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The Business Times 24/2/20, 2:54 Pm Silver bullets from the Budget, Views From The Top - THE BUSINESS TIMES 24/2/20, 2:54 PM Select Language Powered by Translate HI [email protected] ALL NEWS WEEKLY BREAKING TODAY'S PAPER LIFESTYLE OPINION GARAGE SME ASEAN WEALTH HUB # $ & 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. https://www.businesstimes.com.sg/views-from-the-top/silver-bullets-from-the-budget Page 1 of 23 Silver bullets from the Budget, Views From The Top - THE BUSINESS TIMES 24/2/20, 2:54 PM Your email address Stay updated with Sign up BT newsletters Terms & conditions 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''. https://www.businesstimes.com.sg/views-from-the-top/silver-bullets-from-the-budget Page 2 of 23 Silver bullets from the Budget, Views From The Top - THE BUSINESS TIMES 24/2/20, 2:54 PM 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. https://www.businesstimes.com.sg/views-from-the-top/silver-bullets-from-the-budget Page 3 of 23 Silver bullets from the Budget, Views From The Top - THE BUSINESS TIMES 24/2/20, 2:54 PM 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 https://www.businesstimes.com.sg/views-from-the-top/silver-bullets-from-the-budget Page 4 of 23 Silver bullets from the Budget, Views From The Top - THE BUSINESS TIMES 24/2/20, 2:54 PM 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.
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