Victor Lye
Singapore
“Thank you, Speaker. I thank the Minister for the response. I am glad to hear that it is across-the-board in terms of the moderation, though it is just one datapoint. In responding to many residents who, as the Minister said, would like to live with their parents, I think the Government has provided a lot of support and incentives.”
“Thank you, Speaker. I thank the Senior Minister of State for the reply. I also want to refer to the earlier Parliamentary Question, where the Minister of State made a very important point – that prevention is better than cure – in the case of scams.”
“But if we become an Asian time-zone node for global price discovery, anchored by genuine investor protections, supported by self-sustaining liquidity and part of a broader network connecting capital across regions that can benefit from the Singapore as the capital umbrella – then we will have created something of lasting value.”
“First, we can permit carrying over of unspent limits for up to three years. This will allow those who incur larger than expected bills to not have to rely on out-of-pocket funds, which, especially for retirees, are frequently paid for by working-age family members so as to be able to top up their medical expenses.”
“Thank you, Speaker. Thank you, Minister. With the changes in the PARF policy, does it signal a shift that we are now moving from ownership pricing to usage pricing? And if so, can Singaporeans have a sense of the roadmap so as to make better transport decisions, private or public otherwise?”
“Chairman, I thank the political officeholders for their response and speeches. With regard to our investments in the advanced industries, the SMEs are going to have to transition, and I welcome Minister of State Gan Siow Huang's sharing about Woodlands Gateway.”
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“But if we become an Asian time-zone node for global price discovery, anchored by genuine investor protections, supported by self-sustaining liquidity and part of a broader network connecting capital across regions that can benefit from the Singapore as the capital umbrella – then we will have created something of lasting value. With that, Sir, I support the Bill.”
“However, instead of tagging onto other leading bigger markets, can we consider a more innovative tweak to our approach and position Singapore as a key node in the broader capital markets ecosystem. In this regard, I offer two strategic tweaks. First, we should seek similar interoperability arrangements with other financial centres – where we can, perhaps, add relatively more value, such as our friends in New Zealand and other key market exchanges. Second, given the $2 billion minimum market cap threshold, can we identify bottlenecks across the capital chain – from startup funding to growth capital before reaching public-markets – so the GLB is not just a listing window, but the end to a strong Singapore pipeline of growth companies. Why? As I said at the beginning, listings do not define the market. Liquidity does. Listings do not begin at IPO. They begin with early and growth-stage capital. Sir, a bridge is only useful if there are roads leading to it. The public market is not the start of the capital journey. It is a later chapter. While this Bill addresses public markets, we must continue strengthening the full capital lifecycle, from early-stage funding to growth capital before reaching public-markets. This Bill opens an important door, a willingness for us to adapt. But a door alone does not create a destination. If issuers list here but trading happens elsewhere, we will have presence without depth, activity without influence and listings without leadership. If we are merely a Singapore window shadowing another liquid overseas market, we have not succeeded.”
“This Bill is in the right direction. The opposite direction of purely restricting domestic regulated entities from certain products will lead to regulatory arbitrage – as Singaporeans can already access such restricted products via overseas entities digitally, even if they are unregulated. So, to be clear, investor protection cannot mean shielding investors from all risk. It must mean enabling and equipping investors to understand risk. Mr Deputy Speaker, I add three clarifications regarding investor protection. One, about shareholder rights: when an overseas incorporated company is dual listed on SGX and, say, on the Nasdaq, Singapore investors may face weaker legal recourse than US investors. US investors can participate in securities class actions. Singapore has no comparable collective redress. How will such differential shareholder rights be addressed? Second, currency risk: dual listed equities trade typically in different currencies. Will disclosure of currency and settlement risks be mandated at the point of investment? Third, retail versus institutional investor asymmetry. Large institutional players can arbitrage efficiently across different exchanges and time zones. Retail investors cannot. If price discovery migrates overseas, how can we address the situation where Singapore investors end up in a thinner and less efficient market? Sir, the Bill is in line with my strategic concept of Singapore as a networked economy – positioning Singapore as a trusted node connecting capital flows across regions. That is where our competitive and comparative advantage lies. This Bill is oriented towards alignment with Nasdaq. This is understandable given its scale and depth.”
“Thank you, Mr Deputy Speaker. I rise in support of the Securities and Futures (Amendment) Bill. In doing so, I declare my interest as the CEO of an investment management company. This Bill offers flexibility to calibrate how our Securities and Futures Act applies to dual-listed issuers. But I believe the harder challenge lies beyond the listing stage. Listing is not the same as liquidity. Liquidity determines market relevance. If companies list here but trading migrates overseas, Singapore captures the ceremony of listing but not the economics of liquidity. We may gain the headline but lose the heartbeat. Therefore, success should not be measured only by the number of companies that list here, but whether liquidity – measured by sustainable trading activity, research coverage, investor participation and price discovery are deeply anchored, creating jobs in Singapore. To strengthen our capital markets heartbeat, I offer three essential considerations. First, adopt a liquidity focused development framework. Why not require liquidity KPIs, such as turnover, bid-ask spreads and market depth; ensure viable market-makers support mechanisms; and why not monitor closely that Singapore is indeed gaining value-added post-listing activities? Second, sharpen the end-investor value proposition. Investors must find it worthwhile, more worthwhile to trade in Singapore than in the other overseas exchange. We must offer convenience, cost efficiency, time-zone relevance, trusted custody and products that are tailored to the Asian investor. Third, continue calibrating carefully our regulatory stance with a close eye on competitiveness. In a competitive global environment, we should continue to adjust our regulatory settings to remain proportionate in response to competing markets.”
