Private-hire car population has remained stable; less than 3% of COEs secured went to foreigners
SINGAPORE - The number of private-hire cars remained stable at around 70,000 since 2019 and accounted for around 10 per cent of the total car population, said Transport Minister S. Iswaran on Monday.
Ms Mariam Jaafar and Mr Yip Hon Weng asked if it was possible to limit the number of cars that PHC operators can own, given the belief that such companies have the financial muscle to chase up COE premiums and edge out private car buyers. Taken together, taxis and rental cars account for around one million daily journeys now, up from 800,000 in 2012.
Replying, Mr Iswaran reiterated the point that the number of COEs that were secured for PHCs has been moderating. “Let’s not be too quick to conclude what the causes are and therefore start fixing problems that may not really be at the root of the issue,” he said.Vehicle loan curbs, levy on additional car purchases among MPs’ ideas to rein in COE prices
Other than new vehicles that are registered as PHCs, the increase can also come from existing normal cars being converted to become PHCs for a fee. As these cars are already on the road, they would not require a fresh COE. At the same time, PHCs also can be converted to become normal cars. Between July 2020 and December 2022, on average, less than 3 per cent of car COEs were allocated to foreigners, he said, adding that the number has remained stable.
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