Lim Hwee Hua
Singapore
“Mr Chairman, Sir, I believe the Minister for Finance has actually addressed that quite adequately in the Budget Statement. I will encourage the Member to read the Hansard. As I recall, he did say that our projections for revenue have been made for the next five years and we do not target a particular source of revenue.”
“Mr Speaker, Sir, I would encourage the Member to file a question for MCYS, if she would like to discuss safeguards further. What I would comment here is that at the outset when we conceived the whole Integrated Resorts idea, there were many business risks: whether it is country risk or the timing of the business cycle and so on.”
“Mr Speaker, Sir, the supplementary questions raised by Ms Denise Phua have actually been debated to some detail under the different heads, in terms of the intended strategy – why we are having Integrated Resorts and casinos in the first place. This has been debated quite extensively by the Ministry of Trade and Industry.”
“Madam, I take the Member's point about the need for checks to be done professionally, and indeed this is the case, and that is why the officers would be sufficiently trained to conduct these checks in a professional manner.”
“The proposed amendments are necessary in order to effect the new financing framework, to allow for greater contestability to be injected into the RTS industry, as well as to ensure security and continuity of the RTS operations. Madam, I beg to move. Question proposed. 4.28 pm”
“Because of the complexity of the issues and the need for us to continue consulting other players who have already been operating in that space, as well as consulting the business community in greater detail, the study would take the better part of this year. OUTCOME OF 50PLUS EXPO 6.”
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“Sir, I rise to support the Electricity Bill and wish to confine my comments briefly to the scope of competition to be afforded by the proposed framework. Firstly, few generation companies. As some colleagues have already raised, the scenario post-liberalisation will have a relatively small number of generation companies or Gencos. Moreover, the Government has stated an intention to divest the three big Gencos, namely, PowerSeraya, PowerSenoko and Tuas Power, which will generate the bulk of our needs. No foreign ownership limit will be imposed. In this context, how would the Minister introduce meaningful competition? How will the Minister ensure that a cartel-like behaviour, say, in setting full prices, will not develop to the detriment of suppliers and, ultimately, consumers? As is the allegation against oil companies supplying petrol to consumers which was referred to earlier on, does this structure lend itself to such anti-competition tendency? Secondly, the role of Power Supply. As I understand, Sir, the role of the incumbent Power Supply will be limited to the provision of billing and other customer services. Sir, while this is meant to bring economies of scale for consumers as a whole, it can also be an impediment to the bundling of services by potential retailers. For example, telcos who do a fair bit of household-related billing may not find enough incentives to compete initially as they have to deal through Power Supply. Therefore, I would like to ask the Minister whether there is an intention for the role to be played by Power Supply to be a permanent feature of the electricity market.”
“Sir, the Minister has said that consumers would enjoy greater choice. But what choice would households really enjoy? As mentioned earlier, unlike big corporate customers, households, on their own, do not have strong bargaining power. Is there, therefore, a possibility of, say, Town Councils or, for that matter, the Housing and Development Board itself, functioning as a retail supplier to HDB dwellers? In this way, the aggregate buying power will be greatly enhanced. Sir, ultimately, from the domestic consumers' perspective, liberalisation or deregulation must bring forth some tangible benefits. These could be either lower tariffs on average, or more choice through the bundling of services by suppliers.”
“Sir, I rise to support the Bill relating to the establishment of the Energy Market Authority in conjunction with the regulation of the electricity and gas industries upon liberalisation and deregulation of activity. Sir, I wish, however, to raise several issues from the perspective of the domestic consumer of electricity. Firstly, the principle of complete pass-through of costs. Sir, as I have raised earlier during the Budget debate, the intended extension of liberalisation to the domestic segment would mean free market forces will be allowed to work. Currently, owing to the monopolistic situation and the quarterly review of tariffs, household consumers are not really exposed to the volatility of, say, the fuel oil price cycle, such as the one seen recently. As such, a substantial amount of public education should be undertaken to acquaint households with this principle, that there will no longer be price regulation nor any review. Notwithstanding this, I would also like to ask the Minister separately what measures will be taken to help preserve price stability as far as possible. Also, in practice, how would EMA determine whether prices are indeed competitively set? Secondly, infrastructural costs. When the retailing function is liberalised, presumably, there will be scope for product differentiation, even on just price alone, eg, offering peak and off-peak rates. As such, there are very likely to be some changes to the supply infrastructure, eg, a change in meters. Unlike big corporate customers, individual households will not wield the same amount of bargaining power. In the light of this, can the Minister assure the House that households will not have to bear these infrastructure-related costs unfairly? Thirdly, choice available to households.”
“Sir, whilst I understand that the school and even cluster leadership is well-placed to counsel teachers who may feel a little overwhelmed, I would like to ask the Minister to consider setting up an avenue outside of this formal structure to complement this support. For example, a pool of experienced teachers or principals at headquarters itself can be made available to guide and mentor young teachers on handling stress and the more experienced on coping with changes. Other possibilities can include peer-support groups for teachers to share common problems and solutions, all done in such a way as not to undermine the leadership in schools. Sir, it would be a sad day if we lose teachers with passion to stress and the inability to cope.”
“Sir, I am encouraged by the Minister's assurance that securing quality teaching resources is one of his top priorities. In this context, my speech is in part a tribute to the teachers whose passion and dedication have motivated me a great deal when I was at school, but largely a call to the Minister to provide complementary avenues to help teachers cope with increasing demands and stress in their jobs. Many, including teachers themselves, have observed that, over time, teaching has shifted from a calling to just another job. Coupled with the variety of alternative job opportunities, which frequently pay better for supposedly less stress, and the increasing demands that parents and community at large have on our teachers, there are not as many takers as we would like to have. Sir, teachers who have been teaching for a long time usually find their passion fading with all the new challenges, such as IT training or frequent changes to curriculum. Many regret the lack of opportunity or the inability to inculcate values in students. The role of the teachers has also evolved into more of a facilitator than an instructor per se. Also the perception that many of the older ones can retire whenever they would like to does not make for good morale. Sir, these teachers have been pillars and have painstakingly instilled values alongside lessons. It would be a shame to have to lose their passion because they feel overwhelmed, or even defeated. On the other hand, the more tech-savvy younger teachers frequently find coping with parents, defiant students, the administrative load or even a promotion difficult to bear. They, too, find their flames waning early into their teaching career.”