“Thank you, Speaker. I thank the Minister for the response. I am glad to hear that it is across-the-board in terms of the moderation, though it is just one datapoint. In responding to many residents who, as the Minister said, would like to live with their parents, I think the Government has provided a lot of support and incentives. However, would it be possible to have more granular data so that children or parents wanting to stay in specific areas can have better guidance as to whether to go for the resale route or the Build-To-Order (BTO) route? As we know, the BTO route is not commonly available throughout Singapore? Further to that, another question is if we have studied the impact of the ageing population, because we have come across more residents who want to right size and whether that, if not now, in future, could contribute to a greater supply, perhaps in the mature estates even, leading to impacts on resale prices and therefore, guidance to our younger families in choosing where to live?”
“Thank you, Speaker. I thank the Senior Minister of State for the reply. I also want to refer to the earlier Parliamentary Question, where the Minister of State made a very important point – that prevention is better than cure – in the case of scams. With regard to what IMDA and the Ministry is doing, may I ask two supplementary questions? First, is there real-time monitoring – and as was referred to earlier, done as a cross-agency effort and a whole-of-Government effort – to fight scams? Is there a real-time monitoring of unusual data usage, use of GSM gateways and so on? My second question is, who mandates the monitoring thresholds and the data criteria? Is it set at the macro level or is it left to the individual telcos to determine?”
“Thank you, Speaker. I am sure many Singaporean vulnerable households and businesses are grateful for the short-term measures that we have announced and brought forward. But as we know, it will never be enough and there will always be opportunities to do more. At a recent residents' dialogue, I came across some opinions that the crisis is not that severe, having seen other countries where they have had fuel shortages and even electricity supply cuts. This is something that we need to be mindful of. I am very heartened that among the residents, the younger generation made some very interesting suggestions – that perhaps the Government can go beyond a crisis and a money solution, to go beyond money to rally our people. This is a crisis that falls not just on Singapore, but across the whole world. Perhaps the Government can consider some measures to bring out people together nationally so that they feel they can also do their part to contribute. For example, to conserve electricity in a more objective way. So, can the Government consider a campaign to bring our Singaporeans together to contribute to this solution, over and above just money being given out?”
“First, we can permit carrying over of unspent limits for up to three years. This will allow those who incur larger than expected bills to not have to rely on out-of-pocket funds, which, especially for retirees, are frequently paid for by working-age family members so as to be able to top up their medical expenses. Second, we can have a tiered system of claim limits, with the amounts allowed for claims gradually raised according to age. While nobody can accurately predict when an individual's demise might be, we can rely on aggregate statistics on mortality by gender to adjust claim limits accordingly. It is intuitive to allow more spending at later ages where individuals' health will have deteriorated more. Sir, these simple steps will help better align the actual usage of MediSave, with the well-meaning constraints imposed to ensure sufficiency in time of medical need, whether they may be today or tomorrow. Outpatient MediSave Use”
“Lumpy Medical Spending and MediSave Limits Assoc Prof Jamus Jerome Lim (Sengkang): Those of us who have fallen seriously ill at one point or another will be keenly aware of how our healthcare expenditures are lumpy. That is, we may go one year without any medical expenses, but in another year, we may end up spending far more than we would have anticipated. This is often the case even for chronic conditions since new diagnostic or treatment procedures may only be required on occasion. The reality of spending spikes is corroborated by more systematic research in health economics. Moreover, it is also well-known that end-of-life spending tends to be elevated. This is another manifestation of lumpiness. Patients tend to spend most in the final years of their life. MediSave currently faces annual withdrawal limits of several types of care. The policy is well-meaning. One does not wish for patient to exhaust their MediSave funds, especially knowing that most of their care costs will indeed be incurred at the tail end. But this is problematic because the policy is not aligned with the lumpy nature of medical expenses. It also glosses over the role that insurance, including public ones, such as MediShield Life, plays in such instances, since these are more likely to pay out for major illnesses that will otherwise exhaust their MediSave. Actual data from the CPF supports this notion that there may be excess for saving in our MediSave accounts. In response to a Parliamentary Question posed in 2022, Minister Tan See Leng reported that MediSave account balances for members significantly exceed their Retirement Accounts, with the ratio for those aged 85 and above close to five times larger. There are two ways to better calibrate MediSave limits.”
“Mr Chairman, adult children are often the default caregivers for ageing parents. It is a good thing when adult children want their parents to stay with them, even better when the parents are active and in pink of health. Nonetheless, some Singaporeans feel penalised for doing the right thing. This is what I call the filial care paradox. When children bring ageing parents into their homes, the parents often lose their benefits, such as the Community Health Assist Scheme (CHAS), Silver Support or other subsidies. The parents are now seen as part of a higher-income household or living in a housing type with a higher annual value. Sir, to support caregiving and encourage filial piety, we need to recognise that the caregiving responsibilities can weigh more proportionately than housing income or housing type. I am not suggesting that we abandon means testing in our healthcare and social assistance architecture. But we can recognise caregiving households more explicitly. I have three suggestions. First, consider a caregiver housing carve-out. Seniors moving into an adult child's home for caregiving should be assessed independently instead of being lumped into the entire household. Second, consider a transitional period. This is a grace period so that the seniors' benefits do not immediately disappear when caregiving arrangements change. Third, explore functional needs assessment, where we assess the social assistance based on actual needs rather than looking solely at household income or housing type. Mr Chairman, when adult children bring their ageing parents into their home and care for them, we should give them more support, not less.”
