10 SINGAPORE NEWS
Purchasing index points
to manufacturing gains
July employment
index also rises,
by 2.1 points to 50.2
By JAMIE LEE
THE manufacturing sector
expanded in July for a third
straight month, the Pur-
chasing Managers’ Index
(PMI) shows.
And in a sign that the
job market may be improv-
ing, the employment index
veered into positive territo-
ry after 19 consecutive
months of contraction.
The PMI crept up 0.4 of
a point from June to 51.5
points, thanks to an in-
crease in new orders and
new export orders.
A reading above 50 indi-
cates overall expansion.
Despite losing 1.7
points, the new orders in-
dex for July still expanded
at 50.9 points. The new ex-
port orders index dipped
0.4 of a point but still ex-
panded at 50.5 points.
“Looking at the readings
over the past three months,
it appears the manufactur-
ing economy has bottomed
out,” said Janice Ong, exec-
utive director of the Singa-
pore Institute of Purchasing
& Materials Management
(SIPMM).
“The latest readings sug-
gest the manufacturing
economy is heading to-
wards a possible recovery.”
The employment index
gained 2.1 points in July to
50.2 points. In particular,
the electronics employment
index rose 2.7 points to
52.7 points. “This is heart-
ening news for our manu-
facturing labour force,”
Ms Ong said.
Overall input prices, in-
cluding the cost of labour
and raw materials, gained
1.1 points in July but still
contracted at 47.3 points.
The electronics sector in-
put price index edged up
0.2 of a point but still con-
tracted at 43 points – the
eighth contraction in a row.
“This suggests our local
manufacturers, in particu-
lar the electronics sector,
have been focusing on cost-
reduction to stimulate de-
mand for their manufac-
tured goods,” Ms Ong said.
“This probably explains
why output in the electron-
ics sector shot up to over
60,” she said. The electron-
ics sector production index
added 2.5 points to 60.1
points.
The PMI is based on a
survey of purchasing execu-
tives at 150 companies,
which SIPMM conducts
monthly.
Govt measures alone can’t
solve fertility issues: PM
Expectation gap
between men and
women must be
closed to bear fruit
By LEE U-WEN
GENEROUS baby bonuses
and measures to boost par-
enthood aside, the govern-
ment alone cannot tackle
the problem of Singapore’s
dismal fertility rate.
And Prime Minister Lee
Hsien Loong believes the
gap between what men
want from life and what
women expect from it
needs to be closed if the
state’s efforts to encourage
people to marry – and
much earlier – are to bear
fruit.
The attitudes and expec-
tations of women today are
different from those of the
previous generation, Mr
Lee said yesterday at the
opening of the Asia-Pacific
Economic Cooperation
(Apec) Women Leaders Net-
work meetings.
Many women these days
are financially independent
and want more control over
their lives, he told an audi-
ence of 600 women from all
21 Apec countries.
“They are not content
with being confined to tradi-
tional, subservient roles,”
he said. “In family life they
expect an equitable divi-
sion of responsibilities, and
a say in important family
decisions.”
Social advances and the
greater empowerment of
women have brought about
major change, Mr Lee said.
“We have seen some unin-
tended consequences. The
focus on careers has put
pressure on family and per-
sonal priorities.”
He also made the point
New credit
assessment
tool launched
By JUSTIN CHAN
CONSUMERS who are un-
certain about their credit
profiles and how it may af-
fect their prospects of get-
ting loans from banks can
now get an instant snap-
shot of their credit profile
and viability, thanks to a
link-up between DP Credit
Bureau and Experian.
Listed on the London
Stock Exchange, Experian
specialises in providing in-
formation and analytical
tools and marketing servic-
es to organisations and con-
sumers to help manage the
risk and reward of commer-
cial and financial decisions.
DP Credit Bureau is the con-
sumer credit bureau unit of
DP Information Group.
Experian is bringing to
Singapore its Delphi con-
sumer credit assessment
tool in the form of the
DP-Delphi program. Ac-
cording to Dennis Martin,
Experian’s managing direc-
tor for Asia-Pacific credit
services, banks in the US
and UK use the Delphi pro-
gram to assess the credit vi-
ability of consumers before
issuing loans.
