Lawrence Wong
Singapore
“Sir, we will provide more information. I see the value of getting Ministries to put out more information, to share more about how their resources are being used and what outcomes they have achieved.”
“Sir, I agree fully with Mr Azhar that human capacity, human capital is critical. In fact, I would say the long-term potential of Singapore, how far we go really depends on us being able to maximise our human potential. That is key and that is why we have long invested in education. And it is not just about the investments.”
“Sir, we have been maintaining that commitment of 1% for some time now. I do not think it is about saying that we just have to do more and spend more. As many have highlighted, we want to ensure good outcomes from our R&D spending as well. So, we will continue if the outcomes are good.”
“This has never been the case. Temasek, when it started, was always very clear about its mandate from the very beginning – commercial, not doing national service, focused on commercial outcomes.”
“Sir, the MOF economists when they look at fiscal projections use Government's forecast of the economy, which is also published. We would typically use the mid-point of the range and then, of course, because these are in nominal terms, you have to factor for that. And the projections are done on those basis.”
“Sir, I was relieved that Mr Loh said he only has one question, but he asked the most difficult question. To answer the question, we will continue to monitor cost of living across all segments of society.”
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“The Goods and Services Tax (GST) is a tax on domestic consumption of goods and services. It is chargeable on the value of supply, whether the consideration received is monetary or non-monetary. Where a discount is given on a supply, GST is generally chargeable on the discounted price. However, if the discount is granted on the condition that the customer meets certain obligations imposed, which results in tangible goods or services being provided to the seller, this is a form of non-monetary consideration paid for the supply. For example, a seller may supply goods to a buyer at a discount from the retail price in exchange for the buyer’s provision of advertising or marketing services to the seller. In such instances, GST should be charged on the full retail price. The issue in the case of Herbalife International Singapore Pte Ltd vs Comptroller of Goods and Services Tax is whether GST should be charged on the discounted or full price of products sold by Herbalife International Singapore Pte Ltd (Herbalife) to its members. The Comptroller of GST had argued that GST should be charged on the full price of the products, and the Goods and Services Tax Board of Review had earlier ruled in favour of the Comptroller. The High Court subsequently ruled in favour of Herbalife upon its appeal, based on the specific facts of the case. The Inland Revenue Authority of Singapore is studying the judgment before deciding on its next steps.”
“The current Goods and Services Tax (GST) registration threshold of $1 million was put in place when the GST system was introduced in 1994. In designing the GST system, we decided to go with a single rate tax with as few exemptions as possible for specific goods or services. But we decided to set the registration threshold at $1 million, thereby exempting many small and medium enterprises (SMEs), especially the hawkers and retail shops in our Housing and Development Board neighbourhoods. It would have been difficult for such entities to collect the GST as they would have to incur additional costs to comply with the GST accounting and collection requirements. Such costs would then likely be passed on to consumers who buy many of their daily necessities from these neighbourhood shops. However, businesses below the threshold can register for GST voluntarily. In fact, around 70% of businesses that newly register for GST today do so voluntarily, even though their turnover falls below the threshold. The $1 million threshold has kept the compliance burden of our GST system light, while providing flexibility for businesses to voluntarily register. We will continue to assess the appropriateness of this threshold as part of our regular policy reviews.”
“Property tax (PT) is a tax on property ownership and is our principal means of taxing wealth. The Government is committed to supporting retirees. We do so, not by lowering PT rates for residential properties owned by retirees, but by supporting our seniors in other ways. For example, through the Assurance Package (AP), seniors living in private properties can receive AP Cash, AP MediSave and the Cost-of-Living Special Payment. Retirees living in private properties are also eligible to apply for subsidies under the Community Health Assist Scheme (CHAS). Property owners facing financial hardship, such as due to a loss of income, and have difficulty paying their PT bills can contact the Inland Revenue Authority of Singapore for assistance.”
“The removal of income tax on the Net Annual Value (NAV) of residential properties was done as part of a broader move to raise property tax rates and make them more progressive, so that properties with higher annual values are taxed at higher rates. We are unable to provide the requested information on the breakdown of revenue collected from the income tax on NAV as it was abolished almost 15 years ago.”
“As climate action gains momentum worldwide, the Government recognises that investors are increasingly calling for comparable and credible disclosures to assess companies’ climate performance. Since 2016, Singapore Exchange (SGX) has required listed issuers to publish sustainability reports, or to explain if they did not do so. Starting this year, climate-related reporting in accordance with the recommendations by the Task Force on Climate-Related Financial Disclosures is progressively being made mandatory for listed issuers in industries most affected by climate change, such as energy and agriculture. These issuers will need to make disclosures, such as the impact of climate-related risks and opportunities on their businesses, and performance against emission reduction targets, if any. These disclosures will help investors better understand the impact of climate change on the issuers. In June 2022, the Accounting and Corporate Regulatory Authority and SGX Regulation set up the Sustainability Reporting Advisory Committee, comprising representatives from various industries and academia, to recommend an implementation roadmap on climate reporting for Singapore-incorporated companies, beyond those listed on SGX. The committee’s work is underway and its recommendations will undergo public consultation later this year.”
“About 2% of Government construction contracts have been prematurely terminated due to contractor insolvency since the start of the COVID-19 pandemic. For these contracts, which involve essential infrastructure and building projects, Government agencies have taken steps to minimise the costs incurred. In total, an additional $450 million was required to secure the services of replacement contractors to complete the remaining works. The new contractors were selected based on competitive bids, which were assessed against prevailing market rates. Where possible, agencies negotiated with replacement contractors to further lower the prices. As part of contractual terms, the agencies had also called on the performance bonds of the insolvent contractors to offset some of the cost increases.”
“If there is one thing that I hope all of us can take away from this debate and, given that there is, in fact, I would say, some common understanding of this, from what I hear from Mr Singh's speech, one outcome that we might be able to say to Singaporeans, it is this: that together in this House, both sides of the House, we stand for a democracy that is maturing, a serious Government and a serious Opposition. We say yes to all that, but we say no to populism and political opportunism ever taking root in this House and in Singapore. [Applause.]”
“So, from the Government's point of view, our stand is very clear. We reject all forms of populism. We make sure and we uphold honesty and integrity in policymaking. If the Government were ever to fall short of these standards, we expect the Opposition to call us out and say so. Please do. You have to do it. We expect you to do it. Conversely, if the Opposition were to propose ideas and policies that we feel are populist, we, likewise, will highlight them and highlight our concerns, rightfully so. So, I hope that is our common understanding of how we can take Singapore's politics and democracy forward. Mr Pritam Singh said that Singaporeans believe in the cause of the Opposition and does not want the cause of the Opposition to falter and fade away. I believe there is a role for the Opposition to play in our politics, in our democracy and it is a very important role to campaign for the WP's ideas and proposals to hold the elected Government to account and to offer serious alternatives to the Government. Mr Singh says it takes time and that they are not ready to form the next Government. You take one step at a time, one-third. But in politics, things can happen very quickly. So, I am glad Mr Singh is mindful that there is an important role for the Opposition to play and I think he should start thinking about how he and the WP can, indeed, perhaps, not sit on that side of the aisle, but on this side of the aisle in the future, down the road. What sort of agenda you would offer Singaporeans and what you would do if you were to form the Government?”
