Singapore appointed 2 idiots to lead the task force.

[jw5]

from straitstimes.com:

US, Singapore to promote commercial partnerships and exchanges in four key areas​

WASHINGTON - Singapore Minister for Trade and Industry Gan Kim Yong and the United States Secretary of Commerce Gina Raimondo on Friday (Oct 8) signed a memorandum of understanding (MOU) that aims to strengthen collaboration in US-Singapore trade and investment.

The US-Singapore Partnership for Growth and Innovation will "establish a vehicle for deepening economic integration between the United States and South-east Asia, building on the already strong commercial ties between firms in the United States and Singapore", the two said in a joint statement.

"To this end, we will convene activities for government and private sector leaders to promote commercial partnerships and exchanges on policy developments, starting with four pillar areas: digital economy, energy and environmental technologies, advanced manufacturing, and healthcare."

The two governments are "committed to delivering commercially meaningful outcomes on priority topics such as e-commerce, cyber security, clean energy and climate change solutions, medical technologies, and advanced manufacturing technologies" they said.

The challenge of enhancing supply chain resilience will also figure in discussions, with other stakeholders and governments from South-east Asia invited where possible, they added.

Ms Raimondo said the partnership will "support economic recovery as we build back from the global pandemic and underscores the United States' deep-seated commitment to creating and maintaining meaningful partnerships with Singapore, South-east Asia, and the entire Indo-Pacific region".

The partnership is a milestone, with both countries committed to working closely for a stronger post-Covid-19 recovery, Mr Gan said.

Separately, earlier on Thursday, Mr Gan told an audience at the US Chamber of Commerce in Washington that Singapore was working on establishing a Vaccinated Travel Lane (VTL) with the US and wants to conclude it before the end of the year.

Travellers from Singapore can fly freely to the US, but travel from the US to Singapore remains restricted.

Arrivals must undergo several polymerase chain reaction (PCR) tests for Covid-19, and must serve a 10-day stay-home notice.

But Singapore is cautiously lifting restrictions.

VTLs with Brunei and Germany allow vaccinated travellers to visit Singapore on pre-designated vaccinated flights, but require PCR tests.

On Friday, Singapore's Ministry of Transport announced that Singapore and the Republic of Korea have also agreed to jointly launch a VTL starting from Nov 15.

"There's some pressure, from our own (US) government, to see Singapore ease traffic from America," US Chamber executive vice-president and head of international affairs Myron Brilliant told Mr Gan Kim Yong on Thursday.

Mr Gan said: "We are moving towards regular testing with self-test kits readily available."

He added: "Once you're tested negative, you can go about doing business and other activities quite freely. This allows us to protect our lives and at the same time, restore our activities. I think that this is going to be the key - both vaccines and testing. This will also be the key to travel arrangements."

The US was the eighth-largest market for visitor arrivals to Singapore in 2019, with 729,000 visitors, but just over 2,000 visited in the first eight months of 2021.

 

[jw5]

Lawrence wants to plan for the long term.

Lawrence Wong​

7 hrs ·
While monitoring the Covid-19 situation closely is our key priority, we also need to plan for the long-term.
And some of these long-term issues, like our economy, supporting our workers, and decarbonising our economy, were part of our discussion at the Institute of Policy Studies - IPS Singapore Economic Roundtable on Friday.
Our fiscal strategies aim to address our long-term challenges, for a fair, green and inclusive society.
We will continue to invest in Singapore and Singaporeans, and we will never stop thinking about tomorrow.

 

[jw5]

from straitstimes.com:

S'pore's revised carbon tax rate for 2024 to be announced in Budget 2022: Lawrence Wong​

SINGAPORE - Singapore's revised carbon tax rate for 2024 will be announced in next year's Budget, which will also indicate what to expect up to 2030.

Speaking at the 35th Singapore Economic Roundtable on Friday (Oct 15), Finance Minister Lawrence Wong said the Republic's carbon price today is too low.

This is why the Government is reviewing the level and trajectory of its carbon tax, so that it reflects the cost of carbon and influences investment decisions effectively, he said.

