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ECONOMY, FINANCIAL SERVICES, TRANSPORT & LOGISTICS | Staff Reporter, Singapore
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Daily Briefing: Government debunks online site's claim over ministerial salaries; Go-Jek in talks for Singapore expansion

And here's why a possible US Fed interest hike could hit borrowers in Singapore.

From Channel News Asia:

The Factually website managed by the Ministry of Communications and Information denied what it described as “falsehoods” about ministerial salaries that have been circulating recently which said that the government is not upfront about the calculation of ministerial salaries.

Debunking this, the website said the pay components are set out in a White Paper, which was tabled in Parliament in 2012. The website also included a link to the White Paper.

The Factually website said an MR4 (entry-level) minister’s annual salary is S$1.1 million, including bonuses. It added: “If the minister doesn’t do well – and if the economy doesn’t do well – he may get well below S$1.1 million.”

Read more here.

From CNBC:

Go-Jek is working with regulators in Singapore and the Philippines in line with its move to expand in Southeast Asia, Go-Jek president Andre Soelistyo revealed.

"Thailand is coming very soon ... the team is already working to operationalize the product," he said, adding that, for Singapore and the Philippines, "we're still working it out with local regulators, local teams to make sure that all the requirements are being checked properly, before we do the expansion."

In Singapore, reports previously suggested that Go-Jek was in talks with the country's largest taxi operator, ComfortDelGro, to forge a partnership ahead of the company's entry into the market. Soelistyo declined to comment on that report, and instead said Go-Jek always takes a "very partnership-driven" approach.

Read more here.

From iCompare Loan:

Singapore borrowers could get hit by a hike in US interest rates as Singapore interest rates are closely correlated with those in the US.

The SIBOR (Singapore interbank offered rate) for example is expected to go up. This could dent some of the enthusiasm in the buoyant property market.

Since the beginning of this year, banks have raised interest rates for both fixed and floating home loan packages by 10 – 30 basis points (bps). Some banks have already upped their mortgage rate to 2.05%, to keep pace with the increasing interest rates.

DBS is now charging 1.95% a year for each of the three years for its 3-year fixed rate package, while UOB recently increased its 3-year fixed rate package to 2.05% a year for each of the three years. OCBC, on the other hand, raised its 2-year fixed rate package to 1.85%.

Tin Min Ying, an investment analyst at Phillip Securities Research Pte Ltd, said in early June that SIBOR and SOR will continue their upward trend.

Read more here.

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