REACH 168 - Maintain Social Resilience as we face challenges in Future Economy (SK)

23 Nov 2020 (11am - 7pm)

REACH

[11:16 am, 23/11/2020] +: 📢 Topic 📢 

Singapore's economy will rebound in 2021, helped by a low base, but it will probably not return to pre-Covid levels until the end of next year. 

💬 How can we as a community strengthen social resilience as we face challenges in the future of our economy?

The economy will contract by 6.5 to 6.0 per cent in 2020, compared to the previous estimate of -7 to -5 per cent, the Ministry of Trade and Industry said on Monday (Nov 23) while presenting the Economic Survey of Singapore.

The forecast for 2020 has been narrowed due to Singapore's better than expected economic performance in the first three quarters, said Mr Gabriel Lim, Permanent Secretary for Trade & Industry, in his opening remarks at a virtual press briefing on Monday.

The economy is expected to grow by 4.0 to 6.0 per cent in 2021, helped by continued expansion of trade and manufacturing and a gradual recovery in construction and aviation- and tourism-related sectors, he said.

👉 https://str.sg/Jbnp

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Elena

[11:30 am, 23/11/2020] +: Business landscapes have to change. The current thing is SMEs may not have a clue how they can change. If govt can provide business consultation aids (perhaps partnering with business consulting agencies) to help SMEs and counsel them one to one, i think it will be more relevant as compared to giving general advice or articles as to how they can move forward post covid.

REACH

[11:42 am, 23/11/2020] +: SingapoRediscovers vouchers can be redeemed from Dec 1

SingapoRediscovers vouchers, which can be used for staycations, attraction tickets and tours, can be redeemed from Dec 1, the Singapore Tourism Board (STB) said on Monday (Nov 23). 

The vouchers – S$100 for every Singaporean aged 18 and above this year – can be redeemed online through five authorised booking partners: Changi Travel Services (also known as Changi Recommends), Klook, Trip.com, GlobalTix and Traveloka. 

More: https://www.channelnewsasia.com/news/singapore/singaporediscovers-vouchers-redeem-online-dec-1-13619886

REACH

[11:43 am, 23/11/2020] +: Deferral of air travel bubble a joint decision by Singapore and Hong Kong: Chan Chun Sing

The two-week deferral of the inaugural air travel bubble was a joint decision made by Singapore and Hong Kong, said Trade and Industry Minister Chan Chun Sing on Monday (Nov 23).

He added that both sides had previously agreed on “clear parameters” regarding the launch and suspension of the air travel bubble, and the deferment had been made “fast” given the spike in infection cases in Hong Kong.

More: https://www.channelnewsasia.com/news/singapore/deferral-air-travel-bubble-joint-decision-by-singapore-hong-kong-13619828

Fulgrim

[11:53 am, 23/11/2020] +: Most prob HK decided rather than us . Lol

[0:01 pm, 23/11/2020] ☸️  Danny 心: 

1. Keep jobs, create jobs, help people to find jobs - is the first foremost important way to maintain social resilience.

2. Help business to tap the myriad of FTAs eg. CPTPP, RCEP, and other FTAs to grow their overseas business - and create jobs for Singaporeans.

3. Help business to transform into digitalisation and e-commerce - to complement traditional business. And hence create new jobs for Singaporeans.

[0:12 pm, 23/11/2020] ☸️  Danny 心: 

4. Encourage business to join their respective business association.

5. Corresponding Ministries should engage the respective industry - in deep engagement similar to ITM engagement to help business transform.

Engagement should be in the form of :-

a. Monthly meeting to discuss how industry and business can transform its  business can change to cater not only to domestic market but also overseas markets.

b. Ministries can provide more information about FTAs, overseas business partners, oversea markets, overseas buyers, suppliers, etc to help local business to penetrate. IE, EDB etc can help to facilitate.

c. Organise targeted industry specific seminars, conference, exhibition etc to tie up local business to overseas business to open up new business opportunities.

d. Facilitate training, consultancy services, to help business and its workers to exploit new business opportunities and job opportunities.

