Silver bullets from the Budget, Views From The Top - THE BUSINESS TIMES 24/2/20, 2:54 PM

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Silver bullets from the Budget THIS WEEK'S TOPIC: Will Singapore's 2020 Budget measures go far enough to cushion businesses against the economic slowdown this year?

! MON, FEB 24, 2020 - 5:50 AM

BT ILLUSTRATION: SIMON ANG

THIS WEEK'S TOPIC: Will Singapore's 2020 Budget measures go far enough to cushion businesses against the economic slowdown this year?

Chia Ngiang Hong President Real Estate Developers' Association of Singapore (REDAS)

It is too early to tell whether the Budget measures will be adequate to cushion businesses against an expected economic slowdown as the Covid-19 is still unfolding with its duration, severity, and global economic impact still unclear.

I suppose the approach is to deliver the remedial medicines as the ''symptoms'' become clearer and at the same time administer preventive medicines.

The focus of the short-term measures is to provide ''critical support'' to a!ected businesses and workers where it is most needed and where the economic impact of Covid-19 is immediately and clearly felt. We hope the government will continue to provide measures to support businesses to recover quickly and to push on with our long-term transformational growth.

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Victor Mills Chief Executive Singapore International Chamber of Commerce

BUDGET 2020 provides very generous support for businesses and workers to tide us all over the fallout from Covid-19. Should the situation worsen, more help will certainly be forthcoming. The message is clear: Singapore will get through the current challenges and has the "nancial means to do so.

Concurrently, business leaders and workers must maintain a clear focus on positioning themselves for future relevance and growth by continuing to transform and reskill. It was particularly satisfying to hear about the assistance to facilitate training and development for business leaders and the various initiatives to enable active and purposeful ageing including employment.

Cheung Pui Yuen Chief Executive O!cer Deloitte Singapore

THIS year's Budget is an extraordinary one in today's extraordinary times. The Budget is far-reaching, combining near-term measures to address the cost of living and economic challenges in the current climate, and ongoing restructuring and transformation measures to push Singapore ahead in the years to come.

It is not whether the Budget measures go far enough but whether businesses will embrace its message; and the message is clear - Singapore must be resilient and united for today, and take the necessary steps to prepare for the future.

Ong Pang Thye Managing Partner KPMG in Singapore

BUDGET 2020 was exceptionally comprehensive, and shows how the government has balanced the need to address immediate challenges brought about by Covid-19, while still keeping sight of the longer-term transformation and future growth opportunities for Singapore.

Though these calculated and generous measures are highly relevant for our future, businesses must also play their part - stepping up and capitalising on what will help protect and propel them to their next stage of transformation and internationalisation, so as to establish Singapore as the ''global Asia node of technology, innovation and enterprise''.

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Yeoh Oon Jin Executive Chairman PwC Singapore

THE Budget dealt head-on with the immediate repercussions of Covid-19. The S$800 million raft of near-term relief measures to help our people and speci"c industries most a!ected by the repercussions of the virus exceeded earlier speculations when referenced to the S$230 million measures for Sars. It was heartening to see how the package alleviates concerns on job preservation, sustaining businesses and to provide for daily necessities.

Despite such challenging circumstances, the "nance minister did not lose focus on the longer-term strategic goals of national transformation needed for Singapore's long term growth and success, especially for its people. There was also capacity to o!er a helping hand to educate all, build capabilities, provide for retirement and sustain the environment. It is also reassuring that in spite of this, the government is still in a sound "nancial position and has the means to roll out further relief should circumstances require it.

Max Loh EY Managing Partner, Singapore and Brunei Ernst & Young LLP

BUDGET 2020 is an unwavering multi-year strategic plan that places sustainability at its core. It tackles the urgent need for short-term sustainability by helping one and all cope with the current economic challenges. It builds long-term socio-economic sustainability by pressing on with transformation and enterprise and workforce capability development across demographics, as well as fostering an inclusive and resilient society. It also spotlights the imperative for environmental sustainability. The measures are broad and deep, and admirably achieved within the con"nes of Singapore's exacting standards of "nancial prudence. All in, this is a well-thought through Unity budget that helps businesses and people to help themselves.

Turochas 'T' Fuad MD, Southeast Asia and Korea WeWork

THE Singapore government has always approached the Budget from a readiness standpoint - and Budget 2020 is no di!erent. Given the economic uncertainties we are currently experiencing, I believe the budget meets key criteria to cushion against a prolonged recession.

Firstly, the depth and inclusivity of support extended to those impacted by the ongoing Covid-19 outbreak will give businesses and citizens a much-needed con"dence boost to navigate an increasingly vulnerable landscape.

But beyond that, plans to support and facilitate collaboration both at home and across the region will help to rejuvenate Singapore's economy. The government's focus on exposing Singapore's talent pool to the diversity of di!erent cultures internationally will better future-proof the nation against challenges.