“Thank you, Speaker. Thank you, Minister. With the changes in the PARF policy, does it signal a shift that we are now moving from ownership pricing to usage pricing? And if so, can Singaporeans have a sense of the roadmap so as to make better transport decisions, private or public otherwise?”
“Chairman, I thank the political officeholders for their response and speeches. With regard to our investments in the advanced industries, the SMEs are going to have to transition, and I welcome Minister of State Gan Siow Huang's sharing about Woodlands Gateway. My first question is, do we have any plans to perhaps develop an industrial estate, a Singapore industrial estate across from Singapore, so that we can deploy these two sites' gateway to the SEZ, which expands Singapore's economic space. My second question is with regard to that, there is going to be a need for skilled labour. Can we facilitate a framework whereby Singapore skilled workers can live and work in the SEZ?”
“In closing, Mr Chairman, MTI, MFA, the Ministry of Manpower and our economic agencies are doing a fine job. However, going forward, in this very fragmenting world, we need to change the way we look at how we grow our economy. I have shared four shifts: from measuring domestic to tracking global value; from individual expansion to ecosystem; from a locally-bound workforce to an overseas one; and finally, AI as trusted infrastructure. With these, we become a networked economy. Economic Regionalisation for Singapore”
“Suggestion four – publish a Johor-Singapore SEZ outcome scorecard. MTI can track outcomes, such as the number of two-side deployments across Singapore and the SEZ by sector. We can look at the number of Singapore SMEs matched successfully with inward investors, and we can also measure incremental SME revenue as a result of using such complementarities across Johor and Singapore. And let me continue with shift three, creating good jobs overseas for Singaporeans. Mr Chairman, there are young and mid-career Singaporeans who may not be aware of the opportunities in the region or some who are unable to price in the risk of working overseas. So, I suggest considering: one, curating overseas job placements for Singaporeans from entry to senior roles. Two, we can offer incentives for firms to rotate staff regionally so that it becomes part of their career development. Three, we can provide support and flexible childcare or education pathways for Singaporeans returning home. Shift four: towards a network economy, developing artificial intelligence (AI) as our trusted Infrastructure. Singapore's advantage is not about adopting AI but being the most trusted place to deploy AI. 12.45 pm For example, regional ports are adopting AI independently. But who sets the interoperable standards? Who provides the trusted platform where competing ports can share data for network optimisation? In cross-border finance, each financial institution is building its own AI infrastructure. But who can offer the coordination layer for these tools to work together so that capital can flow efficiently? Singapore can. How? By developing and leading effective AI governance and secure data exchange frameworks. In a fragmented world, the trusted coordinator becomes invaluable.”
“It will need a calibration of the mutual trust, given our past experience. But the strategic direction is clear from the perspective of any inward foreign investor. Johor and Singapore can and will play a synergistic role for them. Singapore anchors the trust-dependent core – headquarters governance, treasury, IP, data, compliance and legal, while the Johor hinterland provides scalable economic space. We in Singapore capture the trust premium here, while unlocking cost and space constraints that we have right next door as one integrated operating model. So, my question is, how can MTI direct EDB, Enterprise Singapore and other economic agencies in coordination with MFA to package and to market a two-side deployment proposition, where inward investors or anchors enter Singapore through Singapore as the trusted gateway and deploy into the Johor-Singapore SEZ? The second suggestion – how can we organise a plug-and-play SME ecosystem? Singapore's effort to bring inward investments into the SEZ should become business opportunities for our local SMEs. To achieve this, we can structure a SEZ supplier programme where we, for instance, can identify the inward investors, input requirements and standards. We pre-qualify SMEs who can meet such standards and finally, we match them to these anchors or inward investors. Suggestion three – let us develop sectoral investment packages. These can be identified in certain strategic industries, for example, manufacturing and logistics, digital and data services, food production and coaching, businesses that can take advantage of Johor's strength and Singapore's complementarities. Each package can include shared infrastructure options, regulatory playbooks, talent and professional services support and a directory of Singapore SME suppliers.”
“Mr Chairman, first let me declare my interest as chief executive officer of an investment firm and advisor to companies investing in Singapore and other parts of the world. During the Budget debate, I spoke about trust as Singapore’s competitive advantage in a fragmenting world. We need to expand our economic space, to change from a GDP to a gross national product (GNP) mindset, linking up in a network with cities, their hinterlands and their peoples who are aligned with us. Today, I propose four practical ways to shift towards becoming a networked economy. Shift one, let us measure economic value created beyond our borders. For decades, we measured GDP, activity within Singapore’s borders. But over the years, more and more Singaporeans and firms operate and create value overseas. We should measure their overseas activity, their value added, to reflect our actual economic network strength. I suggest that MTI develops GNP indicators to track value created globally by Singapore and Singaporeans overseas. Shift two: let us encourage Singaporean firms to hunt as a pack overseas. A good place to start is the Johor-Singapore Special Economic Zone (SEZ). We should view the SEZ as an extra lung, where our SMEs can grow and thrive. How? I offer four suggestions. Suggestion one – position Singapore as the trusted gateway to the SEZ. Let us take a proactive approach in marketing the Johor-Singapore SEZ. As I shared in my Ministry of Foreign Affairs (MFA) Committee of Supply (COS) cut, foreign policy can support our economic effort to expand our economic space as a networked economy. We need to work closely, more closely, with our Malaysian counterparts. This can deepen interdependence and create stronger ties for mutual benefit.”
