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THE economic crisis will dominate the agenda when Parliament sits on Monday.
Of the 42 questions submitted by Members of Parliament, almost half are related to the dire economic conditions. Two MPs, Mr Seah Kian Peng and Mr Zaqy Mohamad, are asking for more information on the $2.3 billion loan support package recently announced by the Government. The package, unveiled last November, is to help businesses secure credit in the downturn. Six questions have been filed on the saga involving troubled structured financial products linked to the bankrupt United States bank Lehman Brothers. Some 10,000 investors here poured half a billion dollars into these products. Aljunied GRC MP Cynthia Phua, for example, wants an update on the investigation by the Monetary Authority of Singapore into complaints of mis-selling. Nominated MP Siew Kum Hong has similar queries and wants details on how the cases were resolved. Jobs are also a big concern of the MPs, with many asking for the Government's outlook on economic and job prospects for the year. Jurong GRC MP Halimah Yacob, for instance, wants the Ministry of Trade and Industry to give its predictions on which sectors will be worst hit and which are likely to be spared. She said: 'Times are really bad. We can't go through a Parliament sitting in a recession without discussing this important topic. This is something people want to know and the answer will help them prepare themselves for the year.' The economy aside, the House is also expected to discuss issues such as the recent malfunction of the Singapore Flyer and the incident at the Singapore Zoo where a cleaner was killed by two white tigers. Marine Parade GRC MP Lim Biow Chuan is also asking the Law Minister if there is a need to review Singapore's penal policy, in view of a recent article by Law Society president Michael Hwang in the Law Gazette, stating that Singapore is 'sadly lacking a principled and transparent penal policy'. Several proposed laws will also be deliberated in the House next week. One Bill proposes that people with debts of up to $100,000 be given a maximum of five years to repay the sum. This change is to help wage earners repay their loans instead of being taken to court and made a bankrupt.
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