Saktiandi Supaat
Singapore
“I have two supplementary questions. For my Parliamentary Questions that the Senior Minister of State answered earlier, I thank him for answering them because those are questions that my dialect-speaking seniors in Toa Payoh East and their families have raised to me.”
“As the Review Group has recognised, there is no "silver bullet", a holistic ecosystem-wide approach is required. The implementation of these recommendations appears to have been phased, with announcements across February, July and November 2025.”
“Thank you, Mr Speaker. Three questions. First, given that the Section 301 actions can sometimes be broad-based, how is Singapore engaging with our US counterparts to ensure that our firms are not inadvertently affected by measures aimed at other economies?”
“Many of them do not openly express their difficulties. This is why social and emotional support must go beyond the occasional event. It must be sustained, trusted and easily accessible.”
“Would the Government consider developing a National Master Trades Accreditation framework – a national tiered certification that recognises advanced trade mastery, similar to chartered professionals in other sectors and create a new avenue for career switchers and career transition for segments of our workforce?”
“When the scheme is implemented in 2028, how will the Ministry measure success in terms of participation rates, risk-adjusted returns and improvements in retirement adequacy outcomes for CPF members?”
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“We must ensure that our workers are able to leverage on new skills and capabilities to secure these new jobs and stay relevant. Organisations like MENDAKI SENSE play a crucial role in equipping the community with relevant skills and knowledge to stay employable. In recent years, in line with the national call to be future and digital ready, there has been growing emphasis to enhance our people's digital skills. Digital and Data Literacy now sit among the main categories for professional development courses on MENDAKI SENSE's website. MENDAKI also has a series of Future Ready programmes which are popular among youth and young professionals in the community. However, I believe more can be done to help our older workers. In the past year, how have mature job seekers benefitted from professional development programmes with MENDAKI to progress in their careers and job search? How will MENDAKI and MENDAKI SENSE continue to ensure that the workforce within the Malay/Muslim community, specifically our mature workers, remain relevant and be future ready? Support for Malay/Muslim Community”
“Mr Chairman, my cuts in Malay, please. (In Malay): [Please refer to Vernacular Speech.] Mr Chairman, safe distancing measures have compelled Singapore residents of all faiths to adapt their religious practices. The Malay/Muslim community is no exception. With the limit placed on the number of congregants in the mosques, the online booking system has been useful to spread out the crowd and keep all attendees safe. The upside of these additional space and barriers is that Muslim ladies can attend Friday prayers as well. Where it has been impossible to obtain one of the coveted timeslots for Friday prayers at the mosques, many have turned to technology to carry on with their religious obligations, and tune in to sermons in the safety of their homes. Web-based channels featuring Quran recitation guides and online courses on Islamic values have also proven beneficial for the young Muslims who could not attend the classes in person. I would like to ask how likely are these practices, especially the multiple Friday prayer sessions, expected to continue in the post-COVID era? With Ramadan just two months away, what are the plans for the special congregational tarawih prayers? Digitalisation – Support for Mature Workers (In Malay): [Please refer to Vernacular Speech.] Mr Chairman, among the working population that has been negatively impacted by COVID-19, are our mature workers. The World Economic Forum revealed some significant findings in its latest Future of Jobs Report in October last year. Half of businesses surveyed say they plan to accelerate the automation of jobs in their companies. 43% indicated that they plan to reduce their workforce due to technology integration. On the other hand, 34% are planning to expand their workforce.”
“Mr Chairman, we have been discussing about the lifeblood and lungs of Singapore over the past two hours. The Minister even talked about snorkeling underwater to fill our lungs with much needed oxygen and even spoke about taking a deep breath just now! But it has been an extremely challenging time for the transport sector, especially with the sharp drop in air travel, commuter volumes and connectivity for the past months. The stakes are high as the pandemic is still fraught with uncertainties. It is also challenging to determine the new travel patterns of the near future. But there are exciting times ahead, from the responses just now, for our land transport sector and efforts are being made to make sure our air and sea hubs will thrive again. I would like to thank Members for all their cuts and many thanks to Minister Ong Ye Kung, Senior Minister of State Amy Khor, Senior Minister of State Chee Hong Tat and Senior Parliamentary Secretary Baey Yam Keng for their responses and to Permanent Secretary, MOT and his team, our MOT family of agencies – CAAS, MPA, LTA. And most importantly, our transport frontliners, for their hard work, conviction and passion to keep our air and sea hubs, and land transport systems running efficiently, smoothly and safely, day and night, since COVID-19 hit us, and also to be ready for the future. With that, Mr Chairman, I beg leave to withdraw my amendment.”
“Mr Chairman, fortunately I am not asking for cycling paths for Toa Payoh, as we already have those, and we are thankful to MOT for the cycling paths there. I have two questions, Mr Chairman, one to Minister and second to Senior Minister of State Chee. I would like to thank Minister for answering my question about the financial sustainability issues that I raised. My question is with regard to fare concessions. The last fare concession increase, if we look at MOT's website, the last inclusion into the fare concession coverage was in 2019, where PTC extended student concessionary fares to Polytechnics and other diploma students. And I think it benefited more than 80,000. My question is, are there any new concessions in play going forward, in future as fare adjustments come on stream. And the Minister highlighted that fare increases might come in going forward, and what are the plans in terms of concessions? The reason why I highlighted about the adult learners, is to capture some elements of adult learners who are studying in the Polytechnics. Some may not be captured in the move on 2019. The second question is with regard to Mr Chee's response just now, the seafaring and shore-based jobs, and the green maritime sector jobs. How many jobs will be created in those sectors? And whether more can be done to entice more Singaporeans, young Singaporeans, to explore good jobs there? I think not many of our young or our Singaporeans are aware of some of these jobs there. I think those are good jobs that we need to let them know even more about going forward.”
