PM Lee Hsien Loong at the Teck Ghee Lunar New Year 2009 Celebrations

Friends, residents of Teck Ghee, fellow Singaporeans, the Year of the Ox will be a difficult one for Singapore. We are facing a serious economic problem, more serious than the Asian crisis or the 9/11 recession or the Sars attack. It’s the most serious downturn worldwide since 60 years after the War. But the Ox represents prosperity through fortitude and hard work and these are the qualities which will see us through the current storm. We had an extraordinary Budget just before the New Year last week and we announced the Resilience Package. The main focus of the package is to keep companies afloat so that they can continue to do business, continue to employ workers, workers can continue to have work and people can continue to take care of themselves and their families. So, we had a Jobs Credit Scheme to lower the cost of hiring Singaporean workers. We had a Special Risk-Sharing Initiative to help companies get access to financing.

Our philosophy, our approach is if Singaporeans have jobs, they can continue to look after themselves and their families and, therefore, through helping the companies, really, we are helping the workers in the best possible way. Of course, the households also receive direct help in the Budget. The GST Offsets have been doubled, the Workfare benefits have gone up by 50 per cent. There’s an extra service and conservancy charge, one month rebate, there’s an extra rental rebate, one month. These are all benefits which will directly help Singaporean households and especially the lower income households because they need the most help in these difficult times.

I’m encouraged by the positive responses to the Budget Speech. It shows that Singaporeans understand we are facing a critical challenge. They appreciate that the Budget is to help them, help the economy and that the Government is doing its best. They also know that despite the Budget, we’re going to have a difficult year, but with the support of the Government, that everybody can do their part and we will keep striving through the downturn.

Even as we tackle this crisis, we can continue to focus on the future. So, in the Budget, we paid attention to long term programmes. We brought down our corporate tax by one more percentage point to 17 per cent. We are investing in education, in research and development, in infrastructure in Singapore, our Clean Waterways Programme, building the Marina, improving our housing estates and including improving the housing estates through the HDB upgrading projects. Through this crisis, the HDB upgrading projects will continue. In Ang Mo Kio GRC and Yio Chu Kang, we will have altogether six upgrading projects this year and in Teck Ghee, we will have one Lift Upgrading Programme in Blocks 471 to 476, which is in RC Zone H. We’ve waited for some time for this. The residents have often asked me when is our lift coming to stop on my floor and I’m happy to say we’re starting on the project this year and I hope that the residents will appreciate it, especially the older residents.

During this period, we have to work together as a community to reach out to every household, to give help to those who need it. I’m very happy that the VWOs are doing more and the grassroots organizations also. The Government is helping them with a bit more resources so that they can handle more cases, more households. But whatever it is, one way or another, we will make sure that everyone who needs help will get help and everyone who makes the effort to help himself and his family, we will make sure he’s alright. Poor pupils who cannot afford school will get help with their fees and their money. They must continue with school, they must continue with their studies. We make sure they have uniforms, they must have clothes, they have what they need for their CCA, for their school activities. Retrenched workers, they will get retraining and job matching. Needy families will get more financial support. And in Teck Ghee, we are doing more, too, more hong baos at Chinese New Year, more bursaries, more scholarships, more subsidies for people with pre-school children. RCs are looking out for families who run into trouble. CCCs are working with market and hawker centres to provide subsidized food for elderly families and especially the poor ones.

This is our duty and we will do it happily because we are all in the same boat and we have to take care of one another to come through this downturn together. We are grateful to the sponsors, to the donors, to the Seventh Moon groups, to all the volunteers whose enthusiasm and generosity have made this possible, not just in Teck Ghee, not just in Ang Mo Kio GRC, but all over Singapore too and this is the way to get through the crisis, by all of us working closely together. But despite the downturn, despite all these problems, we should be confident about Singapore’s future. We will do lo hei, we will have good luck and we will good luck because we will make a strong effort to help ourselves.

In Asia, the prospects are bright and Singapore, we are part of Asia, we will ride this dragon as it rises. We are different from other countries, in Singapore, the way we solve our problems, the way we work together, the way we focus on tackling what worries us now and also what is coming over the horizon. So, while we respond in this crisis to help the poor and the needy and make sure everybody has work, we are also preparing for the future to make sure that when the storm clears and the clouds clear and the Sun comes out, we will there and ready to sail ahead. So, we are pressing ahead with our plans to build a new city, to build a vibrant economy, to build a first-class home where Singaporeans can live, work and play and when the Sun comes out again, we will emerge stronger, readier, more competitive and able to do better for our children and for our future.

So, I wish you all a very happy Year of the Ox and let us work together so that at the end of the year, we’ll have reason to celebrate and reason to know that we have done even better. Thank very much, indeed.