SINGAPORE (July 2): Payment performance of local firms deteriorated in 2Q19 after an improvement in 1Q19.
Prompt payments accounted for less than half of total payment transactions while slow payments accounted for more than one-third of total payment transactions, according to Singapore Commercial Credit Bureau (SCCB).
Quarter on quarter, prompt payments fell by 2.26 percentage points to 49.44% in 2Q19 from 51.70% in 1Q19. Year on year, prompt payments decreased by 0.11 percentage points from 49.55% in 2Q18 to 49.44% in 2Q19.
Slow payments inched up 0.51 percentage points from 36.59% in 1Q19 to 37.10% in 2Q19. Year on year, slow payments decreased 0.08 percentage points from 37.18% in 2Q18 to 37.10% in 2Q19.
Meanwhile, partial payments rose by 1.74 percentage points from 11.71% in 1Q19 to 13.45% in 2Q19. Year on year, partial payments inched up by 0.18 percentage points from 13.27% in 2Q18 to 13.45% in 2Q19.
From a sectoral perspective, q-o-q slow payments have deteriorated across three industries. The manufacturing sector saw the largest increase in slow payments.