S'pore firms' payment record improves

SINGAPORE - Following a nascent turnaround of the Singapore economy, payment performance of firms have made healthy improvements over the past two years, said the Singapore Commercial Credit Bureau.

After taking an unprecedented dive to a two-year low in 2011, payment promptness of local firms has been on the rise over the past two years, with almost close to 50 per cent of commercial transactions being fulfilled within the payment terms agreed between corporate creditors and borrowers in Singapore.

The stronger showing in 2013 stands in contrast to 2011 when all sectors had more than half of its payment transactions delayed.

According to the bureau, the wholesale sector remains the best performing sector with the largest decline over the past two years.

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