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Carlos Haeuser Chief Executive O!cer oCap Management Pte Ltd

SINGAPORE'S Budget 2020 outlined a clear focus on building resilience in the Singapore economy and providing relief for small and medium-sized enterprises (SMEs) in light of the ongoing Covid-19 outbreak. Conversations with our fellow counterparts in the startup space show enthusiasm for the government's S$8.3 billion commitment to support enterprises and provide "nancing for early stage and tech startups. We also look forward to seeing how the SME Go Digital programme can help spur new growth in sectors such as health care and food manufacturing. As a "ntech "rm operating in Singapore, we welcome the government's commitment to strengthening its cyber and data security capabilities over the next three years. This raises the benchmark for other leading "nancial hubs globally, and raises the game for "nancial services institutions operating here.

Simon Baptist Global Chief Economist and MD, Asia The Economist Intelligence Unit

DESPITE the government embarking on a spending spree, we believe that the spread of coronavirus will lead to a recession in the "rst half of 2020. The government's support to the a!ected sectors will not be su#cient to o!set feeble trading activity and the impact on tourism. Handing out cash payments to all adult Singaporeans and deciding to not raise the goods and services tax (GST) in 2021 is also a clear sign that this is an election-year budget. O!ering additional GST vouchers and one-o! payments for health care also re$ects more of an ad-hoc policy instead of a more concrete e!ort to establish a structured healthcare system.

John Lombard CEO, Asia Paci"c NTT Ltd

THE near-term measures in Singapore's 2020 Budget will go some way to provide enterprises and Singaporeans with critical support to tackle the immediate economic challenges this year. As we continue to chart Singapore's future as a digital economy, it is encouraging to see targeted initiatives to boost deep-tech startups, encourage upskilling and a signi"cant S$1 billion budget to bolster the country's cyber and data security capabilities. With cyber threats evolving to be more sophisticated and prevalent, this will be a tipping point in securing Singapore's position as a vanguard of built-in cyber security approaches where data and infrastructure are secure by design.

Patrick Lee Chief Executive O!cer Standard Chartered Bank (Singapore) Ltd

SINGAPORE'S 2020 Budget is very constructive and strategic, and has a good array of initiatives to support our workers and businesses in the immediate and longer term. The Stabilisation and Support Package o!ers broadbased support for all sectors

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through wages o!set, corporate tax rebate and working capital loan, as well as targeted measures for the tourism, aviation, retail, food services, and point-to-point transport services sectors. I'm glad that banks in Singapore are also chipping in and rolling out relief assistance for a!ected SME and retail clients. These measures will collectively help our businesses cushion the economic impact brought about by the Covid-19 situation.

Equally important are the medium and longer-term measures to transform and grow our economy and enterprises. They are designed to enable stronger partnerships, deepen enterprise capabilities and develop our people, putting businesses on a more solid footing for growth even as Singapore continues to contend with geopolitical tensions, global trade uncertainty and technological disruptions.

Taken together, these measures will give our workers and businesses the con"dence to ride out the current challenges without losing sight of their ability to compete in the longer term.

Dileep Nair Independent Director Thakral Corporation Ltd

A RECESSION threatens us. Our economy was already the third most vulnerable in Asia-Paci"c due to a China trade slowdown. With the coronavirus outbreak, our tourism, travel and related sectors are also severely hit, compounding the overall impact.

The S$4 billion Support and Stabilisation Package in the 2020 Budget comprises a wide-ranging set of measures to help businesses. More, though, needs to be done. Cash $ow is crucial, particularly for SMEs. Much more help with soft loans is needed under the Enterprise Financing Scheme. Likewise for trading facilities from banks. While tax rebates are welcome, they are of no use to non-pro"table companies. The property tax rebates also are restricted to sectors directly a!ected by the outbreak, such as tourism and aviation. This excludes companies in upstream or downstream sectors that are similarly hit. Additionally, landlords may not pass down the property tax rebates to their tenants. The wage support scheme to companies is also restricted to Singaporeans and permanent residents. Service sector companies normally employ many foreigners, and will not enjoy this relief. Let's hope that the government keeps a close eye on the situation and does more proactively.

Ronak Shah Chief Executive O!cer QBE Insurance (Singapore) Pte Ltd, Asia

THE Budget's measures seek to address critical needs for Singapore businesses, especially in the wake of Covid-19. They provide immediate-term contingencies to help businesses cope with the extraordinary slowdown and mitigate longer-term impacts over the rest of the "nancial year. The measured approach taken will ensure that Singaporean "rms strive and remain competitive without becoming over-reliant on the government for ''bailouts'', which could ultimately a!ect the economy's free- market impulses. In these trying times, "rms need to remain composed and

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pragmatic, and seriously consider risk-management exercises and their overall business continuity plans to prepare for headwinds in the future, cyclical or otherwise.

Charlie Foo VP & GM, Asia Paci"c Mellanox Technologies

THE 2020 Budget not only covers immediate priorities to assist businesses most a!ected by the Covid-19 outbreak, but also takes the long view on transforming Singapore's economy and its workforce with policies and strategies that would prove vital to generating sustainable growth. In particular, I welcome the introduction of new schemes directed at fostering innovation and increasing support for technology startups. This will lead to the creation of new expanding industries and exponential growth as incremental improvements are not enough to enhance competitiveness in today's volatile world. It is my belief the 2020 Budget will provide comfort in the short term and bear fruit in the near future.