“Sir, on the larger point that the Leader of the Opposition Mr Singh had highlighted, I am glad that he agrees with me that we do need both serious Government and serious Opposition in our maturing democracy. I made the point in my speech. He has a different view on the way I have characterised some of the proposals made by the Opposition. That is his view and I accept that. I think we may well have to agree to disagree. But I made this broader point about how our democracy will evolve because I do worry when I look at how democracies elsewhere have evolved. Look at the great democracies of the world, democracies far bigger, far more developed than us and look at where they are now – how their societies have become divided and polarised, how their systems have become stuck in gridlock. It is not as though their people are unloyal to their countries, not at all. But how is it that these countries have become so dysfunctional where politics is concerned? And what makes us so sure that Singapore is immuned and we somehow can avoid such a fate happening in Singapore, down the road? So, I think there are lessons for us. And the lessons are, if you look at many of these countries, populism has taken root and populism has damaged greatly their societies; divided and polarised their people. What is populism? Populism is politics that suppresses the truth, shades the truth, gets into post-truth, distorts the facts for political advantage. Populism is politics that pretends there are simple answers to complex issues, because there are not. And if such populism were ever to take root in Singapore, well, in the short term, parties that push out such populist policies may gain some advantage, but in the longer term it will cause great damage to Singapore and Singaporeans.”
“Thank you, Sir. Actually, I only have one more paragraph left. [Laughter.] But it is the most important paragraph because it is my final message to everyone. Faced with the stark realities of a troubled world, my message to Singaporeans is simple: there is no challenge we cannot overcome; no obstacle we cannot deal with. Singapore can remain exceptional. We can keep the Singapore Story going. We can move forward together as one people. Mr Speaker, I support the Motion. [Applause.]”
“And society as a whole, Singapore, will grow stronger and fairer; more just and more united.”
“In this debate and over the course of the remaining term of Government, I look forward to hearing concrete alternatives from the Opposition – not just opportunistic or populist ideas to chip away, bit by bit, at the trust in Government, but a serious alternative agenda for an alternative government. That is how politics in a first-world Parliament should work. I have said this before: I do not assume that the PAP will win the next General Election or that I will inevitably take over as Prime Minister. Every General Election from now on will be about who forms the Government; not just what percentage of the votes the PAP receives and how many seats the Opposition wins. As we develop into a mature democracy, we must have not just a serious Government, but also a serious Opposition that thinks carefully about what it will do as government. Where the Opposition have good ideas, or where they can make a contribution to the ideas for improving our country, we welcome them. But we ask that you be upfront about the realities and trade-offs we face as a country, and be honest about your plans, policies and intentions. Mr Speaker, our world has changed; so too must our way of doing things. Our refreshed social compact will be our compass for the road ahead. Forward Singapore is a bold agenda, and it depends on all of us to realise. Though we will not see change overnight, we can each start to embrace the new social compact today. If we all do this, we can be assured that we, too, will benefit when others feel a deeper sense of responsibility towards us. We can then sustain a virtuous circle of uplift, progress and confidence, and thus strengthen our solidarity and trust as a nation. The more we put into this new social compact, the more we will receive in return.”
“This is incumbent upon all of us, and upon my team: we will create good jobs and a good future for all Singaporeans. Underlining our governing approach is the core ethic of individual effort and personal and family responsibility. We want Government actions to reinforce, not negate, individual and collective responsibility. We want Government actions to catalyse more involvement by other members of society – employers, unions, community groups and non-governmental organisations (NGOs). Then we can all chip in and do our part collectively, to tackle inequality, rekindle social mobility and move forward together. Sir, I believe the Opposition, and the Workers' Party (WP) in particular, broadly agrees with and supports the Government's policy directions. They want us to do more in certain areas, as we have heard from the speeches today and I am sure in the coming days, but there is general support for the moves that we have proposed. But there is one fundamental difference. When we plan to spend more, the PAP Government will always tell you plainly how we propose to raise revenues and ensure that our Budget remains balanced over the medium-term. The Opposition has offered some revenue alternatives, but their sums do not add up. We do not need to go through the detailed arguments again. But without the GST, which the WP still does not support – and I am not even talking about the increase in GST, but the entire GST which the WP still does not support – we will face a huge funding gap. None of the alternatives that the WP has suggested will make up for the shortfall.”
“More than that, we will ensure that our programmes achieve better outcomes for our people. In fact, we are already doing better than many other countries in areas like healthcare, education and housing; doing better not in terms of how much we spend, but in terms of outcomes – the value that we achieve from every dollar of public spending. We are doing better and we can keep on doing better. That is the spirit and intent behind the shifts we are considering – be it skills and continuous learning, social empowerment, active ageing and retirement adequacy, or housing assurances. The changes will benefit Singaporeans from every walk of life – they will uplift the vulnerable and also advance the well-being of our broad middle. In fact, among the more advanced nations, Singapore is one of the few where people in the middle have experienced large increases of incomes in the last 20 years. The middle-income group in Singapore now has higher real incomes – real incomes after netting off inflations – than in many other places; higher than the US and most European societies and well above that in other advanced Asian societies, like Japan, Hong Kong and South Korea. We will continue to sustain real income growth for the middle. This is why economic growth is non-negotiable for us. We already know that our growth rates will gradually come down as our labour force expands more slowly and becomes older, but growth remains essential. If we do not grow the economic pie, there will be fewer jobs and less scope for social support. So, please do not be mistaken. This Government will and must always be pro-growth and pro-inclusivity. Securing our economic competitiveness will become more, not less, important in the next phase of Singapore.”
“Taken together, what do these shifts to our social compact mean? In fact, some ask, has the 4G team shifted to the left? It is not so simple. Our governing approach is not so easy to characterise along the traditional political spectrum of left and right. After all, we have always strived to appeal to a broad base of Singaporeans. We have always taken care not to base our legitimacy on any narrow social group or class. We also do not blindly copy or replicate the models of other countries. Even the first generation of PAP leaders, who began their political lives as democratic socialists, spoke of a "Socialism that Works" – for they did not want any part of what they already knew was failing in Europe and elsewhere. The countries with more welfarist policies, in continental Europe and the Nordics have much higher levels of state-financed welfare provisions. Their governments typically spend above 40% of their Gross Domestic Product (GDP), compared to 18% in Singapore. To fund such high spending, they impose high income taxes, usually much higher than 30%, even for the middle-income groups, with Value-added Tax (VAT) or Goods and Services Tax (GST) taxes ranging from 20% to 25%. Some may think this is a good model for Singapore, but from our point of view, from the Government's point of view, it is very clear: we do not intend to adopt such a model of comprehensive universal welfare. Instead, we will chart our own way forward, staying true to our core values. While we will indeed do more to strengthen social safety nets, we will move with prudence and discipline, and not end up inflicting heavy tax burdens on everyone. Today, our overall tax burden for the middle-income group is far lower than other advanced nations and we will strive to keep it that way.”
