Number and Percentage of SingapoRediscover Vouchers Redeemed, Donated, Unused and Lapsed at End 2021 and Impact of Scheme on Tourism Sector vis-a-vis Initial Target Set to Justify Creation
Ministry of Trade and IndustrySpeakers
Summary
This question concerns the redemption rates and economic impact of the SingapoRediscovers Vouchers (SRVs) as of late 2021. Mr Edward Chia Bing Hui inquired about the percentage of vouchers used, donated, or lapsed, and how the scheme met its initial tourism targets. Minister for Trade and Industry Gan Kim Yong stated that $180 million, or 56% of the $320 million budget, was redeemed, with $3 million donated to non-profit organizations. He noted the scheme generated $300 million in redemptions and top-ups plus $100 million in ancillary spending, providing critical support to pandemic-hit tourism businesses. Minister for Trade and Industry Gan Kim Yong concluded that unused funds would be repurposed for other government priorities while the scheme successfully encouraged local exploration.
Transcript
94 Mr Edward Chia Bing Hui asked the Minister for Trade and Industry (a) what are the number and percentage of SingapoRediscover Vouchers (SRVs) redeemed at the end of 2021; (b) what is the percentage of SRVs that have been donated, unused and lapsed; and (c) what is the Ministry's assessment of the impact of SRVs on the tourism sector when assessed against the initial target set by STB to justify the creation of these SRVs.
Mr Gan Kim Yong: One hundred and eighty million dollars in vouchers were used by the end of the SingapoRediscovers Voucher (SRV) scheme on 31 December 2021. This constitutes 56% of the $320 million budgeted. The remaining funds from the unused vouchers will be used for other Government initiatives and priorities.
Singaporeans donated close to $3 million of the $180 million vouchers redeemed. We thank Singaporeans for their kindness and generosity towards the various non-profit organisations and their beneficiaries in giving them the opportunity to rediscover Singapore as well.
The SRV was designed to help local tourism operators, guides and businesses, which have been the hardest hit during this pandemic, and, in the process, encourage Singaporeans to rediscover our island's inherent sights and charm. Collectively, SRV transactions generated about $300 million in voucher redemptions and out-of-pocket top-ups. The scheme also contributed close to $100 million in ancillary spending, such as retail, food and beverage, and transport. While the scheme has ended, we urge Singaporeans to continue supporting our local businesses and exploring our country, including our vibrant neighbourhoods and arts and heritage trails.