“Sir, I would like to touch on the philosophy that Government adopts when determining affordability of HDB flats and therefore prices. Government's stated commitment is to price new HDB flats such that 90% of Singaporeans will be able to afford at least a 3-room flat and 70% at least a 4-room flat. This affordability refers to the ability to service their monthly mortgage repayments using both their monthly CPF contribution and cumulative balances. Eligibility is capped at 40% of gross income. This philosophy appears to be linked more to income levels and overall economic health than housing price levels in general. In fact, it should theoretically be independent of HDB resale prices, executive condominium and private property prices. However, in reality, I believe there are expectations not met, given the apparent disconnect between the new HDB flat prices and the overall property market cycle. Hence, there are expectations that HDB prices must be adjusted downwards, for example, during the current downturn in both the HDB resale and private property markets. Earlier on, an upward adjustment in new HDB flat prices was made on account of the design-and-build programme. But it may have coincided with the upward cycle. Hence, the perception that new flat prices are somehow tied to market trends. I would therefore like to ask the Minister to clarify whether new HDB flat prices are independently set based on income levels primarily. This is critical as it would provide a lot of assurance to Singaporeans, especially first-timers and upgraders, that HDB flats would always be within their reach and that there would not be wild swings in these prices.”
“Sir, I thank the Minister for his response and beg leave to withdraw my amendment. Amendment, by leave, withdrawn. The sum of $16,094,540 for Head C ordered to stand part of the Main Estimates. The sum of $305,600 for Head C ordered to stand part of the Development Estimates. Head Z -”
“Moreover, there would be inevitably a preoccupation with the means rather than the end. Ideally, the focus should be more outcome-oriented than process or compliance-driven. To illustrate with an extreme case, it would be far better to highlight weaknesses in the sharing of a sensitive financial database than to detect an over-payment of $200 to a staff who has resigned. Secondly, the wide application of technology. Sir, the entire Government machinery is so wired up now that a commensurate amount of auditing resources must be allocated towards ensuring the preservation of integrity. The auditing function must take cognisance of the risk, financial or otherwise, of losing access to, or abuse of, the information within the various Government networks. In fact, there is even a strong case to argue for a shift towards a more proactive than a purely reactive stance in the longer term. I would therefore like to ask the Minister how he thinks the role of the Auditor-General can stay relevant to the increasing use of technology and whether amendments to the Audit Act are necessary to shift the focus towards a minimisation of risk than financial compliance per se.”
“Sir, I beg to move, That the total sum to be allocated for Head C of the Main Estimates be reduced by $100. Sir, in moving this cut, I wish to revisit the auditing function as carried out by the Auditor-General's Office. To recap, the Auditor-General has a constitutional duty, amongst other things, to audit and report on the accounts of all the departments and offices of the Government and prescribed public authorities and bodies administering public funds. In addition, the Auditor-General discharges his duties in compliance with sections of the Audit Act, which relate to the conducting of financial statements audits, examining of controls and reviewing the effectiveness and efficiency of selected systems and activities. Sir, firstly, on the focus of the auditing function. The spirit of auditing the Ministries and public bodies, as embodied in the above legislation, must be to ultimately preserve the integrity of the Government in its fiduciary responsibility. Much has changed in terms of the way and scale on which the Government now operates, especially from the perspective of the extensive use of technology and the attendant risk to our economy at large. In revisiting the Auditor-General's role, I would like to draw a parallel to the auditing function of a company, for which the Audit Committee is responsible and which is usually accomplished by both the Internal Audit Department and external auditors. As I understand, not all Ministries have internal audit functions. If true, the Auditor-General would then have to undertake both the internal and external roles. This will lead to a situation where owing to the sheer variety and scale of operations, the audit can at best highlight occasional lapses.”
“Sir, although we did not quite have enough time to finish the cuts, I would like to thank the Deputy Prime Minister and the Minister for Finance for their answers and would like to beg leave to withdraw my amendment. Amendment, by leave, withdrawn. The sum of $1,184,921,410 for Head N ordered to stand part of the Main Estimates. The sum of $181,102,500 for Head N ordered to stand part of the Development Estimates. Head C -”
“Some preliminary study has indeed indicated that corporations that offer options to the majority, instead of a few, tended to enjoy significantly higher productivity levels and annual growth rates. However, in the context of Singapore, where both companies and individuals may not be prepared for that scale of stock option participation, the Minister may want to allow a modification of the "at least half" requirement.”
“Sir, until the dot-com mania, only a small percentage of companies have issued stock options as part of an employee's compensation package, purportedly to align workers' interest with companies. Over the last few years, the Minister has moved swiftly to make the tax environment here more conducive to the issuance of stock options. The Singapore Exchange has also put in place a framework for listed companies, to operate within. In the US, many top vacancies at dot-coms now go a begging, despite packages which are heavy on stock options and which used to be the carrot for many a bright candidate. In structuring our tax incentives, I would like to humbly suggest to the Minister to examine the signalling effect, especially in the light of the emerging equity culture in Singapore. Sir, I recognise that a balance is difficult to strike. I recall the cries of my colleagues urging the Minister to give entrepreneurship a boost in the arm by offering generous tax incentives, especially for start-ups. Offering too much of a tax incentive, on the other hand, might unwittingly signal to employees at large that stock options are superior to wages or even bonuses paid out in cash. The understanding of how the upside or downside to stock options is linked to a company's performance may not have been as complete as what we are hoping for. Sir, in this regard, I would like to ask the Minister to consider allowing alternatives to implementing the intended extension of tax incentives to companies issuing stock options to at least half of their employees. Whilst the intention may be to spread tax incentives as widely as possible, from the signalling perspective, it would appear that the Government prefers the wide use of stock options to just issuing to top executives.”
“Several finance companies have either given up their licences or gone into voluntary liquidation. In 1998, there were 31 finance companies. Today, there are only 11 and we expect this rationalisation to continue. Mrs Lim asked if MAS will facilitate the consolidation or exit of the smaller finance companies. Consolidation in industry is not a new development and has been ongoing since the 1980s. MAS has consulted closely with the finance companies to ensure minimum disruption to customers and to the industry. We have allowed the finance companies to be merged with well-run financial institutions that have demonstrated the ability to carry on the business, as the purpose of the merger must be to result in a stronger institution. In practice, this has so far meant mergers with banks and other finance companies. We should recognise the basic distinction between finance companies and banks. Banks have to meet higher capital requirements and prudential standards. They also have larger and stronger management teams. Because finance companies do not meet these requirements, they are only permitted to undertake a more limited range of activities. For example, they may not provide cheque accounts or establish off-site ATMs, unlike banks. This is why MAS has reservations about allowing finance companies to be absorbed by institutions other than banks or other finance companies, for example, stock-broking firms. Going forward, I do not expect any fundamental shift in the activities of finance companies. But they must continue to assess the changing environment and upgrade their capabilities in order to stay relevant in Singapore's more open and competitive financial landscape. This will determine whether they consolidate their position and reverse the decline in market share.”
