$1 million worth of food vouchers for low-income families

SINGAPORE - NTUC FairPrice Foundation is giving $1 million worth of food vouchers to 20,000 low-income families and individuals.

They will receive the vouchers through all 87 Citizens Consultative Committees and selected welfare organisations.

The donation was presented to Deputy Prime Minister and Minister for Finance Mr Tharman Shanmugaratnam at a National Day dinner celebration organised by Taman Jurong Constituency for its residents today.

Mr Shanmugaratnam is also the advisor to Jurong GRC Grassroots Organisations.

Pointing out that low-income families are especially vulnerable to inflation, Mr Ng Ser Miang, Chairman for NTUC FairPrice Foundation and NTUC FairPrice hopes that the FairPrice Foundation's efforts will help these families defray the cost of daily essential needs.

"We hope that our efforts will bring some relief to them," he said.

In a written statement to the press, FairPrice said that it has been working with Grassroots Organizations and welfare organisations in assisting lower income families to meet their daily needs through the FairPrice Food Voucher scheme since 2002.

"Including the current donation, the FairPrice Food Voucher scheme has contributed $10 million worth of FairPrice vouchers to meet over 200,000 requests from the needy for financial assistance," it wrote.

The latest consumer price index (CPI) rose to 5.3 per cent year-on-year in June as indicated by a recent statement from the Department of Statistics.

Singapore says global recession more likely than not

SINGAPORE - A global recession is "more likely than not" as the US and European economies are at "stall" speed, Singapore's finance minister said on Tuesday.

Tharman Shanmugaratnam told a conference that the world has now "entered a phase where there is a self reinforcing cycle" of a loss of consumer confidence, which is leading companies to hold back on investing.

"Asia will not be immune to a global slowdown," Tharman said. The Singapore economy is highly reliant on international trade.


His comments came a few days after the US employment report for August showed no growth in jobs and the unemployment rate remained at 9.1 per cent, deepening concerns that the world's biggest economy may be tilting toward another recession.

In the latest sign that the economic slowdown may hurt Asia, the Singapore Institute of Purchasing & Materials Management said on Monday that the manufacturing sector shrank for the second consecutive month in August as companies received fewer orders and kept less inventory.