not given a chance to do so because SPUR only subsidises PMETs who are sponsored by their employers. We should reconsider the subsidy criteria for displaced PMETs so that they, too, will not be left out of the opportunity to up-skill or re-skill. On their own, they would have to pay the full fees of the national WSQ courseware. It is unfortunate that many of them shy away from institutional help because of the "face" issue. Sir, another important development in this year's Budget is the raise of the levy rates and the reduction of the local-foreign manpower ratio over the next three years to regulate the flow of foreign workers.”
“John looked into the matter and when he found out that the resident’s financial resources were deficient, recommended an alternative – a home for the destitute where the resident would be looked after. John could have easily told my resident that he was ineligible to rent a flat. He did not have to make any arrangement with MCYS for an alternative accommodation. Sir, we need more officers like John, who has the right mix of Intelligence Quotient (IQ) and Emotional Quotient (EQ). Initiative should come from within; it is not found in the standard operating procedures (SOPs). Sir, this example signifies the spirit and essence of productivity. A civil servant, who thought out of the box and who went beyond the call of duty. Productivity is not about clarity of roles and sticking to the job descriptions and SOPs. Productivity thrives in fluidity and the courage to step out of line to find the next best alternatives. Sir, I look forward to the NPCEC working with the CET centres and the media to drive home the message on productivity. Total productivity is about how to get people to work together smarter, how to get better and more output as well as attaining a high happiness index. It is timely then that we mount a total productivity outreach movement where we walk the talk about productivity daily. The media should be collaborating with CET centres who are the grassroots organisations of the work eco-system to share case studies, scenarios and problem solving of PMETs at work. Will the NPCEC be prepared to fund an outreach programme on a proposed PMETs Workplace Toolkit, which will see the collaboration of the media, may be Business Times (BT) and the CET centre?”
“At this juncture, it is important to highlight that CET centres are not just another pathway for those who have missed out on mainstream education. In fact, there are national CET centres for graduates and post-graduate PMETs for diverse competency-based training. CET centres for such PMETs focus on competency-based training to prepare learners for the performance of a task and augments their academic qualifications. It is important to note that the definition of "PMETs" embrace high-flying professionals, mangers, executives and technical personnel. The Government should invest more money in these PMETs CET centres in strengthening the CET system because PMETs are the prime movers of change and transformation. A good starting point for the NPCEC is to review the funding formula for PMETs CET centres. This is so because the funding budget put up by such centres last year was in line with the economic situation then. In particular, the manpower budget for such centres were extremely stringent. With the turnaround in the economy, will the NPCEC review the funding formula in order to reflect the higher manpower and operating costs, so as to enable these centres to operate optimally? Sir, the deliverables of the productivity growth journey entails the fine details of the what and the how, and the flexibility in wanting to find the next best solutions. I would like to share my most pleasant experience with a civil servant, whose exemplary behaviour is one to be emulated. Mr John Lim Keng Hong, an Estates Officer at HDB's Administration Department, went out of his way to help a middle-aged, unemployed and divorced resident of Boon Lay. Sick and homeless, the resident came to us for help.”
“Sir, People Managers in particular HR practitioners play an important bridging role in driving productivity. We should embrace Total Productivity in this transformation, which is not just about the output and a different way of doing things. It is about what Minister Mentor had said in the 1980s, something to the effect of "Fair play, fair share". This connotes a deep understanding about having a balanced worklife, a balanced distribution of responsibilities between the husband and wife, a supportive environment for bringing up children, a motivated workforce with a high happiness index. It is also timely to transform CEOs to Chief People Officers (CPOs) to spearhead the transformation in companies to the next level of growth. As we look to boost our productivity levels, we should not forget our pioneers who helped set the course for our growth. Serving the country in our formative years, they were altruistic and slogged productively. We would do well to find a way to engage them as resource members or mentors as many of the retired ones are still in a position to contribute meaningfully. The NPCEC's high profile holds much promise and potential. What would be interesting are its plans for CET centres. How does it intend to strengthen CET centres? It is critical that corporate leaders and PMETs acquire soft skills which are the hardest of skills to master. The Workforce Development Agency (WDA) must be commended for its foresight in instituting a national CET centre for training up PMETs in the WSQ human capital management skills. Sir, how else can we convince corporate leaders to walk the talk, by enrolling themselves in such courses?”
