ISCA CEO, Mr Lee Fook Chiew, was quoted in The Business Times on the question of "Should support be provided to every business equally, or should structurally unviable enterprises be allowed to fail?" This is what he has to share:
With COVID-19, many businesses worldwide have been forced to reduce operations or shut down. During this period, it would only be equitable for the government to provide assistance to all businesses to help them overcome the business challenges arising from enforced restrictions and depressed economic conditions. Government support will also give businesses equal opportunities to accelerate their digital transformation to thrive in the new business landscape.
It is heartening to note that some businesses that have continued to do well during this period have chosen to return the government pay-outs. As the crisis subsides and economic activities return to normalcy, government assistance should also be withdrawn or reduced, to let market forces reward enterprising and deserving businesses.
- Lee Fook Chiew, Chief Executive Officer, Institute of Singapore Chartered Accountants (ISCA)