SINGAPORE: Prime Minister Lawrence Wong is set to deliver a ministerial statement on the US tariffs and their implications as parliament sits on Tuesday (Apr 8).
US President Donald Trump imposed sweeping new tariffs last week, sparking a raft of retaliatory moves by some countries, including China.
Singapore was hit with the baseline 10 per cent tariff, which is much lower than the tariffs other Southeast Asian nations are facing.
Last week, Mr Wong said Singapore must brace itself for more shocks to come, as the global calm and stability that once existed "will not return anytime soon".
Singapore stocks were down nearly 7.5 per cent at closing on Monday.
According to the order paper released on Monday, Minister for Home Affairs K Shanmugam will also deliver a ministerial statement on the government's position on the presumptions under the Misuse of Drugs Act.
Other topics that are set to be discussed in the parliamentary sitting include Chocolate Finance halting instant withdrawals, bus safety and water seepage cases in Housing and Development Board (HDB) flats.
Several Members of Parliament (MPs) filed questions relating to Chocolate Finance.
Last month, the financial services platform had temporarily halted instant fund withdrawals due to "high demand". It said on Mar 10 that withdrawals would take three to 10 working days before they are reflected in users' bank accounts.
MP Saktiandi Supaat (PAP-Bishan-Toa Payoh) asked what steps the Monetary Authority of Singapore (MAS) is taking to ensure financial institutions and fintech companies provide clear, accurate and timely communication regarding changes to their products and services.
He also asked what measures are in place to encourage these institutions to adopt responsible marketing strategies and how MAS ensures the companies adhere to the same standards of risk management and consumer communications as banks.
MP He Ting Ru (WP-Sengkang) asked whether MAS would be reviewing its safeguards to ensure non-licensed individuals do not provide financial advice and influence the public with opinions on licensed financial institutions.
She also asked whether there has been an increase in complaints against non-licensed individuals and financial influencers.
Nominated Member of Parliament (NMP) Mark Lee wanted to know how MAS ensures that fintech platforms and non-bank financial institutions offering high-yield investment products maintain sufficient liquidity and manage fund withdrawal risks.
Mr Saktiandi asked about the number of bus passenger fatalities each year for the past decade and the main causes of death.
He wanted to know whether the recent death of an 80-year-old man who lost his balance and fell on a bus would expedite the planned implementation of the Bus Safety Tripartite Taskforce’s recommendations.
MPs Liang Eng Hwa (PAP-Bukit Panjang) and Carrie Tan (PAP-Nee Soon) raised questions about water seepage in HDB flats.
Mr Liang asked if there has been an increase in reports of external water leakage incidents during the recent monsoon surge and whether HDB is monitoring and rendering assistance to the town councils that are attending to such cases.
He also asked if there was an update on the implementation of "improved diagnosis methods" to accurately identify the causes.
Ms Tan wanted to know the number of cases weekly for the last year, and the number of engineers within HDB who are "responsible for assisting with rectification of complex water seepage issues".
She asked about the expected timeline for HDB engineers to respond and conduct visits to residents' homes to get an accurate diagnosis of "complex water seepage cases".
Mr Liang also asked if the Ministry of Law can provide assistance to claimants to seek recourse from retailers who ignore and refuse to comply with the enforcement order of the Small Claims Tribunal.
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US President Donald Trump imposed sweeping new tariffs last week, sparking a raft of retaliatory moves by some countries, including China.
Singapore was hit with the baseline 10 per cent tariff, which is much lower than the tariffs other Southeast Asian nations are facing.
Last week, Mr Wong said Singapore must brace itself for more shocks to come, as the global calm and stability that once existed "will not return anytime soon".
Singapore stocks were down nearly 7.5 per cent at closing on Monday.
According to the order paper released on Monday, Minister for Home Affairs K Shanmugam will also deliver a ministerial statement on the government's position on the presumptions under the Misuse of Drugs Act.
Other topics that are set to be discussed in the parliamentary sitting include Chocolate Finance halting instant withdrawals, bus safety and water seepage cases in Housing and Development Board (HDB) flats.
Several Members of Parliament (MPs) filed questions relating to Chocolate Finance.
Last month, the financial services platform had temporarily halted instant fund withdrawals due to "high demand". It said on Mar 10 that withdrawals would take three to 10 working days before they are reflected in users' bank accounts.
MP Saktiandi Supaat (PAP-Bishan-Toa Payoh) asked what steps the Monetary Authority of Singapore (MAS) is taking to ensure financial institutions and fintech companies provide clear, accurate and timely communication regarding changes to their products and services.
He also asked what measures are in place to encourage these institutions to adopt responsible marketing strategies and how MAS ensures the companies adhere to the same standards of risk management and consumer communications as banks.
MP He Ting Ru (WP-Sengkang) asked whether MAS would be reviewing its safeguards to ensure non-licensed individuals do not provide financial advice and influence the public with opinions on licensed financial institutions.
She also asked whether there has been an increase in complaints against non-licensed individuals and financial influencers.
Nominated Member of Parliament (NMP) Mark Lee wanted to know how MAS ensures that fintech platforms and non-bank financial institutions offering high-yield investment products maintain sufficient liquidity and manage fund withdrawal risks.
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Mr Saktiandi asked about the number of bus passenger fatalities each year for the past decade and the main causes of death.
He wanted to know whether the recent death of an 80-year-old man who lost his balance and fell on a bus would expedite the planned implementation of the Bus Safety Tripartite Taskforce’s recommendations.
MPs Liang Eng Hwa (PAP-Bukit Panjang) and Carrie Tan (PAP-Nee Soon) raised questions about water seepage in HDB flats.
Mr Liang asked if there has been an increase in reports of external water leakage incidents during the recent monsoon surge and whether HDB is monitoring and rendering assistance to the town councils that are attending to such cases.
He also asked if there was an update on the implementation of "improved diagnosis methods" to accurately identify the causes.
Ms Tan wanted to know the number of cases weekly for the last year, and the number of engineers within HDB who are "responsible for assisting with rectification of complex water seepage issues".
She asked about the expected timeline for HDB engineers to respond and conduct visits to residents' homes to get an accurate diagnosis of "complex water seepage cases".
Mr Liang also asked if the Ministry of Law can provide assistance to claimants to seek recourse from retailers who ignore and refuse to comply with the enforcement order of the Small Claims Tribunal.
Continue reading...