And as it introduces higher carbon taxes, it will also enhance U-save rebates to help lower- and middle-income households with the transition, Mr Wong added.

Singapore was the first South-east Asian nation to introduce a carbon tax in 2019, but its rate of $5 per tonne is considered to be on the low end of the spectrum.

Mr Wong said the carbon price is a key lever for the green transition of Singapore's economy, and the Government is mindful that businesses will need predictability and time to adjust.

The most promising options today are clean hydrogen and carbon capture, but these technologies are not available for immediate deployment. And that is why Singapore is investing heavily in research and development, he said.

“Importing green electricity can help, but surely we don’t want to import 100 per cent of our electricity. There are limits to importing power - there are technical issues, there are energy security issues as well.”

He added that the sustainable and responsible way to fund recurrent expenditures is to raise tax revenue.

Healthcare in Singapore alone will demand an additional 3 per cent of gross domestic product in spending over the next 10 years, not to mention investments to reduce emissions, provide quality education and maintain security.

"Totalled up, our needs are significant and growing. Some of these can be borne through income taxes. But, with rapid ageing, it will not be sustainable and will make it hard for our working population."

This is key to understanding why the Government is looking to increase the goods and services tax (GST), he said. It is a tax on final consumption and helps to smoothen the burden of taxation across the entire population young and old, and includes tourists and foreigners when they spend money here.

The Government announced plans to raise the GST rate from 7 per cent to 9 per cent in Budget 2018, and said in Budget 2020 that it would also roll out a $6 billion Assurance Package to cushion the impact of the hike on lower- and middle-income households. It also announced in Budget 2021 that the hike will take place between next year and 2025, but sooner rather than later, subject to the economic outlook.

On Friday, Mr Wong said Singapore is not alone in raising GST - the GST or value-added tax (VAT) is now central to tax systems around the world, and most jurisdictions have much higher GST or VAT rates than Singapore.

As the Republic considers different ways to raise more revenue, it must continue to uphold a fair and progressive system tax system, he added.

Some people object to certain tax increases because they are regressive and disproportionately impact the lower-income. But these concerns are not so applicable in Singapore's context, he explained, as it works very hard to mitigate the impact of specific tax components, especially for the vulnerable.

"For example, our GST is tied to a permanent GST Voucher Scheme to defray the tax burden for lower- and middle-income households. When we raise the GST rate, we will also enhance these permanent GST vouchers."

What is more important is not to look at individual tax items, but to consider the taxes and transfers system as a whole, the minister added, noting that Singapore has always maintained a high level of transfers to the lowest income households.

Households in the bottom 20 per cent income bracket receive about $4 in benefits for every dollar of tax paid. For middle-income households, the ratio is around 1:2; whereas for households in the top 20 per cent of income, for every dollar of tax paid, they receive 30 cents in benefits.

"Our taxes and transfers system today is progressive, and we will keep it that way. For the middle-income, we maintain a low tax burden so that they can enjoy the rewards of their hard work and have the freedom of choice in their expenditures."

Mr Wong added that Singapore has kept its public expenditure lean yet effective, and that is why half of its working population do not have to pay personal income taxes, and GST rates are where they are today.

"Going forward, we will need to raise revenue to fund our additional expenditure. But we will move forward carefully, to make sure that overall public spending remains effective, and that taxes remain as low as possible for the middle class."

Another element of progressivity, he said, is to consider not just a person's income but his wealth, and those who are more affluent should pay their fair share of taxes.

Singapore, he stressed, already taxes wealth in various forms - via property tax and stamp duties on residential properties, and via additional registration fees on motor vehicles.

Singapore has also been able to mitigate some of the divergence in wealth seen in other places through its home ownership policy, he added.

Heavy public housing subsidies have allowed a whole spectrum of home owners, including the lower income, to gain from the appreciation in home prices and equity.

Singapore's policies should continue to promote broad-based wealth accumulation among Singaporeans. But just as it has tempered income inequality over the years,it also needs to guard against rising wealth inequality, he said.

