SINGAPORE’S manufacturing sector again suffered the largest increase in slow payments among the five sectors in the third quarter of this year, while the services and wholesale trade sectors also suffered quarter on quarter .
Prompt payment refers to when 90 per cent or more of total bills are paid within agreed payment terms, while slow payment is defined as when less than 50 per cent of total bills are paid within the agreed terms.Prompt payments remained on a downtrend q-o-q, falling by 0.63 percentage points to 48.81 per cent in Q3 from 49.44 per cent in Q2. However, year on year , prompt payments improved by 0.5 percentage points from 48.31 per cent.Slow payments inched up by 0.19 percentage points to 37.
The y-o-y improvement of overall payment performance may be a sign that creditors have tightened their credit limits even more, in anticipation of less-prompt payments, according to Audrey Chia, chief executive officer of D&B Singapore, which compiles the study figures by monitoring more than 1.6 million payment transactions of firms.
Manufacturers of leather products recorded the biggest surge q-o-q at 15.48 percentage points to 35.48 per cent in Q3. This was followed by manufacturers of printing and publishing, up by 4.21 percentage points to 47.51 per cent in Q3. Food product manufacturers saw a 4.08 percentage point increase from Q2 to 37.79 per cent.
In the wholesale trade sector, slow payments worsened amid more delays by wholesalers of both durable and non-durable goods. Q-o-q, slow payments rose by 0.61 percentage points to 35.83 per cent. They also increased by 0.54 percentage points y-o-y.
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