By teaming up with Ex-
perian, DP Information
aims to make it clearer to
consumers what their cred-
it standing is, and to allow
banks to have a better risk
assessment of consumers.
Key to it all is the DP-Del-
phi score, which will use ag-
gregated data from mem-
ber banks currently affiliat-
ed with the DP Group, pub-
lic information on credit liti-
gation that consumers may
be involved in, and
non-bank repayment data
contributed by Singapo-
rean businesses, coopera-
tives and retail stores to DP
Information’s SME commer-
cial credit bureau.
DP Information Group
managing director Chen
Yew Nah says that because
the DP-Delphi score is
Tackling family issue: Mr Lee at the opening of the Apec Women Leaders Network meeting yesterday. He says
policies, work arrangements and social practices must evolve to accommodate the needs of the new generation
that men’s attitudes have
changed over the years, “al-
though perhaps not fast
enough”. Still, he is encour-
aged that more men treat
their partners as equals
and share the housework
and child-raising.
Singapore’s fertility rate
is 1.28 – far below the re-
placement level of 2.1 – as
families today have fewer
children and, in some cas-
es, none at all.
Despite the launch of
successive packages to sup-
port families and parent-
hood, Mr Lee said the rate
has not gone up. However,
it has not fallen either.
“Young people want to
advance their careers, take
based solely on Singapore
data it is highly predictive
of consumer behaviour
here.
The chief service that DP
aims to bring to the market
with the DP-Delphi system
is to allow consumers to
have a more accurate un-
derstanding of their own
credit-worthiness, inde-
pendent of what banks
know based on their own
data.
Consumers wishing to
understand their credit
standing can get their
DP-Delphi score as part of a
personal credit bureau re-
port they can purchase
from DP Information.
As DP Information uses
information from multiple
sources that consumers
would not ordinarily have
access to, this snapshot of a
consumer’s immediate
credit rating can be very
useful.
Under the system, a nu-
merical value is given to the
individual’s credit worthi-
ness, with a higher score in-
dicating better credit wor-
thiness.
The other primary serv-
ice that the system will
bring is to allow banks to
have more information
about a consumer’s credit
capability, so as to better
ameliorate the risk of hav-
ing non-performing loans.
The DP-Delphi score is
currently only available to
banks that currently are af-
filiated with DP Informa-
tion, but Mr Martin says
that he expects the DP-Del-
phi score to be used increas-
ingly in line with the experi-
ence in the UK and the US.
Ms Chen says the chief
advantage of the DP-Delphi
score is that it is easy for in-
dividuals to understand
their own credit standing
and afford them greater op-
tions with banks when ne-
gotiating for loans or other
financial aid. In these days
of credit tightening every lit-
tle bit helps.
The Business Times, Wednesday, August 5, 2009 ●
ALPHONSUS CHERN/THE STRAITS TIMES
leadership roles in society, is unlikely to be a perma- played in Apec’s economic
enjoy life and see the nent or perfect solution,” success.
world, but they also recog- Mr Lee said. “But this is Women now make up
nise that they must make how society progresses – more than half of the la-
time for family,” he said. not one long jump to a theo- bour force in Apec and
“Many surveys show retical ideal, but feeling its their employment participa-
both men and women do way forward step by step tion rate is highest in the
want to get married and with constant adjustments East Asian and Pacific re-
start families, but the prob- for each new generation.” gions, she said.
lem is that by the time they Mr Lee said such issues Tonight, the Women
get around to this, it may be are not unique to Singa- Leaders Network, chaired
pore. Other Apec econo- by Singtel chief executive
too late and too difficult.”
mies are affected as well. Chua Sock Koong, will
Policies, work arrange- “We do not have all the solu- present recommendations
ments and social practices tions. Like everyone else, on integrating gender per-
“will have to evolve” to ac- we must evolve with the spectives, women’s enter-
commodate the needs of times,” he said. prises and economic coop-
this new generation, and In an earlier speech, eration into the Apec agen-
the hope is that Singapore Minister of State for Com- da. The participants will al-
can “find a new formula” to munity Development, so attend a dinner with Mrs
help them fulfil their aspira- Youth and Sports Yu-Foo S R Nathan, patron of the
tions and have children too. Yee Shoon paid tribute to Singapore Council of Wom-
“Even this new formula the role women have en’s Organisations.