Matthew Zatto VP of Tourism, Asia Paci"c ADARA

SINGAPORE'S economy, particularly the tourism and hospitality sector, has taken a huge hit from the Covid-19 outbreak, with the Singapore Tourism Board projecting a 30 per cent drop in visitor arrivals this year. Our data has also showed a 22 per cent decline in inbound hotel bookings and a 40 per cent drop in $ight bookings to Singapore over the past month.

The targeted support which the government announced for the sector will help businesses alleviate costs and ride out this challenging period. Businesses should also leverage measures to build their capabilities in areas such as marketing and loyalty during the slowdown.

Nevertheless, given uncertainties around how long traveller con"dence and demand will take to return, the government and businesses alike should remain prepared for a prolonged dampening e!ect before the economy can make the climb back up the ladder.

Anubhuti Gupta Director of Asia, Rosenberg Equities AXA Investment Managers

SINGAPORE'S 2020 Budget injects a much needed boost to the current environment of uncertainty and apprehension surrounding the Covid-19 virus. The government has done a yeoman's job in engendering trust and con"dence in the general public in the "ght against the virus and avoiding worse outcomes than possible. The bold, expansionary and generous Budget will go a long way towards supporting businesses through a more prolonged virus situation as well as economic consequences

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emanating from a global "nancial contagion. It is a de"nitive statement by the government that they will do what it takes to tackle current and future challenges for the businesses with élan.

Toby Koh Group MD Ademco Security Group

BUDGET 2020 certainly helps businesses in these uncertain and trying times. The Jobs Support Scheme with 8 per cent wage o!set for three months will help alleviate business cost. However, I do hope the government will consider extending the scheme beyond the period if the economy is still weak. This will go a long way in preserving jobs.

The doubling of the SME Working Capital loan to S$600,000 will de"nitely help with cash$ow. However, the the loans must be speedily processed. The government must urge the "nancial institutions to roll it out quickly.

Kudos to the government for enhancing the Market Readiness Assistance programme and other schemes to aid SMEs in going international. The call for local "rms to go overseas is like a broken record but still so valid - operating across di!erent markets is a key way to hedge risks. Ademco operates across seven countries and while we will be greatly challenged in China this year, we are still on track to have a record year in India, Philippines and Indonesia. Spread your risks, go regional.

Reshmi Khurana MD and Head, SEAsia, Business Intelligence and Investigations Kroll

THE 2020 Budget was successful in one crucial area, which is to put money directly into the hands of consumers and businesses in di#cult economic times. The various payouts to families and workers, and concessions and rebates to enterprises, is exactly what you need in a di#cult time like this. These expansionary measures are bound to give a short-term boost to the economy in terms of consumption spend. The key issue will be in the medium term. It remains to be seen if the measures announced on Feb 18 will be successful in stemming a slowdown in investments in the medium term as businesses see more limited opportunities for growth.

Kelvin Lim Chief Executive O!cer Hong Leong Assurance Singapore

2020 kicked o! with a cloud of uncertainty but in my opinion, this year's Budget showed that as a country, we are able to respond swiftly to economic challenges. The message sent was strong with multiple measures to cushion the impact of the current outbreak.

These Budget injections may not be the 100 per cent solutions but will be the catalyst for company leaders to plan immediate strategies in the next 12 months. The Budget 2020 plans will go a long way in stabilising the Singapore economy. It also boosts the

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con"dence of individuals and enterprises. This is exactly what we need to turn 2020 around.

In addition, the long-term plans of the Budget to provide our younger generation with regional exposure must also be applauded. Long-term visions like this were X-factors that shaped the Singapore economy. I have been impressed.

Frankie Chia Managing Partner BDO LLP

THE government announced the setting aside of more than S$6 billion in Budget 2020 to reduce the economic impact of Covid-19 on businesses, workers, and their families. The suite of generous help packages will provide businesses with much-needed relief to tide over challenging times, especially industries worst impacted by the crisis. Businesses should learn and adapt from this situation and take full advantage of the various measures introduced to upskill their workforce and spearhead business transformation e!orts so that they will be prepared to hit the ground running when the economic situation stabilises.

Lim Soon Hock Managing Director PLAN-B ICAG

SMEs in particular could not have asked for more. The most critical issue for businesses during this slowdown brought about by the Covid-19 outbreak is cash $ow. Any lack of it will have severe repercussions, such as retrenchments or even liquidation.

The Budget has been very generous in helping SMEs tackle this potentially destabilising and disruptive threat, through the whopping S$4 billion Stabilisation and Support Package. However, to get the most out of it, both businesses and governments will have to work closely together, and be fast in administering and executing it. The future success will invariably be determined by the level of utilisation at the expiry of the scheme.

The Budget would have been ideal had it not been for the government's decision to cut the S Pass quota for construction, marine shipyard and process sectors. This is the wrong time to double down on this policy, when businesses will be struggling to stay a$oat and will need the necessary manpower to deliver projects. The marine industry (in which I am also involved) is already facing manpower shortages before the crisis, and implementing this move will only aggravate the situation.

Helen Ng Chief Executive O!cer Lock&Store

THE coronavirus outbreak delivered an unexpected jolt to the global economy. Singapore businesses have been particularly hard hit due to our exposure to the Chinese market. Even before the outbreak, small businesses had been struggling with

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rising manpower and operating costs. With further cuts to the foreign worker quota, businesses that operate in industries seen as unattractive by local job seekers may "nd it hard to continue operating. The tax breaks and incentives for retraining and hiring older workers certainly help, but it takes time to develop certain skill sets.

