SINGAPORE — With the winds of change sweeping across the world and portending far-reaching implications, there is no step-by-step guide on how to venture into the volatile and unpredictable future, Finance Minister Heng Swee Keat cautioned as he wrapped up the three-day Budget debate yesterday.

Reiterating that Singapore is “not in a crisis”, unlike the 1985 recession or the 2009 global financial crisis, Mr Heng stressed that the best way to address the changes is to “meet them head on”.

He said: “What we need is not a cast-in-stone roadmap … To those who are looking for a new blueprint and a plan to follow, let me say that what we need is not a change in strategy, but a strategy for change … (This Budget) is about doing, learning and adapting.”

The 2017 Budget seeks to “develop the deep capabilities, strengthen the spirit of enterprise to adapt and try out new things, work together in partnership, and care for and support one another”, he noted.

Some 50 Members of Parliament spoke during the debate, which was dominated by concerns that not enough was being done to support businesses in the challenging economic climate.

There were also calls for the Government to extend a helping hand to those who have fallen through the cracks, such as the working poor and seniors displaced from their jobs.

While he recognised the concerns over rising business costs, Mr Heng pointed out that far from helping companies, an “across-the-board stimulus” may further intensify cost pressures.

“In a functioning economy, cost pressures serve as price signals, so that resources can be channelled into the most productive use,” he noted.

Building on the Committee on the Future Economy’s seven recommendations, the Budget prepares firms and individuals to innovate and adapt to changes, said Mr Heng.

Companies will be given targeted and customised help: Those ready to internationalise, for instance, can tap grants such as the Internationalisation Finance Scheme, while firms mired in structural challenges will be given a leg up through Industry Transformation Maps tailored for their sector.

This Budget is not short on near-term support measures, said Mr Heng, citing how the extension of the additional special employment credit, along with existing initiatives such as the Wage Credit Scheme and Special Employment Credit, will cost the Government more than S$1.4 billion over the next year.

However, these are but “temporary relief” measures — much like painkillers that may not nib ailments in the bud, he pointed out.

Citing a Chinese idiom on prescribing the right medicine for an illness, he said: “A Panadol may work for a while to dull the pain, but it masks the underlying problem and delays needed action ... We want to help our businesses build deep capabilities that will enable them to adapt to a fast-changing world and seize new opportunities where they arise.”

Citing an economist who asked if the Government is the right party to drive industry transformation, Mr Heng said: “It was an indirect way of saying: Does the Government really have the business experience to say what should be done to restructure each sector … He is right.

“The Government cannot, on its own, design plans for tens of thousands of firms across different industries … What the Government can do, is to catalyse and bring stakeholders together.”

The quality of the Industry Transformation Maps will depend on the quality of input from industry partners, he said, as he urged trade associations and chambers in particular to play a leadership role in “galvanising companies”.

Urging firms to look for opportunities overseas, he said: “We should also be willing to explore new destinations, especially those places where few others have gone.”

Individuals, too, must be willing to “go beyond the familiar and explore new prospects”, said Mr Heng, citing a woman who moved from the finance sector to be a pre-school teacher, and a Malay student who did an internship in Beijing despite not being able to speak a word of Mandarin.

In terms of social support, Mr Heng noted that while the Republic has built a strong social security system over the years, the community is a centrepiece in building an inclusive society. “When it comes to customising assistance to the specific needs of certain communities, community action is critical … Even the strongest social safety nets are no substitute for the caring hearts and helpful hands of neighbours,” he said.

Rounding up his hour-long speech, Mr Heng reiterated that the Budget seeks to build Singapore in a sustainable way. “We can move forward confidently on these strategies as we are starting from a position of strength. This is a cumulative effort from previous Budgets,” he said.

He noted that it is expected that the journey ahead “will not be always smooth-sailing”. But he added: “We have been through tougher situations. Each time, despite the naysayers, we emerge stronger and more adaptive as we held strong together as one people.”