“The Government will never stop investing in our urban infrastructure, developing our HDB towns by providing more facilities and amenities, and making concerted efforts to become a City in Nature. But ultimately, it is up to all of us to contribute their own passions and energies to turn this city into an endearing home. Becoming the best home is also very much about the intangibles – among them, embracing a more holistic way of life. Be it working out flexible work arrangements; treating ourselves and one another with greater kindness and compassion, knowing that good mental health is a key part of good health overall, or creating a conducive environment for Singaporeans to start and nurture families. We made some moves in the Budget this year, such as increasing paternity leave and we will consider what more can be done. This project of making a better Singapore has always been, and will always be, a work in progress. It has been a relentless effort over the decades. We will never stop improving, not just for ourselves but also for future generations. This ethos of building for the future, rather than burdening or weighing down our descendants, is key to Singapore's success. The prudence of the previous generation has enabled us to find our way through the COVID-19 crisis. We must do the same for those who come after us. So, let us steward our resources well, so that our children and grandchildren will be well-endowed and well-prepared to tackle any challenge the future may bring – be it the climate crisis, the next pandemic, or the unknown unknowns which will come. Sir, I have provided a broad overview of what we hope to achieve through Forward Singapore. Over the next few days of the debate, my colleagues will elaborate further on specific aspects of the agenda.”
“And for those who do not have the ability to work, we will find other ways to look after your retirement needs. This is our promise to Singaporeans of every generation. Let me move on to something that underlies our refreshed social compact: we need to be less about "I", "me" and "mine", more about "we", "us" and "ours". It was our sense of collective responsibility that saw us through the pandemic, and it is the same sense of collective responsibility that will carry us through our next bound. A social compact is not just about what Government will do for the people; it is also about what Singaporeans will do for one another. So, our refreshed social compact is not just about the Government doing more and Singaporeans depending more on the Government. Rather, it is about the Government, businesses, unions, workers, the community and civil society all doing their part for fellow Singaporeans. It is about all of us coming together, to forge a society of opportunities and assurance for everyone. One way to realise this is to nurture a broader culture of philanthropy and volunteerism: where we take responsibility for each other and especially to help those with less. This goes beyond money, it includes investing time and effort in nurturing others – from mentoring the young to providing those from disadvantaged circumstances with access to networks and opportunities. Another way is to create more opportunities for Singaporeans to partner the Government and one another in policy-making and co-creation. We will continue to involve Singaporeans and other groups in co-designing and shaping our neighbourhoods. We will provide more avenues and platforms for our youth to come up with policy ideas and build the future Singapore, for they are Singapore's future.”
“We must adopt a new approach to care for our seniors well and in a sustainable way. We embarked on Healthier SG recently to care for our seniors upstream. Healthier SG signals a shift from treating illnesses to promoting health. If we can help our seniors stay healthy, we will reduce the need for medical intervention and hospitalisation downstream. But care for seniors goes beyond physical health. As our seniors age, we want them to be cared for in their own homes for as long as possible, rather than in a nursing home. This way, they can remain active and purposeful in their golden years, surrounded by family, friends and familial activities. It will not be possible for everyone, but I believe we can make it possible for most. And we will invest in our infrastructure to make this happen: build more Community Care Apartments; expand the network of Active Ageing Centres; improve access to home-based care services; and work with community partners to prevent loneliness and social isolation. We will do all this and more, so we can create a home truly for our seniors. Our seniors must also be confident of meeting their retirement needs. We achieve this through our CPF system, which we will continue to evolve and update. The Government, in fact, now plays a larger role in CPF through higher interest for those with lower CPF balances, the Matched Retirement Savings Scheme, as well as supplementing CPF payouts with Silver Support. We will study enhancing these schemes to better support our seniors, including those nearing retirement who have less runway to work and save. For younger Singaporeans, as long as you work and contribute to your CPF consistently, we will ensure that your needs in old age can be met through CPF.”
“Affordable and accessible public housing will always be a key pillar of our social compact under the PAP Government. Our approach to social support also extends to how we will support our people in the face of setbacks. In a more volatile jobs landscape, we can expect more among us to be displaced from time to time. Today, we help the unemployed through schemes like ComCare and the COVID-19 Recovery Grant. They provide timely assistance while upholding our ethos of work and self-reliance. But we also know that losing a job is a major setback, which can easily destabilise workers and their families. So, the Government will consider doing more to support our displaced workers. We know that automatic unemployment benefits can, and have, often led to negative outcomes elsewhere, because displaced workers who receive generous benefits may find it more attractive to stay unemployed, rather than to get back into the workforce. So, we want to design a support scheme that provides assurance but avoids these negative outcomes: a targeted re-employment scheme that will reduce the strain on displaced workers to make ends meet, while still encouraging them to continue with their upskilling and job search. We intend to make this shift in our social strategy, so every Singaporean can be confident. In this harsh, unpredictable world, we will have your back and we will support you. We will cheer you on, so you can strive to achieve, do your best and bounce back stronger. [Applause.] Strengthening our assurances extends to caring for our seniors too – this is an urgent need, given our rapidly ageing demographics. By the end of this decade, one in four Singaporeans will be above 65, as Members are well aware.”
“We will do more to alleviate the impediments they face in life and adopt new ways of caring for and empowering them. In particular, we want to reduce the financial burden on parents of children attending special education (SPED) schools and care centres. Equally important is to empower persons with disabilitiesPwDs when they reach adulthood. We will involve and enable them to contribute to society. The onus is on all of us to find ways to affirm the dignity of our differently-abled citizens and enable them to realise their full potential. Sir, all of us must come together to fight the ills of inequality. Singapore must never succumb to the kind of harsh inequality we see in so many other parts of the world. However treacherous the terrains ahead, so long as Singapore continues to progress, all Singaporeans must continue to progress, with none among us left behind. No less important in our social strategy is to assure the broad middle that they, too, can be confident of meeting their needs at every stage of life, even in the face of setbacks. Housing, education and healthcare – these are basic needs for all Singaporeans. This Government has delivered on all these fronts over the decades and we will continue to do so. We know that housing is top-of-mind – we have discussed this recently in Parliament, in the housing debate, and in the Budget. We are sparing no effort to ramp up the supply of Build-To-Order (BTO) flats and to catch up on the delays caused by COVID-19. We have tightened the rules, so that flats go to those who need them most, as quickly as possible. And we are doing more to help younger married couples and parents own their first home. We will get this work done and we will deliver the results.”