[0:15 pm, 23/11/2020] ☸️  Danny 心: 

Ministries engagement should not be a one-off affair.

It should be a continuous engagement.

Thus individual Ministries must setup a business unit with strong focus in industry engagement that helps the respective industry to grow and tap not only local market, but also regional markets and global market.

Alex

[0:20 pm, 23/11/2020] +: I think this is a very odd policy and one which has the potential to be quite damaging to Singapore’s reputation for fairness:  this is being paid for from tax revenue and therefore why doesn’t everyone who pays tax (i.e. Singaporeans and PRs and work-pass holders) receive this benefit?  

If this scheme was launched in Australia/the UK etc and only applied to Aussies or Brits it would be considered to be discriminatory.

[0:24 pm, 23/11/2020] ☸️  Danny 心: 

Eg. 

1. MAS should have a business engagement unit - to help local banks and fintech companies.

2. Mincom should have a business unit to help local IT companies.

3. MND should have a business unit to help local construction business.

4. AVA should have a business unit to help local f&b business.

5. STB should have a business unit to help local tourism business

Etc.

Thus the incoming pre-budget feedback - MOF should consider setting aside budget for each Ministries to setup a business engagement unit for each industry sector - with the primary goal to help their respective industry to tap overseas and domestic markets, reform their business eg. Digitalisation and grow their business.

[0:25 pm, 23/11/2020] ☸️  Danny 心: 

My close friend comments:-

1st step to social cohesion - can gov allow us to donate $100 singaporerediscover vouchers charities? This can be handled by gov agencies, individuals just need to click and indicate donate. Gov can consolidate and gift them the charities.

To add,

To avoid defeating the original objective of SingapoRediscover vouchers, this initiative can be introduced at a later date and offered to individuals who have no intention of using them.

Caleb

[0:28 pm, 23/11/2020] +: Donate to charity in cash or for them to use to redeem?

Kelvin Tan M L

[0:29 pm, 23/11/2020] +: @☸️  Danny 心 AVA is now SFA

[0:29 pm, 23/11/2020] ☸️  Danny 心: 

Oh I see.

Then should be SFA.

[0:30 pm, 23/11/2020] ☸️  Danny 心: 

Should be for them to redeem.

Not cash.

[1:13 pm, 23/11/2020] ☸️  Danny 心: 

Thought that :-

1. All workers - Singaporeans, PRs and work pass holders have to pay tax.

2. Singaporeans will receive the most benefits as citizens.

PRs has the 2nd tier benefits after citizens.

Work pass holders have the least benefits - they are given job here, receive salary, pay tax and once contract finish, they will have to go home.

3. Singapore have offer free treatment to all residents in Singapore - citizens, PRs and work pass holders using taxpayers money.

4. But for tourism vouchers, i can't see why with our limited budget - need to offer to non-citizens.

[1:16 pm, 23/11/2020] ☸️  Danny 心: 

Budget that offer financial assistance are mainly given to citizens.

Govt also give some job supports incentive to PRs if they are retrenched - using our reserves.

This is compassion to help people in need even though they are PRs.

Tourism vouchers are perks not life and death.

Cannot see why perk cannot be reserved for citizens only.

[1:21 pm, 23/11/2020] ☸️  Danny 心: 

Eg. 

1. Citizens will have big subsidies for university or polytechnic.

2. PRs have lesser subsidies.

3. Foreigners have to pay full fees with no subsidies.

Thus I don't see tourism vouchers given to citizens as totally out of line.

To enjoy subsidies and perks and financial assistance - they will need to become citizens.

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Ben

[1:30 pm, 23/11/2020] +: Agreed, excellent idea

[1:32 pm, 23/11/2020] +: This is a fair question. 1, no one can travel. 2, giving PR and WP the chance to discover parts of Singapore they don't know seems quite a positive message to integration. Question....How much extra would it cost?