“The Plus refers to those in the fraternity making up the CET centres, who are the "implementers" on the ground and who will be able to give the real feedback on what works and what does not. In its basic definition, productivity is about more output and fewer resources. To create an efficient and quality workforce, employers too have to be innovative and find new ways to create value in the people. Productivity does not mean working longer hours and doing away with the older staff. Productivity is about the employer rolling up his sleeves to work together with his employees. Employers are the prime movers of mindset change. Sir, the success story of Singapore is about its people and its leaders, who must be able to influence, cajole, persuade, negotiate and convince their people to align with their vision and mission. Even more so in this global market economy, where we are encouraging our local SMEs and our global growth companies (GGCs) to venture beyond the shores of Singapore, we need to nurture a breed of global managers, who must not only be competent in people managing skills but also be able to appreciate the nuances of culture and language and people-to-people dealings. In this respect, the GLCs like ST Engineering, may consider seconding some of their best and experienced global PMETs to these fast growing SMEs or GGCs, so that through such an apprenticeship training process, we can help accelerate the productivity growth of SMEs and the likes. Here, we will inculcate in Singapore, a tradition of the able and capable bringing along the less ready in the fast lane of productivity growth. In this, the Government would do well to cultivate a few champion GLCs to start the track.”
“Sir, in the next 10 years, the Government will embark on a journey to transform our economy and level up Singaporeans and the economy to a higher productive phase. Differing opinions on the Budget have emerged. "Work smart" is our new productivity mantra. I advocate a holistic approach to productivity. The "spouse relief" is a step towards deepening the notion of productivity. The improvements in the Budget such as dependent related reliefs for taxpayers, top up to Medifund, Medisave and ElderCare Endowment Fund, top-up to Post-Secondary Education Account and Workfare Income Supplement (WIS) and course fees relief from $3,500 to $5,500 are all indicators of a multi-pronged helping hands approach for the needy. Ever prudent, the subtle approach of the Government is what a caring Government is all about. Sir, the productivity growth journey entails nurturing industry champions to walk the talk. Up-skilling, innovation and productivity cannot be achieved overnight. We need to mount a continuous movement and identify drivers for this journey. Sir, the 2010 Budget recommends many schemes to drive productivity growth but the big question is: how and who will be able to implement these schemes for Singaporeans? We must not be misled into looking for KPIs as indicators of success for these schemes. Rather, we should focus on the process and the journey to reach these indicators. A new entity, the National Productivity and Continuing Education Council (NPCEC) will be formed, comprising the Government, employers and the unions. Will this new entity be assuming the role of the former National Productivity Board? Besides a tripartite composition, I propose for Tripartite Plus Council.”
“Mr Speaker, Sir, I would just like to seek a clarification with Minister. Will there be a return to the other mode of build-to-sell in the policy of HDB? Another question I would like to ask is whether the current 12,000 HDB flats to be launched under BTO this year will be sufficient to stave off pent-up demand.”
“Thank you, Minister for the very comprehensive response. Sir, the whole notion of productivity is about more output and better rewards. How do we reconcile this with the perception that older workers are less energetic and slower, and hence, to be pro-business, we need to reduce their compensation and rewards in two areas? Upon reaching 50 years of age, older workers face a reduction in CPF contribution and upon retirement, if they are found to be fit for re-employment, they are often re-employed at a reduced package. How we reconcile productivity with incentives in this instance? I would like to have Minister's comment on this.”
