Government to roll out more support measures should need arise amid Middle East situation: PM Wong
These include utility rebates and various business assistance measures
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[TOKYO] The Singapore government is ready to roll out measures beyond what was announced at Budget 2026 should the need arise following the situation in the Middle East, said Prime Minister Lawrence Wong on Mar 18.
It has the resources to do so decisively and quickly, but for now, households and businesses will feel the effects of the already-announced measures soon, he said.
These include utility rebates and various business assistance measures.
“We want to see these being implemented first,” said PM Wong. “And then we will continue monitoring the situation because… it’s very fluid and we are looking at all the different possibilities and contingencies that can happen.”
He was speaking to Singapore media during his three-day official visit to Japan where he and his counterpart Sanae Takaichi announced upgraded ties to a strategic partnership that included more cooperation in energy and the green transition.
Responding to a question on whether more assistance was being considered for Singaporeans in the face of rising energy prices, PM Wong said the current situation is dynamic, given that the US military operation – originally said to be over in a matter of weeks – is now in its third week.
The US and Israel had attacked Iran on Feb 28. Iran later retaliated with its own strikes, and has since also disrupted shipping through the Strait of Hormuz that is the naval passageway for about a fifth of global oil.
PM Wong said the key question is whether the Strait will continue to be blocked.
“If the Strait of Hormuz continues to be blocked for a longer stretch, I think there will be severe consequences for the entire global economy,” he said.
SEE ALSO
This will go beyond oil and gas to impact sectors such as fertiliser, food supply or even helium.
Thirty per cent of the world’s helium, which is used in MRI machines and semiconductor production, comes through the Strait, he noted.
“There will be a lot of potential knock-on effects. So a prolonged blockage of the Strait will have significant implications for the global economy, and may tip the global economy into a tailspin, into a downturn or even a recession,” said PM Wong.
“So these are things that we worry about. We don’t know if it will happen, but we are monitoring very closely.”
His remarks come after Minister-in-charge of Energy and Science & Technology Tan See Leng said that Singapore’s energy supplies remain secure despite rising oil and gas prices caused by conflict in the Middle East.
With global energy prices rising, Singapore’s electricity prices will also likely increase in the months ahead, he said as he urged Singaporeans to help offset the increase by conserving energy and using more energy-efficient appliances.
This echoed his Facebook post on Mar 12, where he had also said that the government stands ready to support households and businesses as necessary.
On the impact of the situation in Iran beyond prices and the economy, PM Wong said that while the most immediate effect would be on the economy, the broader implications are that international rules and laws continue to be weakened.
It sounds abstract but the weakening of rules, global institutions and longstanding norms should be a significant source of concern for all countries, big and small, he said.
“it will simply mean we are moving more towards a world where countries will be more inclined to use force to get what they want. It’s no longer about what is permissible or possible under international law.”
If this trend continues, there will be more conflicts in the world where differences will be resolved not through peaceful engagements but with shows of force and coercive tactics, added PM Wong.
“So we worry about this, and that’s also why we work very hard to forge coalitions of like-minded countries who feel very strongly about upholding a rules-based order,” he said.
Singapore will continue to upgrade its partnerships and relationships and to find new ways of working with the countries in the different groupings to uphold whatever is possible of the rules-based order.
“It’s actually something very critical for stability and continued peace in the world.” THE STRAITS TIMES
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
