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SBF Welcomes Budget 2022’s Extended Support for Affected Sectors and Measures to Amplify Growth in an Endemic World

Friday, 18 February 2022 [Singapore] – As the world transits to an endemic operating environment, the Singapore Business Federation (SBF) welcomes Budget 2022’s series of extended support and growth measures to position the economy for a strong and steady economic recovery.

Mr Lim Ming Yan, SBF Chairman said, “In this transition phase as Singapore charts our way forward, some businesses will be well-placed to embark on their next bound of growth, whereas others may continue to be impacted by the pandemic for a longer period of time. Budget 2022 takes into account this unevenness with a range of measures to address the varied needs of companies of different sizes and at different stages of recovery. SBF remains committed to strengthening partnerships between businesses, trade associations and chambers, unions, and the government to support the business community as they reset priorities and seek out post-Covid opportunities.”

Mr Lam Yi Young, SBF CEO said, “Budget 2022 is well-balanced, with a strong focus on growth and the future, while also taking care of immediate needs of SMEs still affected by COVID-19. The broad range of measures will support businesses in digitalisation, innovation and transformation to help them stay competitive and position themselves to seize growth opportunities. With the green economy as a future growth engine, there are also good opportunities for our SMEs to leverage sustainability for growth. As businesses move from survival to recovery and growth, Budget 2022’s strong signal of optimism and growth is welcomed by businesses.”

Mr Kurt Wee, Chairman, SBF SME Committee said, “We have seen Singapore businesses consolidate amid an uncertain operating environment in the past two years. For those who have adapted well, they have also emerged stronger and more resilient. Nevertheless, for companies that are still struggling to get on the path of recovery, the SBF SME Committee is glad that schemes such as Temporary Bridging Loan and Jobs Growth Incentive have been extended to allow these companies more time to adapt and manage their manpower and business costs.”

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