“Given the fewer COEs to be handed out, the demand can be expected to drop in tandem. Three of our local banks, DBS, OCBC and UOB have already absorbed their finance companies into the parent banks' operations. This is not surprising at all from the perspective of optimising capital resources. As of now, there are 11 finance companies, several of whom are family-owned and very small, having assets of less than $100 million. I would therefore like to also ask the Minister whether the Government will help facilitate a consolidation of these less well-managed or small capitalised finance companies. If there are shareholders who wish to exit the business but have been unable to find a buyer, can the MAS assist in any way? BG Lee Hsien Loong: Sir, finance companies have complemented banks as financial intermediaries, servicing small and medium enterprises and small retail customers. They generally offer higher interest rates on fixed deposits than the banks. They offer more personal service to customers, and some older Singaporeans are more comfortable placing their FDs with finance companies. Finance companies have been active lenders to small and medium enterprises and in the housing loans and hire purchase markets. Their assets grew from $400 million in 1968 to around $22 billion in 1997. But, as Mrs Lim has observed, over the last few years, the finance company industry has been in decline. They face growing competition from commercial banks, both local and foreign. Since 1997, the total assets of finance companies have fallen by 11%. The share of the Singapore Dollar non-bank deposit market has shrunk from 11.3% back in 1997 to 7.4% today. This has prompted mergers among finance companies, and between finance companies and banks.”
“Sir, I beg to move, That the total sum to be allocated for Head N of the Main Estimates be reduced by $100. Sir, over the past few years, the Government, through the Monetary Authority of Singapore (MAS), has systematically reviewed the scope of financial services that Singapore should be offering against the role and expertise of both existing and potential players, namely, the financial institutions. Sir, the MAS has not shied away from making bold and sweeping changes, such as the liberalisation of the banking, securities and insurance sectors. To MAS' credit, this has not gone unnoticed by foreign market participants and investors. Not unlike the experiences at other major financial centres, the regulatory changes are usually accompanied by wide scale consolidation of industry players. Examples abound such as the merger of J P Morgan and Chase, or closer to home, the merger of Keppel and TatLee Banks and of DBS Securities and Vickers Ballas. Sir, in this context, I would like to ask the Minister to redefine the role of finance companies in our overall vision to be a major financial centre. Back in December 1998, the MAS indicated that it would be reviewing rules to allow better-managed finance companies more leeway in managing their risks, but without compromising prudential standards. This was fleshed out in part as permission for finance companies to install ATMs in May 2000. Subsequently, the better-capitalised ones were allowed to offer financing for IPOs and to extend unsecured loans. However, the statistics on loans extended by finance companies appear to point to an erosion in market share as a whole, especially of housing loans. The only bright spot has been car loans, which were boosted by the spike in the number of COEs in Year 2000.”
“In this context, I would like to ask the Minister whether there is merit to determining by way of, say, a means or income test, the degree of subsidy at restructured hospitals. Admittedly, this would be difficult to administer but it would hopefully extend subsidised care equitably.”
“Could the Minister please clarify the philosophy behind the role of restructured hospitals? Secondly, the choice of wards and services. Sir, like Dr Tan, I have encountered numerous cases where residents checked their parents into a higher class ward only to have to appeal to the hospitals to have them downgraded as the costs turned out to be beyond their ability to bear. Most requests for downgrading, as I understand, would typically fail. On the flip side, there are also cases where admission to a higher class is sought in order to jump the queue, with a subsequent request made to be downgraded. This downgrading phenomenon raises several issues. Firstly, many Singaporeans are guided by emotions when they are confronted with an urgent decision on ward class, as Dr Tan has elaborated on, for a loved one. Not to opt for the best class for an elderly parent when there are several children with Medisave funds appears to be a less-than-filial act. Secondly, as many do not use hospital services on a regular basis, as to what a ward class entails can be somewhat mysterious. Many have equated a lower ward class to poor or inferior care. It would be good if the Minister can clarify what the suite of services are for each ward class and what the differences are, as well as what minimum standards would be maintained regardless of class. Furthermore, like Dr Tan, I would like to ask that some counselling be given to guide family members in making the most appropriate and rational financial decisions. Finally, on the degree of subsidy. Currently, the needy are being helped via the Medifund administration. The lower income groups have of late raised concerns about their ability to afford healthcare service. This chorus is likely to intensify with the ageing of the population.”
“Sir, as my colleague, Dr Neo has mentioned, the Singapore population has grown increasingly affluent and their medical needs have risen in tandem. Given our small size, and unlike elsewhere, medical attention is always within easy reach and there may be a tendency to over-consume. Yet, there is an expectation that medical services must remain affordable. I would like to raise some common concerns and perceptions and ask the Minister to clarify the philosophy behind each of these issues. Firstly, the role of restructured hospitals. Many Singaporeans feel that restructured hospital services must remain affordable as they are, after all, owned by the Government as they always have been. Many are not clear about the positioning of the restructured hospitals, vis-a-vis private hospitals. In fact, some, especially the older persons, continue to view the difference as that between the polyclinic and the general practitioners or specialists. The confusion could have stemmed from the co-existence of subsidised services at restructured hospitals. I would like to ask the Minister whether there is any merit to creating separate identities to help differentiate the services although operationally, there is the same degree of integration. As an aside, the financial model of a restructured hospital can be a challenging one, in that there is the risk of presenting a moral dilemma for doctors. Restructured hospitals presumably require all employees, including doctors, to be conscious of the bottom line. Unless the subvention for subsidised patients were accounted for in a way as to make the difference between the revenues from subsidised and private patients less marked, there would always be financial pressure to achieve a higher mix of private patients.”