Elena

[1:32 pm, 23/11/2020] +: Tourism vouchers are to generate the flow within our local tourism industry. If not this industry dies in Singapore, there will be more consequences. We are a people nation and we do not have much natural resources. Tourism brings spending and flow of money within our markets. If spending becomes stagnated, then businesses will go into losses and fold

[1:33 pm, 23/11/2020] ☸️  Danny 心: 

Agree.

Foreigners are welcome to visit Singapore tourist spots.

Elena

[1:34 pm, 23/11/2020] +: Moreover the vouchers are considered little. $100 probably can cover partial costs of a staycation, meaning people will have to fork out cash to top up and the money will move. It is the cycle of money flowing within our singapore markets that everyone can have a job and money to spend.

[1:35 pm, 23/11/2020] +: And if u go attractions, you will spend more than $100, because of food and beverages and merchandises. So that is another flow of money to go around.

[1:35 pm, 23/11/2020] ☸️  Danny 心: 

Bear in mind, government have dig into reserves to boost the economy.

Ben

[1:35 pm, 23/11/2020] +: True, the $100 will still require extra spending which helps kick start the economy back. Seems a little mean spirited to withhold from PRs? OK maybe WP is reasonable to hold back from, as a compromise

Elena

[1:36 pm, 23/11/2020] +: The flow of money has a lot of indirect impacts to various businesses. For eg attractions will affect f&b and merchandise, which will affect food supplies and merchandise supplies which will affect the wholesalers and importers and manufacturers.

[1:36 pm, 23/11/2020] ☸️  Danny 心: 

Next year budget, we will go into deficit.

This is the reality of our financial situation.

Elena

[1:37 pm, 23/11/2020] +: If withhold from PRs, then the PRs won't be able to contribute to the spending for the flow of money.

[1:37 pm, 23/11/2020] +: No choice ar. Pandemic eh.

[1:37 pm, 23/11/2020] +: PRs have the spending power, WPs are lesser.

[1:37 pm, 23/11/2020] ☸️  Danny 心: 

Where do we get the money to finance next year budget?

More tax or dig into reserves?

Money is always not enough.

Elena

[1:38 pm, 23/11/2020] +: Tax probably is when during recovered at least half ba i guess. It depends on how bad it is the deficit and how long can it tahan

[1:39 pm, 23/11/2020] ☸️  Danny 心: 

So dig into reserves?

Elena

[1:39 pm, 23/11/2020] +: Dunno. 🤷🏻‍♀️

[1:40 pm, 23/11/2020] ☸️  Danny 心: 

That's why tourism vouchers for citizens only.

Cannot always be a Santa Claus.

Elena

[1:40 pm, 23/11/2020] +: Have to see how bad it goes. If local tourism can restart and the flow of money becomes active again, then probably there is growth rather than decline.

[1:41 pm, 23/11/2020] +: It is not santa claus... it is more like discount voucher u know.

[1:41 pm, 23/11/2020] ☸️  Danny 心: 

PRs already have received many financial assistance as far as I know to keep them in jobs.

[1:41 pm, 23/11/2020] ☸️  Danny 心: 

But money have to come from somewhere.

If not more tax, then will have to come from reserves.

Elena

[1:42 pm, 23/11/2020] +: If u never give vouchers, they don't spend, they are eating our reserves more, because citizens are the ones spending and PRs are saving.

[1:42 pm, 23/11/2020] +: If businesses survive, they got more revenue they pay more tax.

[1:43 pm, 23/11/2020] +: And these vouchers come in denominations of $10.

[1:43 pm, 23/11/2020] +: Which is clever... 😂

[1:43 pm, 23/11/2020] ☸️  Danny 心: 

To provide citizens - 2.5 million is $250 million.

To provide for PRs and work pass - $560 million.

Elena

[1:44 pm, 23/11/2020] +: Unfortunately at the moment it is still only citizens can redeem...

