OUR MPS keep making sure that any sale of NTUC Income will be in the interest of Singaporeans. Six spoke up in Parliament this Wednesday (16 Sept). They raised important issues ranging from whether this would set precedents to other institutions with a public charter to keeping Singapore friendly to international investments.
As MP Saktiandi Supaat (Bishan-Toa Payoh GRC) said, there just aren’t many countries which let MPs file Parliamentary Questions on an ongoing regulatory deal. Plus, these questions also stem from how the PAP Government has been open and transparent about the matter of Allianz-Income, and adjusted its stance based on new information obtained.
All PAP MPs voted to support the passing of the Bill, which will give MAS the legal standing required to block the deal as it stands.
Source: The Straits Times © Singapore Press Holdings Limited. Reproduced with permission.
Liang Eng Hwa: Keep Singapore an investment-friendly global hub
MP Liang Eng Hwa (Bukit Panjang SMC) looked at the macro picture — that Singapore must remain a welcoming place for foreign investments.
“[My] concerns would be whether the rejection of the Allianz transaction on grounds of public interest would have any impact on our reputation as a global centre that welcomes international investments,” he said.
“[I] call on the government to reaffirm this long-standing policy; to position Singapore as an investment-friendly global hub that welcomes value-adding economic investments,” he continued.
MP Liang’s questions follow on from his August ones. There, he asked if a sale would still let NTUC Income keep providing affordable insurance, especially to the under-served.
Joan Pereira: What does this mean for future business deals involving the public interest?
MP Joan Pereira (Tanjong Pagar GRC) asked about what the Bill might mean for future deals involving businesses holding significant public interest.
“I am heartened that the Government has confirmed that it will be open to new proposals if the concerns are addressed,” she said about the Income bill.
“Would there be other businesses which are organised as cooperatives, institutions of public charter or critical infrastructure operators, such as telcos, water desalination plants or oil refineries, which may require similar legislative amendments in order to prevent something similar from taking place?” she added.
Saktiandi Supaat: How is Allianz being engaged?
Back to MP Saktiandi. He followed up his observations about the ongoing open discussion around Income with a specific question about how Allianz is being engaged regarding the Bill.
“May I ask the Minister whether and what steps have been taken to engage Allianz, as opposed to Income and NTUC Enterprises? If no steps have been taken so far, is any engagement being planned?” he asked.
According to Second Minister for Finance Chee Hong Tat, Singapore will continue with a business-friendly operating environment which welcomes foreign investors. The Bill is narrowly-scoped and does not affect any other insurer or the financial industry at large. Allianz is also being engaged, and they understand the reasons for the Government’s decision.
Moreover, Minister Chee reiterated the Government’s intent in urgently tabling the Bill. It is so that Income finds a strategic partner to strengthen its competitiveness and capital base in the long term — so that Income can continue to do well, in order to do good.