“But, as she is aware, the Green Vehicle Rebates for hybrid and electric cars were implemented at the beginning of this year, basically, to allow people who want to buy such vehicles. The rebates are intended to lower the upfront and annualised cost differential between green and conventional cars. With these rebates and their lower fuel costs, the annualised operating cost of green cars will be comparable to that of conventional cars. It is not our intention to make green cars cheaper than conventional cars as the primary strategy of vehicle ownership still holds. But within this framework, we are prepared to introduce rebates to try to lower the tax component, so that the cost differential between conventional and electric/hybrid vehicles is not too great. On the question of extending the rebates to buses and taxis, LTA, in consultation with the Ministry of Finance, is prepared to consider this, if there are viable vehicle models for importing into our local transport market. Sir, the Government will not intervene in the purchase decision of transport operators by stipulating what percentage of their fleet should be electric or hybrid vehicles, as such decisions are best left to the operators. If there are attractive models available in the market at prices that are acceptable to buyers, the demand will be there. On the question of infrastructure, Sir, the Environment Ministry is the lead agency and, as I understand it, they will coordinate with other public sector agencies to provide an infrastructure, as and when the technology becomes commercially viable.”
“Notwithstanding some of these measures, Sir, we are looking into putting in place a quality standard for the taxi industry. At the moment, for example, we receive many complaints, and we deal directly with the taxi operators regarding the abuse of signages and people not wanting to pick up fares. So there is an on-going review for the taxi industry. Mr Ong has asked whether we could solve some of these teething problems with a third operator. We will leave this to the review, as we deregulate the industry further, as to whether or not there is a need for more than two operators currently, Sir. Mr Ong has raised the issue of the liability of employee-drivers for vehicle offences. Sir, the law does place the primary responsibility on the owner of a vehicle to ensure that the vehicle complies with all the relevant laws. However, this does not absolve the driver, who also has the responsibility to make the necessary checks. Generally, a driver must ensure that his vehicle complies with all usage requirements, which include registration and licensing requirements. Other requirements include, for example, complying with the vehicle's maximum laden weight, ensuring the vehicle does not emit smoky exhaust and is properly lit, as these would impact on the safety or comfort of other road users. There are parallel responsibilities placed by the law on the owner and the driver. However, Sir, if an employee-driver is able to offer mitigating factors for his offence, the authority will review his case. Finally, Sir, on the question of electric vehicles raised by Mrs Lim, I would like to thank her for her suggestion.”
“For newly resurfaced roads, the ban on road opening is for one year. However, an exception to the above ban is made if the works are of an emergency nature, such as the repairing of a damaged pipe or a sewer pipe. Over the years, LTA and the members of the Committee have also come up with many improvements, including new methods of laying pipes and cables without the need to dig the roads. Notwithstanding this precaution, Sir, there are about 8,000 road digging works annually as a result of the many development works and high demand for utility services. Mr Noris Ong has raised a few things about our taxi industry. Let me first reply on the question regarding fares. Since 1997, taxi operators have been progressively replacing taxi meters with more sophisticated types that display the various fare components, eg, booking fees, meter fare and the various surcharges. Today, about 92% of the 19,000 taxis on the roads have been fitted with these new taxi meters. Taxi commuters are able to get an itemised receipt from these taxi meters, on request. The remaining 1,500 taxis will be equipped with similar meters progressively over the next 2 years. Regarding the availability of taxis, Mr Noris Ong raised the issue on whether or not we are looking into how to ensure that taxis are available, especially in areas such as the CBD, or after past midnight. On the issue of taxi shortage before midnight, taxi operators have the flexibility to adjust their surcharges to match demand with supply, as fares have been deregulated since 1998. TIBS' taxis, for example, have modified their surcharge to start at 11.30 pm, to encourage more of their drivers to be on the roads before midnight.”
“So these are some of the measures that we have put in place. Certainly, if there are complaints with regard to congestion and ill-placed signages, motorists can refer their complaints to LTA, which will investigate and take remedial measures swiftly. My Minister has instructed LTA to step up enforcement, especially at construction locations, to ensure that our rules are strictly followed in view of the safety concerns. In terms of the blockage of the signages by plants and signboards, LTA works very closely with NParks, and we conduct regular patrols on our roads to look out for any blockage. Once such a blockage is found, LTA will alert NParks immediately, if there is a need to remove the blockage. LTA is also careful that new signboards do not block motorists' view at road junctions. It has, in fact, recently conducted an exercise to review the position of existing signboards. Some of the signboards have since been combined to reduce the number of signboards and ensure that the motorists' view is not blocked. Finally, Mr Yeo raised the issue of road digging. Road digging activities, Sir, are coordinated through the Road Opening Coordination Committee, which the LTA chairs, and comprises representatives from organisations that need to dig up the roads to lay their facilities. They include PowerGrid, PowerGas, PUB, SCV, SingTel and many others. Members of the Committee will coordinate their works and, where possible, tie in with LTA's road construction and maintenance programme, to minimise disruption to traffic flow and ensure safety of road users. There is also a requirement that newly completed roads can only be opened up for laying of services two years after the completion of the road construction.”
“HDB, JTC and URA should, therefore, consider setting up charging stations in car parks under their control. Otherwise, the inconvenience will negate whatever incentives the Government has put in place, and there would be few takers. The Parliamentary Secretary to the Minister for Communications and Information Technology (Assoc. Prof. Yaacob Ibrahim): Sir, Mr Yeo Guat Kwang has raised the issue of safety on our roads. I would like to reassure Mr Yeo that LTA looks very closely at our design, and we are putting in place a lot of measures to ensure that our roads continue to match international standards. He has raised the issue of construction on road sites. Let me address some of the specific issues he has raised. Let me first inform the House that LTA has a Code of Practice for Temporary Traffic Control for works in progress along roads. Contractors and their workmen should follow this to ensure that the appropriate sign posting to forewarn motorists of any works ahead, and on the safety measures to be observed. If the contractors fail to comply with the Code, they will be fined and issued with demerit points. They can also be suspended from carrying out any other new works along the roads. In addition, contractors who are working along the expressways are required to notify the EMAS control room of their roadworks so that we can flash the appropriate warning messages on the electronic panels located along the expressways. Another measure that we have taken is that contractors are allowed to work along expressways only during off-peak hours and, if they wish to work along the expressways, they must submit an application to LTA. LTA will advise contractors to stop work and leave the site immediately, if any congestion is observed.”
