Press statement by Dato' Ong Eng Bin, CEO of OCBC Bank - in conjunction with the release of the 2020 National Budget
We are glad that despite the lower revenues projected for 2020, the Government was pragmatic enough to surpass its earlier budget deficit targets. This is a good move that helps to support the local economy amidst the uncertainties brought about by the ongoing US-China trade war and the slowing global economy. We are heartened by the focus on growing the digital economy as well as the incentives and exemptions provided for the Green investments, to which OCBC Bank is deeply committed. At the same time it is timely that incentives have been put in place to reduce our dependency on foreign labour. For the man in the street whose key concerns are the cost of living and rising prices, it certainly comes as a great relief that the GST will not be reintroduced despite earlier speculation to the contrary. Overall, this is a decent Budget for all amidst the significant challenges being faced.