[1:44 pm, 23/11/2020] ☸️  Danny 心: 

Only MOF know whether how much cash it can offer.

If we want to be generous - we take $25, PRs $25, work pass $25.

Ok for everyone?

Elena

[1:46 pm, 23/11/2020] +: So the question of PRs to receive the vouchers not valid still... 😂

Alex

[1:46 pm, 23/11/2020] +: I disagree - subsidies for university are a long-term investment that the government makes and it's justified to only offer to citizens and maybe PRs because the government is entitled to a reasonable return on that investment though tax revenue and social benefit in the future, so the distinction is justifiable (investing in the future of those that have not themselves invested in the country makes no sense).

The tourism vouchers are not a long-term investment, quite the opposite.  They are a way to kick-start (as the name suggests) the tourism industry which has stagnated and it makes no difference who helps kick-start it, accordingly I don't see any justification for making a distinction in this case.   It's no different from saying that the taxi industry is having a hard time so let's give one particular group of people $100 to spend on taxis.

[1:47 pm, 23/11/2020] ☸️  Danny 心: 

So do every one accept my suggestion :-

Only MOF know whether how much cash it can offer.

If we want to be generous - we take $25, PRs $25, work pass $25.

Ok for everyone?

Elena

[1:48 pm, 23/11/2020] +: I think citizens and PRs ok... must see spending power as well...

[1:49 pm, 23/11/2020] +: $50 per person is ok.

[1:49 pm, 23/11/2020] +: I see it more like discount vouchers... 😂

[1:49 pm, 23/11/2020] ☸️  Danny 心: 

Let hear the political noise if you announce this in the news.

Elena

[1:52 pm, 23/11/2020] +: I think should be people voice and not political noise ba.

[1:53 pm, 23/11/2020] ☸️  Danny 心: 

You can float your ideas in the public and see the response from the public and political parties voice.

Ideas posted must not be devoid of political realities.

Elena

[1:54 pm, 23/11/2020] +: Some will say $50 not enough, some will say shd be for singaporeans only etc. Same old story repeats. If never give PRs, some say $100 too much, some say why never give PRs.

[1:55 pm, 23/11/2020] ☸️  Danny 心: 

When come to election, the votes will tell you what the public really think.

Elena

[1:55 pm, 23/11/2020] +: I don't have any objections whether govt wants to give to citizens or prs or not. Just saying that if give to PRs got additional people to boost economy as these vouchers more like discount vouchers.

[1:55 pm, 23/11/2020] ☸️  Danny 心: 

Money is always not enough.

Elena

[1:56 pm, 23/11/2020] +: Of course it is never enough. The flow of money is always come and go one.

[1:57 pm, 23/11/2020] +: U save money put into investments. If that investment flops, ur money also gone.

[1:57 pm, 23/11/2020] +: U put money into bank, if the bank dies, yr money also gone. And the interest rate always lower than inflation rate,  so u always lose money also.

[1:58 pm, 23/11/2020] ☸️  Danny 心: 

I don't dispute economic benefits.

But do look at the political perspective and social perspective.

Ken

[1:58 pm, 23/11/2020] +: Why they don’t convert to Singapore citizen same question can be asked back 🤷🏻‍♂️

Elena

[1:58 pm, 23/11/2020] +: U put money in coinbox and store in yr house, someone breaks in and steal money also gone. Plus no interest, over time the money gets "smaller" too

Alex

[1:58 pm, 23/11/2020] +: My point is about the principle not the amount.  

Last week this group talked about how to attract foreign investment and entrepreneurs: one of Singapore's key attractions to many businesses is our "fairness" and I think this policy goes directly against that.    

I think it is an odd policy because its potential damage seems disproportionate to its benefit.

Elena

[1:58 pm, 23/11/2020] +: Exactly.

[1:59 pm, 23/11/2020] +: Local spending is not equal to foreign investment and entrepreneurs wor.

