Prompt payments by local firms at all-time high: SCCB
More local firms are paying their bills promptly.
Singapore Commercial Credit Bureau says prompt payments surged to a 3-year high, as it rose by 11.7 percentage points in the fourth quarter of last year - compared with the previous quarter of 57.7 per cent.
The bureau adds that the strong showing comes amid brighter economic projections ahead.
The wholesale sector maintains its reputation as best paymaster in Singapore, with payment delays falling by 15.4 percentage points to close to 24 per cent.
Payment delays within the services sector fell for the first time in four quarters, by 11.8 percentage points to 34 per cent.
The retail sector was the only industry experiencing an increase in slow payment - it inched up by 1.4 percentage points to 51.7 per cent.
The Bureau says the strong uptrend in payment performance of local firms is encouraging.
And firms should continue to exercise effective credit control.
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