"That is why we continue to study options to expand our system of wealth taxes - in ways that are effective and add to our revenue resilience without undermining our overall competitiveness."

And with an increasingly mobile tax base, deeper international cooperation is needed, said Mr Wong.

"Every country should be free to set its own tax rate. But with mobility of capital and talent, taxes are no longer purely domestic issues," he added.

"This is why there is a need for enhanced international coordination on tax matters and international tax standards... It is important for us to have a seat at the table, and to shape the evolving rules on international taxation."

 

[jw5]

from straitstimes.com:

S'pore must strengthen revenue resilience to ensure no citizen is excluded from benefits of growth: Lawrence Wong​

SINGAPORE - The lives of Singaporeans and that of their children will become progressively better, and nobody - and no group - will stagnate or feel excluded from the benefits of growth, said Finance Minister Lawrence Wong on Friday (Oct 15).

Investments in these efforts to mitigate inequality and improve social mobility entail regular spending, and in order to cope with rising spending needs, Singapore will have to strengthen the resilience of its revenue base, he added.

"We must continue to reduce inequality and promote greater social mobility among all segments of society and throughout (people's) working lives... All these efforts will require more recurrent funding.

"But these are areas that the Ministry of Finance (MOF) will not hesitate to spend on - to invest in the progress and well-being of our people, to temper inequality and improve social mobility, and to counter the tendency for a mature society to stratify.

"These are fundamental tenets of our commitment to Singaporeans."

He gave this assurance to all Singaporeans, as he outlined Singapore's fiscal strategies and the thinking behind them, at the 35th Singapore Economic Roundtable organised by the Institute of Policy Studies.

The roundtable gathers senior private sector economists, academics, business leaders and policymakers to discuss key macroeconomic policy issues facing Singapore.

Mr Wong said that Singapore has succeeded so far in running a prudent and effective fiscal policy. But the task at hand will only become harder, given three key challenges or "curves" that will determine the trajectory of the country's fiscal strategy.

These are: widening fault lines, and the threat to social cohesion when there is accumulated advantage by a small group of people; a rapidly ageing population, which means a shrinking labour force and an ever greater need for healthcare and aged care; and climate change - an existential challenge that calls for urgent action today, even if its worst effects will be felt only decades from now.

Like other countries, Singapore will need more fiscal resources to tackle these challenges of inequality, demographics and emissions effectively, he said.

The goal is to build a society that is even more fair and just - where every child can achieve his or her dreams and every worker can stand tall, and where every person can be accepted regardless of social background or age, race or religion.

"But how can we ensure sufficient resources without placing an undue burden on our current or future generations? That is a question that keeps many finance ministers awake at night.

"That means we must be alive to the immense responsibility the Government has as steward of our resources. What we have inherited from yesterday, we must wisely guard; what we have been entrusted with today, we must responsibly utilise."

He pointed out that Singapore has made good progress on social mobility.

A 2015 study by MOF found that of the children born from 1978 to 1982 to parents who were at the bottom one-fifth of the income stakes, 14.3 per cent moved to the top fifth among their peers in their 30s - higher than corresponding figures for other countries in Northern America and Europe.

This data was recently updated for children born from 1985 to 1989, and the percentage was 14 per cent - slightly lower than before, but still much better than many other places, he said.

He noted that it is not enough to tackle inequality through initiatives such as SkillsFuture, the progressive wage approach and top-ups to the Workfare Income Supplement scheme for lower-wage workers.

Singapore, too, is one of the fastest ageing societies, with one-quarter of Singaporeans projected to be 65 and above by 2030. This can place significant strain on society, he said.

The Republic's healthcare spending has already tripled in dollar terms over the past decade, and is now at 2.2 per cent of gross domestic product (GDP). This expenditure is expected to increase further to 3 per cent of GDP by 2030.

"I have said before that the revenue from the increase in GST will go towards supporting our healthcare expenditure. But this revenue will not be enough to cover the additional healthcare spending.

"And we can expect healthcare spending to keep rising even beyond 2030, while the decline in the working age citizen population will shrink our income tax base. These are difficult problems, and there are no easy solutions."

