SPEECH BY DR VIVIAN BALAKRISHNAN, MINISTER FOR
COMMUNITY DEVELOPMENT, YOUTH & SPORTS AT SNCF’s
27TH ANNIVERSARY DINNER CUM AWARDS NIGHT AT MARINA
MANDARIN ON FRIDAY 4 JULY 2008, 7.00 PM
Mr S Chandra Das, Chairman, Central Co-operative Fund
Committee,
Mr Seah Kian Peng, Chairman, SNCF Executive Council,
Distinguished Guests,
Ladies and Gentlemen,
I am happy to join all of you here this evening to celebrate
SNCF’s 27th Anniversary.
2
First, let me congratulate SNCF for successfully hosting the
2007 General Assembly of the International Co-operative Alliance (or
ICA) in Singapore last October. That was the first time Singapore
hosted such a high-level co-operative event, which was attended by
more than 1,000 delegates from 69 countries. From the positive
feedback received from the ICA Board Members and other
participants, the Conference was clearly a success.
Social Economy
3
The 2007 ICA General Assembly was held against the
backdrop of strong economic performance in most parts of the world.
Since October 2007, we have however witnessed and experienced a
number of significant changes in the world economy. Food and
energy prices have drastically increased. Global food prices have
risen by over 80% since 2005. The cost of crude oil is up some 40%
so far this year.
4
The development economist, Jeffrey Sachs in his book
‘Common Wealth – Economics for a Crowded Planet’ noted that we
are facing a sustainability crisis that requires a paradigm shift in the
way we allocate limited resources.
He asserts that market
mechanisms and government policies alone cannot sustain economic
growth. We need therefore the public, private and the not-for-profit
sectors to work co-operatively together to address social concerns
and achieve sustainable outcomes.
5
Co-operatives are well placed to play a key role in achieving
sustainable outcomes for the local and broader community. The cooperative model gives members a sense of ownership in the
organisation while serving their own economic and other needs. It
also helps build social networks among members and closer links
between the co-operative and the broader community.
6
In my speech at the Assembly’s opening ceremony, I touched
on the relevance of co-operatives in the new world economy. Cooperatives have a distinct and valuable role to play in helping to
create a strong, sustainable, prosperous and inclusive society. While
it is important for a co-operative to have a viable business, it should
also have a social cause to differentiate itself from other types of
enterprises.
7
Take NTUC Fairprice for example. It is a top local retailer in
terms of sales turnover and it has garnered numerous awards in
areas such as business excellence and human resource
management. NTUC Fairprice is in the 2007 Global 300 Listing
which ranks the world’s largest co-operatives. To help Singaporeans
stretch their hard-earned dollar in the face of increases in the cost of
living, NTUC Fairprice recently introduced a 5% discount on more
than 500 of its house brand products. This discount is over and
above the regular dividends and rebates offered to members.
8
Besides NTUC Fairprice, there are also other co-operatives that
are smaller but whose social initiatives are no less significant. The
Bright Horizons Trust Fund set up in 2006 by NTUC Childcare for
example ensures that no child is deprived of a quality pre-school
education due to his/her family’s financial difficulties. The Trust Fund
helps disadvantaged families by taking care of their children’s
monthly childcare fees and subsidising other school-related expenses
such as purchase of uniforms and books. Last year, 477 children
were helped through this scheme. The Fund is also absorbing the
GST increase in childcare fees for 400 low income families for one
year from July 2007.
9
The Industrial and Services Co-operative Society Limited (or
ISCOS) has set up different types of enterprises to employ ex-
offenders, as economic independence is the key to their reintegration into society. In 2007, ISCOS garnered the support of the
business community to raise $240,000 for its “Gift of Hope”
programme. This programme offers short term assistance to exoffenders in the form of vouchers which recipients can use
immediately. It is a gesture from the community to welcome exoffenders back to the mainstream society, true to the Yellow Ribbon
Spirit. The amount raised has benefited 400 ex-offenders so far.
10 I applaud these co-operatives for their strong sense of social
mission and for their contributions to the society and the well-being of
Singaporeans.
Funding for co-operatives
11 I am pleased to note that a number of organisations and groups
of individuals have responded to the call for new co-operatives to be
formed to meet the needs of members and the community.
WEworkz, a co-operative to help low-income women work from home
has been formed by the South West Community Development
Council with funding support from the Central Co-operative Fund (or
the CCF). WEworkz is equipping its members with skills to engage in
home-based economic activities that will allow them to supplement
their family income.
12 I am told that more organisations have applied for CCF funding
to form new co-operatives to help the disadvantaged and other
members of the community. I thank Mr Chandra Das and the
members of the CCF Committee who have innovatively introduced
various funding schemes to help grow co-operatives and the
movement.
13 I am glad that SNCF has introduced scholarships to draw
young talent into the co-operative sector. These scholars will play a
key role as future leaders of the sector. The challenge for SNCF and
the rest of the co-operative movement is to convince more to come
on board as fellow co-operators. Generous startup funding support is
available but we need to find committed champions with viable
business propositions to be part of the co-operative movement. I
would like to encourage socially-minded business people and social
entrepreneurs to consider how they can adopt the co-operative model
to create financially strong and sustainable social enterprises.
Conclusion
14 As SNCF celebrates its 27th Anniversary, it is difficult to
accurately forecast what lies ahead. But as long as the co-operative
movement holds true to its values and mission of serving its members
for the benefit of the broader community, I am confident you will
continue to thrive in the years ahead.
15
I wish SNCF a happy 27th Anniversary.
Thank you.