Should Singapore limit the number of private-hire vehicles? Impose new taxes on those who buy more than one car? CNA looks at some suggestions to improve the COE system as car prices continue skyrocketing.
Transport Minister S Iswaran said in parliament that COE premiums willdue to rising incomes and Singapore's zero population growth policy for vehicles.
He pointed out that between 2015 and 2017, the private-hire car population more than doubled from 30,000 to nearly 70,000, but COE prices did not rise correspondingly.Conversely, while COE prices have been rising over the past several quarters, demand from PHC companies has in fact been moderating.”The ministry will continue to study the impact of private-hire cars on the market, he said, but added that they give commuters more choices and serve a wider segment of society than private cars.
“Placing operators of such companies in a separate COE bidding category may indeed yield significant results in calming COE prices for the general public, especially during this period when COE supplies are tight,” he told CNA. Between July 2020 and December 2022, less than an average of 3 per cent of car COEs were allocated to foreigners, Mr Iswaran said.
Mr Yeo of Motorist Singapore pointed to the Disabled Persons Scheme for citizens with permanent disabilities who cannot take public transport but are able to drive and need a vehicle for work.But giving concessions to groups such as families with young children may not be practical as there could be ways to game the system. The vehicle could easily be used by other family members after being purchased in a qualifying person’s name, he said.
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