With shrinking labour force growth, productivity will be key, added Mr Wong. This means helping businesses to transform and shift away from manual processes, and equipping people with new skills.

It also means growing the silver economy, raising the retirement and re-employment ages, and providing wage top-ups and grants to incentivise companies to employ senior workers.

On the emissions curve, he said that Singapore is committed to this global effort, and is taking proactive steps to decarbonise its economy.

This will not be an easy transition because the country is put at a double disadvantage - a lack of land space and natural resources which makes it very challenging to scale up renewable energy, and significant flood risks as a low-lying island.

But Singapore's economic story has always been one where it defied the odds, he said. "So we are seriously considering the import of green electricity, and findings ways to overcome the high cost, technical and security challenges."

Singapore is also actively pursuing new opportunities to grow as a sustainable finance hub, and investing in research and development on new technologies such as hydrogen and carbon capture.

To arrive at a fairer, greener and more inclusive society, Singapore must re-examine its fiscal strategies so that its tools can meet the tasks at hand, said Mr Wong.

It must ensure that its programmes and investments are funded in a fiscally efficient manner that preserves inter-generational equity.

Singapore has gone beyond just awarding grants to businesses, to using loans and equity to support companies. This will allow it to recycle its fiscal resources in the long run.

It also risk-shares with banks, and provides support or invests with private sector partners such as Clifford Capital and Heliconia.

"In this way, we borrow their commercial lens in the selection of companies to groom into local champions. These expanded ways of investing in our economy and viable companies are crucial in stretching the public dollar," he added.

Singapore also strengthens inter-generational equity between the present and future, by making use of borrowing to finance long-term infrastructure projects.

The Significant Infrastructure Government Loan Act, or Singa, allows the Government to issue bonds to fund nationally significant infrastructure with high upfront costs but large long-term benefits.

Some think that borrowing will create more fiscal space, and so Singapore should borrow more.

But the Minister cautioned that borrowing is not a panacea to fiscal challenges, as what is borrowed today has to be paid back tomorrow, and borrowing simply shifts the burden to the future generation.

That is why Singapore is limiting its borrowing to long-term projects, where it makes sense to share the costs equitably between present and future generations, he explained.

"We should never seek to make our own lives easier at the expense of future generations. That would not be responsible. Instead, we should always seek to pass on a Singapore in good shape to our future generations.

"This has been a cornerstone of our fiscal philosophy since independence, and we will continue to uphold this."

Strengthening revenue resilience is also crucial, he said, adding that compared with other countries, Singapore is in a strong fiscal position.

It has its reserves as an endowment, from which it draws a stream of resources to spend every year. Most advanced countries pay 2 per cent to 3 per cent of GDP each year just to service their debts, he said.

In Singapore's case, its Net Investment Return Contributions (NIRC) give an additional revenue of around 3 per cent GDP on average, which has helped keep the overall tax burden low.

Some want Singapore to spend even more from its endowment.

But this idea should not be tossed about "flippantly", said Mr Wong, as returns from the NIRC already face significant headwinds in a more challenging global investment environment, and one must never underestimate the kinds of shocks that may plague Singapore in the future.

Just for Covid-19 alone, the Government has planned to use more than $50 billion from the reserves - more than 10 times the amount it had drawn for the 2009 global financial crisis, he added.

He concluded that Singapore's long-term outlook and prudence have put it in a stable place fiscally, and enabled it to strengthen its social compact over the years.

In the end, he said, the country's fiscal system must sustain a more fair and just society.

"This is our vision, and this is what our fiscal strategies have been built on. We will wisely steward our resources and never stop thinking about tomorrow, so we can have an ever fairer, greener, and more inclusive Singapore."

 

[jw5]

from straitstimes.com:

Govt will consider economic conditions, such as inflation, when timing GST hike: Lawrence Wong​

SINGAPORE - In deciding on the timing for the impending goods and services tax (GST) hike, the Government will look closely at the overall economic conditions, including the outlook on inflation, Finance Minister Lawrence Wong said on Friday (Oct 15).