“Mr Chairman, land transport SMEs are valuable partners who complement our public transport system. During the pandemic, many were affected as they saw demand for their services fall drastically. Tour bus operators experience a two-fold setback with the tourism sector being badly hit. Even before the pandemic, land transport SMEs have been identified for upskilling opportunities. 12.30 pm Some of these collaborations involving the Singapore Institute of Technology, SMRT and SkillsFuture Singapore, were aimed at improving rail reliability and driving innovation and productivity enhancements across the sector. The curricular could impart skill sets in important areas like data analysis and project management. With change comes opportunity and new technology that we do not envision before and now as we look to tackle the challenges faced by the transport industry, our SMEs can put their new training into good use. The transport sector should welcome companies with innovative solutions in a variety of areas. This would include understanding consumer patterns, facilitating enterprise, reducing compliance costs, ensuring the safety of construction projects, for example. There are also many areas we can explore as we work on adapting the infrastructure for a post-COVID-19 society such as green technology, big data and automation. All of these would contribute to job re-design and create new and exciting careers for Singapore in the transport industry. Can the Ministry share what are the opportunities for land transport SMEs? Is the LTA already conducting consultations with industry, and if not, will it do so? MOT's Pro-enterprise Efforts”
“Mr Chairman, the Maritime sector remains a crucial pillar of support for our economy. In spite of the pandemic, it has remained resilient, thanks to good pandemic safety management along with its global reputation for excellent connectivity and efficiency. As other countries are looking to diversify their supply chains to the Southeast Asia region, we can leverage on the sector to strengthen our position. During the Committee of Supply debates last year, the Ministry announced that the sustainability remains a key priority. Indeed, while shipping is one of the world's cleanest and energy-efficient modes of cargo transportation, it leaves a significant environmental footprint. Since 2011, under the Maritime Singapore Green Initiative (MSGI), $100 million was set aside to promote sustainable shipping. This initiative was further extended to December 2024 and enhanced to focus on the carbonisation of shipping. The Green Energy and Technology Programme, in particular, aims to encourage Singapore-based maritime companies to develop and conduct pilot trials for green technologies. What is our progress? Can we leverage on this to create more jobs for Singaporeans? Can the Minister share the plans to promote more sustainable practices in the maritime sector? How will this lead to new and exciting career pathways for locals? We should not waste this crisis and ensure that we create new jobs. Support for Point-to-point Drivers”
“Second, can we also explore linking e-tickets for large events such as professional soccer games and music concerts, generally also serving as transit tickets to access and leave the venue at no extra charge? Third, we should ensure existing feeder bus routes are efficiently linked to different MRT rail nodes, especially the new ones. Fourth, to ensure fares are affordable for financially needy commuters, I would like to suggest we ensure fare concessions extended to also assist adult learner students who may have stopped work or are increasingly going back to night or part-time school to upgrade their skills. No matter the funding sources employed to cover public transportation costs, it is crucial that the transport authorities find the right balance between efficient and affordable prices and the financial sustainability of the system. [(proc text) Question proposed. (proc text)] Affordability of Public Transport”
“Germany and the US offer interesting contrast in the financial sustainability of our public transport. Over the past decades, Germany has improved its public transport services, increase productivity, reduce costs, cut subsidy requirements and attracted more passengers. American public transport systems have improved and expanded services but at a far higher cost, requiring much larger government subsidies and attracting fewer additional riders. In Singapore's case, are we at risk of skewing towards the American trajectory? Can the Minister explain the viability of our current fare model, subject to our Government Budget constraints going forward? We need to strike a balance between ensuring financial sustainability for operators while keeping fares affordable in this difficult climate and maintaining the quality of service and ease of access to areas which are far from transport nodes. Can we also explore ways to maximise even more non-fare revenues from ads and retail business, property rentals and other value capture mechanism such as click and collect at transit stations? Can we also explore other financing options such as private investments? But we need also to focus on encouraging higher usage of public transport. I have a few suggestions. First, can we encourage transport operators to explore a new integrated mobility ticket or enhance our existing offerings by providing free access to all transit services, including reduced rates for taxis, car-sharing services and rental cars as well as discounts for other services, such as bicycle maintenance and travel information services?”
“I think it is timely for all stakeholders, Singaporeans and MOT, to discuss and address this issue over time, especially so now in this new normal environment. Over the years, our public transport network has grown increasingly sophisticated and integrated. The fares follow an integrated distance-based structure. Commuters are making more transfers during trips but the trips are shorter. Travel time has also reduced drastically. Now there are many integrated routes to get to your destination. The average fares are lower, especially for bus trips. In previous fare review exercises, the actual fare increase was found to be less than that determined by the current fare adjustment formula. This has had an adverse impact on the financials of the industry, as the additional fare revenue could never fully compensate for cost increases in operations. Despite the dip in ridership, service capacity and headways must be preserved to ensure safe distancing measures can be practised. The introduction of additional disinfection procedures, protection equipment and safe distancing personnel only lead to increased costs. Of course, we must also factor in maintenance costs as our rail and bus system ages. But as we embrace these changes, are they financially sustainable on the current operational model? What is worrying is that in most discussions on sustainability now, the emphasis has been on environmental sustainability. The neglect of financial sustainability has been an important omission. Improving the financial sustainability of public transport would help to realise potential environmental and social benefits of public transport since it would make expanded public transport service more affordable, both for the governments who provide it and for the passengers who use it.”
“I beg to move, "That the total sum to be allocated for Head W of the Estimates be reduced by $100". It did not seem so long ago that peak hour congestion on our public transport was a common grouse among commuters and it has actually increased now, the peak hour congestion. Over the course of a year, COVID-19 pandemic has dealt us a vastly different set challenges as a result reduced ridership and changing travel patterns. Earlier this month, the LTA revealed that the average daily ridership for buses and trains have hit an 11-year low, falling by 34.5%. Whether demand for public transport services will rebound remains to be seen. In Singapore, public transport remains the cleanest way to move large masses of people around. It builds the foundation of our car-lite vision. According to a recent report by the Institute of Policy Studies, our citizens are increasingly taking an interest in environmental issues and prioritising them among their key concerns, even above economy and jobs. We must capitalise on this opportunity and include greener transport in our 2040 Vision. We also need a transport system that is affordable all and sustainable to run. Barring environmental benefits, the changing patterns of travel poses a conundrum. As of July 2020, all bus services were already operating in the red. Even before the pandemic struck, just 3% or bus services here were able to generate enough fare revenue to cover operating costs. The trains are not doing better. In May last year, then transport Minister, Mr Khaw Boon Wan shared that rail operators were already making losses before the pandemic struck. This has given rise to concerns about the economic viability of our public transport industry.”