Ken

[2:00 pm, 23/11/2020] +: Singapore PR quite good deal around, at one point almost no difference from citizen 🤷🏻‍♂️

[2:00 pm, 23/11/2020] +: Other than no voting

[2:00 pm, 23/11/2020] ☸️  Danny 心: 

Well think more deeply the political reality.

Elena

[2:00 pm, 23/11/2020] +: Now got differences in some areas liao.

Ken

[2:00 pm, 23/11/2020] +: Only after 2016.... 😆

[2:00 pm, 23/11/2020] +: Or somewhere before

Elena

[2:01 pm, 23/11/2020] +: At least better than none.

[2:01 pm, 23/11/2020] +: No fish got shrimp also good

Ken

[2:01 pm, 23/11/2020] +: 🤣

Ben

[2:02 pm, 23/11/2020] +: One off windfall tax on the tech companies that have done so well this year from covid?

[2:02 pm, 23/11/2020] +: Or the financial instructions benefitting from massive profits on the markets this year?

Ken

[2:02 pm, 23/11/2020] +: 😅😅

Ben

[2:03 pm, 23/11/2020] +: Seems that those who benefitted from covid can help support those who suffered

[2:03 pm, 23/11/2020] +: It was good luck for some and bad luck for others

Elena

[2:04 pm, 23/11/2020] +: Ya but those are not govt companies. Every boss has their own free will... u can't take a knife and force them right? If these companies open up more jobs during this period already considered doing good already.

[2:05 pm, 23/11/2020] +: I only know those govt affiliated companies already started opening new jobs.

[2:05 pm, 23/11/2020] +: Those private ones not sure.

REACH

[2:55 pm, 23/11/2020] +: Singapore's core inflation deepens decline to -0.2% in October as services and retail costs fall

Consumer prices in Singapore deepened their decline in October, even as authorities forecast a “mildly positive” turn in 2021.

Core inflation fell to -0.2 per cent year-on-year in October, compared with -0.1 per cent in September, data from the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) showed on Monday (Nov 23).

More: https://www.channelnewsasia.com/news/business/mas-mti-inflation-consumer-price-index-13620886

[3:21 pm, 23/11/2020] ☸️  Danny 心: 

Oh dear we are experiencing deflation.

Means business activities go down, job opportunities go down, consumption go down.

REACH

[3:24 pm, 23/11/2020] +: 5 new COVID-19 cases in Singapore; 13th consecutive day with no local infections

Singapore reported five new COVID-19 cases as of noon on Monday (Nov 23), said the Ministry of Health (MOH) in its preliminary daily update. 

All of the cases were imported and were placed on stay-home notice or isolated upon arrival in Singapore, MOH said. 

There were no locally transmitted cases for the 13th consecutive day.

Details of the new cases will be announced on Monday night, said the ministry. 

More: https://www.channelnewsasia.com/news/singapore/covid-19-nov-23-new-cases-imported-no-local-infections-moh-13619620

Caleb

[4:14 pm, 23/11/2020] +: MINDEF spread fake news

[4:14 pm, 23/11/2020] +: Mandatory by end of dec meh?

[4:14 pm, 23/11/2020] +: https://www.instagram.com/p/CHz2MhuMElJ/?igshid=1so70rs3der7m

Ken

[4:15 pm, 23/11/2020] +: Maybe forgot to update lol

Caleb

[4:15 pm, 23/11/2020] +: It's posted 3 days ago

Alvin

[4:23 pm, 23/11/2020] +: 💬 How can we as a community strengthen social resilience as we face challenges in the future of our economy?

1) Try to curb any price increases for daily necessities (products and services) in the next few year or next few months.

2) Hold community events when we move to Phase 3. I'm certain many folks miss them and you will see a surge in community events (esp if free food/drinks/goodies are given out).

3) Continue distributing masks when available to encourage ppl to continue wearing them.

4) Give help out to those who lost jobs, encounter difficulties, etc and continue helping those already in need.