“Sir, before I speak on the cut, I would like to declare my interest as a Director of Singapore Technologies Kinetics, which is involved in the business of developing electric and hybrid vehicles. Sir, I believe the Government's stand on the role of electric or hybrid vehicles should be strategic and not confined to vehicle ownership considerations. The rationale for using the environmentally-friendly electric vehicles (EVs) is relatively clear-cut. Besides, our small size makes for a conducive environment to use EVs to maximum effect. However, it is also well-known that, despite the 20% lower OMV incentive, the cost of EVs can still end up some 50% higher than those of comparable conventional vehicles. Therefore, other things being equal, there is really no incentive for consumers to switch to EVs. Several other countries have put in place a framework for the gradual conversion of use to electric or hybrid vehicles. In the US, for example, 10% of all new vehicles in California must use alternative fuel, of which 4% must be zero emission. Hong Kong is granting a one-time registration exemption for zero-emission vehicles and is working on incentives for hybrid vehicles. I would, therefore, like to ask the Minister to consider more substantive incentives to promote the use of electric or hybrid vehicles, and not to limit these to passenger cars. Introduction of a certain mix to public vehicles, such as buses and taxis, should also be contemplated as well, as these tend to spend more time on the road. Any reduction in pollution will therefore be material. Furthermore, to support such a strategic move, the Government must also ensure that the infrastructure for use of EVs exists.”
“Sir, I recall when Hong Kong was trying to promote the use of electronic point-of-sale transactions back in the 1980s, they ran carefully-scripted TV campaigns, subtly addressing potential concerns and complete with a Cantonese jingle that even the most conservative of housewives would hum. I would like to urge the Minister to consider doing something similar for new developments which will change the way we live and work, for example, what 3G is all about, or what broadband access means. And this should not be merely discussed over a programme over ChannelNews Asia, but extensively carried over TCS 5, 8 and Suria, and the local papers. Some degree of understanding will, I believe, go a long way towards helping those who are less tech-savvy not feel so alienated.”
“Sir, the Infocomm Development Authority or IDA calls it work in progress: society being hooked up. Infocomm technology has powered up all aspects of life in Singapore, from playing to learning, to paying bills. By the same token, technology has also invaded all aspects of our lives, regardless of our degree of preparedness or understanding. The ability to employ technology or, better still, to master the use, is of course desirable, but the inability to use or being intimidated by the very pervasiveness of technology can be daunting. This is the reality today for Singaporeans, where the pace of life has been blistering and, the ability to embrace, achieved to varying degrees. Indeed, as what the Minister has opined, whether we succeed or not will depend on the active, committed and civic-minded Singaporeans who make a difference. As we are aware, the Government has dedicated $25 million over the next three years to "dot.com" Singaporeans. But the bulk of these efforts, like the current e-Celebrations event, would still rely on an awareness and a willingness on the part of Singaporeans to participate. Having said that, I cannot fault the IDA in terms of programmes to reach out to the various people across a wide spectrum. In fact, I would like to urge the IDA to continue to actively engage in efforts with the grassroots and community organisations. However, I believe the Government itself should go beyond the mere provision of funds and schemes by extending more widely, through public education through the media.”
“I would also like to know what his considerations are when designing incentives for the hospitality industry. Specifically, how would the Strategic Thrust of the Tourism 21 plan relating to the enhancement of the existing operating environment via attractive tax and other incentives be fleshed out?”
“Sir, it was recently reported that the Changi Airport hotel site had no takers. Presumably, the economics did not support that particular investment. Is this merely a function of the cyclical downturn or is it a reflection of the underlying difficulty with deriving an acceptable return on investments in hotels in Singapore? Taken together with the bumper 10.5% growth to a record 7.7 million tourist arrivals in year 2000, this must be slightly puzzling. In this regard, I would like to ask the Minister to revisit the value-added potential of the hospitality business in Singapore, with a view to modifying the existing industry structure and Government support where necessary. 1.45 pm Sir, in measuring the effectiveness of our efforts, the Singapore Tourism Board has inclined towards throughput measures, such as tourist arrivals, average length of stay, hotel occupancy rates. However, our preoccupation with clocking in arrivals must be accompanied by a focus on yields or, simply, profitability. For example, when we look at the spending per tourist-day or similar measures, the picture may be less pretty. According to the Singapore Hotel Association, total operating costs averaged 78% of revenues, excluding fixed charges of typically another 10%. Thus, operating margins are razor thin at best, making investments generally difficult. Neither is there a meaningful capital gain to be realised as transactions of pure hotel assets are few and far between. I would therefore like to ask the Minister to describe what he would regard as value-drivers for the hotel industry and whether the existing industry structure, in terms of supply of rooms and mix of hotels, would require modification.”
“I would like to ask the Minister, within this framework, what role would the Government play and how would the Government help ensure that both Singapore's larger macro goals and the needs of member companies are met. For example, what sort of role can such an umbrella body play in the pursuit of free trade agreements with the various countries?”
“Sir, hitherto, the role of each business and trade body has been a logical and useful extension of businesses or companies belonging to the same industry. Many such interest groups have been instrumental in furthering the collective goals, frequently along industry lines, such as organising trade delegations or representation of needs to the Government. For example, the Singapore Hotel Association or the Retailers' Association will facilitate networking amongst members, conduct research and surveys, and facilitate the implementation of Government schemes to help players better position themselves. Not too dissimilar in intent is the Association of Small and Medium Enterprises or ASME, which looks after the needs of member companies across different industries. This network and clustering of interests has generally worked well but will increasingly prove inadequate for the globalised nature of the marketplace and, hence, competition that Singapore-based businesses now face. The focus of all market players should no longer be a Singapore-centric, but a global marketplace instead, and be where market forces are pulling. Essentially, in making the transition to a knowledge-based economy, the interests of most, if not all, industries are likely to revolve around the theme of exporting brainpower and software-type services of a Singapore origin. Moreover, for related industries, for which there is increasingly more overlap or convergence, a pooling of interests will make a lot of sense, eg, between logistics and transportation. The initiative to integrate and pool these interests under an umbrella body is, therefore, fitting. However, care must be taken to ensure that the right leadership and vision must be in place to balance the wide range of interests.”
“A complete pass-through of costs will no doubt be transparent and defensible but Singaporeans need to be mentally prepared for an exposure to an occasionally volatile oil market, such as the phenomenon experienced recently. More importantly, they need to be able to take into account possible swings in their household budget. On that note, Sir, I support the financial policy as outlined by the Minister for Finance.”