“Speaker, thank you for allowing me to make the cut so late in the day, but I would like to ask the Minister regarding my cut earlier, with regard to the EIP question, I suggested an EIP price harmonisation grant for the minority residents who are affected by the EIP, so that we can reduce any indirect negative market effects of the EIP, and also encourage them to sell their flats at a lower price to buyers of the same ethnic group. The reason why I asked is because I have been approached by a number of my residents who either Malay, Eurasian or Indian who are elderly and middle-aged and they want to downgrade. And they are having difficulty selling their flats, waiting up to six to nine months even. I am aware that on a case-by-case basis, the Minister mentioned just now, time extensions, case-by-case basis, and look at them intensely on a case-by-case basis. But in principle, is MND looking for any sort of help or assistance to reduce, narrow some of these potential economic inequalities that may arise from the EIP?”
“Affordability and Inclusivity in HDBs Neighbourliness and Community Ownership”
“Mr Chairman, the ethnic integration (EIP) policy remains an important policy in Singapore. It prevents the formation of ethnic enclaves and encourages Singaporeans of different races to mingle in the same community. It ensures that there is adequate minority representation of the population within the neighbourhood estate. But there are unexpected or unintended economic consequences from the EIP for the last few minorities in the block. The problem with the EIP is that it restricts the pool of potential buyers and sellers of HDB flats for minorities, potentially creates artificial inequalities or negative externalities in the medium to long run. Amidst the pandemic, some Singaporeans who faced financial difficulties are seeking to monetise their flats and downgrade to a smaller one. For a pocket of minority Singaporeans, this is particularly challenging as they have fewer to no prospective buyers to sell their flats to. They may have to sell their flats at a much lower than market rate to make it more appealing to same ethnicity buyers. This price may barely cover what they have to pay for their new purchase which greatly impacts on their financial plans. I have been approached by a number of my Malay, Indian and Eurasian elderly and middle-aged residents want to downgrade and sell their flat as they are in part affected by the COVID-related crisis or need extra funds for an emergency or healthcare needs. Besides the case-by-case basis now via time extensions, would MND consider helping these flat owners by providing a discount on their next purchase and EIP price harmonisation grant to potentially reduce an indirect negative market effects of the EIP? It could also encourage them to sell their flats at a lower price to buyers of the same group.”
“Mdm Chairman, thank you. First of all, I like to thank Senior Minister and all Ministers for giving a very detailed explanation on this issue. I have got two questions for Minister Tan. First is on the switches. He mentioned the range of switches, the regional grid switch, for example. It was answered somewhat. The first question is on the weightage of the regional grid – how many percent is it, as a whole, part of the switch, a consolidation? Second is I am concerned about the impact on electricity prices for Singaporeans. Maybe you can share with us to reassure Singaporeans over the next five to 10 years, the impact on the increase in prices. Because you mentioned that: one, the electricity prices will normalise; second, data centres and digitalisation and EV charging will come on-stream; and third, the switches on boarding, including our exposure to regional grid exposures. So, can I ask the Minister if he can share the plans to mitigate this rise in prices, if any going forward, given the possibility of convergence of these factors.”
“Green Economy Trade-offs Mdm Chairman, for years, Singapore has been making gradual steps to encourage businesses and individuals to reduce our carbon footprint. Just recently, the Singapore Green Plan 2030 was launched and it certainly gives us plenty to look forward to, including a vision of a low carbon future where clean energy is produced, used and managed. Yet, there are some issues that we will have to consider. For example, in the short-term, the upfront cost of switching to cleaner machinery and vehicles would be quite hefty. This can be challenging in the current climate where many businesses are struggling to get back on track financially. Also, despite having no oil and gas resources of our own, Singapore is Asia's top petrochemicals hub and one of the world's top three export refining centre. The sector and its supporting industries employ a large number of workers in Singapore. Can the Ministry share which are the key trade-offs that Singapore will have to contend with? Where are the negative impacts for industries, corporates and consumers and how will the Government help them to cope in the transition phase? Fossil Fuel Industry Workers”
“Mdm Chairman, with the push for digitalisation and innovation, demand for energy is on the rise. From data centres to electric transport to smart technology, all these require electricity to power. And as most of us are virtually spending our entire day online to work, study, learn and play, this insatiable appetite for data comes at significant environmental costs. Collectively, data centres around the world account for around 2% of greenhouse gas emissions and is expected to surge to 14% by 2040, the same as the US share of global emissions today. It is good that Singapore has been making shifts towards alternative energy sources, such as solar energy. I have asked about several Parliamentary Questions on this on the Sun Capable Project and other solar and alternative energy efforts. Can the Ministry share what other key efforts to decarbonise our electricity grid and how can our power generation companies contribute to these efforts? Electricity Prices and Electricity Usage Mdm Chairman, at the moment, about 95% of Singapore's electricity is generated from imported natural gas. The prices of natural gas are indexed to oil prices. So, electricity prices do fluctuate and Singapore is, typically, a price taker. But electricity prices in Singapore are generally lower now, with the opening of the energy market. Intense competition between retailers has led to very attractive fixed price deals in contract spending over years. This brings relief for many households, with residents spending more time at home with remote working and hybrid work arrangements. The downside to all this is that it could be challenging to encourage consumers to adopt energy-efficient measures to reduce electricity usage. How does the Ministry plan to meet this challenge over time?”
“Mdm Chairman, can I seek request to take the three cuts together?”
“Mr Chairman, the pandemic has made the internet a life tool to obtain full access to opportunities in a number of critical areas, including education, employment and health. Many countries are grappling with a digital divide and Singapore is no exception. What new policies will the Ministry introduce to narrow this divide and reduce the impact on future generations? To better support our rental households, I cite the example of the ConnectHome initiative for low-income housing in the USA. It offers affordable broadband access, technical training, digital literacy programmes and educational and workfare related content. It is a comprehensive programme to boost digital inclusion that goes beyond allowing residents to apply for devices and subsidies. To help freelancers and employees working from home, can we explore some form of tax credit for individuals when they file their taxes or a tax break can also be extended to employers who pay for their employees' broadband access? 4.30 pm Before the pandemic, people could utilise broadband facilities in community spaces like libraries and schools. These options are now discouraged. I urge the Ministry to do more to ensure every household has access to quality digital connectivity within their homes. Citizen-centricity and Readiness”
“Mr Chairman, I would like to post a question to Minister Chan. We all know Singapore is now a mature economy in transition, and also our economy is still facing the impact of the global pandemic crisis. I hope we will all not be laud into this false notion that sectors and businesses are all doing well and the economy will be back to the pre-COVID-19 situation. I think Minister Chan mentioned about this earlier on, I just wanted to reiterate a point. But, there are opportunities to capture value going forward. MTI spoke at at length about the many different strategies to help our economy recover and emerge stronger. These are good but multifaceted. So, among these, Minister Chan, can you help tell us or explain to us how Singapore can be different from others to beat the competition? I think this is very important and very key. Your elucidation will help us all focus on the key areas and most importantly, stay positive for the future.”