“We must pave pathways into Africa, Latin America and the Middle East. The evolution of our overseas missions from mere representation to market paving and ecosystem building is critical. In this regard, I would be interested to know how MFA prioritises these neighbouring city and regional partnerships as platforms to help Singapore companies enter new markets and support Singaporeans seeking opportunities abroad. Navigating a Fragmented World”
“Mr Chairman, as the global environment becomes more fragmented, supply chains are reorganising. As a city-state, our resilience increasingly depends on trusted proximity and connectivity. I believe that trust is the intangible infrastructure for us to continue punching above our diplomatic weight class in a fragmented global economy. In line with my view of Singapore as a networked economy, Singapore's strength lies in becoming a key trusted node in connected regional systems – linking cities, industries and people. Accordingly, I frame our foreign policy through three rings of strategic connectivity. One immediate neighbourhood for execution. Recent engagements between Prime Minister Wong and Prime Minister Anwar reaffirm our commitment to managing complex issues constructively. The Singapore-Johor corridor is the fastest pathway to practical results, addressing our constraints in manpower, cost and energy resilience. Beyond Johor, there are opportunities to deepen ties with cities in the rest of Peninsular Malaysia as well as East Malaysian cities, such as Kuching and Kota Kinabalu, where complementarities in energy, food systems and digital sectors offer mutual economic benefits. Likewise, the Singapore-Johor Riau corridor remains a natural growth platform. Sumatra and the Riau Islands are in close proximity. Few Singaporeans realise that the city of Medan is nearer to Singapore than to Jakarta. We must therefore get Singaporeans to see opportunities beyond our shores. Two, regional networks for resilience. Beyond our immediate borders, we must scale our trusted node status across ASEAN, Australia and New Zealand (ANZ), Northeast Asia, China and India. And three, emerging markets for longer term growth.”
“By managing our capital exports strategically, we strengthen our future economy, we grow our enterprise ecosystem and generate good jobs for Singaporeans at home and abroad.”
“Mr Chairman, as a capital exporter, Singapore should manage our national capital to build a network economy, shifting from a gross domestic product (GDP) to a gross national product (GNP) mindset. What can our capital, enterprises and people produce for Singapore across the world? The recent restructuring of Temasek Holdings provides a timely opportunity to manage this capital more effectively and strategically. I propose three pathways. Pathway one – strategy investing in global norms. Let us invest in sectors where Singapore lacks the natural advantages. Emerging domains like space technology are prime examples. By positioning ourselves as a critical node in these high-value ecosystems through targeted research and development, and global partnerships, we secure our position and our relevance in the future economy. Pathway two – hunting as a pack. We must leverage the new Temasek-Singapore restructuring as a portfolio to create a Singapore pack. Our national champions should act as anchors, pulling our smaller enterprises into global supply chains and opening doors that our small and medium enterprises (SMEs) cannot knock on alone. 6.45 pm Pathway three – placing Singaporeans overseas. As we invest globally, can we build structured overseas pathways for Singaporeans? Not student exchanges, not internships, but good jobs from early career to mid-career, leveraging the host country networks that our sovereign investments can help create. Placing Singaporeans overseas seeds the nodes of our global network, returning with relationships and experiences to drive our network economy. In closing, Mr Chairman, as a small city-state, we must capture value across global networks.”
“Why not develop regulatory sandboxes where AI innovations are tested and centered in Singapore using our trusted governance frameworks? In this way, Singapore exports trusted governance alongside technology. Two, create global trust credentials to enable not just Singaporeans or Singapore firms but also foreign companies and professionals to carry trusted Singapore verified credentials, demonstrating compliance, skills and experience. Three, develop trusted connectivity standards in sectors important to Singapore such as maritime, aviation and digital trade. Singapore can develop trusted coordination standards. Stewardship of such standards creates relevance and trust for others to deal with us Singapore. Mr Speaker, as a small city state, Singapore cannot out bill the large countries. We cannot outnumber the world. With the fragmenting world and AI acceleration, we can however, be that beacon of trust for the world as a networked economy. When the world asks: "Who can we work with?", "Who can we rely on?", "Who can coordinate these critical systems for the world?", let the answer be Singapore. Sir, I support Budget 2026.”
“To be a successful networked economy in this globally fragmented and accelerating AI world, trust becomes our factor of production, our competitive advantage. Budget 2026 identifies four AI missions – finance, health, advanced manufacturing and connectivity. Seen through the lens of trust, these missions are strategic growth pathways. In finance, AI can position Singapore as the world's most trusted digital custodian enabling secure asset verification, counterparty validation and trusted trading ecosystems. In health, Singapore can be a trusted hub for clinical trials, diagnostics and genomic innovation. In advanced manufacturing, by anchoring intellectual property with trust, Singapore can embed itself in high value global supply chains. Lastly, connectivity. For example, as a port, we cannot just compete by the number of boxes we move. We must use AI to pivot from moving boxes to become trusted coordinator, the operating system that optimises flows across ports, even across geopolitical boundaries. Mr Speaker, ultimately, Budget 2026 AI Missions must translate into real benefits for our people. When we are the trusted node in supply chains, essential good for Singaporeans continue to flow even during crises. We can create trust-centric jobs, coordinating systems, validating data, ensuring digital security. In an AI driven world, Singaporeans can become that human layer of trust, providing empathy and compassion, on top of credibility and judgement which AI cannot. Trust can be our new fact of production, our competitive advantage for a small city state, a network economy. Budget 2026 begins this journey. I propose three areas for consideration. One, institutionalise trust infrastructure.”