Praveen Kumar General Manager, Asia Paci"c ASG Technologies

Among the various measures announced by the government in this year's Budget to stabilise the economy and support businesses against the economic slowdown, digital technology plays an important role for businesses in Singapore. Therefore in addition to the initiatives announced in the Budget, businesses should continue their journey towards digital transformation to improve operational e#ciency and ensure that their talent have the right skills as well as training in place to carry out their tasks more e#ciently. This will enable companies in Singapore to sustain and remain competitive despite a challenging economic environment.

Dolly Goh Chief Executive O!cer Singapore National Co-operative Federation (SNCF)

THE slew of measures announced in Singapore's 2020 Budget will provide critical relief to employers and their employees during this di#cult time.

Deputy Prime Minister Heng Swee Keat's Budget speech struck a chord with me in how he emphasised the need for the country to work together to meet complex challenges ahead. His message on partnerships and ground-up e!orts are evergreen and resonated with the cooperative sector as we also subscribe to the belief that only in unity can we do more and do better. For example, sta! at NTUC FairPrice Co- operative - united in their co-operative's social mission to ensure price stabilisation - worked through the night to replenish stocks so as to ensure that supplies of essential items are steady. Dynamic "scal and Budget measures can only thrive if there is equally strong civic mindedness and social resilience to insulate Singapore's economy during tough times.

Nick Lim GM, Asia Paci"c and Japan (APJ) TIBCO

WE waited for the announcement of Singapore's 2020 Budget in great anticipation, and we are glad that it did not disappoint. The government's "nancial support to the business sector and its commitment to upskilling local talent is indeed applaudable. Rather than using the government's initiatives as a cushion, we believe that organisations must not be complacent, and must instead stay focused on using these opportunities to reinvest in skills training and lifelong learning. Educating Singaporeans with new technologies relating to data science or data analytics will prepare them to work at a world-class level and compete outstandingly in a highly digital economy.

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Sandeep Bhargava MD, Asia Paci"c and Japan Rackspace

THE Singapore Budget has unveiled various initiatives including stabilisation and support packages to ease the "nancial burden faced by businesses amid the current challenges facing the economy. It is uncertain if the measures are enough to cushion against the economic slowdown faced by all sectors in Singapore, but such initiatives will help ease the burden for local businesses, especially the greatly impacted retail and tourism industries.

Small and medium-size enterprises (SMEs) will greatly bene"t from training and mentorship with the newly introduced Enterprise Leadership for Transformation Programme. Businesses need to continue to train and upskill talent, equipping them to work in new digital environments. This is where the initiatives provided by the government under the SkillsFuture Credit will come in handy for Singaporeans.

Furthermore, e!orts by companies to drive innovation and digitalisation must continue. Businesses need to capitalise on cloud services and manage transitions to the cloud in order to remain productive in an economic slowdown.

Sandie Overtveld VP APAC Zendesk

CRYSTAL balls and silver bullets - if only these were real tools we had at our disposal to know whether the 2020 Budget will be enough to give our economy a much needed boost or quick "x. Having said that, Singapore has done an impressive job of preparing businesses and individuals for the long term while addressing any immediate concerns - and this year is no di!erent.

Speci"cally, the announcement of the multi-platform package to help enterprises grow, create jobs, and enter new markets will help accelerate Singapore's digital-"rst economy. However, it is up to business leaders themselves to continue to innovate and adopt digital-"rst strategies, which need to ultimately put their customers - whether they are consumers or companies - at the centre of improving how they do business in order to boost their bottom lines.

Jayaprakash Jagateesan Chief Executive O!cer RHT Fintech Holdings

WHAT does Donald Trump's 2016 election victory and the Covid-19 outbreak share in common? Both events were not widely predicted, and both have in$uenced the current economic headwinds faced by Singapore. But life will go on, and we must not lose sight of our long-term economic transformation goals.

Beyond the support measures for Singapore's hardest hit sectors amid the Covid-19 outbreak, the e!ectiveness of longer-term support schemes hinge on the accessibility of these programmes. Businesses facing challenging conditions may not have the

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bandwidth to navigate the stringent application processes. Expert guidance is needed to help them dig deep into the world of support made available by the Budget.

Aaron Lee Chief Executive O!cer Gabkotech Innovations

THE 2020 Budget addresses both short-term and long-term challenges that Singapore faces amid a slowing global economy, rami"cations caused by Covid-19, social unrest and geopolitical tensions in other parts of the world. New "nancial and assistive schemes introduced this year, such as the Jobs Support and Wage Credit Schemes, will prove to be crucial in helping SMEs tide through di#cult times marked by rising business costs and talent shortages in the near term. It is also good to know that additional measures will be available to businesses in sectors most a!ected by the epidemic, while long-term emphasis on employee upskilling and helping businesses innovate and transform continues to be placed. These strategies, combined with Singapore's strong economic fundamentals, would certainly help cushion the brunt of the challenges ahead.