“Many Singaporeans have complained bitterly about being inconvenienced by bank branch closures, particularly, the POSBank branches that have served them for many years. But is this rationalisation of branch network unique to POSBank or DBS? No, it is not. All the other local banks are also rationalising. Or for that matter, is it unique to Singaporean banks? Again, it is not. I understand that customers in the UK and New Zealand are raising similar objections. Should the banks have done more to educate customers on the impending changes, which are really driven by competitive forces, not purely from a Singaporean context but from a global perspective? Yes, individual banks, or perhaps even the Association of Banks, could have embarked on a public education programme to pave the way for more electronic banking as opposed to branch-based cash transactions. Advice on alternative arrangements, such as the provision of cash-deposit machines, or directions to the nearest shopping mall, well ahead of the closure could have made the transition easier. Where the changes are sweeping, in terms of their impact on daily lives, even the Government can help play a role in public education. Sir, let me end by making a similar request to the Government to ensure that sufficient resources are set aside for public education on the impending deregulation of the energy or electricity market. The Minister for Trade and Industry has indicated that, eventually even the retail segment of electricity will be completely liberalised, implying that market forces will determine tariffs, as opposed to a quarterly review right now.”
“However, Sir, the digital divide, in terms of the haves and have-nots to access to computers and technology, learning and retraining, cannot be addressed simply by pumping in more money or providing even more training programmes. A part of the budget for such programmes must be allocated to extensive public education and reaching out to the target audience, working through the grassroots and community organisations, where necessary. The psychological divide must be narrowed first before the digital divide can be. The same attention must be paid to persons, who are affected by realignments to our economy, be these displacement of jobs, liberalisation or deregulation effects. Sir, this is not unique to us. Japan is being confronted with a structural unemployment challenge, which is caused by both a mismatch in skills and resistance to taking on alternative jobs. In this context, can more proactive efforts be made to identify the vulnerable industries and counselling be provided as early as possible so that workers are mentally prepared for the need to be retrained? In any case, as it is highly conceivable that contract employment is likely to dominate in future, the sooner Singaporeans modify their mindsets, the more adaptable to change they will be. The more we can minimise the sudden shock of being retrenched, the more willing to consider alternatives will Singaporeans be. Moreover, our limited manpower resources mean that we can ill-afford to lose the contribution of any segment of Singaporeans. As for adapting to the necessary or desirable liberalisation or deregulation of certain industries, there is anecdotal evidence that some degree of public education is necessary.”
“I would like to ask the Minister whether there is any intention to harmonise the two in the context of entrepreneurship and start-ups. With the reduction in income tax rates across the board, presumably the tax base, in terms of persons paying taxes, will shrink further. Will this limit the effectiveness of income tax adjustments as a fiscal tool in future? Specifically, will wealth sharing through tax rebates be less wide-reaching as a consequence? Let me now move on to the development of a psychological divide. In his Budget Statement, the Minister has commented on the need for both the Government and Singaporeans to adapt quickly to changes and that we must continue to be mindful of our local context. I cannot agree more, for the ability to embrace and adapt to trends and changes by Singaporeans will indeed be key to our survival. Sir, it is in this context that I am concerned - that we are facilitating changes but may not have done enough to help Singaporeans embrace changes, many of which are not immediately obvious. It is this psychological battle or divide which, I feel, merits a lot more attention. Sir, much has been said about the wealth and digital divides which are largely the consequences of globalisation and use of technology. My colleague, Mr Leong Horn Kee, has spoken at length on the wealth divide. I should also add that much has been done to narrow the digital divide by the relevant Ministries, especially the Ministry of Manpower, MTI, MCIT and the NTUC, in terms of putting training programmes in place and for a wide range of workers. In aggregate, the Government has dedicated serious money, for example, $500 million to the lifelong learning initiative for training and retraining and cannot be accused of not funding enough.”
“Mr Speaker, Sir, the Minister for Finance has presented what most would regard as the most generous Budget to-date. I rise to applaud the positive intent on both the business and individual fronts. I would however want to look at the Budget from two perspectives. Firstly, to look beyond the goodies, at the material changes to, (1) the business environment, and (2) the sharing of more of the fruits of our labour in Singapore's growth. And, secondly, to be vigilant about the development of a psychological divide amongst Singaporeans from the rapid pace of change from the extensive application of ever-changing technology and increasing liberalisation or deregulation of certain industries. Firstly, on material changes. Sir, the lowering of the corporate tax rate by 1% point and personal income tax rates by between 2 and 5% points is a very significant move. Equally significant is the exemption scheme for smaller chargeable incomes which will benefit the small and medium enterprises (or SMEs), and to a certain extent companies going through a bad patch. I recall that, in earlier years, there was a concern that lowering our corporate tax rate below the 25% level may lead to Singapore being classified as a tax haven. I am by no means suggesting that we forgo the opportunity to make our tax regime more competitive but I would like to know why this is no longer a concern. Also, if this is no longer a constraint, how much lower can we go? As low as Hong Kong's? Can the Minister also discuss the implications of further reductions in direct taxes for the level of indirect taxes, such as the goods and services tax? Sir, the gap between the top income tax rate and corporate tax rate has narrowed by 1% point.”
“But when it is a multi-purpose card and you can use it in many outlets, then, in fact, it is akin to deposit-taking, and I think we should regulate it as such. There are many banks in Singapore, so there is no lack of competition for issuers of multi-purpose stored value cards. I know there are a lot of people whose eyes popped-out when they saw the opportunity of issuing such a card, because they thought that, if they issue a card, they will get a float; if they have a float, they can invest it; and if they invest it, they can get rich, and this is extremely favourable. That is when MAS starts to get worried.”
“If a company borrows money from the bank, the bank makes a judgement whether it is safe to lend this money to the company and, if the company turns turtle, the bank has a bad loan. But the bank is supposed to know what is good for it and looks after its own interests. Taking deposits from the general public is a different proposition, because people assume that the banks are safe and, particularly for the small amounts of money which many people deposit, as will be in the case of a stored value card, they assume that the money will be safe. They put it in and they expect it to be protected. And it is protected because the banks are regulated. There is a capital requirement so that the banks have a buffer, in case their business goes bad. There are liquidity requirements so that, in case many people turn up at the bank at the same time to withdraw their money, the bank is liquid and can pay out the money and will not find itself out of cash. And there is supervision by MAS on top of this, to make sure that banks stick to these requirements and are properly operated. If you ask me whether somebody else who is well capitalised would like to volunteer to come under MAS supervision and therefore issue multi-purpose stored value cards, in a small way, you are asking me whether we would issue them a banking licence, to which the answer would be "No". But it is a gray area because, if we are talking about $5 or $10 in a phone card or some other stored value card with restricted purposes which you can use in the store, well, that is between you and the shop, you have given the company some credit, he has given you some discount.”