He stressed that the increase will come with offsets that will effectively delay the effects of the hike for the majority of the population by five years, and for the lower income by 10 years.

Besides the offset package, the permanent GST Voucher Scheme will also be enhanced, he added.

"GST in Singapore is quite unique, compared to almost all other countries," he said, adding that the GST Voucher Scheme will defray the GST hike for lower- and middle-income households.

Against the backdrop of the Covid-19 pandemic, the planned GST hike from 7 per cent to 9 per cent - which the Government has said would take place between next year and 2025, and sooner rather than later - has sparked much discussion with many wondering when exactly it will be implemented.

Mr Wong was asked on Friday at the 35th Singapore Economic Roundtable about how inflation would influence the timing of the increase.

Inflation is flaring up around the world - jumping to 4.1 per cent in Germany and 5.4 per cent in the United States - and eroding purchasing power, and the minister said the Government is watching the situation very closely.

But he reiterated the Government's position, and said the GST hike will have to take place probably sooner rather than later.

"And we will consider the overall economic outlook, including the outlook on inflation, when we eventually decide on the actual timing of this move," he added.

The planned GST hike was announced in 2018 and is meant to help Singapore meet rising recurrent spending needs, especially in healthcare and social support.

A $6 billion Assurance Package was set aside last year to help cushion the impact of the hike. The Government also announced plans to enhance the GST Voucher Scheme, which comprises cash, MediSave and U-Save or utilities rebates components.

Mr Wong, citing these measures, said: "When you look at that, then you appreciate that... the GST move shouldn't be looked at in isolation."

Another area that Singapore continues to explore to increase its tax base is wealth taxes, Mr Wong said.

Asked about this at the biannual meeting of private sector economists, business leaders and policymakers, he said: "Well, I shouldn't talk about what we are thinking about for the Budget. But as I said in my speech, we are studying what options there are to expand our system of wealth taxes."

He added that three factors go into the Government's consideration on this front: whether it is an effective way of taxation that will not be easily avoided; whether it can be done without undermining overall competitiveness; and whether any new wealth taxes will add to Singapore's overall revenue and resilience.

"One of the big challenges or the practical issues with any form of wealth tax is that wealth is mobile, and it can be easily avoided," he said.

"Talent and wealth can move to other places, so we have to consider that very carefully."

With the recent progress in the international effort to overhaul the global tax system and set a minimum global corporate tax rate, Singapore may also see some additional revenue from corporate taxes, said Mr Wong.

Referring to the base erosion and profit shifting initiative, or Beps 2.0, to revise tax rules and clamp down on tax avoidance by multinational companies, he said: "We will update our corporate tax system accordingly to be in line with these new international norms.

"And so long as this is done on a level playing field, all countries adopt this, we will go along with that approach. Doing so may give us some additional revenue through changes in our corporate tax system."

During the 30-minute dialogue session moderated by The Straits Times associate editor Vikram Khanna, Mr Wong was also asked about whether the Government would revisit the fiscal rule of achieving balanced Budgets for each term of office, given the projected increase in spending and the large deficits precipitated by the Covid-19 pandemic.

The rule is enshrined in the Constitution.

To this, Mr Wong said the rule does not preclude the Government from undertaking counter-cyclical spending and in an emergency scenario, such as the pandemic, it can draw on the fiscal firepower of past reserves subject to the President's agreement.

He added that there are good reasons to keep the rule now, though nothing is ever off the table.

"I think it's a sound system that instils a culture of fiscal responsibility and stewardship, and still enables us to spend when the need arises," he said.

"Once you lose that discipline, there is no turning back. And that's why in many advanced countries, you see rising deficits, and that it doesn't get better. So I would have a care about... saying: 'It's okay, let's just allow some relaxation'."

 

[jw5]

Lawrence is not relaxing the restrictions.

