DPM Teo Chee Hean recently called the COE an innovation.
"The public housing programme, the Central Provident Fund system as well as the certificate of entitlement scheme for vehicle ownership are all examples of policy innovations,” - DPM Teo
I'm not too sure how many more policy innovations from the PAP govt that Singaporeans can survive but the COE is really something we can do without. No city in the world has fallen apart without the COE. The COE has resulted in Singapore having the highest cost of car ownship and usage in the world. The COE allocates an important resource based purely on a person's ability to pay - the rich man's teenage son can afford to own a car for dating while a middleclass father who needs to drive his children to school and parents to hospital may not be able to do so. It maximises the pain among those with greatest need and limited means ...and it maximises the govt revenue.
There is a technician I know with a leg problem. He cannot stand for more than 15 minutes without feeling pain in his legs. Every day he struggles to work in the sardine packed buses and the MRT. Because of the COE system, he can never afford a car.
Relentless rise in COE premiums
Wed, Apr 07, 2010 AsiaOne
By Tony Ng
FRENZIED activity characterised the first Certificate of Entitlement (COE) open bidding for April, also the first bidding where the much-talked about supply cut takes effect.
Premiums rose by as much as 26 per cent for all COE categories.
A piece of Cat A COE, used for small cars of 1,600cc and below, now cost $34,001, up by 19.8 per cent. Similarly a Cat B COE would now cost $45,501, a 26 per cent rise from its last price.
Premium for the open category, used largely for cars, closed shy of the $50,000 mark, at $49,000.
Premiums for commercial vehicles and motorcycles weren't let off either. Both went up to finish at $36,551 and $1,221 respectively.