Edmund Lee Managing Director Singapore TMF Group

THIS year's Budget provides a balanced mix of both short-term alleviations and incentives for long-term growth. The universal corporate tax rebate and enhanced tax treatments will provide immediate relief for all businesses, especially for those sectors directly a!ected by the Covid-19 outbreak. With the new Jobs Support Scheme and enhanced Wage Credit Scheme, businesses can also defray wage costs and retain local employees.

Over and above this immediate challenge, the Budget also addresses structural changes that have deeper and long-term implications on Singapore's global competitiveness, which includes the country's transition into an ageing society. New and improved SkillsFuture initiatives are expected to ease the burden on businesses as they embark upon creating a sustainable and diverse workforce that employs talent from all ages.

Moray Armstrong Managing Director CBRE Singapore

SINGAPORE has enjoyed three consecutive years of surplus preceding this 2020 Singapore Budget; consequently, the government has been able to deliver this comprehensive and considered package. By shoring up consumer spending and supporting corporates in the near term, and introducing broadbased measures to address structural economic changes in the longer term, it is clear that the government is focused on Singapore's broader priorities. We may see implementation of further o!-Budget measures should the level of support prove insu#cient, and note that the government has proven adept at calibrating and "ne- tuning stimulus programmes during previous periods of economic turbulence.

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Tan Sian Wee Co-Founder, Executive Director Finaxar

THE Budget is de"nitely in the right direction. However, many retailers that do not have cash reserves are going to be hurt. Rental accounts for up to 40 per cent of their "xed costs. Half a month to a full month's rental waivers from government agencies covers only a fraction of the retailers out there. Moreover, the package bene"ts Singaporeans and PRs. Sectors such as food and beverage employ many foreign workers who are not covered by the package. So many retailers will resort to loans. With their low margins, they will be forced to carry a debt burden for a long while.

Svend Janssen Head of Asia Western Union Business Solutions

ENTERPRISES continuously face challenges in achieving pro"tability and scalability. In these uncertain times, the Budget will provide much-needed support for them to enter new markets and adopt digital solutions while ensuring better control of cash$ow. Businesses eyeing international expansion should take advantage of the latest schemes and current technology made available to them. Integrated payment platforms are essential at this time to help businesses manage currency risk exposures that come with cross-border transactions. This also helps reduce expenses, and improve business e#ciency, allowing them to navigate through di#cult times.

Axel Berkling Executive Vice President KONE Asia Paci"c

I WELCOME the introduction of the Stabilisation and Support Package as part of Budget 2020. As a contributor to economic development in the countries we operate in, KONE rea#rms our commitment to enable local communities and businesses to prosper through partnerships during this period. The introduction of the Jobs Support Scheme and enhancements to the Wage Credit Scheme will cushion manpower costs for businesses and help retain the jobs of Singaporean workers. Also, it is heartening to see the government's reinforcement of its investment into urban sustainability and solutions. We strive to continue innovating new solutions and partner with the government and other stakeholders to make Singapore a smart, vibrant and sustainable city.

Lee Fook Chiew Chief Executive O!cer Institute of Singapore Chartered Accountants (ISCA)

THE comprehensive measures in the Singapore Budget 2020 provides much-needed relief to enterprises via "nancial assistance and tax rebates as set out in the S$4 billion Stabilisation and Support Package. The measures are also geared towards

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retaining jobs and sustaining wages in this period of a potential economic downturn. This gives Singapore's enterprises the con"dence to press ahead with mid- to long- term priorities such as digitalisation as well as workforce upskilling and reskilling.

Some of the measures were in line with feedback from business and industry leaders gathered at the ISCA Pre-Budget Roundtable 2020. For example, the expanded coverage of government grants to include Free Trade Agreements (FTAs) consultancy costs was aligned to panelists' feedback that enterprises needed support with understanding FTAs. I am hopeful that the measures will support Singapore's enterprises through the current challenging times and in their transformation journeys in the longer run.

Tomas O'Farrell Co-Founder Workana

THE Singapore government has always been supportive of the local business community. The extra measures that it extended to local talents in its 2020 Budget are quite reassuring. Its initiatives will equip Singaporean workers, both the young and old, with upskilling and training opportunities. Also, the additional focus on mentorship and digitisation is essential for a nation that is experiencing growth in SMEs and startups, as well as young entrepreneurs and freelancers. Such solutions will provide these rising sectors further education and will help them to stay relevant and to work at a world-class standard.

Vivek Nath MD, South Asia and Country Head, Singapore Willis Towers Watson

SINGAPORE'S 2020 Budget measures are proactive in supporting the economy, particularly given the Covid-19 outbreak, and will de"nitely help enterprises to cushion their businesses against the economic slowdown in the near term. These measures reiterate the government's commitment to build con"dence, stabilise and support businesses and Singaporeans from the uncertainties.

To support Singapore's strategic transformation, we are partnering with multiple enterprises and government agencies to enable job redesign, in order to help organisations create good jobs and opportunities for Singaporeans. We also work closely with insurers and partners to support employers in providing the right care and protection for their workforce through various "nancial and wellbeing initiatives. To build a more sustainable tomorrow, we actively partner with international organisations and institutions such as the United Nations, World Bank, National University of Singapore, and regulators to build solutions in strengthening the resilience of businesses and communities in the face of climate risk. We hope that these e!orts, together with the "nancial measures in the Budget, will enhance societal resilience to the risks and challenges business face, and build a sustainable Singapore.