Lawrence Wong​

2 hrs ·
We explained earlier that we can relax the restrictions only if the pressure eases off on the healthcare system.
For now the healthcare situation remains under pressure. Nearly 90% of our isolation rooms are filled; more than two-thirds of our ICU beds are occupied. So we still face considerable risks of the healthcare system being overwhelmed.
That means we will have to continue with the stabilisation measures beyond 25 Oct. It doesn’t mean that the existing measures will remain static for another month. We will continue to review the situation over the coming weeks to see if there is any scope for calibrated easing.
Meanwhile, Ministry of Finance (Singapore) will provide a further support package to help affected businesses and workers. The components of the package will be similar to the present one. It will cost $640 mn, which we will fund through upside in our revenue. So there is no draw on past reserves.
I know this is a difficult time for everyone. I seek your understanding of our present situation, and your support to protect our healthcare system and workers.

 

[jw5]

Lawrence is excited about the new Yew Tee integrated development.

Lawrence Wong​

3 hrs ·
Excited about the new Yew Tee integrated development unveiled by Housing & Development Board today! It will have public housing for seniors seamlessly integrated with a range of facilities such as a hawker centre, Community Club, polyclinic, kidney dialysis centre, and retail shops. The 2-room flexi flats in the development will be launched in HDB’s Nov 2021 sales exercise.
This new integrated development is a key part of our plans to transform the estate, and I’m glad we’re able to get it going despite the impact of Covid-19. It will take some time for the project to be completed, but I join all our Limbang and Yew Tee residents in looking forward to this new focal point for the town!

 

[jw5]

Plenty of greenery, hopefully Lawrence can help to plant a few trees.

 

[jw5]

Plenty of facilities.

 

[jw5]

Lawrence attended APEC Finance Ministar's meeting virtually.

Lawrence Wong​

7 hrs ·
Attended the APEC - Asia-Pacific Economic Cooperation Finance Ministers’ Meeting chaired by New Zealand Deputy Prime Minister and Finance Minister Grant Robertson this morning. It was good to see my fellow APEC Finance Ministers virtually, as we discussed our respective responses to COVID-19 and how governments could work together towards a balanced and inclusive recovery. This includes facilitating the movement of vaccines and essential goods; and the progressive safe resumption of cross-border travel, especially among vaccinated persons.
Like many economies, Singapore is determined to emerge stronger and more sustainably from this pandemic. We are updating our domestic policies to build green finance capabilities and catalyse climate-resilient investments under the Green Finance Action Plan. We are also working with multilateral partners, including APEC economies, to unlock private capital through consistent disclosure standards and taxonomies.
I look forward to collaborating with my APEC colleagues to pivot our economies towards a better, more sustainable and greener recovery for all.

 

[jw5]

Lawrence making an important point.

 

[jw5]

Participants at the meeting.

 

[jw5]

Lawrence just finished the MTF press conference.

Lawrence Wong​

4 hrs ·
Just finished the MTF press conference with my co-chairs. We shared the possible relaxations we are considering and the conditions under which we will move. This is all part of our controlled and calibrated reopening to safeguard both lives and livelihoods.

 

[jw5]

Lawrence announces distribution of ART kits.

Lawrence Wong​

2 hrs ·
From today, primary schools will be distributing 10 ART kits to each student. Our primary school students will use these kits to do self-testing every fortnight until school closes in November as an additional measure for them to do their part as we cope with Covid-19 being endemic in our community.
The second round of nationwide distribution of ART kits also began last Friday. Singapore Post will be delivering 10 test kits to every Singaporean household.
Very grateful to everyone involved in the additional ART kit distribution. Let’s all get into the habit of doing self-tests regularly. It’s a useful way to detect infection, and to protect our family members and loved ones.
(

: Ministry of Education, Singapore/Punggol Primary School)

 

[jw5]

Students happy to receive their ART kits.

 

[jw5]

from msn.com:

‘Too risky’ to allow 5 from same household to dine in at restaurants: Lawrence Wong​

SINGAPORE — It is “too risky” for five members of the same household to sit together in a restaurant, said Lawrence Wong, co-chair on the COVID-19 multi-ministry taskforce (MTF), on Wednesday (20 October).

peaking at an MTF doorstop interview, the Finance Minister was referring to a request by the Restaurant Association of Singapore to allow up to five household members to dine in at the same table in food & beverage (F&B) establishments. Wong said that while the MTF is looking into the request, it cannot make such a move for now because of the “pressure on the healthcare system”.


