Talk about denial mentality in the PAP. This one really takes the cake.....
After the LTA announced that the COEs quotas will be reduced using a new formula for calculating the number of replacement COEs, the price of COE surged by 30% in anticipation of the reduction in the next round of bidding[Link]. When the number of COEs was actually cut, COE prices surged by another 30-40%[Link].
Here is a report of what Minister Lim Hwee Hua said in One Motoring:
"THE spike in certificate of entitlement (COE) premiums and car prices this week was not caused by changes to a formula to determine the number of replacement COEs, Second Transport Minister Lim Hwee Hua said yesterday.
Instead, there are a host of reasons for the spike in the COE prices, including market forces and economic conditions" - COE spike not due to change in formula
We are expected to believe that a 30% reduction in the number of COEs has nothing to do with the spike in COE prices. In the past few years, ordinary Singaporeans have to suffer from non-stop rapid increase in cost of living. Many lower middle income families that are already financially squeezed and need cars are now have to endure more financial pain to own one - the cost of car ownship and usage in Singapore is the highest in the world. The minister now insults ordinary Singaporeans by treating them like idiots when she gives such a incredulous and illogical explanation just to deny responsibility for spike in COE. I believe Singaporeans deserve better.