Government monitoring businesses to stop them from using increased costs as excuse to profiteer: DPM Wong

The Government will monitor businesses to make sure that there is no profiteering, where businesses might use cost increases as an excuse to raise prices more than necessary, said Deputy Prime Minister Lawrence Wong on Thursday .and a switch towards healthier food ingredients. Water prices will rise by about 18 per cent over the next two years in two phases.to help Singaporean households with the rising cost of living.

“Whether it’s hawkers or other businesses, may use these price increases as an excuse to profiteer, increase prices more than necessary,” he said. The committee was first set up in 1994 alongside the introduction of GST in Singapore. It was also reconvened during the previous rounds of GST increases in 2003 and 2007.Mr Wong also responded to a question about why there was no support rolled out for businesses in the additional package of measures announced on Thursday.

“What’s important for business is to continue to restructure, continue to focus on moving up the value chain, be more efficient, be more productive, and all the schemes we have in the Budget so far have been supporting this direction,” said Mr Wong. As long as Singapore pays attention to its overall competitiveness, it will be able to anchor more of such investments and continue to create good jobs for Singaporeans, said Mr Wong."Water is yet a different matter altogether because water is such an essential resource for Singapore," he said.

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