“Mr Speaker, I rise in support of Budget 2026. I will speak about Singapore as a networked economy with trust as our new factor of production. Economists have studied the classic factors of production, land, labour, capital and later adding entrepreneurship in the 1800s. In this uncertain fragmenting world and AI acceleration, I see a new factor of production – trust. Trust is intangible. Yet, it behaves like infrastructure. Trust enables flows – capital, data, talent, goods, decisions. Trust increases resilience to shocks. Trust is the reliability premium that allows counterparties to transact, coordinate and commit to actions at scale, even in the face of uncertainty. For Singapore, as a small city-state, this is and should be our competitive advantage. In 1965, our population was a mere 1.9 million. Today, as a first world nation, we have 3.7 million Singaporeans, 4.2 million if we include Permanent Residents. Singapore is small. Compare this to Tokyo, a city, 37 million people; Delhi, 36 million people; Shanghai, 21 million people; London, 10 million people; New York, eight million people – you get the picture. Even Kuala Lumpur and many of our Asian capitals/cities have a few times multiple, more people than Singapore. Large countries within hinterlands can rely on internal markets, domestic, resources, national industrial stacks. Singapore has no hinterland. Instead, our hinterland must be how deeply we connect to the rest of the world. I see Singapore therefore as a networked economy, where trust becomes the connective tissue that allows a small node like Singapore to orchestrate value across a much larger space.”
“At a time when commitment to multilateral rules is understrained globally, supporting well-governed institutions like the IMF is especially important for small states that rely on predictability rather than power. So, for these reasons and with the clarifications I have stated, I support the Motions.”
“Mr Speaker, I rise in support of the Motions to approve Singapore’s grants to IMF’s PRGT and the PRG-HIPC Trust under the HIPC Initiative. The key point is that, to many Singaporeans, these may sound very foreign and very distant. But they are indeed relevant to us because Singapore is a small, open economy, deeply connected to the global trade, to global markets and global supply chains. The key point is that when fragile economies collapse, the impact does not remain overseas. Such shocks and financial crises can quickly affect prices, jobs and business confidence in Singapore. Therefore, supporting these IMF trust funds is a form of reducing the likelihood of global shocks that would otherwise raise costs for households and businesses in Singapore. That said, I recognise that Singaporeans may have concerns. So, I seek three clarifications. First, I seek to clarify that these grants do not constitute a drawdown of Past Reserves, and they do not trigger the Reserves spending threshold. That they are funded from current resources and that no Reserves are being touched. Second, that these contributions do not replace or reduce domestic spending on healthcare, housing, education or cost-of-living for Singaporeans. That they are budgeted expenditures alongside and do not compete with our domestic priorities. Third, that these grants are not bilateral transfers to an individual government but are channelled through established IMF trust funds with clear governance, accountability and oversight. Mr Speaker, Singapore has long benefited from a stable, rules-based multilateral system. For a highly trade-dependent economy like ours, supporting global financial stability is a matter of national economic interest.”
“The Bill empowers authorised officers to search and seize digital devices related to suspected trade offences. This is vital to investigate sophisticated cross-border schemes that rely on encrypted messaging and online platforms. With these expanded powers, my concerns are safeguards to protect privacy and commercially-sensitive information. Will there be independent oversight or audit mechanisms to ensure the proportional use of such powers? I hope that SMEs, in particular, are not unduly burdened by compliance costs or uncertainties. How will the impact of these changes on Singapore's trade competitiveness be monitored? Will there be unintended trade diversion or increased documentation delays as a result of the new framework? How will such findings be reported and reviewed to address and mitigate any adverse effects? I suggest that annual statistics on the number of Trade Information Certificates issued, rejected or found to be false, be published. There should be a formal review within two years of implementation to assess compliance cost, trade competitiveness impact and regulatory effectiveness. Mr Deputy Speaker, Sir, as global supply chains grow more complex, our advantage lies in trust – that a document issued in Singapore can be accepted anywhere in the world without question. This Bill protects Singapore's name, supports legitimate trade and ensures that enforcement keeps pace with the digital world. Mr Deputy Speaker, Sir, I support the Bill.”
“One concern under the new framework of Trade Information Certificates is to ensure that businesses get clear guidance on which existing trade documents fall within the new regime. Implementation will require transitional arrangements, training or outreach programmes to help small and medium enterprises (SMEs) and trade associations adapt to the new trade certification regime. Financial or advisory support should be provided for businesses that must update internal systems or documentation procedures. Two, ensuring accountability and deterrence. Fraudulent trade certification undermines legitimate global trade. The Bill's new offences for issuing or altering false trade information, with fines and imprisonment for repeat offenders, provide real deterrence. Those who misuse Singapore's name for gain must face the full weight of the law. Three, supporting our exporters. The Bill supports our manufacturers, logistics operators and freight forwarders who depend on a smooth and credible certification process. This Bill recognises existing authorised self-certification schemes under regional agreements, such as the Regional Comprehensive Economic Partnership (RCEP) and the Association of Southeast Asian Nations (ASEAN) Wide Self-Certification Scheme. It grants continuity to currently authorised persons while having a fit-and-proper framework for new issuers. The detailed criteria and "fit and proper" processes to authorise certificate issuers, including what fees, renewal conditions and processing timelines, should be made known. Four, strengthening digital enforcement. Trade documents are now digital. Fraudulent certificates can be created or modified electronically within minutes.”