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Daniel Chu Director of Systems Engineering, Asia Paci"c ExtraHop

WE applaud the government's e!orts in designing support packages to assist local businesses during the current economic slowdown. While many factors, such as global economic uncertainty, will a!ect the ''success'' of the Singapore 2020 Budget, we believe it will provide relief in the short term.

It is also encouraging that the Budget includes provisions to help companies strengthen cyber defence and data security capabilities. It is essential for businesses embarking on digital transformation to secure critical infrastructure and instil proper security practices to protect their customers' personal data as Singapore continues to go digital.

Vincent Tang Regional VP, Asia Epicor

WITH the global slowdown and dampened business outlook this year since the Covid- 19 outbreak, it is no surprise many companies take a cautious approach in technology adoption as they try to make ends meet. With Singapore's 2020 Budget measures focusing on driving growth and transforming enterprises, investments such as SMEs Go Digital Programme not only improve e#ciency and innovation, but are also pushing forth a greater and united mindset in revolutionising the way that businesses operate and grow. This drives greater adoption of digital technology, further shaping our nation's development and the goal towards becoming a smart nation with resilient workers being constantly upgraded and reskilled.

Ng Tian Chong SVP and MD, Greater Asia HP Inc

BEYOND helping businesses cope with current short-term challenges, the Budget strikes a good balance in enabling them to prepare for the future and weather further uncertainty. As economies across Asia come closer together and as the world of work evolves, we have to address the crucial need to retrain and upskill people.

As a regional innovation hub, Singapore's digital ecosystem is thriving, and HP is proud to have contributed over the past 50 years. With new opportunities for companies, consumers and citizens through the creation of new jobs, improved access to services and greater connectivity, the key to our continued success is to ensure that the current and future workforce is prepared to face the challenges of the fourth Industrial Revolution.

Derek Wang General Manager, Singapore Alibaba Cloud

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SINGAPORE'S 2020 Budget comes at a critical juncture of growing economic uncertainty and the Covid-19 outbreak. Beyond the more immediate "nancial outlay to help address these near-term challenges, the key to continued growth in the longer term lies in the ability of local businesses to grow beyond Singapore.

For Alibaba Cloud, we are actively working with local partners on the GoCloud Native programmes to support Singapore SMEs on their digital transformation journey. We believe that the Enterprise Development Grant and Enterprise Grow Package will help accelerate the digital transformation of local businesses so they can better leverage technology to gain access to larger overseas markets, diversifying and expanding their customer base for more sustainable growth.

Eryk Lee Chief Executive O!cer AAM Advisory

SINGAPORE has impressed the world, not only in the way it has managed the Covid- 19 outbreak but also in its prudent planning that has enabled a robust "scal response in the 2020 Budget to help businesses and individuals cushion against immediate economic impacts. The Budget is very comprehensive and seeks to help most Singapore residents, from hawkers to corporations and from students through to senior workers. It is also a Budget that plans for the future and long-term sustainability of the country, taking into account environmental, social and economic factors.

Anton Ravindran Founder & CEO GICT Training & Certi"cation

AMONG other measures, S$8.3 billion has been allocated in the Unity Budget to transform businesses. This is very timely and generous, and will be a shot in the arm, given the challenges faced by businesses today because of market uncertainties from the trade war and Covid-19. But this stimulus also presents yet another opportune time to transform old fashioned businesses to embrace new ways of doing business, by undertaking measures to improve their productivity, by adopting the latest technologies and becoming more Industry 4.0-centric and enabled.

Arti"cial intelligence(AI), robotics and Big Data will feature as the main driver of businesses and economies. As uncertainties become common in an increasingly interconnected world, businesses should refocus on becoming resilient to withstand the headwinds. Being more innovative and future-ready by leveraging from the incentives o!ered by the budget is certainly the way to go.

Clara Lim Managing Director, Asia Paci"c commercetools

THE S$8.3 billion allocated to help Singaporean businesses scale up and deepen capabilities is encouraging amidst the uncertainties. Enterprises, especially those in the impacted sectors, must consider tapping these Budget measures to stay

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competitive.

For local retailers, eCommerce solutions can also help pivot quickly around current business disruptions, by enabling seamless integration with emerging tools like AR and IoT applications and drive new forms of retail. Retailers should look to learn from the success of Pokemon Go - where both online and o%ine channels were $awlessly combined into individualised experiences - so as to develop best practices in consumer engagement and retention.

Mario Singh Chief Executive O!cer Fullerton Markets

SINGAPORE'S Budget for 2019 had a budget de"cit of S$1.7 billion, or 0.3 per cent of gross domestic product (GDP). Comparatively, the 2020 Budget will see an overall budget de"cit of S$10.9 billion, or 2.1 per cent of GDP and no draw on past reserves. It is a generous budget.

Many industries are hit hard by the e!ects of Covid-19. Some of these include the tourism, hospitality, events, transport and retail sectors. As such, the government has responded swiftly with a S$4 billion Stabilisation and Support package to help workers and businesses.

The best way to gauge the e!ectiveness of this package will be to measure the results down the road. It is important for all businesses to plan ahead after Covid-19 has been fully eradicated. One tangible result of a good Budget would be if we achieve this year GDP growth higher than 0.5 per cent, which is the Ministry of Trade & Industry's current estimate.

