Some suggested using a balloting system or a points-based system that takes into account other factors aside from the bidding price.
SINGAPORE: Suggestions on alternative ways to distribute Certificates of Entitlement and fast-increasing COE prices were among the concerns raised by Members of Parliament on Monday .
Demand for vehicles has remained"resilient", especially as the economy recovers after COVID-19. Incomes have also been rising over the long term, and the ratio of COE price to median monthly household income has fallen, he said. Similar to the implementation of additional buyer stamp duties on those who buy multiple residential properties, Ms Poa also suggested the ministry consider implementing additional levies on multiple vehicle purchases.
“Then the question is, what justifies such a ballot? Who qualifies and how do we do it?” said Mr Iswaran. The Monetary Authority of Singapore’s restrictions on loans that are granted by financial institutions are to encourage borrowers to spend or borrow prudently, said Minister of State for Trade and Industry Alvin Tan, standing to respond on the matter.
Expressing concerns about the rate at which COE prices are increasing, Mr Leong Mun Wai asked if the ministry would consider using the vehicles’ open market value as an additional criterion for classifying cars into Category A for COE premiums - the quota available for smaller cars. “But however, I think the government should also be careful when prices go up too fast. There will be problems. Problems from the aspect of affordability, and also from the aspects of equity,” said the PSP member.
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