“Mr Chairman, in the past year, industry players in the tourism sector have made many changes to survive in this challenging climate. But the hard truth remains that we are a small market and we need to be realistic about the current lower appetite for international leisure travel. Nonetheless, we should use the crisis as an opportunity to drive innovation and improve productivity and boost Singapore's profile as a safe, secure, efficient and exciting destination. Can we continue to enhance infrastructural and product development in the industry to ensure that Singaporeans want to holiday at home and that we can compete in international markets? We can also plan to run more safe and secure major events designed to assist in the global recovery from COVID-19. With that in mind, what are the short to long-term plans for the tourism sector? How can we help the financing structures for tourism SMEs and hotels and to integrate new digital capabilities? How can we invest efficiently in the sector to keep it afloat while keeping losses minimal? Are there plans to partner with other regional tourism boards in other companies and corporates to give the sector a much-needed boost in the post-COVID-19 environment?”
“Mr Chairman, due to the pandemic travel restrictions, many Singaporean Muslims have not been able to perform the Haj and the Umrah since last year. Haj 2020 was deferred. Umrah pilgrimages are on hold until at least the third quarter of 2021. The Saudi government also limited the number of Haj pilgrims and only to residents within Saudi Arabia last year. How is the Ministry working with the Saudi Arabian authorities to ensure our citizens have opportunities to perform their pilgrimage safely when restrictions are lifted? Can the Minister advise when Singaporean Muslims can look forward to making their annual pilgrimages? Would their vaccination status, for example, have any impact on their opportunities for them to do so? Relations with Middle East”
“Mr Chairman, 2020 was a year fraught with challenges. We saw an increased number of applications for financial assistance, be they from businesses or citizens. In response, a number of new schemes were very quickly introduced to address their needs, including the COVID-19 Support Grant, Jobs Support Scheme, Temporary Bridging Loan Programmes and many more. Despite the wide array of support, I note that some have had to make appeals or request for further support. They were not aware of what supporting information to provide, or were found to be narrowly ineligible. Can the Minister share how agility and flexibility have been exercised to avail assistance to businesses and citizens more quickly during COVID-19? And how are the involved personnel equipped to cope with the increased workload? Is there a need to enhance their capabilities? Driving Environmental and Social Outcomes”
“Yes. Mdm Deputy Speaker, to answer the question about the difference between Norway's monetary policy and Singapore's monetary policy, they are very distinct. I mentioned in my speech about the different economic context of Norway where it is a petrol-driven economy and where Singapore is a very trade-driven economy. The reliance of using exchange rate as a controllable intermediate target in the Singapore economy is very distinct from Norway which uses a policy rate in its central bank. So, the important issue here when you are talking about reserves in this situation for Singapore, when Singapore uses the exchange rate as its policy tool, there is a direct intervention in the markets – using currencies spot to have an direct impact on the Sing Dollar. That is very specific because we target the exchange rate. If you look at Norway, Norway uses policy rate and its exchange rate is freely floated. So, for Singapore's case, the very fact that we target, the intermediate target of an exchange rate has some impact in terms of our ability to directly intervene in the markets and thus run down on our reserves, on MAS reserves. So, there is a very direct impact from a policy perspective; and thus, ramifications on our ability to have a direct rundown on reserves. In Norway's case, the policy target is totally different. It is using policy rates or interest rates.”
“Okay, okay, let me try to explain to you.”
“Your second question, Assoc Prof Jamus? About Norway's policy and how is it different from the Singapore's policy? If I may put it in general terms? Assoc Prof Jamus Jerome Lim: No, I was pointing out that I did not think that they were distinct policies because all exchange rate policy is in fact monetary policy and I am wondering if you could clarify why you thought they were distinct.”
“Okay. I just want to share with you. I started off working in the MAS back in 1998/1999. The impact of the currency attacks can never be stabilising. It has ramifications on the economy. It has ramifications on jobs. But back in the Asian Financial Crisis, the impact on the currencies that were specifically attacked, like Thailand and even to some extent, other countries in the ASEAN region, was very significant; to the point that the currencies depreciated so much that it led to the ramifications and cascading effects on the economy. So, what I saw in the Asian Financial Crisis, which was a perfect example of a speculative attack, led to economic ramifications that are not destabilising at all. That is from my own lived experience in 1998/1999; not theory. So, the theoretical element that you shared from a theory perspective that there can be destabilising impact of currency adjustments or misalignments – yes, that it can be stabilising – in theory, does not make sense, unless you are talking about misalignments in the long run, that eventually correct themselves in time. So, that is the first question. Assoc Prof Jamus Jerome Lim: If I may clarify, I should point out that I am in fact old enough to have also lived through the Asian Financial Crisis and I am aware of the conditions surrounding it. So, this is not just in theory, it was also my lived experience.”
“The hon Assoc Prof Jamus Lim, if I can try to recall your first question. But I will probably take your second question first. The second question is about, if I can recall again, Professor, you asked whether on the first one, there is stabilising and destabilising currency and speculative attacks. Assoc Prof Jamus Jerome Lim: I am suggesting that speculation can both be destabilising as well stabilising.”
“I actually intended to ask Ms Hzal Poa to clarify on her unique suggestion to target wage component on GDP, as I assume she knows that the major reason why wages as a percent of GDP is lower than our operating surplus of corporates and other organisations of 66.2% of GDP, is because of heavy MNC presence and the structure of our economy. So, I was thinking whether she is suggesting to reduce our MNC presence in Singapore now, at this point in time. Unfortunately, she is not here in the Chamber but that is something I was wanting to find out. Mdm Deputy Speaker, on that point and that note, I support the Emerging Stronger Together Budget, a Budget which aims to raise the welfare of the people in the long run. Thank you, Mdm Speaker. [Applause.]”