“We want not only to help people tide through difficulty, but also to boost their sense of drive and purpose, and strengthen their sense of agency and ownership over their own circumstances. For example, today, we have the Fresh Start Housing Scheme to help second-timer lower-income families, like Mr Gan and his wife Mdm Chai, own a home. The two of them work as cleaners and they lived in a rental flat in Redhill. But they were determined to buy a home of their own for themselves and their young daughter. Mr Gan and Mdm Chai joined the Fresh Start Housing Scheme and received personalised support and financial guidance from HDB and social service officers (SSOs) throughout their home ownership journey. They received a $35,000 Fresh Start Housing Grant and the rest of the loan will be fully serviced by their CPF contributions. Today, the Gans are proud owners of a 2-room flexi flat in Bukit Batok. They collected their keys two months ago and just moved in earlier this month. Their daughter is very excited about getting to decorate her own space. And over the next five years, our officers will continue to walk alongside them and give them the support they need. The Fresh Start Housing Scheme is, in effect, a means to uplift and empower the vulnerable. We want to expand this approach of empowerment to cover more forms of social assistance. For instance, we could provide additional financial help to vulnerable families who do their part to help themselves, such as staying gainfully employed and sending their children to preschool regularly. So, the more a family takes ownership of their goals, the more we will help you to reach even higher – a mutually reinforcing, virtuous circle. We also want to consider another group: persons with disabilities (PwDs).”
“They can excel in the professions that they have trained in and have the aptitude for, be it hospitality, infocomm, social services or others. There are many ways to make a difference, many talents to nurture and many forms of contributions to reward. Take lower-wage workers for example. Many of them serve in essential services, like security, lift maintenance and cleaning. We have been doing much to uplift lower-wage workers through Workfare and the PWM, and we will continue to do so: increase wages, set out a skills ladder, and provide opportunities to upgrade. We cannot close the gap altogether between lower-wage and median workers, but we can certainly stop their wages from diverging too far. Here, I have a plea to everyone: for a new definition of success to become a reality, all of us – as consumers – must be willing to bear a higher cost for the goods and services we consume. We must recognise the important work that our fellow citizens undertake to keep our society going and do our part to uplift them and boost their wage prospects. I know this is not an easy ask, given the rising cost of living. But we will do our best to manage the pace of change and to help everyone, especially our lower- and middle-income families, adjust to this new environment. And I might add too – all will gain when even the most vulnerable among us become better off. We will become a better people, a more just and a more equal society. In a more uncertain world, we must also relook our approach on social support. How can we assure both the broad middle and the vulnerable that they can meet their needs in life and not fall by the wayside or be left behind? For the vulnerable, we have been gradually shifting our approach from social assistance to social empowerment.”
“Yet somehow, as a society, we tend to converge around a few material definitions – the size of the paycheck or the property we own. How can we shift our lens and collectively adopt and embrace wider definitions of success? After all, success is really for each one of us to define. There is no model answer to follow. We should not feel pressured to compare with others or to conform to preconceived notions. The Japanese talk about discovering your "ikigai" – something that gives you a sense of purpose and joy. We should strive to be a meritocracy where everyone can be the best possible version of themselves and where there are many ways for diverse talents to contribute and earn respect in our society. Mindset shifts are necessary, but I do not think mindset shifts alone will effect societal change. It is not enough to say we will celebrate a variety of professions. Our economic structures, remuneration and career prospects in various professions must also be consistent with what we value. So, we will consider ways to tilt the scales and narrow the wage gap across professions. One specific way is to further professionalise skilled trades, like electricians and plumbers. Why not enable them to attain accreditation for their skills and set a clearer progression ladder as they take on greater responsibilities? We can ascribe the right values to such forms of labour and grant such workers greater remuneration as professionals. More broadly, we also want to give Singaporeans who graduate from ITE and polytechnics stronger assurance; that their wages and career prospects will not be too far below their university-going peers and will not be permanently conscribed to be below. So, they do not have to succumb to a paper chase to secure a good salary and a viable career path.”
“We will discuss with tripartite partners how we can support workers to take time off to train. This will help the workers individually, but it will help businesses too. At the same time, businesses must shift their emphasis from hiring credentials to hiring skills and invest in the development of their employees. And Singaporeans themselves must be open to change. Sir, let me share with you the story of Afifah. Nur Afifah Bte Rakif graduated with a Diploma in Communication and Information Design 11 years ago, when she was 22. She later chose to teach in a preschool in 2013, took up various early childhood education programmes to reskill and upskill, and became the Deputy Centre Lead of the NTUC First Campus. To strengthen her skillsets, she is now pursuing a degree under the Singapore University of Social Science (SUSS) Work-Study Programme and will graduate later this year. Afifah exemplifies the spirit of lifelong learning and the value of reskilling and upskilling in pursuing one's passions. And I salute her. With this new approach on skills, how well you did in school should not define the opportunities you can unlock nor should it determine your entire life. You are not stuck at your highest formal educational level attained; you can update your skillsets, pivot to new careers, seize new opportunities and keep moving forward in life. Some other nations aspire to create a welfare society from cradle to grave. We will aspire to create in Singapore a full-fledged learning society – from cradle to grave. [Applause.] That is how we will become a people ready for the future and equipped to succeed. But what does success mean? Naturally, it means different things to different people, in different places.”
“Every Singaporean must want to give themselves and their children more breathing space to discover and develop their diverse talents and to maximise their potential. How do we achieve this? A key mindset shift is to recognise that formal education early in life is not the endpoint of our meritocracy. Far from it. Our refreshed meritocracy must be a continuous one, with learning opportunities, milestones and ladders at multiple junctures. All must have the chance to try again, do better and move forward in life, years after leaving school. So, the skills journey begins in schools but it does not end with schools. Our new approach on skills must include a fresh commitment to making continuous learning, reskilling and upskilling a way of life. In fact, this will become more important with slower economic growth, rapid technological disruptions and greater job churn. To remain an upwardly mobile society, lifelong learning will be key – not just upskilling once and being done with it, but multiple times, to become more adaptable and resilient, well-equipped and confident to face the future. To get there, education cannot be confined to the first 25 years of our lives. Learning must be a lifelong journey for the whole of our lives. We launched SkillsFuture in 2015. We have made some headway since then, but there is still much more to be done. We are therefore looking at major changes to strengthen SkillsFuture. We aim to reduce the costs and lower the barriers to training. We will work with industry partners to come up with effective training programmes, including work-based learning options. These courses will have to be better curated and vetted so that they translate into meaningful employment outcomes.”
“Because in Singapore, everyone can be assured that, no matter which schools their children are admitted into, they will receive a good education, and they will be well supported by their teachers. That was my lived experience too. I went to the primary and secondary schools near my home and reaped the full benefits of learning in those schools. That was decades ago. And the quality of our schools and teachers has improved dramatically since. These days, our teachers do not just focus on content and knowledge. They help our children to think independently and instil in them qualities and values that contribute to lasting success in life. Remember, at the end of the day, we are more than our grades. We are more than the schools we go to. This is an aspiration Singaporeans have voiced for some time now, from when we held Our Singapore Conversation a decade ago. Since then, we have made significant moves and slayed some sacred cows. Today, PSLE T-scores are a thing of the past. So will be the labels of Normal (Technical), Normal (Academic) and Express streams. In their place, there is full Subject-based Banding (SBB). We hope these moves will go some way to remove the stressors in our education system. But more importantly, we hope they will signal to all in society that we are serious about refreshing our system. I hope that our society too – every man, woman and child, young and old, rich or poor – all of us will be serious about refreshing our mindsets about schools and grades. It is not possible to change something that has become so ingrained in our nature by government decree. We must be the change we want to see in our society.”
