COMPANY CLOSURES (Figures)

Dr Toh Chin Chye asked the Minister for Trade and Industry and Minister for Education how many companies have closed, liquidated or are in the process of liquidation or are under receivership for the period January to April for the years 1984 and 1985.

The Minister for Trade and Industry and Minister for Education (Dr Tony Tan Keng Yam): Mr Deputy Speaker, Sir, in the first four months of this year, 74 companies were liquidated, 237 companies were in the process of liquidation, and 19 companies were placed under receivership. During the same period of last year, the figures were as follows: 101 companies liquidated, 169 companies in liquidation, and 2 companies placed under receivership.

Dr Toh Chin Chye (Rochore): Mr Deputy Speaker, Sir, I am obliged to the Minister for his figures. May I ask the Minister what measures does the Government have to alleviate the effects of the current recession, apart from reductions in rentals by the HDB and JTC?

Dr Tony Tan Keng Yam: Mr Deputy Speaker, Sir, the Government is concerned at all times to ensure that we have a prosperous and thriving economy. As I said in the Budget Statement, I expect this year, 1985, to be a somewhat more difficult year than 1984. But our economic structure is a strong and resilient one, and I do not expect any serious damage to occur to any sector of our economy. We have had four exceptional years of strong growth. During the first quarter of this year, economic growth in the United States was slow, at 1.3%, and we may expect that the effects will carry over to countries like Singapore. I think that the measures which we should take in order to combat the recession this year should be designed to ensure that our economy is strengthened for the long term. This means a more competitive structure, a lower level of costs, better training, and such assistance as would be compatible with our aim of upgrading our economy and bringing it to a higher level. After this period has passed, our economy will be stronger, fitter, and we will get back on the path of rapid growth.

Dr Toh Chin Chye: Mr Deputy Speaker, Sir, on a short-term basis, will the Minister consider a 20% discount on the pump price of petrol? He will remember that in two years he has increased the price of petrol by 50%.

Dr Tony Tan Keng Yam: Sir, it is not for me to suggest or to decide what should be done on what should be the proper province of my colleague, the Minister for Finance. I am sure that he has taken note of the suggestion from the Member for Rochore. It is a decision which the Minister for Finance has to make. I hope that he will stand by what has been decided.

Dr Toh Chin Chye: Mr Deputy Speaker, Sir, may I then direct that question to the Minister for Finance.

The Minister for Finance and Minister for Health (Dr Hu Tsu Tau): Mr Deputy Speaker, Sir, the decision to increase petrol tax was designed for a specific purpose of reducing the usage of cars. For that reason, I think it should remain. If the Member for Rochore considers that other measures are required to assist the economy, that is a different issue altogether.