“But let me assure her that this is not the intent of the amendment. The essence of this amendment is to plug the gap where informed criminals may intentionally acquire proceeds of crime at fair value to escape prosecution. So, for example, if a person who is knowledgeable, such as an art connoisseur, pays market value for a stolen artwork, knowing or having reasonable grounds to believe that the artwork was stolen, currently, he will be able to use the fact that he paid market value as a defence, even though he would have helped to launder the benefits of crime. So, conversely, an innocent person who acquires proceeds of crime without knowing or having reasonable grounds to believe that it is from an illicit source, so be it through Internet commerce or as a pawn shop owner, or as a dealer in second hand goods, he will not be guilty of an offence. The onus, and this is a key point to bear in mind, is that the prosecution still has to prove beyond reasonable doubt that the person knew, or had reasonable grounds to believe that these were proceeds of crime. These are the substantive points. Let me give those assurances. On the procedural point, on section 46(5) and section 47(5), which Mdm Ho has pointed out, indeed, she is right that with these amendments, these two sub-sections have become otiose. But let me assure her that it will not affect the interpretation of the Act at all and will be removed at the next available opportunity. Question put, and agreed to. Bill accordingly read a Second time and committed to a Committee of the whole House. The House immediately resolved itself into a Committee on the Bill. – [Assoc. Prof. Ho Peng Kee]. Bill considered in Committee. [Mr Speaker in the Chair]”
“In addition, the prosecution also needs to prove that the accused in committing the said acts knew or had reasonable grounds to believe that the money was another person's tainted property. In other words, the prosecution still needs to prove the existence of these two key elements which are known in criminal law. Lawyers amongst us will know it is actus reus (the act) and mens rea (the guilty intent). What is removed is the motive, that is, to show that the accused committed the acts for the purpose of assisting another person to avoid prosecution or the enforcement of a confiscation order. Indeed, as Mdm Ho has said, in fact, she hails this move as a positive one because as she puts it, to prove motive for committing the act creates an additional and unnecessary hurdle. Mdm Ho is correct. As an analogy, I just put this forward to assure Assoc. Prof. Straughan, if a person receives or retains stolen property, knowing or believing that they are stolen property, he would have committed a crime already, under the Penal Code, for dishonestly receiving stolen property. There is no need for the prosecution to go further, to show that the accused committed the act for the purpose of helping the thief to avoid prosecution. Indeed, this amendment brings the affected provisions into full conformity, with Article 61A2 of the UN Convention against Transnational Organised Crime as well as Article 31B1 of the UN Convention against Illicit Traffic in aquatic drugs and psychotropic substances. Mdm Ho then makes a further point that the removal of the requirement where the acquisition of proceeds of crime are made for no or inadequate consideration broadens the scope and makes it easier for the innocent to be wrongly caught.”
“What about pawnshop owners and dealers of second-hand goods, who are at the greatest risk of being mistakenly categorised as an offender? Are there any safeguards for these groups of people? Sir, another small note to make is that if the requirement of "no or inadequate consideration" is removed, then section 46(5) and section 47(5) of the original Act will become redundant and should similarly be removed. With that, I support the Bill. 3.12 pm Assoc. Prof. Paulin Tay Straughan: Mr Speaker, I have a very brief note on this Bill and my observations are very similar to Mdm Ho's. I think it is noteworthy to highlight that clause 13 changes the elements of an offence and the nature of what constitutes an offence. In the original Act, the public prosecutor would require evidence that links the accused with the criminal act. In the proposed amendment, the public prosecutor needs only to show that the accused had reasonable grounds to believe that the money was tainted. These proposed amendments changes the standards of prove in favour of the public prosecutor but I have no issue with this. I support the Bill. Assoc. Prof. Ho Peng Kee: Sir, first let me thank both Mdm Ho Geok Choo and Assoc. Prof. Paulin Straughan for speaking in support of the Bill. On the removal of the requirement that the act of concealing criminal proceeds be done for the purpose of avoiding prosecution, let me assure Assoc. Prof. Straughan that even with the amendment, the prosecution still needs to prove that the accused had carried out some act of concealing, disguising, conversion or transferral of tainted property.”
“Mr Speaker, Sir, the Statutes (Amendment) Bill makes varied amendments to a number of Acts. I would like to zoom in on the changes made to the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act. The requirement that the act of concealing criminal proceeds be done for the purpose of avoiding prosecution is removed. This move is a positive one, because requiring the prosecution to prove motive for committing the act merely creates an additional and unnecessary hurdle before the offence is made out. If the accused knows that he is handling criminal proceeds, and takes steps to conceal them, he can hardly be said to be acting for legitimate reasons anyway. Also, there is no longer a requirement for an offence that criminal proceeds be acquired for no or inadequate payment. This effectively broadens the scope of the offence, making it easier for the innocent to be wrongly caught – but, at the same time, ensuring that those who acquire criminal proceeds knowingly are rightly convicted, even if they pay fair value for their acquisition. Sir, it is also to be noted that the offence is made out even if the accused merely has reason to know that he is dealing in criminal proceeds – he does not need to actually know that he is dealing in criminal proceeds. This means that there is the possibility that one who does not actually know he is dealing in criminal proceeds, and pays fair value for the acquisition of the proceeds – one who has been duped by the criminal – can be convicted for this offence. Sir, how will this affect Internet commerce? Will buyers be expected to do due diligence on sellers before they purchase?”