“Mr Deputy Speaker, Sir, I rise in support of the Regulation of Imports and Exports (Amendment) Bill 2025. The Bill strengthens Singapore's trade certification framework and customs enforcement. It safeguards the trust that underpins our open economy and modernises enforcement powers for a digital trading age. Mr Deputy Speaker, some people think that Singapore does not impose tough enough penalties for customs offences just because of our imports are duty-free. This perception is misplaced. Singapore may be trade facilitative but let it be known we take trade compliance seriously. This Bill makes that very clear. We expect importers and exporters to keep their trade operations in order. By clarifying authority and imposing penalties for false or misleading certificates, this Bill protects Singapore's standing as one of the most trusted certification regimes in the world. In this speech, I would like to touch on four aspects: one, trust in Singapore’s trade ecosystem; two, ensuring accountability and deterrence; three, supporting our exporters; and four, strengthening digital enforcement. One, trust in Singapore's trade ecosystem. Singapore's trade is powered by trust – that goods bearing our name are genuine, properly declared and lawfully certified. The Bill introduces the concept of a Trade Information Certificate, covering certificates of origin, export, re-export and processing. It establishes clarity on who can issue such certificates and the conditions they must meet. This is not theoretical. In June 2025, a logistics coordinator in Singapore was fined for falsifying and tampering with Certificates of Origin. Such acts undermine confidence in Singapore-issued documents and threaten our exporters' preferential access to foreign markets.”
“Therefore, I offer five suggestions: one, issue comprehensive transitional guidelines early and provide simplified tax computation tools or advisory clinics; two, publish a clause-by-clause table of effective dates, listing which provisions are retrospective, prospective or transitional to reduce ambiguity; three, provide transitional or good faith relief, allow self-correction in the next assessment year without penalty for companies that relied on prior law; four, review Pillar Two compliance costs to ensure reporting obligations remain proportionate for multinationals headquartered here; and finally, five, harmonise definitions across tax laws via consolidated glossary, ensuring consistent interpretation across the Income Tax Act, Multinational Enterprise (Minimum Tax) Act and GST Act. Mr Deputy Speaker, notwithstanding the above, I support the Bill.”
“Singapore has long had a pro-enterprise, relatively low-tax environment, which helps attract good investment, fund management, corporate listings and regional headquarters. However, with the global minimum tax framework, centralising business operations into low-tax jurisdictions will no longer be as straight-forward as before. With Multinational Enterprise (Minimum Tax) Act, Singapore's adoption of the global 15% minimum tax ensures parity across jurisdictions. And for Singapore, it gets its fair share of this minimum global tax. This Bill ensures that our tax base remains defensible while preserving our attractiveness for high-quality investments. By refining definitions in the Multinational Enterprise (Minimum Tax) Act, we align our fiscal framework with international norms, reinforcing Singapore as a transparent and rules-based jurisdiction. With global minimum taxes, non-tax competitive advantages become more critical. My concern is to ensure that Singapore remains attractive as a business hub via excellent infrastructure, a skilled workforce and political stability, notwithstanding the US decision not to fully not to fully implement the OECD Pillar Two global tax framework affects Singapore's relative competitiveness as a regional hub, particularly for US multinational corporations, headquartered and operating in Singapore. Therefore, I seek clarification of how the implementation of Singapore's domestic top-up tax under Multinational Enterprise (Minimum Tax) Act will interact with the US' GILTI and what safeguards are in place to prevent overlapping or duplicative taxation of US MNEs operating in Singapore? Mr Deputy Speaker, as we add new global tax rules and local incentives, compliant costs can grow disproportionately.”
“Mr Deputy Speaker, Sir, I rise in support of the Finance (Income Taxes) Bill. I wish to declare that I am the chief executive officer of an investment management company. The Bill proposes amendments to the Income Tax Act 1947 and effects the measures announced in Budget 2025. These include the Equities Market Review Group recommended tax incentives. These incentives support our capital markets and can create skilled jobs in analysis, research and compliance – jobs that many young Singaporeans can aspire to. A key change concerns section 13W of Income Tax Act, which exempts gains on the disposal of ordinary shares. Investors welcome clarity where under the new group-basis rule, the divesting company and its group members must collectively hold at least 20% of the investee for 24 months before disposal in order to qualify. Separately, preference shares will qualify if accounted for as equity under the investee's standards or under the International Financial Reporting Standards. However, registered business trusts and variable capital companies are not included in this 20% shareholding threshold definition. As these structures are key to our capital markets ecosystem, I urge the Government to consider extending the definition to registered business trusts and variable capital companies. The Bill also proposes amendments to the Multinational Enterprise (Minimum Tax) Act 2024. This is to align our laws with the OECD's Pillar Two Global Minimum Tax framework. Pillar Two backstops the original BEPS 2.0, which acts as a global minimum tax rate, which sets a global minimum tax rate of 15% to curb tax avoidance and a senseless race to the bottom-style tax competition.”
“Thank you, Mr Speaker, Sir. I would like to thank the Minister and Minister of State for their replies. I just have two supplementary questions: one on a recommended response and the second on reporting. On response, can we consider the review requiring a protocol where physical verification of a child who is a subject of a report, either missing or suspected child abuse, is actually closed within a certain timeline before the case is closed or escalated to the next level? The second supplementary question relates to reporting. Can we consider a mandatory child safety reporting framework so as to go beyond guidelines? And to refine it with a tier one where it imposes a legal obligation on professionals and frontliners, say teachers, doctors, childcare operators, to report any such cases. It is a high bar but it helps us close the gap. On the second tier, we could cover community leaders, volunteers, neighbours even, and protect them with a good faith protection clause, so as to remove any fear of reporting or repercussions. These two aspects on response and reporting could help us close the gap on this very important issue.”