The MTF announced on Friday that Singapore will extend the safe management measures under the Stabilisation Phase by another four weeks from 25 October 2021 through 21 November 2021. The Phase, which began on 27 September, was originally slated to end this Sunday.

The MTF announced last month that groups of up to two persons are allowed to dine-in at certain F&B establishments such as restaurants, if all the diners are fully vaccinated. This was a reduction from the previous limit of five persons for dine-in.

The vaccination-differentiated safe management measures were later extended to hawker centres and coffee shops, and for entry into shopping malls and attractions.

Wong said that it doesn’t mean the measures under the extended Stabilisation Phase remain “frozen or static” throughout the entire month and the MTF will continually review to see if there is scope for calibrated easing.

“And in instances where the risks are acceptable in some of these settings, where there are measures where certain risks are acceptable, we will consider moving first on these measures.”

 

[Confuseous]

We can have the best intentions and plans. I have been strolling in and out of
hawker centres. Often, there were no staff at the entrance. And certainly almost
no staff at the exit points. So uncles and aunties go in by the back door so to
speak.

 

[jw5]

from msn.com:

Bloomberg forum: Not 'practical' to extend dining in for 5 to Singaporeans – Gan Kim Yong​

SINGAPORE — While local and foreign delegates at next month's Bloomberg New Economy Forum (NEF) may dine together in groups of up to five at NEF venues and other designated restaurants, it is not "practical" to extend the same concession to Singaporeans, said Trade and Industry Minister Gan Kim Yong on Monday (25 October).

According to local media reports, he pointed out that the concession was only being extended to a limited number of delegates at a forum – more than 300 participants – who are required to undergo pre-event testing (PET) on each day of the event. They may also dine with non-NEF delegates at specific venues, provided the latter undergo a pre-event COVID-19 test and test negative.


On the possibility of a pre-testing requirement for the public to dine in larger groups just like for the Bloomberg forum, “we have to consider whether that is practical," said Gan.

"Those who are infected may bring the virus back home and they may have seniors at home who will be exposed to the danger," the co-chair of the multi-ministry task force on COVID-19 said.

"So we have to bear this in mind as we discuss and explore the possibilities for opening up dining in flexibility for locals."

'Very strict requirements'​

Gan was speaking at a virtual press conference open only to Singapore Press Holdings and Mediacorp outlets, as well as the social news site Mothership, where he addressed fierce online criticisms of the dining concessions afforded to NEF delegates, which were revealed on Sunday.

A two-person rule for dining in has been imposed till 21 November as part of safe management measures (SMMs) in Singapore's Stabilisation Phase. The NEF will take place from 16 to 19 November at Capella Singapore, while prevailing SMMs are expected to be reviewed before 21 November.

Gan reiterated the Singapore Tourism Board (STB) and Economic Development Board's (EDB) earlier comments that the NEF delegates are subject to very strict requirements. Foreign delegates arriving for the forum must be fully vaccinated and upon arrival, take a polymerase chain reaction (PCR) test and stay in their hotel rooms till a negative result is confirmed.

Venues are designated and occupied solely for the event to ensure that they are "bubble-wrapped" and safe for everyone, said Gan. These venues are likely to be restaurants in hotels where delegates are are staying in, or at least in the vicinity.

“In order for the Bloomberg forum to be effective...we will need to ensure that they have a space to be able to interact with one another...Not just one-to-one, but carry out discussions in a group setting. Therefore we have allowed them to have a larger group when they are dining,” Gan said.

The measures are stricter than existing ones for larger-scale events for Singaporeans. For example, at wedding receptions, pre-event testing is required for all attendees unless they are fully vaccinated, have recovered from COVID-19 or are aged 12 and below.

Critical event for Singapore​

The NEF is expected to draw current and former heads of state and global chief executive officers. It is critical for Singapore's strategic position as a business hub, said Gan, who called the event a vote of confidence for the city-state and its ability to manage the pandemic.