5) Continue having good controls on our Travel Bubbles etc and tweak our policies when new situation arises.

6) Once vaccine comes out, a strong robust and well planned update from our beloved Covid Task Force (I actually just referring to Min Lawrence Wong here though) would be appreciated. There will be xiasuay panic rush for the vaccine, so you were warned beforehand hand.

7) Festive period is caught in a dilemma. On one hand Xmas and CNY is good time to relax and spread the mood to increase shopping and spending but on the other hand there is moderate risk of infection. Gov will have to balance this and play by ear.

My 2.14 cents

[4:28 pm, 23/11/2020] ☸️  Danny 心: 

Should make it compulsory by Dec 2020 as many has collected the token already.

Some already start using in store that can scan the token QR code.

Scanning SafeEntry got security risk.

[4:40 pm, 23/11/2020] ☸️  Danny 心: 

Using IC for scanning also a bit risky - as data scanned not encrypted.

Token scan safer.

Anne

[4:44 pm, 23/11/2020] +: Ya, forget to bring token, no need to go anywhere liao

Caleb

[4:45 pm, 23/11/2020] +: No token, cannot go anywhere.

[4:45 pm, 23/11/2020] +: Can go coffeeshop lor

Anne

[4:46 pm, 23/11/2020] +: Imagine you buy tickets to watch movie already, and then you forget to bring token, end up cannot watch and waste money.

Berny

[4:47 pm, 23/11/2020] +: B> ticket at 50% price

[4:48 pm, 23/11/2020] ☸️  Danny 心: 

I think token data are encrypted.

If data stolen, useless to Hackers.

But unencrypted data like IC, name, phone, address, dob etc are hack - scammers can start scamming.

So making token mandatory is better.

Anne

[4:48 pm, 23/11/2020] +: Ya, set up a booth outside the shopping centre. Say we buy your movie ticket at 50% discount, you can now go home. It’s a 50% loss, better than total loss. Lol

Berny

[4:49 pm, 23/11/2020] +: Just download the app on the spot la, solves the issue

Caleb

[4:50 pm, 23/11/2020] +: 👍

Anne

[4:55 pm, 23/11/2020] +: Ya hor. That means if forget to bring token shouldn’t be so xuay as to forget to bring phone. 

I forgot to bring phone once, lucky still can scan IC.

Caleb

[4:55 pm, 23/11/2020] +: Now  go out must bring token and handphone for epayment.

No need wallet Liao

[4:55 pm, 23/11/2020] +: Can gov make it compulsory for all coffeeshops to accept epayment?

Alvin

[4:57 pm, 23/11/2020] +: The problem with TT app is your handphone may be low on batt

[4:57 pm, 23/11/2020] +: Then you wanna go into mall gg liao

Caleb

[4:58 pm, 23/11/2020] +: Scan. Then delete the app

[4:58 pm, 23/11/2020] +: 🤣

[4:58 pm, 23/11/2020] +: Or switch off the BT on ur hp

Jimmy Chew

[4:59 pm, 23/11/2020] +: Ouch

Anne

[5:01 pm, 23/11/2020] +: Wah... that’s playing cheat. I think my kid did that also to stop his phone battery from draining

Berny

[5:04 pm, 23/11/2020] +: Then whats the point of trace together, I know there are people out there doing this, but that is just like wearing a mask with nose exposed, or using it as a chin guard

Caleb

[5:05 pm, 23/11/2020] +: That's why TraceTogether is a volunteer basics

[5:05 pm, 23/11/2020] +: Cause ppl can do many things to go around it

Berny

[5:08 pm, 23/11/2020] +: Yalor, but hopefully they dont end up becoming patient 0 for a new cluster

======

REACH

[6:58 pm, 23/11/2020] +: Dear Contributors,

We will be closing the chat for today.

Thank you very much for being part of our WhatsApp chat and participating actively.

Goodnight!

Megan