“So, we are scaling up the KidSTART programme nationwide to reach out to more lower-income parents and to close the early gaps in our children's lives. Beyond the age of three, we are stepping up the provision of MOE Kindergartens and Government-funded preschools. Enrolment in preschool at ages five to six is already near universal, but the attendance rate of children from lower-income families can still be improved. At ages three to four especially, more children from such families can also benefit from enrolling in preschool. We will study how to strengthen their participation in these early years of development, so that we can give the children in these families the best possible start in life. Once our children enter the school system, there is a comprehensive system in place to help them develop and grow. We already provide more resources in our schools to support children with greater learning needs. And we will continue to do more on this front, so that every child can realise his or her full potential. But there is a deeper challenge in our education system: our concept of meritocracy remains too narrow. Many feel caught in a rat race from a young age – under pressure to get the best grades, get into what they perceive to be the best schools so that they can get the best university places. Many parents, too, are anxious about their children's future. Some go to great lengths to maximise their children's chances to get into perceived brand name schools, even preschools. A decade ago, Deputy Prime Minister Heng Swee Keat said that "Every school is a good school”. I fully agree with this.”
“The odds may appear stacked against us, but we can turn challenges into opportunity. With pride in our history and strength from our unity, we can forge ahead with confidence. So, I say – do not fear. Never lose heart. We will build on our strong foundations, but we must also have the courage to change where change is needed. This is what my colleagues and I have set out to do with Forward Singapore. Through this exercise, we are reviewing our policies across all areas. We will ensure that the broad middle of society and their children see continued improvements in their lives, and that we close the gaps for the more disadvantaged groups. We have heard from Singaporeans over the past months – your views, aspirations and ideas. The many conversations and partnerships have yielded fresh insights on what we can do differently in our next stage of nation-building. Today, I will share some of the key shifts that we will embark on as part of our new social compact: a new approach on skills; a new definition of success; a new approach for social support; a new approach to caring for our seniors; and a renewed commitment to one another – less about "I" and "me", more about "us" and "we". If we succeed in effecting these shifts, we can secure a stronger social compact and not just among ourselves, but between this generation and future generations to come. Let me start with our new approach on skills, for skills are the lynchpin to lifelong success. The skills journey begins early in life. We want every child to have a strong foundation that can propel them forward through life. We know that the first few years matter greatly in shaping a child's potential.”
“Mr Speaker, as the President highlighted in her speech, this new session of Parliament is happening at an important milestone of our history, indeed, of world history. After three years of the COVID-19 crisis, we now confront other formidable challenges. But as we have seen again and again in our history, we can find opportunities in every crisis and move quickly to take advantage of them. There are stark realities facing Singapore and the wider world. From the war in Europe to deepening big power rivalry in our part of the world, we all feel a palpable sense of danger – danger not just to the economy, but also to an open and stable global order. We will continue to be afflicted by these external headwinds. I know many Singaporeans worry about the unexpected twists and turns that may lie ahead. They see interest rates, prices and bills going up and impacting their livelihoods. That is why I had implemented comprehensive support measures in this year's Budget. These measures will help to cover the inflation-induced increase in spending for lower- and middle-income households. Some of the support has been given out, while others will be rolled out progressively over the year. We have and will continue to do everything we can to address the stresses and strains that people feel on the ground. Besides tackling the cost of living, sustaining growth will be more challenging in this new environment. We will have to redouble our efforts to attract investments and talent, and create good jobs and opportunities for Singaporeans. We will have to intensify the pace of restructuring and transformation to stay ahead of the competition. All this will not be easy, but COVID-19 has shown that Singaporeans have what it takes – the grit and resolve to overcome tough challenges.”
“The Government’s ability to think ahead and plan for the long term is key in ensuring Singapore’s continued survival and success. We will continue to strengthen forward planning capabilities across the Government. We will work with Singaporeans to achieve a better Singapore that will endure and thrive for generations to come.”
“Amid the rising urgency to reduce global greenhouse gas emissions, we will push ahead with efforts to mitigate and adapt to climate change. All stakeholders must work together as we transition to a more resilient and sustainable society. Last year, Singapore raised our national climate target – to reduce our emissions to around 60 million tonnes of carbon dioxide equivalent in 2030, after peaking our emissions earlier, and to get to net-zero emissions by 2050. To achieve these targets, the Government plans to raise the carbon tax to a range of $50 to $80 per tonne of carbon dioxide equivalent by 2030. We will diversify our energy mix with greener alternatives, such as hydrogen and regional renewable energy. We will work with industry and other stakeholders to research, develop and deploy low-carbon climate technologies, such as carbon capture, utilisation and storage. We will build a pipeline of high-quality carbon credit projects to help meet our climate goals. We will also support Singapore’s industries to embrace green opportunities and develop a workforce ready for the green economy of the future. At the same time, we must be prepared for the worst. The Strategy Group is concurrently working with Government agencies to prepare Singapore for the effects of global warming, such as rising sea levels and temperatures, and the increasing frequency of extreme weather events. The Government will also continue to participate actively at the United Nations Framework Convention on Climate Change and other international platforms to help shape the global climate regime, build partnerships and share expertise and climate solutions with the international community.”
“We will organise cross-agency work on policy development and implementation, to better manage trade-offs and achieve our desired outcomes across both economic and social domains. Like other advanced economies, Singapore faces a declining total fertility rate and an ageing population. Our local workforce growth will continue to slow. Caregiving needs will intensify as family sizes shrink and more Singaporeans face dual pressures of raising young children while caring for their elderly parents. Our society is also becoming more diverse and our multicultural identify will continue to evolve. We will update our population strategies to tackle these challenges. First, we will do more to harness longevity as a strength, so that individuals can reap the benefits of longer and healthier lives. Second, the Government will continue to carefully manage our foreign worker and immigration flows, to ensure that these translate to tangible benefits for Singaporeans, and to help newcomers integrate better into our society. Third, we will strengthen efforts to build a society where families matter and are well supported. We will do more to support the marriage and parenthood aspirations of Singaporeans. The Government has announced a package of pro-family measures at Budget 2023. The Strategy Group will continue to review and update our policies, including ways to extend more help to parents caring for their infants, and to those seeking to better manage their work and family commitments. Beyond Government measures, the whole of society has to come together to develop an environment that supports families and values family well-being. The Government will continue to work with the community, employers and other stakeholders to build a Singapore Made For Families.”