“Speaker, Sir, I thank the Member for her clarification. And I think we should just focus on the conclusion that the Member had in her speech – that both sides of the House work harder to maintain trust between our leadership, that includes the Member as well, and our people.”
“I thank the hon Member for her speech and I quite agree that we both, on both sides of the aisle, have a common cause to serve Singaporeans and Singapore. And to the Member's point, I think we are not enemies, and we are friends. We have known each other for a long time. Having said that, may I seek a clarification for when the Member used the word "imbalance" in this Parliament and also separately, the Member saying it is "vastly outnumbered", may I ask if the hon Member is questioning the outcome of the GE, which is the choice of Singaporeans overall? And secondly, if the Member cites another Parliament, may I seek a clarification if our hon Member actually aspires to a different system?”
“Sir, I thank the Member for his affirmation. Thank you.”
“This shifts from what Singapore produces to what Singaporeans earn. We should move beyond attracting just foreign direct investment flows to maximising Singaporeans' participation in global value chains. Our economic strategy must not only attract activity to Singapore, but also build pathways for Singaporeans, especially our youths, to participate meaningfully in global value chains. We should encourage Singapore firms to internationalise and count their overseas income as part of our national strength. Look at the region, look at the world with technology. Singaporeans, we are not confined to our own borders. Our companies, our professionals, our entrepreneurs, all should be increasingly international. By placing more weight on GNP, we shift our focus from the size of the pie on our shores to the larger share that our people can enjoy beyond Singapore. Mr Deputy Speaker, sir, GDP will always remain a useful measure of our hub vibrancy. But as we look to the next 60 years, it is time we look for growth beyond our shores. From what is produced in Singapore to what Singaporeans earn globally. That is the shift from GDP to GNP. In closing, sir, to keep Singapore special, we must maintain strong trust between our people and our leaders. And I say across the aisle, Singaporeans must demand the same high standards and accountability as they expect of us. Our President has spoken. It is not what we say, but what we do. More than what we achieve is what we inspire. In this House across both aisles, let us work together to build better lives and livelihoods for all Singaporeans. Let us keep Singapore special. Sir, I support the Motion. [Applause.]”
“That experience reminds us that one exam does not define a child and one-size-fits-all teaching can sometimes wound more than it uplifts. Every child learns differently. Brain-based pedagogy is rooted in respect for the learner, that each child’s brain learns through meaning, emotion and connection, not just by rote memory. Many parents will know the helpless feeling, like me, of being unable to solve a math problem alongside their primary school child. Instead of pushing both parent and child to frustration, imagine a system where adaptive AI helps the child practice at his own pace, while the teacher steps in as a coach in confidence. Our challenge is not to teach more, but to teach differently, supported by adaptive AI tools and teacher-as-coach models. We must invest boldly in every child, because with fewer children, each one matters more. Unlike the repeated refrain of calling for a smaller class size, we should be advocating how we cater to different learning styles and behaviours. Class size, the teaching environment and pedagogy are the derivatives. If we fail to make this shift, the risk is clear. Affluent parents will move ahead with AI-driven personalised learning outside our school system, while the rest of our children remain in rote-based pathways. That will widen social divides. With AI, do we want an education system that hardens inequality, or one that allows each child to learn with confidence? For the economic strategy, we should look at GNP instead of GDP. For the past 60 years, Singapore measured growth by GDP, building ourselves into a global hub. I say, for the next 60 years, we should also track GNP. How Singaporeans can benefit directly from growth, not just from home, but also abroad.”
“In my constituency, I had begun discussing a pilot heritage project to support our merchants and bring more vibrancy to our community with ad hoc work that will inspire our youths and engage our seniors, under my umbrella concept called Community Workfare. That brings me to the next topic of unlocking our silver dividend. Sir, our seniors are an untapped strength. Many still want to contribute – not just in formal jobs, but in mentoring, caregiving and community life. At a recent community event, I met Abdullah bin Ali, a retiree who teaches gardening at our Home Nursing Foundation Active Ageing Centre in Buangkok Crescent, not because he has to, but because, in his own words, “If I can stay active and share my knowledge, why not?” Or take Mdm Sandy Goh, who despite her own challenges, has rallied seniors to support food rescue programmes, first with me at Bedok Reservoir and Hougang, and now, in my new ward of Buangkok-Fernvale South. This spirit of staying active, giving back and finding new meaning is the silver dividend we must unlock, where ageing is not a sunset, but a second spring. To our youths, our education should move from answers to questions. Sir, a young student recently asked me, “If I can use AI, why do I still need to study?” Exams do not define potential. In this AI-era, it is not the answers we give but the questions we must ask. Are our primary classrooms supporting how children's brains actually learn best? I recall in my primary school how we were repeatedly drilled for the PSLE. One classmate was always slower to answer and often punished by being made to stand on his desk. It was traumatic for him, and painful for us to witness. He did not do so well in the PSLE. Yet, in later life, he rose to become a respected editor of a major publication.”