Resorts World ‘It’s a nice
combination
reaches out of business
interests and
to grassroots corporate
social
By LI DAN WEI PA has signed – and its high-
THE People’s Association est-value sponsorship so responsibility
(PA) and Resorts World at far. Its two other corporate
Sentosa (RWS) yesterday partners are Nestle Singa- and we have
pore and StarHub.
announced a partnership
through which RWS can “We are happy to wel- many many
come RWS as our new cor-
reach out directly to Singa-
poreans through the PA’s porate partner,” said PA’s options.’
grassroots network. Mr Tan. “Our grassroots or- – PA’s Mr Tan
ganisations now have more
A memorandum of un-
venues to hold their events
derstanding (MOU) was where Singaporeans work
– at Resorts World at Sento-
signed by PA chief execu- and have fun,” he said.
sa.
tive director Tan Boon Huat “Some time around Octo-
“With these facilities,
and RWS chief executive ber this year we will do
grassroots events can at-
Tan Hee Teck to seal the col- mass-hiring that will
tract more residents, open- number about 8,000. It will
laboration.
ing up opportunities to ramp up all the way to De-
Under the scheme, RWS make friends and support cember with about 10,000
will commit approximately social cohesion.” employees. In short, we are
$1.2 million in event and RWS’ commitment to PA on track to open early next
venue sponsorship to PA, includes privileges for meet- year.”
its grassroots organisa- ings, use of facilities, Uni- Under the MOU, PAs-
tions, PAssion Card and versal Studios Singapore sion Card holders can look
Chingay 2010 next year. and performances at the
forward to perks at RWS
The deal comes under a resident circus Voyage de
that include priority book-
corporate partnership La Vie. The sponsorship
ings for tours, dining vouch-
scheme started by PA in does not include the gam- er prizes and RWS and Uni-
late-2008 through which so- ing aspect of RWS.
versal Studios merchan-
cially responsible corpora- RWS’ Mr Tan said the dise.
tions work with PA’s grass- company now has 760 em- “I hope with the RWS ex-
roots network to support ployees, 82 per cent of ample, more companies
programmes and initiatives whom are Singaporeans. will step forward,” PA’s
that promote social cohe- “PA is the patriarch of Mr Tan said. “It’s a nice
sion and community serv- the grassroots movement, combination of business in-
ice. and through this partner- terests and corporate social
This is the third formal ship, RWS hopes to become responsibility and we have
corporate partnership that the Singapore IR – a place many many options.”
New man at the helm for
Raffles Hotels & Resorts
RAFFLES Hotels & Resorts said yesterday He also spent 15 years with Four Sea-
John Johnston will become company presi- sons Hotels and Resorts, first as vice-presi-
dent on Aug 10. dent for development in Toronto and then
Mr Johnston, who has been with Fair- as regional vice-president (Asia).
mont Raffles Hotels International since “John has extensive experience in all as-
1998, takes over from Diana Ee-Tan, who pects of the hospitality business,” said
stepped down earlier this year. Raffles Ho- Chris Cahill, chief operating officer of Fair-
tels & Resorts is owned by Fairmont Raf- mont Raffles Hotels International. “We are
fles Hotels International. confident he will provide the leadership
While with the group, Mr Johnston has and vision to lead Raffles Hotels & Resorts
served as president of Delta Hotels & Re- into its next phase of growth.”
sorts, chairman of Delta Hotels & Resorts Raffles Hotels & Resorts has 15 proper-
and executive vice-president (Europe, Mid- ties under development, and will launch
dle East & Africa) for Fairmont Hotels & Re- three over the next 12 months – in China,
sorts. Saudi Arabia and France.