“For example, Citibank is the settlement bank for the US dollar cheque clearing system while Banking Computer Services Pte Ltd (BCS) is the operator of the Automated Clearing House, which clears Singapore cheques. 5. The Ministry of Communications and Information Technology is spearheading an inter-agency task force to study general privacy issues, taking into account international developments. The study will focus on the impact of e-commerce and Internet on data protection and privacy and will cover, among other things, financial information collected from e-commerce websites. Assoc. Prof. Toh See Kiat: Sir, I would like to follow up by asking the Deputy Prime Minister, particularly on the question of other financial institutions issuing stored value payment cards, whether the Deputy Prime Minister or the MAS would consider allowing institutions like insurance companies, which are also regulated and very liquid, to issue such services and, secondly, to consider whether some very major and very liquid capital-heavy companies could also do these services, provided they are willing to be regulated by the MAS. BG Lee Hsien Loong: Mr Speaker, Sir, as I have said in my main reply, our present policy is to confine it to banks, but it is an issue which we will keep alive and look at from time to time. There is a basic difference between banks and other institutions. Banks take deposits. Finance companies are the only ones which are close to that. Insurance companies do not take deposits. Other companies, whether or not they are well capitalised, do not take deposits. Deposits are different from any other form of credit.”
“The MAS is also considering appropriate legislative changes to facilitate the implementation of these new systems and processes. 2. Today only currency notes are legal tender. As cashless forms of payment become more widespread, the Board of Commissioners of Currency, Singapore (BCCS) is looking into the need to legislate for electronic payments to also be accepted as legal tender. Merchants covered by the legislation must then accept electronic payment, if tendered. Electronic tender will reduce the cost of handling physical cash, improve the efficiency of business transactions, and further enhance the cashless business environment for Singapore. However, widespread infrastructure to support such an environment will be necessary, and the public must be adequately prepared for the transition. BCCS is actively studying this. 3. Under the current regulatory framework, only licensed banks, with the approval of MAS, can issue multi-purpose stored value cards (MPSVCs). It is also common in major jurisdictions for the issuance of multi-purpose stored value cards to be restricted to deposit-taking institutions like banks. Issuing multi-purpose stored value cards is a form of deposit taking, so MAS wants to be certain that card holders have some protection should the issuer run into difficulty. Banks are subject to MAS supervision and to reserve and liquidity requirements on the proceeds collected from multi-purpose stored value cards, but other commercial companies have no similar requirements. We will continue to review this, weighing the balance between innovation and proper protection of proceeds. 4. The operation of clearing and settlement systems is not restricted to the local banks.”
“I would like to ask the Deputy Prime Minister, in the event of such an occurrence, ie, if SGX is seen to be acting against the interest of, say, a small group of investors and where a financial loss is involved, what recourse, legal or regulatory, can investors seek in a timely fashion. BG Lee Hsien Loong: Mr Speaker, Sir, I think we would have to look at the specific circumstance of any such case. There are civil remedies which can be pursued. As Mrs Lim knows, we have recently amended our legislation to make it easier for investors who have suffered financial loss, because of market manipulation or some such practice, to sue the perpetrators and get damages. LEGISLATION TO FACILITATE ELECTRONIC COMMERCE 7. Assoc. Prof. Toh See Kiat asked the Deputy Prime Minister whether and when the Government will introduce legislation to facilitate (i) electronic presentation truncation and clearing of cheques and other electronic payment orders; (ii) issue of electronic legal tender; (iii) issue of electronic purses, stored value and payment cards by financially sound institutions other than banks; (iv) creation of electronic payment clearing and settlement centres by institutions other than local banks; and (v) protection of personal financial information gathered by merchants and other participants of electronic commerce. BG Lee Hsien Loong: Mr Speaker, Sir, the Member has asked five separate questions and I will give him five separate answers. 1. The Monetary Authority of Singapore (MAS) has encouraged the financial industry to embark on a number of projects to improve the efficiency of the current payments infrastructure, including the cheque truncation and other electronic payment systems.”
“It is therefore likely that relevant parts of the Articles of the Constitution may have to be amended often enough to ensure that no loopholes are created by the innovative use of new financial products. At some point, the certification of what might be considered net investment income may be unwieldy, if not difficult. It is perhaps worthwhile over time to consider alternative definitions which would meet the same objective of preservation of reserves.”
“Therefore, the proposed designation of at least 50% of net investment income to past reserves may unwittingly give rise to questions on the relationship between the government of the day and the owners of the past reserves or, essentially, the people of Singapore. Perhaps the Minister could enlighten the House on how Singaporeans should view this relationship. Secondly, accretion of at least 50% of net investment income to past reserves. The Minister has explained in some detail the basis for determining the at-least-50% allocation rule. Although this is derived from an estimate of what future budget challenges of an aging population could look like, the application of numerous assumptions would mean that there could be an inherently huge variation to this figure. With each passing year or at least decade, presumably, the range of estimates could be narrowed. How does one ensure that future governments would not be tempted to modify this to their advantage? Conversely, if the present Government were to prudently specify an amount much higher than 50% to past reserves, future governments may find it a tall order to maintain the same even though the minimum is 50%. Ultimately, would we face an allegation that the basis is simply arbitrary? Finally, Sir, allow me to round up with comments on other possible risks and implications. As we have observed, a whole spectrum of financial markets and instruments have sprung up over the last few years. This is especially so with hybrid products where the accounting or tax treatments can only evolve as quickly as these products appear.”
“Mr Speaker, Sir, I rise in support of the proposed amendments, specifically, the amendment of Article 142 which represents another prudent attempt at protecting past reserves. However, I would like to seek the clarification of the Minister on two issues. Firstly, the role of the government of the day vis-a-vis the ownership of these past reserves and, secondly, the basis for determining the allocation of net investment income between current and past reserves. Allow me to elaborate. Firstly, the role of government. Sir, I note that hitherto, the common thread running through the treatment of reserves and related income has been the concept of protection or preservation or safeguarding as opposed to growth or expansion. In this context, what comes to mind is the endowment fund model, ie, the government of the day will ensure the smooth running of the country with investment income earned on past reserves at its disposal. The principal is protected and that is possibly the only constraint. Hence, the government of the day is not really an agent but a steward and a protector. An agent in a typical agent/principal relationship would earn fees and perhaps even share in the profits, but this lack of ownership would be inconsistent with what an elected government is supposed to do. A good government will and can in fact add budget surpluses to past reserves and rightly stake a claim to ownership of part of these reserves. In many countries, as far as I understand, there are no such constraints at all, let alone self imposed constraints.”