“The Strategy Group will continue to lead the Public Service to develop and implement strategic priorities, tackle long-term national challenges and build a better Singapore for all. We see fraying social compacts in many countries around the world, where people feel excluded from their nation’s progress and cannot find a common way forward on important national issues. This is why we are embarking on the Forward Singapore exercise – to bring Singaporeans together to examine our shared values and responsibilities towards one another, and to refresh our social compact. During our engagements, many shared their desire to build a fairer, more inclusive and more caring society. The Strategy Group will work with Government agencies to refresh our strategies and develop new policy responses, so that Singaporeans will have opportunities to progress throughout life, stronger assurances to tide over difficult times and a renewed sense of solidarity for the future. Beyond Forward Singapore, the Strategy Group will continue to strengthen whole-of-Government planning and execution to effectively tackle increasingly complex and cross-cutting challenges. These include a fragmented global order amid rising geopolitical tensions, new challenges brought about by technology, and the ongoing need to help Singaporeans cope with greater disruption and change. In response to this rapidly changing environment, the Strategy Group will review and refresh Singapore’s medium- to long-term national priorities, and work with Government agencies to strengthen the resilience of our economy, society and nation. Amidst growing resource constraints, we will also support agencies by centrally developing capabilities and coordinating structures across the Public Service.”
“MOF will continue to publish the Singapore Public Sector Outcomes Review biennially. MOF will press on with digital transformation efforts. This includes integrating budgeting, procurement and payment systems for better whole-of-Government financial management. We will step up the use of data analytics to monitor resource utilisation, track spending outcomes and shape policy development. Digitalisation will also simplify Government processes and lower costs for businesses when they transact with the Government. Examples include the adoption of e-guarantees to replace paper guarantees, and direct e-invoice submissions through InvoiceNow to eliminate the need for manual processing. MOF will support public sector manpower capability development, by raising competencies in finance, procurement, internal audit, grants governance and the deployment of shared services. MOF will harness our fiscal resources prudently and responsibly, working closely with Government agencies and partners from the industry and community, so that we can move forward together with confidence and strength.”
“If this were to happen, we would require more revenue, or a reallocation of existing funds to the new priority areas. MOF will continue to ensure sound and stable public finances for Singapore, through a sustainable mix of taxes on income, consumption and assets. We will uphold a fiscal system that is fair and progressive, where everyone contributes, but those who are better off will contribute more; where everyone benefits from Government spending, and those with greater needs will benefit more. MOF will also ensure that public sector manpower grows in a disciplined manner, to avoid taking up an out-sized share of the resident labour force at the expense of the private sector. As our resident labour force growth continues to slow, MOF will put in place additional measures to manage and reallocate limited manpower resources to meet future needs. MOF will continue with efforts to ensure good governance and enable a high-performing Government, to meet the needs and expectations of Singaporeans. MOF will work closely with Government agencies to ensure the effectiveness of Government spending. Our Government procurement will continue to be open and competitive, to achieve value-for-money and cost-effective outcomes. We will work with businesses, especially small-medium enterprises, to improve access to procurement opportunities, and to ensure a healthy pipeline of suppliers that are competitive, innovative and capable of meeting our future needs. MOF will work with Ministries to implement structured frameworks for programme evaluation and strengthen evaluation capabilities in support of better decision-making and resource allocation. This will be accompanied by efforts in enterprise risk management and internal audit to strengthen our system of governance.”
“The Ministry of Finance (MOF) seeks to advance the well-being and development of Singapore through sustainable and forward-looking fiscal policies. We aim to enable an innovative, resilient and efficient Government that delivers strong outcomes and value for money for Singaporeans. MOF will work with Government agencies to deploy resources in support of our national priorities, including initiatives being developed in the Forward Singapore exercise. We will allocate our resources in a prudent and responsible manner and continue to adjust our fiscal strategies to support the aspirations of present and future generations of Singaporeans. We will continue to steward our reserves as a crisis fund and an endowment fund, to take care of present and future generations. We will also continue to ensure good governance and accountability in the use of public funds. Our fiscal space is now tighter than before. Looking to the medium-term, we expect annual Government spending to increase to around 19% – 20% of GDP in Financial Year (FY)2026 – FY2030, and possibly exceed 20% of GDP by FY2030. The key drivers of growing expenditure are healthcare and social spending, such as moves to uplift lower-wage workers and strengthen early childhood education. To close the funding gap, MOF has taken steps to strengthen our revenue position at Budget 2022 and Budget 2023, so that rising Government spending can be balanced by total revenue in the coming years. We have also enhanced the progressivity of our system of taxes and transfers. Beyond what we have factored into our projections, the Government may need to spend more, for example, to enhance Singapore’s economic competitiveness, social inclusion and mobility, or national resilience.”
“Sir, we have been reviewing. We published, as I mentioned just now, a paper looking at the impact of our COVID-19 measures. Ms Poa may have seen it. If not, I will encourage her to look at the detailed studies which highlighted the outcomes we have achieved from our measures, including the JSS. So, that has already been done. We will continue to review and we will continue to improve, because we do want to do better. On the specific point that Ms Poa raised, which is, can we put in place a criterion to give out help that will not allow for some recovery of payments to profitable companies, I would put it this way. First of all, to do it ex-post is not the right thing to do. That means, we will only wait until you know the results, later on. Then, there will be a lot of uncertainty for companies. If you want to do that, you have to do it with a priori – upfront. Then, later on, if it exceeds a threshold, yes, you can claw back. In principle, in theory, yes, you can think of it like that. That is, in theory, possible. But, I think, it is not so straightforward in practice. It is administratively going to be quite complex. It may lead to gaming by companies. How do you set the right threshold upfront? It is not so straightforward either. Companies will start to game. Businesses will start to game. All may try to operate below the threshold. So, while what she has highlighted is something that can work in theory, I think there are administrative complexities. But from MOF's perspective, we will continue to study and review because our interest is to continually make sure that we achieve value for money in what we spend.”
“But, I think, it is quite uncalled for to suggest that there has been any withholding of information by the Government in putting together this report. I hope that Mr Pritam Singh and the Workers' Party will live up to the ideals that he called for, in upholding national unity when we deal with and learn from this pandemic.”
“Sir, I already explained just now, Mr Peter Ho's report focused on lessons for Singapore in crisis management. It included details, like the internal workings of the Government, our crisis management structures. These internal workings and crisis management structures are not just to deal with a pandemic. The same structures are used for dealing with external security threats and that is why we are unable to publish that part of the report for national security reasons. I am sure everyone understands that. Then, there are other parts of his report, which went into commercial sensitivities. For example, how we leveraged on different partners, scrambled to get essential supplies and managed our supply chains. Those had some commercial sensitivities, and we cannot reveal them. If we redact all of these sensitive materials, we will essentially end up with the lessons for the Government, which are already in the White Paper. In fact, it will be a subset of the White Paper. Because as I explained just now, the White Paper goes beyond Mr Ho's report. It covers the lessons from the agencies' AARs and it also covers the lessons learned after August 2021. So, it is a fuller synthesis of all the lessons that we have learned from the last three years. So, I hope everyone understands and can see that we have been upfront in doing this. We have maintained this approach in dealing with the crisis throughout the last three years and we continue to do so in the White Paper, which covers the lessons for the Government. By all means, there can be debate on the lessons, on the recommendations. By all means, disagree with the lessons and the recommendations. Have your own view. We are happy to hear the differences in views and to be better prepared.”
