TAXPAYERS MONEY BAILS OIL FIRMS, NO MONEY FOR S’POREANS STRUGGLING WITH HDB LOANS

According to a business article, Standards, Productivity and Innovation board (Spring) Singapore and IE enterprise have issued $380 million in loans to back marine and offshore engineering firms who have fallen on hard times.

Under Spring Singapore’s scheme, an M&OE group can borrow up to $15 million to meet its working capital, while a company can also access up to $70 million under IE Enterprise’s Internationalisation Finance Scheme.

The scheme has seen over 70 applications approved since November 2016. Another 100 companies are interested in further loans.

This approach varies in stark contrast with the government’s tight fisted reply to Housing & Development Board flat owners, who have been caught in an environment of stagnant wages, high interest rates and rapid price inflation of goods due to government taxes.

In April 2016, member of parliament from the People’s Action Party had even said outright that flat owners who have fallen on hard times and are unable to meet their HDB mortgage installments should consider renting or selling their flats to meet the payments. This was in response to some quarters who suggested offering better conditions or allowing existing loan holders with the HDB to renegotiate.

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