“Sir, notwithstanding the small incidence, I would like to ask the Senior Minister of State whether there are sufficient avenues for students to approach the schools should such instances arise.”
“Sir, I would like to ask the Minister whether there could be possible price collusion amongst the generating companies in future which may influence pool prices instead? BG George Yong-Boon Yeo: Mr Speaker, Sir, I will soon be tabling legislation on the regulatory structure for increased competition in the power market. This will incorporate competition requirements and the power companies are not allowed to collude to fix prices. The regulatory agency will have the responsibility to ensure that price collusion is detected and not allowed. Assoc. Prof. Low Seow Chay (Chua Chu Kang): Sir, I would like to ask the Minister whether he is aware that a certain petrol company is offering as much as 10% discount on petrol price and, by offering 10% discount, it is still profitable, ie, there is still room for adjustment of petrol price. In other words, it seems to be overpriced. BG George Yong-Boon Yeo: Mr Speaker, Sir, the fact that some companies offer discounts shows that there is a competitive dynamic at work and we should encourage more such competition by informing consumers that such discounts are available to them.”
“As my colleague, Dr Vasoo, has alluded to, we would always have to ask ourselves what the consequences of alternative actions or the status quo would be. In the larger scheme of things, where employment would increasingly be less predictable and less structured, the individual Singaporean's worth will increasingly hinge on value creation for a fast changing economy at his level. Essentially, it boils down to having the appropriate attitude and response regardless of where one works, whether it is in the public or private sector.”
“Sir, we note too that the Government recognises that stock options can substantially inflate overall compensation and has therefore discounted this in the benchmark. Once again, is halving accurate and will future refinements be made to approximate actual proportions in the private sector? Secondly, the extent of risk assumption which is also associated with the emphasis on performance. Sir, many will ask how closely does the revamped compensation scheme for top leaders resemble that of the private sector. In other words, how much risk does a top public sector leader assume in his job and career? With more going into the variable and less into the fixed, the link to performance and overall economic well being is closer. This is a move to be applauded and it should not stop here. Next, as to what would constitute a good performance measure, for example, using GDP growth as a proxy, there will always be the challenge of developing a measure that has a more direct correlation to work across the different Ministries. Otherwise, the lack of differentiation at the individual level may be a source of unhappiness. For companies, whether it is sales or profitability targets, there is usually little ambiguity as they can easily be translated into individual targets as well. Finally, Sir, allow me to say that I recognise it is a difficult balance to strike between the need to arrest the attrition of talent from the public sector and harmonising the changes with the overall wage climate in Singapore. Whilst it is clearly necessary to check and debate on the justification for benchmarking, we have to be mindful that the checking exercise does not become an emotional tussle and derail us in our long term quest to be knowledge intensive.”
“For the ones who still tend to "maintain the status quo" or hide behind a faceless bureaucracy, they need to be guided on to individual and team excellence. Essentially, this is a change in culture and mindset. Towards this end, the move to highlight and reward performance is inevitable and much needed. The emphasis on nurturing and preserving credible and competent leadership cannot be overstated. Sir, it is this very spirit of motivating public sector employees to perform at their potential that should arrest our attention. The absolute numbers and the size of increases are, of course, important and news worthy. But what is more important is that essentially there is a need to maintain relativities and to approximate private sector practices, for example, that more will move into the variable and less into the fixed. The sure thing in the form of an iron rice bowl, fixed increments and salaries is fast becoming scarce in the real world. Sir, let me now go on to make comments on the specific changes to benchmarking and the emphasis on performance. Firstly, benchmarking. Two questions are frequently associated with the construction of the benchmark: How representative it is and the extent of risk that is embodied. As my colleague, Mr Chay, has also pointed out, by enlarging the pool from 24 to 48 professionals and taking the median instead of the average, the modified benchmark has become more representative and reduces the risk of outliers providing an upward bias to the numbers. However, many will still ask why 48, not 96, or some other larger number. In this regard, I think it will be good for the Government to explain how the pool size is arrived at.”
“Sir, I rise to endorse the need for sustaining a suitably and adequately motivated public sector and for retaining talent as well as to make specific comments on the changes as outlined by the Deputy Prime Minister. Much has been said by many of my colleagues on the importance of good and honest Government to our economic and social well being. So I shall not belabour the point about the adverse consequences of having less than upright and incompetent Government. Equally so, attention has been centred on the fast changing global economy and therefore on the need for a dynamic, responsive and upright public sector to enable us to cope and position ourselves. In this context, the public sector must continue to work closely with the private sector, embracing economic challenges together as one single team rather than two camps, the administrator, or even worse, the bureaucracy versus the actual doers. Hence, the civil service needs to be more nimble-footed, more responsive and to be exercising foresight as a matter of habit. I should add here that we do not begin at zero base. We do have a civil service that we can justifiably be proud of. However, the macro competitive landscape is imposing more and more demands on us. This has great implications for all levels and grades within the civil service as it is now incumbent on every public officer to take ownership of and responsibility for his Ministry's or Department's mission. The Government, as employer, must therefore in turn ensure that there is sufficient non-quantitative motivation, guidance and counselling to enable each public sector employee to give of his or her best.”
“Need for public education Where it is not clear cut, can Singaporeans get access to some counsel and advice? These efforts can be Government driven or supported. For example, the US Postal Inspection Service has posted on its website, a simple test of a scheme whether the basis of the promotion is the sale of a product at the retail level, or an emphasis on recruiting more and more distributors to help one increase one's income. Likewise, the Federal Trade Commission provides useful tips on its website, along with toll-free lines for consumers to file complaints, and publishes brochures as well on these and other consumer matters. Sir, in future, the Internet is likely to be the theatre where the greatest selling scams will be played out, and home to various pyramid schemes. Given this inevitable scenario and the limitations to bring such perpetrators to justice, it would appear that consumer awareness is one of the better defences. Towards this end, I would like to urge the Minister to devote more resources for public education. On that note, Sir, I support the amendments.”