“Sir, we know the road ahead of us will always be unpredictable. We have focused in this debate on pandemic threats, but there will be other challenges. Sometimes, it almost feels like the next crisis is just around the corner. We have got uncertainty now in the global economy and financial market, we have got geopolitical tensions, super-power rivalry in Asia, climate change, and the list goes on. There is no guaranteed formula to navigate these challenges. But, if Singapore and Singaporeans take all what we have been through these past three years to heart, we will be able to overcome any challenges that come our way and prevail as one united people. Mr Speaker, I beg to move. [Applause.]”
“So, just thinking about the kinds of border measures we have from SARS to now, we have really expanded our toolkit considerably. For SMMs, we have identified the five key parameters which are important: group sizes, mask wearing, workplace requirements, safe distancing and capacity limits. So, hopefully, if we ever have to do this again, it will not be as confusing and complex, as was the case these last three years. By tweaking and adjusting these five parameters, we will be able to manage transmission risks, depending on the severity of the threat. So, be it surveillance, border measures, SMMs, testing or vaccine development, we now have a wider range of policy options and measures to tackle the next pandemic. With our enhanced capabilities in detection, surveillance, identification of threat which we are doing, not just by ourselves but hand-in-hand with international partners, we will be in a much better position to protect ourselves and deal with the next pandemic, if and when it comes. We will not stop here. We will continue working hard to expand our toolkit and to build up our capabilities, because, ultimately, that is the best way for us to honour the dedication and sacrifices that everyone had made to fight the pandemic these past three years. That is why we acknowledge, with humility, the learnings and points of improvement as a country, a people and a Government. We pledge to keep on doing better and be better prepared, if and when the next pandemic strikes. At the same time, we are grateful and thankful for all the positives that we have seen and experienced these past three years: the dedication of our healthcare and other frontline workers, the acts of kindness within our communities and the solidarity and trust of our people.”
“More than seven in 10 Singapore residents felt that their relationships with their neighbours and friends remained the same or became stronger during the pandemic. A similar proportion of respondents were confident that the Government would know do what to do in a future pandemic and that Singaporeans would help one another tide through the next crisis together. We are heartened by these survey results. This trust is extremely precious and we will work assiduously to preserve and strengthen it, so that Singapore will always remain a high-trust society. Mr Speaker, I shared in my remarks yesterday, that it is important we approach the lessons from our COVID-19 experience with the right attitude and mindset. Lessons learnt should never be hardcoded into doctrine. Lessons should not be blindly applied from one crisis to another, because while there may be similarities, there will also be differences. The key is to have the flexibility and wisdom to adapt and devise solutions that are fit for purpose and fit for the situation at hand. Indeed, through this COVID-19 experience, we have expanded our toolkit to manage disease outbreaks and pandemics. For example, look at border measures, we now have a wider range of measures to apply at the borders. We can impose Not-to-Land (NTL), which is the most stringent; we can allow travellers to enter Singapore, subject to tests and the test can be pre-departure tests or on-arrival tests; we can allow them to come in, subject to both tests and quarantine requirements, and the quarantine can be done at home or in dedicated facilities; and if it is done at home, we have improved the system now so that we have electronic tagging and remote monitoring, it is quite effective.”
“Finally, no matter the shape and form the next virus will take, there is one element that is crucial in shaping our response – and that is trust. Singaporeans trusted the Government to make the right decisions, and to act in the best interest of Singapore and Singaporeans. The Government did not take this trust for granted. We were open and honest throughout the crisis. We shared information candidly, even when things did not go well, and even when we did not have complete information. This was essential so that Singaporeans could continue placing their trust in the Government. Equally, if not more important, the trust amongst Singaporeans has been strengthened. This is not the case in many other places, where trust amongst their citizens had been declining, even before COVID-19, and may even be at historic lows today, post-crisis. Hence, during the pandemic, it was hard for these governments to implement tough COVID-19 measures – after all, if trust is low then people may say: why should I comply with your measures, because if my neighbours or friends are not complying, then why should I do so? You can see this is what has happened in many other places where there is little trust, public health becomes politicised and individualised, and the countries' pandemic response is quickly compromised and impaired. Fortunately, social capital and trust have been high in Singapore over the decades, and the silver lining in this terrible crisis is that social capital and trust have increased. A post-COVID-19 survey commissioned by the Ministry of Communications and Information, showed that social capital grew over the course of the pandemic. Most notably, trust amongst citizens strengthened.”
“This is a decision that Temasek and its Board made, independently of the Government, and there is no draw on Past Reserves from such spending. Temasek's community initiatives do not in any way detract from its mandate, which is to deliver long-term sustainable returns. Temasek and its portfolio companies operate independently as commercial entities. But like all commercial entities, we welcome them to do their part in a crisis, where it really should be all hands on deck. Tapping on Temasek's capabilities, as well as that of the broader private and people sectors, is just one way we have harnessed our whole-of-nation resources to help bring our society and economy back to normality. This is not a form of dependence or over-reliance by the Government, which Mr Giam seems to suggest, but really a manifestation of Singapore's distinct and unique strength. In fact, many other countries struggled to galvanise their private sector to contribute to pandemic-fighting efforts. In contrast, we were able to harness public and private resources to fight the crisis. We worked closely with all stakeholders to ramp-up vital services and to make up for shortfalls. That is what good governance is about. It is about how well we organise ourselves and marshal resources across the public, people and private sectors, and how we mount responses and deliver the best outcomes for Singapore and Singaporeans In the end, dealing with a national crisis requires a whole-of-nation approach. So, we hope that partners from all segments of society can come together again in any future crisis and we welcome the expertise and contributions from all companies and organisations, whether they are Temasek-linked or not.”
“I am glad we helped these workers to stay employed, earn their keep and support their households through the crisis. Sir, at every point, we tried our best, to help fellow Singaporeans retain their livelihoods and live their lives with as much normalcy as possible, under the shadow of the pandemic. Mr Gerald Giam asked about Temasek's involvement in our efforts to fight COVID-19. As I had explained earlier, more than 80% of Government's spending went directly to beneficiaries. Another 10% was for grants to medical providers and the remaining 10% was procurement with third-parties. So, talking first about Government spending, this was the breakdown. Out of the 10% of procurement, most of it, in fact, went to non-Temasek entities. For example, most of MOH’s partners in the COVID-19 Treatment Facilities and Vaccination Centres were non-Temasek entities. Temasek's entities were involved in very specific operations, for example, in the swift setting up of the COVID-19 facility, the community care facility at the Expo. That was invaluable, because it helped us to get through the very difficult situation we faced with the dormitory outbreak. Then, what about the resources that Temasek itself spent on COVID-19, for example, the distribution of test kits and masks? The resources for this come from the portion of its positive Wealth Added returns that Temasek would typically set aside for community initiatives in the Temasek Foundation. This is part of Temasek's CSR – to do good and give back to society. It is something which we encourage of all companies in Singapore – to be good corporate citizens. Over the last three years, because we were fighting a crisis, Temasek redirected a significant proportion of these community funds to support the fight against COVID-19.”