“It would be prudent that we do not make unnecessary moves to reveal our total reserves, though sincere in its intent for more information, that it can unwittingly lead to significant negative economic outcomes given our domestic context. The results of decades of sound monetary and fiscal policies are evident in the resilience of our economy, which has weathered multiple storms over the decades. So, once again, I would like to explicitly state and indicate my concerns about any moves to be more transparent on our reserves. Since we are on the topic of reserves, Mdm Speaker, I would also like to comment on the suggestion of hon Member Mr Leong Mun Wai to use all the NIRC and not just 50%. I would be seriously concerned if the Government were to do this. The current 50 to 50 percentage divide was explained by the Prime Minister when the framework was first introduced in 2008. It was to have fairness between the present and future generations even though it is not an exact science. Fifty percent for now this generation and 50% ploughed back for future generations. If we use all now, there is little, if anything left in terms of NIRC for the younger generation, the younger and future generations to come. Importantly, by ploughing back 50% we continue to grow our reserves and that is important; while, at the same time, allowing the Government to tap on part of the investment income for current spending. The principle of fairness, responsibility, prudent stewardship and having a thought for the future is important for the Government and permeates every Budget. Mdm Deputy Speaker, yesterday, hon Member Hazel Poa also separately suggested that the Government target towards a higher 50% wage component as a percent of GDP.”
“Our geo-political context is also vastly different from other countries that publicise details about their reserves, like Norway. Norway’s monetary policy is that of an inflation-targeting regime to achieve lower and stable inflation. Norway's policy rate is the interest rate on banks' overnight deposit rates in Norges Bank and its currency is free floating. Now, remember, I mentioned earlier, Singapore uses its exchange rate, not its interest rate. In Norway, its petrol-driven economy is also very different from ours and with a value-added tax or VAT of up to 25%, it is in stark contrast to our GST rate. So, with vastly different economic considerations, it is not wise to compare, and say that we too should disclose our reserves just because others do. I would also remind that transparency is practised where it is safe and sensible to do so, and it is not true that our reserves are completely undisclosed. For example, Temasek and MAS fund sizes are made public, only GIC’s is not. Mdm Deputy Speaker, as a Member of this House, I would like to explicitly indicate my concerns about any moves to be more transparent on our reserves. Yes, hon Member Hazel Poa asked for the total reserves data from an economic, fiscal prudence angle. So, what is the amount and how it should used. It is understandable that people want to know. But foreign actors, currency speculators and anyone who does not wish us well is also interested to know. As I mentioned, people may join the bandwagon. So, there are trade-offs. The Government has to weigh in balance. The balance struck is that the Government discloses a lot already but not all. And I am glad it is done delicately and, so delicately, by our responsible Government.”
“As someone who works in the financial markets and currency markets, I would like to share my frank thoughts from a professional viewpoint why we should strongly never reveal the data of our reserves. Let me explain why. Unlike most countries, Singapore utilises the exchange rate as the instrument of monetary policy. It is key to note this. Most other countries use the interest rate as a monetary policy tool. This choice is made based on our economy’s unique circumstances and also the fact that exchange rate is relatively controllable through direct intervention in the foreign exchange markets. On the other hand, this makes us vulnerable to currency speculation and attacks. We have seen such attacks during the Asian Financial Crisis in 1997/1998, impacting our economy and jobs. In fact, I started looking for a job right smack in the aftermath of the speculative attacks on some currencies in the Asian region during the Asian Financial Crisis in 1998, right after school. Let me tell you it was not easy back then. The impact then on sentiment, the economy and jobs in Asia and Singapore was bad. As a financial centre, there is also the risk of capital flows if our currency is attacked for speculative reasons. I do not think we want to add the additional element of this risk into the equation for our Singaporean job seekers. So, publicising data from our reserves is akin to revealing the size of our ammunition to hedge funds and speculators out there with large pool of funds to play with. Not only that; other market participants may also join the bandwagon and ride the speculation and those are not just in billions of potential, it could be even higher. The potential risks and downsides outweigh the benefits of transparency.”
“In Norway, which is known for being world leader on EV penetration and sales rate, the government incentivised EV ownership by removing their 25% sales tax from new EV purchases in 2001. Can the Government work with our local electric motorcycle retailers and manufacturers to secure affordably priced motorbikes for our delivery riders? Can the Government also work with electric vehicle rental companies to keep renting costs more affordable for users? It currently costs more to rent an electric vehicle, compared to petrol-engine cars. (In English): I now move to my last point on fiscal strategy and plans during and beyond the COVID-19 crisis. I support Budget 2021 Plan to fund future infrastructure investments via the SINGA Bond and hope as part of our fiscal strategy in this current environment, we are not too constrained in speeding up our capital and fiscal investment commitments to put us in better state for the future. I would like to take the opportunity to suggest, as part of inculcating inclusivity in our fiscal strategy, to allow the public to invest in any future green bonds and other long-term infrastructure-related bonds issued by the Government. For example, in the past Budgets, we had offered shares to citizens which are linked to GDP growth. The Singapore Savings Bond is also very well sought after. So, are there plans to issue more and smaller retail green bonds or notes to Singaporeans so as to have a stake in Singapore's sustainable future? Before I end, Mdm Speaker, with the multiple Budgets last year and the draw on our reserves, there is concern as to how we will fund things we need to do going forward. In that regard, some, including the hon Member Hazel Poa had called for a full extent of our reserves to be made known.”
“To ease the transition, the Government is giving a 15% road tax rebate to owners of private cars for one year, while motorcycle owners will get 60% road tax rebate For those who use their vehicles to earn a living, the Government has provided additional offsets to ease the transition. Apart from the petrol tax rebates for those who depend on their vehicles for their livelihood, if they are from the lower and middle income groups, they will be supported by various assistance schemes and social transfers. These support measures are partly funded by our taxes, which includes petrol duties. Apart from that, I am aware that this year’s Budget also provides the Budget 2021 Household Support Package consisting of GST vouchers, S&CC rebates, CDC vouchers and top-ups for school-going children, which will also go some way to ease the increase in cost of living. To achieve long-term change and encourage motorists to go green, I urge the Government to help those affected like motorcycle owners to transit to electric or hybrid vehicles in the next five to 10 years. Last year, Government relaxed rules on electric motorcycles, allowing high-powered motorbikes on the roads as part of efforts to encourage usage of cleaner vehicles. But as of March 2020, there are only two electric motorcycles registered in Singapore, out of a total motorcycle population of more than 140,000. The significantly higher cost of electric motorcycles compared to its petrol-powered equivalent is a deterrent. Electric motorcycles also have a long charging time of six to eight hours on average for a full charge. Our push towards EV charging stations, I hope, will also involve seamless ability to charge motorcycles quickly.”