“With my late parents’ love-language of food and memories of my siblings squabbling over one fried egg, I want food in Singapore to unite and not divide. “Affordable food” means different things to different people. Left undefined, it can distort the perceptions of the cost of living. Like many Singaporeans, I am concerned about the rentals, hawker retirements and stall closures. But we must avoid conflating these arguments and be clearer about the cooked food segments that we are talking about. For instance, we can see four distinct parts: one, the National Environment Agency (NEA) and the Socially-Conscious Enterprise Hawker Centres (SEHCs); two, HDB rented coffeeshops after 1998; three, HDB private coffeeshops sold before 1998; and four, private F&B sector, where you have food courts, restaurants and so on. Sir, private F&B and HDB private coffeeshops should be left rightly to market forces. However, we should ensure fair tenancy practices and discourage speculative investment behaviour. NEA/SEHC hawker centres as well as HDB rented coffeeshops should be our social kitchens and community spaces. These two segments are where we must ensure access to affordable food, protect our hawkers’ livelihoods and strengthen our social compact. More than cost, we should look at revenue. Our food is our asset. Why not re-imagine our hawker culture as a tourism product, with cooking classes, food trails and heritage tours in our heartlands? If we can increase the average length of stay of a tourist just by one day, the multiplier effects on our economy would be significant. We must support also traditional foods which will otherwise disappear in this new economic environment.”
“I also am grateful for the support of Aljunied GRC residents, our activists and volunteers over the years. To our teams now serving in Aljunied and Sengkang GRCs and in Hougang SMC, I say, jiayou! Sir, over the years, I have had the privilege of seeing children grow up in our community. Some were still in school when I first met them at community centres or during house visits. Today, many of them are young adults, newly married, setting up homes and even raising their toddlers. During my walkabouts, quite a few – showing photographs taken with me stored in their phones – tell me they now live in Buangkok-Fernvale South, the newly constituted ward within Ang Mo Kio GRC where I now serve. It reminds me of our responsibility to ensure that Singapore continues to be a place where families can thrive and where every child can do better than the generation before. Ultimately, the Singaporean brand of politics must be about making Singaporeans’ lives better. As a small, resource-scarce, accidental nation, we arose out of adversity. Singapore is not the result of populist ideas, but of hard, long-term decisions built on trust between our people and our leaders. Today, that trust remains the core of our social compact. We must lead with resolve and heart: honouring our seniors, upskilling our people, uplifting the vulnerable, supporting families and inspiring our youths. Let me talk about the following issues: access to affordable food, unlocking our silver dividend, education to shift from answers to questions and from gross domestic product (GDP) to gross national product (GNP). Sir, I empathise with Singaporeans who worry about the cost of living.”
“I asked my staff to ensure they were kept separate and seemingly, they were pushed out, quietly displaced. Together with my early years as a policy-maker in Government, these first-hand, ground experiences help me empathise and understand the real-world challenges faced by our people. In Aljunied GRC, we worked hard, day-to-day between general elections, outside of Parliament. When offered the chance to contest elsewhere, I chose to stay and sent my team mate instead. Having contested not once, but twice, facing the opposition’s leadership team, I feel like this is my third term. The Leader of the Opposition and his team know how hard we work the ground. So much so, they coined the term “2-for-the-price-of-1”. Vote the WP and get the PAP for free. I have had more than my fair share of Aljunied voters who appreciated our groundwork and want the PAP to form the Government, but sheepishly confessed they voted to check on the PAP. It may be one vote. But together, as the Chinese saying goes, 杀鸡取卵. In other words, killing the goose that lays the golden eggs. With greater political contestation, we must guard against populist ideas presented by those who do not have to be in the driver's seat. As we can see in many mature democracies, eventually the interests of the country and of its people will be overridden by self-preservation, division and instability. With the interplay of digital media and geopolitics, I ask our hon Members across the aisle to assure us they will reject any external influence on our domestic politics. Taken together, Singapore voters are rational and want an opposition voice. But I ask Singaporeans to demand from the opposition the same high standards that they expect from the PAP. Sir, I am here, thanks to the voters of Ang Mo Kio GRC.”
“Mr Deputy Speaker, Sir, my road to this esteemed House has been a long one, but better late than never. Over the last 25 years, ground-up, every house visit, kopitiam conversation and community walkabout has reinforced my belief that Singapore is special because of the resilience and trust of our people. When I first declined the invitation to enter politics in 1996, I had just become the managing director of an investment firm. I did not know where my heart truly was. In 1998 during the Asian Financial Crisis, I was asked to retrench staff but refused, proposing instead that senior management take a pay cut to save jobs. Because I stood up for others, I was retrenched myself. I counselled those retrenched at a fast food outlet for weeks and to boost morale, I helped the most important person in my firm – our tea lady – secure a new job, which she kept until her retirement. This painful experience brought me back to the ground. In 1999, I began volunteering in Aljunied GRC to help those in need, even when I disagreed with some policies. When a strong PAP team was forsaken in 2011, I stepped forward. By then, after walking the ground for years, I knew where my heart truly was. 路遥知马力，日久见人心, or "As distance tests a horse's strength, time reveals a person's heart". To work the ground, I quit my CEO-level job in 2012. Later, when I tried to re-enter the workforce, I experienced what some Singaporean PMETs face – rejection, uncertainty and the pain of starting over. While I believe in an open economy, we must ensure employment practices that are fair and build up our Singaporean Core. Once, I remember interviewing candidates for a position. Strangely, they all seemed to come from the same company.”
“Minister, to the extent that smoking is precursor to vaping and with the clampdown on vaping, does the Ministry intend to take a tighter stance against smoking, especially among our young?”