“There may have been occasional lapses in their work, but I hope Members understand that all our officers were working under crisis and emergency scenarios. Where there were lapses or mistakes, I have every confidence that our Ministries and agencies will learn from them and will do better the next time. More than 80% of the Government spending went directly to beneficiaries, as I have mentioned, to keep businesses going, preserve jobs for Singaporeans and help those who were hard-hit by the pandemic, especially the vulnerable. Ms Poa had asked whether we could have been more discriminating in the support we had extended to businesses or, for example, to recover payments from businesses that were profitable. We significantly expanded the JSS during the circuit breaker. At that time, everyone was worried, businesses were very worried over whether they could survive and how they may retain and pay their workers. That is why the JSS was designed to be across the board and automatically disbursed, so that businesses, especially the small and medium enterprises (SMEs), could receive the much-needed support quickly. And, indeed, the timely cashflow enabled firms to retain their local employees and capabilities, and to bounce back from the crisis once demand recovered. As soon as we could, we started to tier the JSS support – different levels of support for different industries and, eventually, phase out the JSS support. The Ministry of Finance (MOF) had earlier published a study on the impact of our key COVID-19 measures. Our estimates show that 165,000 jobs were saved in 2020, as a result of JSS. Behind this aggregate number are real Singaporeans and their families.”
“Even at the height of the pandemic when many countries, including Singapore, were short of supplies, we never imposed export controls. Vaccines came through our airport. We had cold chain facilities, so we facilitated the shipment of vaccines to the rest of the region. This not only enabled supplies to keep flowing to and through Singapore, but also boosted our reputation as a reliable and trusted node in the global network. So, on the whole, when you look at all of these outcomes and what we had spent, on the whole, compared to other countries, we have achieved good value for the monies we spent – to stave off the most severe downsides of COVID-19 and to mitigate long-term economic and social scarring. The resources we deployed enabled us to buy insurance and options, sometimes at substantial cost, like what we did when we moved quickly to secure advance commitments for the vaccine supplies. Not every insurance option will pay off. But, in the end we have to judge whether it is worthwhile to pay a bit more, so that we can be in a stronger position to deal with the crisis and head off potentially very costly downside scenarios. When you look at what we have achieved overall in this crisis in the last three years, I am convinced that, on the whole, it is money well spent. Beyond the macro picture, we can, of course, drill down into specific areas of spending. This is being done through the various ongoing reviews and audits and I am sure through these processes, we will pick up areas where we could have done better. But I should acknowledge and give credit to all our public officers who worked hard round-the-clock to administer and implement the various schemes.”
“It is not so easy to get actual data from other countries, but the International Monetary Fund (IMF) has some estimates, so we put out what the IMF has estimated for the different countries. Clearly, we are not the lowest, in terms of this chart, with the sampling of countries. But certainly, we are not excessive either, and there are many countries, like the United States, the United Kingdom, Japan and Germany, which put out much larger fiscal packages. For the amount of public funds spent, we achieved relatively good outcomes compared to other countries. There were other achievements, beyond those I have highlighted, that were not so easily quantifiable but no less important. For example, we kept schools physically open and education going for our students. We minimised disruptions to in-person learning, particularly for younger students, and mitigated the potential loss in learning outcomes due to the switch to home-based learning. This was not the case in many other places, where lengthy school closures had long-term scarring effects, in terms of human capital development, particularly for students from less advantaged backgrounds. We kept businesses afloat and local unemployment rates low through the JSS and other financing support. This helped to preserve firm capabilities and allowed businesses to bounce back quickly when the worst of the crisis was over. Through the SGUnited Jobs and Skills Package, we also helped those who were in-between jobs transit to growth sectors; and fresh graduates maintain their skills and human capital while waiting for the economy to pick up. We kept supply chains open throughout the crisis, and continued to service the world as a transshipment hub for air and sea cargo.”
“In terms of lives, as of 31 December 2022, our mortality rate for COVID-19 was around 300 deaths per million. We mourn every death and express our deepest condolences to their families and loved ones. But what we have in Singapore, is much lower compared to other countries with five or even 10 times mortality rate. [Please refer to Annex 2.] The key reason for this, is that we did not allow our hospitals to be overwhelmed, as Minister Ong had explained just now. That was always our key objective throughout this crisis and so, we made full use of the tools at our disposal – whether it was vaccinations and boosters, border measures and SMMs – to achieve this goal. This is on mortality rate. It is not excess mortality, but just looking at mortality from COVID-19, as one measure. In terms of livelihoods, our economy recovered quickly to pre-COVID-19 levels by 2021. Our employment rates, today, are even higher than pre-COVID-19. Our recovery – it is very hard to put this out into a picture, so, I do not have a chart for this – but our recovery was faster, compared to many other economies. You can use different indicators to track these, but it is quite clear, our recovery was faster compared to many others. These are, of course, not comprehensive outcome indicators. But I think most would agree that they are among the more important ones. How much did we spend compared to other countries to achieve these outcomes? As I mentioned yesterday, we had budgeted more than $100 billion and we eventually spent $72.3 billion over FY2020 and FY2021, which is equivalent to about 15% of our FY2020 GDP. [Please refer to Annex 3.] So, we mounted a strong response. What did other countries do?”
“That is why Singapore is plugging fully into the global network of international pandemic research and we are working hand-in-hand with the global community to improve our collective pandemic response. Singapore was a co-chair of the Friends of the COVID-19 Vaccine Global Access (COVAX) Facility, which helped countries in need secure access to COVID-19 vaccines. The G20 recently set up a Global Health Security Financial Intermediary Fund, or what is now called The Pandemic Fund, to ensure more reliable financing for future pandemics. Singapore was one of the founding contributors to the Fund and we continue to shape initiatives through our membership of the G20 Joint Health and Financing Taskforce. As Minister Ong shared just now, we will continue to leverage GISAID to keep up-to-date with genome sequencing of pathogens with pandemic potential. We are a part of the Coalition for Epidemic Preparedness Innovations (CEPI) to keep up-to-date with vaccine developments. We also have professionals and specialists from our scientific community, who represent us on technical platforms at the WHO and other international bodies. So, we are doing everything we can to be better prepared, not just within Singapore, but also internationally. Next, let me touch on the overall effectiveness of spending in enabling Singapore to get through this pandemic. Ms Hazel Poa had asked about this. At the macro level, governments around the world grappled with the twin challenges of lives and livelihoods. And, Sir, with your permission, may I display some slides on the screens?”