“As our economy is currently in the recovery stage, new jobs are created, Jobs Support Scheme continues for hard hit sectors, and there are real wage increases over time, especially with additional sectors identified for the Progressive Wage Model. So, Singaporeans need not be too worried about inflation for now. Mdm Deputy Speaker, in Malay. (In Malay): [Please refer to Vernacular Speech.] Mr Speaker, it is undeniable that there are concerns about the cost of living. With a hike in petrol duty announced during the Budget, there will be an increase of 10-15 cents per litre even though the impact on inflation is still minimal. The petrol component makes up 1.9% of the CPI basket, and with the rise in oil and energy prices as well as the recent hikes, it will likely only add 0.1 to 0.2% points to the headline inflation. But the question is, why now? Deputy Prime Minister has stated that it is another important step towards cleaner transport and a car-lite society, and to discourage the use of vehicles with internal combustion engines. In addition, we can view this increase as part of a series of moves to restructure duties over several years. There was an increase in petrol duties in 2015 and a restructuring of diesel duties in 2017 and 2019. I agree that the current hike is a smaller increase compared to 2015. However, for the man on the street, it is seen as another price increase or increase in cost of living. Those who drive or ride motorcycles for their livelihood, like the delivery riders and ride-hailing drivers, are the hardest hit.”
“I laud the efforts and the focus now on the CTP and hope we can increase the number of projects in manufacturing and include collaboration with MNCs, with the goal to facilitate more skills transfer and retention to build a core of highly skilled Singaporean workers. Separately, I was actually hoping to hear more plans from the Deputy Prime Minister in his speech, to expand the Professional Conversion Programme, or PCP, to potentially shore up supply of labour into the tech sector. I hope MOM can share more in detail about the expanded PCP plans during the Committee of Supply. This is one area we need to focus on, the re-allocation of our young, middle-aged and senior workforce to sectors which are needed most and with speed, if possible, subject to existing constraints. Mdm Speaker, I now move on to the more immediate concerns of the public – costs of living. Domestic inflation will eventually go up, as the global and domestic economy recovers and following that, global easing by central banks will eventually be removed. This is likely to be a global concern in the next few years if the COVID-19 situation improves. The inflation forecast for OECD countries is set to rise gradually to 1.8% by end of 2022. Domestically, inflation was negative during the pandemic, but projected to climb up to around 1.5% in 2025. I would like to thank the Deputy Prime Minister for not raising the GST this year, and there is the GST $6 billion Assurance Package announced last year, which will help to offset the GST increase for low-income households for up to 10 years, and five years for the middle income households.”
“The goal is to pave the way for "qualitative transformation", with advanced manufacturing forming a larger portion of the sector. This is good news. But two key problems continue to plague the sector over the years. First, how can we accelerate digitalisation in more of our manufacturing companies beyond the existing grants and programmes. Maybe we can help more of our companies embrace digital twinning technology, raise productivity in our current environment now. Second, retaining talent and speeding up capability transfer programmes. Companies also require talents to create, manage and maintain these technologies. According to the Singapore Manufacturing Federation, companies have problems hiring talent like robotics engineers, software developers and programmers. Retaining local talent is yet another challenge, so companies express a preference for retaining their S pass holders. Undeniably, Singapore faces a labour crunch in the tech sector. This skills gap will require some years to shore up. In the meantime, the extension of the Capability Transfer Programme, or CTP, to 2024 to support foreign-to-local skills transfer is a viable support to grow the local pool of tech talents. In my Adjournment Motion in 2019 on "Enhancing the role of the Tripartite Alliance for Fair and Progressive Employment Practices, or TAFEP, to tackle workplace and job discrimination", I spoke about localising jobs and legislation to address job discrimination. I had also proposed then, to leverage on the existing CTP and expand it to support the transfer of capabilities from foreign employees who are already in Singapore. With the extension of the CTP in this Budget, it has been projected that over 970 locals and more than 140 companies will benefit from 40 projects.”
“Mdm Deputy Speaker, I thank the Deputy Prime Minister for his fair, inclusive and sustainable Budget with a focus on supporting future growth. Today, we are in the recovery stage because Singaporeans have worked very hard collectively to keep us safe and make the best of the pandemic. We must push ahead with the momentum so we do not let these efforts go to waste. In my speech today, I will speak briefly about one key area to leverage on for further opportunities and change. I will share my concerns on immediate challenges pertaining to cost of living, particularly the petrol duty hike. Finally, I will round up my Budget response with my thoughts on our fiscal plans. Manufacturing plays a key role in our post-COVID-19 economic strategy. The sector currently accounts for about 21%, or $106 billion of our total gross domestic product. It also hires around 12% of the workforce. COVID-19 has also propelled the demand for digital services and smart technology. This has led to an immense interest in smart manufacturing. The concept of digital twinning, in particular, has become increasingly valuable in transforming industrial operations, in an era where remote working is encouraged, and safe distancing required to limit the number of physically present workers. The digital twin captures insights on key operations at the manufacturing plant, allowing employees to respond by remotely reconfiguring processes and mitigating problems in real time. There is also heightened demand for collaborative robots in healthcare and manufacturing. Post-COVID-19, smart manufacturing is expected to be worth $220.4 billion by 2025. The Government plans to grow our manufacturing sector by 50% over the next 10 years.”
“This could take the form of strategic planning and risk management to help them navigate the safest routes based on the season and current trends. The current COVID-19 pandemic has emphasised the importance of transport network to ensure that essential items from food to medicine can be moved expeditiously, with minimum hinderance. I believe that being part of this registry can only be a boon. Administrative work, red tape and long waiting times are costly aspects of business overheads. The Multimodal Transport Document is recognised by all ASEAN member states. It streamlines the process such that companies seeking to transport goods across ASEAN would not have to navigate different regulations. This would translate into lower overheads and better margins for companies. Reduced logistics means and presents a win-win situation for all. Sir, I support the Bill. May it be a stepping stone for our logistics sector to soar to greater heights.”