Andie Rees Managing Partner,South East Asia Odgers Berndtson

THE balance of present and future needs is one that was delicately struck in the Budget 2020. While it was expected that the government would provide aid for businesses through tax rebates, wage credits and easier access to "nancing to alleviate the e!ects of the projected downturn, what was notable was the Budget's focus on developing and transforming industries, enterprise leadership and management capabilities - so as to enable them to prepare for the future business landscape and hit the ground running when the economic turnaround occurs.

The collective e!orts of industries will be enabled through funding of trade associations and chambers to hire experts to provide industry-wide solutions and capabilities. Beyond leadership, resources will be put into people development, including pre-employment training, through tie-ups with institutes of higher learning, to ensure the future workforce remains employable and relevant.

Zee Zheng Co-founder & CEO SpaceChain

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THE 2020 Budget demonstrates a good balance in tackling immediate issues and taking a long-term view on strengthening Singapore's economic fundamentals, through introducing new "nancial and assistive schemes to help businesses and the workforce innovate and upskill. We were delighted to learn that funding and resources would be dedicated to increase support for deep tech start-ups across emerging and burgeoning sectors. Technology continues to be a vital economic enabler that also sharpens a nation's competitive edge.

The new measures underscore the pertinence of staying ahead through investing in new industries that would power the global economy in the coming years. The space tech industry in Singapore is one good example where reduced costs and technology integration have driven innovation and uncovered new opportunities for future and sustainable growth.

Sheena Chin Head of ASEAN Cohesity

WE are con"dent that the various support packages can have a positive impact on businesses in Singapore, but we believe funding alone will not solve the problems that many organisations may face in the near future. Businesses are desperately trying to accelerate digital transformations, but they are relying on outdated, legacy infrastructure to backup, manage, protect, secure, and gain valuable insights from their data. If businesses can tap into this funding to update their data management infrastructure, that can play a key role in increasing revenues and fuelling competitive advantage.

Foo Mao Gen Head of Southeast Asia Qualtrics

THE measures implemented in the 2020 Budget will help cultivate and encourage the environments businesses need in the current market, and provide a platform for long-term success. Measures like the bridging loans for the tourism industry and rebates for airlines ensure industries can remain focused on their core business objectives. The Adapt and Grow Initiative also will help companies invest in the employee experiences they deliver. Combined, the measures facilitate a supportive ecosystem whereby businesses are empowered to deliver quality service and exceptional experiences for their stakeholders during this challenging period.

Andrew Tan Managing Director, Singapore HKBN JOS

THE Singapore economy registered its lowest growth last year since the global "nancial crisis in 2008 and has also been impacted by the Covid-19 outbreak. Short- term aid such as defraying wage costs, rebates on taxes and increasing loans will de"nitely tide businesses over this challenging period.

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However, with sustained investments in areas such as arti"cial intelligence and cyber security, and the introduction of new programmes such as the SkillsFuture Enterprise Credit, it is clear that the long-term strategy to drive Singapore's economy is in developing digital capabilities and transforming the workforce.

To survive and succeed in this competitive and uncertain business landscape, organisations should fully utilise these provisions from the government to embrace digitalisation and ensure employees are well-equipped with the right skills.

Leonard Cheong Managing Director AdNovum Singapore Pte Ltd

SINGAPORE'S 2020 Budget should ease the challenges businesses and citizens are facing at the moment from the global economic downturn, worsened by the ongoing coronavirus outbreak.

The workforce transformation measures to re-employ, upskill and re-skill for the digital future in the nation's tech adoption in 2020 should be lauded. Digitalisation e!orts and cyber security as a business enabler in Asean needs to be accelerated to improve the e#ciency of business processes and contribute as a source of new economic growth.

The government should monitor the situation and strengthen support where necessary, should the situation worsen.

David Leong Managing Director PeopleWorldwide Consulting Pte Ltd

THE 2020 Budget is an all-encompassing package of aid provided by the government to uplift Singaporeans, targeted at companies and workers in distress. The life-lines are meant to keep the noses above the water and provide adequate buoyancy to stay a$oat. No budget can save the state of economy today because enough is never enough.

The "nancial aids, loans and wage supports are buoys to keep employers and families from sinking under the weight of debts and lack of cash $ow. The a#rmative assurances by the government is to provide con"dence and motivation to move forward as a nation.

This Budget provides quantitative easing of cash $ows for businesses in distress, and most importantly to help businesses and Singaporeans to transform at the right time. It is also a psychological con"dence booster to the nation - that we can conquer and get over this together. It is a people's Budget.

Maren Schweizer Director Schweizer World Pte Ltd

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IT is a very comprehensive Budget, combining the previously set long-term direction with short-term measures that address current economic challenges. Stimulus and assistance packages take today's knowledge of the fallout due to the virus well into account. Further steps might become necessary in the future, and Singapore has the strength to do so.

Innovation and technology will drive the country's next phase of growth. Technology, in conjunction with the upskilling of our talent base, are the primary drivers of change.

With a set of measures addressing productivity increase in the long run, I am sure that Singapore will have its place in the future digitally transformed global economy.

