PAYMENT delays among firms in Singapore have risen for another quarter, with retail and services posting the highest jumps out of all sectors, amid the economy's coronavirus-induced partial lockdown. Read more at The Business Times.
Payment delays among firms in Singapore have risen for another quarter, with retail and services posting the highest jumps out of all sectors, amid the economy's coronavirus-induced partial lockdown.PAYMENT delays among firms in Singapore have risen for another quarter, with retail and services posting the highest jumps out of all sectors, amid the economy's coronavirus-induced partial lockdown.
According to the Singapore Commercial Credit Bureau , slow payments, defined as those made at least 30 days above terms, increased to 45.78 per cent in Q2, up 3.20 percentage points from 42.58 per cent in Q1, which had marked a near three-year low.“The deterioration in payment performance should come as no surprise as the economy came to a virtual standstill for the most of Q2 2020," said SCCB chief executive Audrey Chia.
She added that it is still premature to determine if there will be an improvement in firms' payment performance in the near term even with the gradual resumption of economic activities."The cash-flow situation for most firms is likely to remain tight. Hence, we would caution firms to continue exercising vigilance and prudence in their credit policies."
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