“It is important for Singapore, as a hub city, to remain open. This is not only for purposes of business, it's also important for some of our own communities’ social needs.”

The minister added that business networking is a key reason that the delegates, many of whom will travel to Singapore from faraway places, are being allowed to meet in groups of five.

"You do want to meet as many people as you can (within limited time)...Therefore, in order for the Bloomberg forum and MICE events to be effective, we will need to ensure that they have a space to be able to interact with one another so that they can network."

 

[jw5]

from straitstimes.com:

Household members will be allowed to dine in groups of 5 if weekly infection growth rate falls: Lawrence Wong​

SINGAPORE - People from the same household will be allowed to dine out in groups of up to five if two conditions are met, said Finance Minister Lawrence Wong on Saturday (Oct 23).

First, the weekly Covid-19 infection growth rate must fall below one, meaning that the number of new cases is beginning to decline. Next, the hospital situation – especially in intensive care units (ICUs) – must remain stable.

If these conditions are met, more team sports and school activities will also be allowed to resume.

At a press conference on Saturday, Mr Wong set out three indicators the multi-ministerial task force looks at before deciding to ease Covid-19 restrictions.

These are: the daily rate of increase in infection numbers, the proportion of infected people who fall severely ill, and the occupancy rates at hospitals, especially intensive care unit (ICU) beds.

The Ministry of Health's daily reports will be updated with these figures, so the public is able to track them, Mr Wong said.

But the one key number that reflects all these is the weekly infection growth rate, which is the ratio of cases in the past week over the week before.

This number used to be 1.5, suggesting that cases were doubling every two weeks or so, Mr Wong said.

It is currently just above one, meaning cases are still going up but at a slower rate.

"But because cases are still increasing, it is still resulting in pressures on our healthcare system," he added.

If this number goes below one, and the hospital and intensive care unit situation remains stable, the Government will make "calibrated easing" in three areas, he said.

It will allow team sports to take place, resume more activities in schools and institutes of higher learning and allow household members to dine out together in groups of up to five.

"These are calibrated moves where we assess the risks to be acceptable," said Mr Wong, who co-chairs the task force.

For instance, masks are typically worn during school activities, while sports teams can be required to take antigen rapid tests before the start of the activity.

As for dining as a household, the risks of people not abiding by the rules can be mitigated with sufficient enforcement, he said.

On Wednesday (Oct 20), the task force had announced that tightened restrictions - which include capping group sizes for social gatherings and dining in at two - will be extended for a month till Nov 21.

The measures will be reviewed at the two-week mark and adjusted based on the community situation then, it said.

Mr Wong noted that some people may ask why measures are not eased further, for instance by allowing group sizes to increase across the board to five or even eight people.

This is because relaxing measures across the board will cause cases to rise sharply, impacting the healthcare system, he said.

He acknowledged frustrations about the ongoing restrictions, but added his hope that people will understand Singapore’s healthcare considerations as it manages the pace of reopening.

"I think we have to ask ourselves if this were to happen, what will we do when our ICU facilities get fully occupied?" he said.

"What happens if there is a surge of cases, and we do not have enough ICU beds to take care of people who truly need ICU care?"

 

[jw5]

Lawrence and OYK participated in the G20 Joint Finance and Health Ministers meeting today in Rome.

Lawrence Wong​

33 mins ·
The Covid-19 pandemic has shown that the current global system for public health and pandemic response is fragmented and under-funded.
The G20 Italy had earlier convened a high-level independent panel (which SM Tharman co-chaired) to study how the global system can be strengthened. One recommendation is to set up a new global board comprising both health and finance ministers to strengthen international cooperation and coordination.
In this regard, the Italian G20 Presidency has convened the G20 Joint Finance and Health Ministers meeting today in Rome. Was happy to participate in the meeting with my colleague Ong Ye Kung. In Singapore, we can attest to the usefulness of this joint approach - that’s how we’ve organised ourselves as a team, together with our medical experts, to coordinate and implement our response measures throughout the pandemic.