“May I ask the Senior Minister of State, what is the process for logistics companies to join? I understand that some minimum conditions set by the AFAMT must be met, but overall, I hope the domestic qualifying criteria is not too onerous, or that the Government would help companies with it. The AFAMT framework has been described as useful for new logistics entrants to gain a foothold in new ASEAN markets. I believe that this would mean the threshold for eligibility is not out of reach for the less established logistics companies. On the other hand, we want our companies to be recognised for their abilities and reliability. I urge the Ministry to extend assistance to raise standards across the companies that opt to join the registry. Mr Speaker, it is also important that we address how the movement of hazardous materials is to be addressed under this AFAMT framework. At the same time, we must also ensure that there is a robust system in place to prevent the movement of illicit goods, such as drugs, weapons, wildlife and so on. Will there be outreach efforts to encourage companies to join the registry for example? Specifically, how would being on the registry or possessing a Multimodal Transport Document improve their access to potential clients in the ASEAN region? Will they enjoy some form of protection and insurance for their services and goods? Among the many challenges associated with overseas operations, one of the major concerns is making sense of the foreign policies and laws. If their cargo or carriers go missing or get seized, would they receive assistance to retrieve it? With extreme weather causing more catastrophic events and natural disasters, do they get some form of insurance or support as part of the registry to curb their losses?”
“Mr Speaker, Sir, transport is a crucial enabler of globalisation. Harmonised regional and global transport environments encourage global trade and tourism to flourish. The various elements of transport are akin to cogs in the wheel of a massive machinery. If one part gets stuck, the rest of the machinery will not be able to move smoothly. It may even come to a standstill. We saw how this came into play during the pandemic. Border restrictions and closures worldwide caused supply chain disruptions in almost every country. Our excellent relationships and various bilateral agreements established with our foreign counterparts over the years enabled us to facilitate border movements for the transport of essential goods and services. Today, countries looking to diversify their supply chains have set their sights on ASEAN, so we will certainly see a greater movement of goods and services within the region. Moreover, in the past decade, the ASEAN region has exhibited strong economic growth, which is driven by rapid urbanisation. A burgeoning middle-class population translates into increased spending power, providing viable markets of consumers in the region for our local companies to appeal to. In this era, Singapore's active participation in the ASEAN Framework Agreement on Multimodal Transport (AFAMT) has become more relevant than ever. The logistics sector in Singapore has grown with the rise of e-commerce. But Singapore is a small market and we should strike while the iron is hot, do more to help our local logistics companies to spread their wings and encourage them to look beyond the shores. I note that the implementation of a registry of multimodal transport operators recognised under AFAMT could be one of the ways to give our logistics sector a boost.”
“I thank the Minister for the answers. I have two supplementary questions. The first question is in relation to energy resilience, and I would like to point out that the Minister had shared and answered some of the questions that I had in mind for my supplementary question. But the question I have now is, the Minister mentioned that the energy mix would be dependent on the technology improvements over time, but can you roughly share the percentages target for some of these switches at this point in time. Because if you look at the electricity reliance now, we are relying a lot on natural gas. I think more than 95% of the electricity generated in Singapore is via imported natural gas and it is largely from Malaysia and Indonesia. So, there is a concentration effect, by country, on Malaysia and Indonesia. The mix by country, for one, if you can share, going forward over the medium to long term, and also in terms of the switches, if you can share. My second question is, as we proceed to these four switches, going forward – over the next five, 10, 20, 30 and 50 years – for example, in Malaysia's case where we are trying to get the electricity imports from Malaysia into 2021, we have the electricity connector infrastructure with Malaysia. Going forward if the Sun Cable project does materialise, how do we get some of this direct electricity connectivity to Singapore, when we have these switches exposing us to various countries as far afield as Australia, if the Sun Cable project does happen and as far afield as Indochina, going forward?”
“My question is, what is MAS' response to advisers in Singapore who want to include these products in their clients' portfolios? To what extent are they allowed to facilitate crypto transactions for clients, and would they require a special licence for such activities? It would be good to know if there is proper credentialing for financial advisers who want to market cryptocurrency to customers as an investment. I now move to my last topic on token issuance. A more stable and well-regulated fintech industry will be a boost for technology start-ups particularly for those who wish to get funding via Initial Coin Offerings or ICO. I wish to clarify whether under the new amendments, would issuers of tokens require a licence? How long or complex is the typical process for a company to get into the business of issuing tokens? Ultimately, we want to strike a fine balance between accessibility and security. We want to encourage our tech entrepreneurs to leverage on a vibrant fintech economy, while maintaining stability and security through anti-money laundering and cybersecurity regulations. Mr Deputy Speaker, Sir, developed economies are moving ahead with digital token assets and we must not be left behind in the dust. Moreover, well-regulated developments in the industry will serve to stimulate other areas like technology advancements and cybersecurity, which in turn, creates employment. I support the Bill.”
“Unrelated to cybersecurity, but also having an insidious impact on the stability of crypto exchanges, is crypto market manipulation. Back in 2019, allegations on cryptocurrency exchanges manipulating data to attract traders to their platforms had rocked the industry. A series of crackdowns alleviated this problem, but it is still present to a lesser degree. Meanwhile, sophisticated traders who have purchased large amounts of cryptocurrency may manipulate the market across several exchanges in parallel. This is commonly cited as the equivalent as the "pump-and-dump" securities fraud in the stock market. Although reputable exchanges tend to be regulated with anti-manipulation protocols in place, manipulation across multiple exchanges is difficult to detect. As all these variables continue to plague the crypto exchanges, I am particularly concerned about the inevitable surge in interest from newcomers once the new regulations come into effect. They may be lulled into a false sense of security and invest recklessly. We may also see a rise in cybercrimes if victims fail to adopt all the necessary precautions to protect their assets. We can license and regulate, but the volatility of the industry means that reviewing the laws must be an on-going and frequent process. Anyone who wants to participate must continuously educate themselves and stay abreast with news on the technology. I am pleased to note that there are several crypto and blockchain courses available in Singapore and some are under SkillsFuture. Given the complexity of cryptocurrency investment, some may prefer to turn to corporate finance advisers, who have shown increasing interest in offering clients exposure to cryptocurrency.”