Jessie Xia MD, Southeast Asia ThoughtWorks

THE strong commitment made in the Budget to support Singapore businesses in light of the virus outbreak is reassuring. We also applaud the foresight to continually invest in deep tech, data and cyber security capabilities, and the increased focus on further building the local talent pool - all critical elements to developing Singapore's digital economy.

Beyond the measures proposed in the Budget, private-public partnerships between technology companies and public sector, such as the recent IMDA-supported Data Guild programme to help Singaporeans develop specialised careers in data engineering and AI, will help local enterprises foster deeper expertise, and allow them to $ourish as modern digital businesses when the economy invariably picks up.

Isabel Chong Country Manager - Indonesia, Malaysia and Singapore, Electrical Sector Eaton East Asia

IT is encouraging to see continued government investment in areas key to Singapore's long-term success, beyond measures targeted at helping businesses mitigate costs and invest in workforce upgrading during this challenging period. While it is critical to help businesses tide through the slowdown, long-term investments into Singapore's competitiveness and sustainability ensure that we are poised for growth when the market rebounds, while injecting new demand into the economy in the near-term. To this end, the government's commitment of S$1 billion for research in Urban Solutions and Sustainability is a step in the right direction. Given growing demand for energy to power new and innovative technologies, e!orts to modernise and transform our infrastructure will go a long way toward enabling a smoother energy transition and reducing our dependence on non-renewables.

Seamus Phan Chief Content and Technology O!cer McGallen & Bolden and FlightLeaders

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SINGAPORE is a player in a diverse world. The ru%ing of feathers among giants will send shockwaves to our shores. The 2020 Budget is prudent and comprehensive. However, to many industries directly a!ected, their needs may be immediate and dire in terms of cash$ow and loans. While schemes such as the Wage Credit Scheme can o!set wage increase costs, the assumption is that businesses will o!er wage increases at all.

In uncertain times, retrenchment is more likely, as during the 1987 recession. While there will be corporate tax rebates at 25 per cent capped at S$15,000, that is no reprieve for those in negative territory.

Likewise, allowing a faster write-down of plant and equipment investments may not be an incentive if companies simply tighten belts and not spend at all. Singapore is not a welfare state. But in such extraordinary times amid trade wars, Covid-19, etc, perhaps we may need a shocking dose of adrenaline into the economy?

Annie Yap Chief Executive O!cer AYP HR Group

THE 2020 Budget is a robust package that is much needed amid a bleak economic outlook. With many extraneous factors threatening economies across the globe, Singapore, in particular, faces a gargantuan hurdle to cushion businesses against the economic slowdown due to its open economy.

By drawing on "scal surpluses, the government seems well-positioned to keep the economy competitive through aiding in the growth of enterprises and defraying upskilling costs.

With a change in consumer sentiments and demand, businesses need to adapt their business models to better position itself when the economy recovers. With the government aptly providing tax rebates and "nancial assistance to give businesses time for internal adjustments, the onus is on businesses to act on these provisions.

Dora Hoan Group CEO Best World International Ltd

THE full extent of the economic slowdown caused mainly by the US-China trade war and Covid-19 outbreak is as yet uncertain. It is indeed a major macro development that a country's Budget may not be able to fully cushion against.

Singapore's 2020 Budget measures are quite comprehensive - they not only tackle near-term concerns by stepping up support to "ght the coronavirus outbreak and to help more directly a!ected sectors, but also maintain focus on long-term plans for economic transformation by strengthening enterprise capabilities and improving our people's skills.

Perhaps the economic de"cit caused by sudden challenges is almost inevitable, but if we consolidate Singapore's position as a Global Asian Node, "scal sustainability and business continuity could be ensured and the economic slowdown this year may

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eventually prove to be less severe than feared.

Zaheer Merchant Regional Director, Singapore & Europe QI Group of Companies

THE 2020 Budget has shown it is wide in its ambit and intent, particularly to keep jobs and cushion the impact of Covid-19 on businesses. Every business sector from aviation, hospitality, F&B, retail to SMEs have equitably been o!ered some relief. Critical measures for manufacturing in allowing for write-downs in capex, renovations and refurbishments for YA2021 are helpful. The S$1 billion cyber security allocation for the next three years, foreign worker policies, temporary bridging loan programme in the "nance sector, are all innovative and pro-business.

Overall, if the intent was to ''cushion'' businesses against any form of slowdown, to me the answer is yes. The key is whether the impact of all the measures will be positive or some neutral. For instance, property tax rebates may have a minimal role except maybe to the hospitality sector, and worker levies did not change. In our sector, I view it as positive since both elements of business and consumer enhancement should occur and deferring GST presently assists signi"cantly. Fingers crossed for a relatively decent year.

Lars Voedisch Managing Director PRecious Communications

WHILE the Singapore government has consistently shared accurate, timely and relevant updates on the current health and economic situation, the 2020 Budget is a massive call for con"dence, providing a clear vision and robust evidence on the direction of the nation. It is a clear message to citizens, businesses and the international community that Singapore is prepared and willing to do what it takes to overcome the fallout of the Covid-19 outbreak and boost the economy.

Taking control of the communication process and incorporating swift and concise measures to a#rm trust will ensure that the impact on businesses is reduced and con"dence in the economy is improved.

VIEWS FROM THE TOP

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Build for the future

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