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Addenda to President's Address: Good Governance

23 May 2014

ADDENDA TO PRESIDENT’S ADDRESS: GOOD GOVERNANCE

1    Good governance in Singapore has always been a key pillar of our success. We will continue to uphold good governance, building on our strong foundations of responsible and sustainable financial management, a fair and consistent system of rules and laws, and a first-class public service.

2    As the government increases social spending, making every dollar count will become more important than ever. We must also ensure that we can afford these social programmes over the long term. Drawing on Net Investment Returns Contribution to supplement our annual budget will help. But we must also build up other revenue streams to meet higher spending needs. We will do so in a way that keeps our economy dynamic, and maintains a fair and progressive system of taxes and benefits.

3    We will continue to build a public service that is better at serving the public. Officers involved in policymaking functions will be given more ground and operational exposure. Immersion in day-to-day issues concerning Singaporeans will give them a better feel for the impact of policies, and help them to build better and more practical solutions. Over time, we will nurture in public officers a greater appreciation for the diverse needs of Singaporeans, and preserve the status of the public service as a first-class institution.

4    Our rules and laws will evolve in response to our changing environment. For example, we need to update laws governing financial services, to protect the financial well-being of the population. We will require foreign banks important to the domestic market to incorporate their retail banking businesses locally to give better protection to depositors. We will also introduce a web aggregator to allow Singaporeans to compare life insurance products, and give Singaporeans the option to purchase basic insurance products directly from insurers more cheaply. We will review the interest rates and fees charged by licensed moneylenders, and establish a moneylenders’ credit bureau and a universal loan quantum cap, to protect vulnerable borrowers.

5    Good governance is crucial in keeping Singapore a conducive place to live, work and play. It will enable us to embark on the next stage of nation- building with confidence, and to build a better Singapore for the next generation.

6    The details of specific initiatives by MCI, MOF, MinLaw and PMO (MAS, PSD) are highlighted in the Annex.

ANNEX

MINISTRY OF COMMUNICATIONS AND INFORMATION

  • Safeguard the interests and well-being of consumers:

  • Improve public communication and engagement:

MINISTRY OF FINANCE

  • Maintaining a strong fiscal position to meet future spending needs:

  • Push for more widespread online and mobile e-services for the convenience of citizens and businesses – make data available to the public so that more can make use of the data to create useful applications for Singaporeans.

  • Continue to strengthen internal controls and bolster capabilities in procurement and internal audit.

MINISTRY OF LAW

  • Strengthen the legal system by:

  • Strengthen protection for borrowers from licenced moneylenders through a review of interest rate caps and fees charged, as well as the establishment of a moneylenders’ credit bureau and a universal loan quantum cap.

  • Update and unify the individual bankruptcy and corporate insolvency regimes, and introduce a more rehabilitative regime that allows bankrupts to be discharged within clear time frames, without increasing the risk of moral hazard.

PRIME MINISTER’S OFFICE (MONETARY AUTHORITY OF SINGAPORE)

  • Remain vigilant against inflation in light of price pressures from rising wages, through continued judicious management of the exchange rate of the Singapore Dollar.

  • Fortify the resilience of financial institutions in Singapore and ensure the proper functioning of our capital markets and financial market infrastructures:

  • Continue to safeguard the interests of retail investors by:

PRIME MINISTER’S OFFICE (PUBLIC SERVICE DIVISION)

  • Improve the ability of the public service to effectively deliver Government policy.

  • Strengthen human resources, training and leadership development.

  • Work with MOF to review and strengthen critical governance processes to identify weaknesses in our system or adapt to new circumstances.

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