“When cryptocurrency was largely unregulated, customers were required to do their own extensive research, which often requires deep reading and technical knowledge. With enhanced regulations for the industry, I hope the Government is also taking into consideration security factors when granting or renewing the licenses. For example, crypto exchanges must present adequate security measures before they are licensed. These would include security audits of smart contracts and front-end application servers and regular bug bounty programmes to stay ahead of hackers. I hope this will open up more opportunities for local white hackers and cybersecurity talents to hone their skills and land good jobs and development opportunities in the industry. Besides cyberattacks, frauds and social engineering are challenges to contend with, as with any online financial activities and transactions. The past year saw an uptick in victims being scammed or unwittingly involved in Ponzi schemes. Moreover, online criminals have devised all kinds of complex methodologies to attack crypto exchanges from multiple fronts, not only targeting the exchanges but also customers and third-party service providers associated with the exchanges. A recent example was a cyberattack on several cryptocurrency websites after employees at a hosting company were targeted and socially engineered to give access to the targeted websites. Although no funds were lost, the hacker was believed to have obtained personal information and documents from the user database. These included sensitive information like government-issued IDs, addresses and passwords. Service providers who failed to protect consumer's data must be penalised under the Personal Data Protection Act.”
“These are financial services using smart contracts, which are automated enforceable agreements that do not need intermediaries like a bank or a lawyer. They just use online blockchain technology instead. The concept has grown in popularity in the past year but they are also controversial because they are attractive to criminal hackers. Cryptocurrencies, too, are subject to cyberattack methodologies like phishing and data breaches. Hackers can exploit cross-site scripting issues to change a customer's withdrawal address and draw money from the customer's account into their own – according to a Forbes article about the risks of crypto exchanges. As both accounts are legitimate, these activities would resemble normal transactions and it may take some time before the illegal activity is flagged. By then, it may be too late for any action. Two-factor authentication, or 2FA, is widely considered the gold standard for protecting online accounts. Yet, in the case of a server-side vulnerability in a crypto exchange, hackers can bypass 2FA checks entirely through remote code execution, or RCE. A research revealed in December 2017 that nearly 90% of all RCE attacks are driven by crypto-mining. So, 2FA would avoid account takeover through password theft, but a customer is still vulnerable to inadequate systemic protection measures. I wish to ask, under the amendments, if a hack is to occur and millions of funds are lost, how will customers be compensated and what penalties will be issued? Should we perhaps look into the feasibility of deposit insurance for providers of digital payments and crypto services? Fortunately, there are ways to identify crypto exchanges which are relatively secure and safe to work with.”
“Mr Deputy Speaker, Sir, first of all, I would like to declare that I am a bank employee. I applaud the new amendments which will build consumer confidence in the use of digital payments while encouraging a robust e-payment eco-system. The Government's position on regulating digital tokens, specifically cryptocurrency, has garnered a significant amount of interest. Cryptocurrencies are now required to be protected and each cryptocurrency transaction must be processed properly. This will certainly be a good step. It is also good news for technology start-ups which view cryptocurrencies, particularly Initial Coin Offerings or ICOs, as a quick way to fund their innovations. The Government's move to take an active stance to regulate and safeguard customers' virtual assets will encourage more to partake in new technology businesses. I wish to raise my concerns on a few topics: first, cybersecurity issues about cryptocurrency; second, social engineering problems; third, manipulation of crypto exchanges and issuance of digital tokens. Even with licensing and regulations, crypto exchanges are fraught with risks and liabilities. Any financial activity that takes place through cyberspace would be a target for cybercriminals. All activities involving cryptocurrencies occur online. Crypto exchanges are hot targets for hackers and losses by the millions have captured headlines in the past five years. Although the security systems designed to protect the exchanges and customers have been enhanced over the years, the plunder by hackers continued through the past year. Half of crypto-related hacks are reportedly from DeFi protocols and exchanges. I would like to ask what is the Government's stand on De-Fi or decentralised finance?”
“Mr Speaker, I thank the Minister for the answer to Mr Louis Chua's question earlier. First of all, I would like to thank the MOT team for putting in a lot of good work done that led to an agreement after four years of negotiations. But, alas, Malaysia proposed changes to the agreement and it did not go through. But following up on the Minister's answer just now, also for the sake of transparency, can the Minister share why another extension of the bilateral agreement would not have been possible and whether a further extension would have allowed some room for further discussions to be made to reach an agreement? Another question is whether Singapore is open to HSR-like projects in the future.”
“Mr Speaker, I would like to thank Minister for the answer to our questions and also to thank the One Transport team for quickly responding to the situation on that particular day and helping out commuters. I have two supplementary questions. The first is in regard to Minister's answer earlier that it took 40 minutes before a detrainment decision was taken and thereafter the commuters got off the trains in separate moments. My question is, is there a specific SOP – because there could be rising anxiety within the trains. In my question, I was asking about good ventilation for commuters within the train itself, especially if you are stuck in the train for an hour or more before eventually detrainment, typically, how long is the SOPs before a decision is made? That is my first question. Secondly, in regard to this incident, will companies like say SMRT be taken to task? Will there be a fine being made against SMRT for such incidents; not just SMRT, but other providers going forward, in the future, if such incidents happen?”
“Sir, to recap, it is heartening to see all the help the Government has raised over the last four Budgets in a space of six to seven months, including help from Singaporeans broadly. We could do with more tailored help for the retrenched, unemployed and viable companies that are struggling. Moving ahead, policies – particularly those concerning employment and infrastructure – must be enhanced to help us move with the post-COVID-19 times to put us in better stead for the future. Mr Speaker, I support the Statement.”
“Can the Deputy Prime Minister share plans on building up our data infrastructure, such as how can our fibre and satellite networks be enhanced to be future-proof, go faster and be more reliable? In the past, there have been a number of major Internet outages in Singapore domestically, with one of them even lasting more than a day. Geographic diversification is critical to our economic resilience. Work-from-home arrangements will become a possible norm so we have to consider decentralising the CBD and creating more business hubs in satellite towns around the country with the necessary amenities and data connectivity to support large-scale remote work. Over the course of the circuit breaker, we have also heard from workers and students across different demographics and different sectors facing challenges working at home due to distractions from their family members and neighbours, not having the necessary equipment and so on. So, among some of these amenities could include more shared and private work and meeting spaces for rent or access at the heartlands. Mr Speaker, Sir, I have one final point that I want to raise and this was raised by some of my residents. My last point is on the $3,000 Baby Support Grant. Many residents asked me why the grant only applies to babies born from 1 October. Since the start of the COVID-19 pandemic and even before the circuit breaker, many people were laid off or had their work hours and salaries cut. I hope the Government will consider extending eligibility to include babies born in 2020. Many would consider 2020 a year of misery but every baby born is a bundle of miracle and this one-off support records our appreciation, encouragement and shared happiness with the family in this difficult year.”