“I have three supplementary questions for the Minister. Firstly, is the average Singaporean household paying more or less for electricity over, say, the last 10 years? Question two is that indeed if there are differences in the amounts paid, are these differences attributable to the competition factor or is it due to other reasons affecting the changes in prices? The third question is can Singaporeans look forward to electricity prices that will remain stable and not increase faster than wage increases?”
“Thank you, Minister, for the comprehensive response. Two additional questions. One is, among those companies that were eligible for this scheme, have there been cases of default, what were the reasons and how much was written off? Second question is, there has been a spike in insurance premiums from 0.15% to 0.45%. This is likely to add on to the overhead costs for SMEs. Would the Minister re-consider lowering it?”
“Sir, I am glad to note that there will be established a Microdata Review Panel to examine technical issues on anonymisation and subject matter sensitivities, as well as scrutinise each request for data. I would like to query if this Panel will effectively be making the decision as to whether to release the data, and who will be sitting on the Panel? Similarly, who will make up the Microdata Advisory Committee, which has the duty of advising the Review Panel on policy issues and processes relating to anonymised microdata access? Sir, at the same time, it is imperative that Singapore safeguards the data obtained and ensure that it does not fall into unauthorised hands. I would like to commend the Ministry for having proper safeguards in place to ensure confidentiality of information and the doubling of penalties for the breach of confidentiality is reassuring and helpful in safeguarding the status of Singapore as an international business hub. With that, I support the Bill. 3.22 pm”
“Mr Speaker, Sir, I welcome the Statistics (Amendment) Bill as it would give more teeth to the Department of Statistics, our national statistical authority. Although statistics is a simplification of things in a real world, the process of gathering data is a tedious one. This Amendment Bill changes the law to allow the Department of Statistics and the Research and Statistical Units to provide researchers access to anonymised microdata, when they previously only had access to data in aggregated form. The greater precision and detail of information provided will thus empower researchers in delving deeply into the significance and meaning of the data, and can only be beneficial to the policy formulation process. This provision under section 3 of the Amendment Bill gives these units the authority to collect and analyse socio-economic and demographic statistics. This change is to be welcomed, and will hopefully be of great use in coming up with policies that cater to the needs and wants of our populace. Anecdotal evidence and expert opinions, together with a more detailed set of data and statistics, will go a long way towards identifying the source of the issues that we face, as well as pre-empt problems before they arise. And now with the Integrated Resorts soon coming onstream, the data collected will be even more significant. However, there is the concern of accidentally revealing the identity or sensitive information about a particular respondent, with the provision of microdata relating to individuals. At the same time, it is important to ensure that the anonymisation process does not distort the data set, resulting in policies formulated based on mistaken information.”
“At the same time, it is much easier for the Government to deal with just a group of primary dealers, rather than having to deal with many different counterparties who hold Government securities in varying amounts. Sir, the Government Securities (Amendment) Bill provides MAS with the regulatory powers to keep a check on the conduct of the primary dealers. For example under new section 29C, public and customer interests are given due importance. We do not want to have a situation where primary dealers, through manipulative machinations, pull the wool over the eyes of government securities investors. The painful Minibonds saga where huge amounts of money, especially of the old and ill-informed investors, who squirreled away their life savings, only to see it wiped away in one fell swoop, are invaluable lessons. And Mr Speaker Sir, these lessons are enough to last us a lifetime. It is to be noted that new sections 29C and 29D together appear to impose quite a heavy obligation on primary dealers. If a primary dealer fails to observe directions issued by MAS under new section 29C, it may have its appointment as primary dealer cancelled. Can the Minister please provide examples of such directions that MAS may possibly issue, to give potential primary dealers a better idea of what they will be entering into? Also, there are regulatory capital requirements for primary dealers in New York. Would there be similar regulatory capital requirements for primary dealers here in Singapore, and if yes, how much will this regulatory capital be? With this, Sir, I support the Bill. 3.07 pm”