The Government had announced in June a similarly sized S$1.5 billion plan to also help with rising inflation and cost of living.
Mr Wong, who is also Finance Minister, was asked by reporters if these were stopgap measures to deal with the longer-term impact of a rise in GST.
The tax is set to increase from 7 per cent to 8 per cent in 2023, and to further go up to 9 per cent in 2024.
“I understand the concerns that people have about raising the GST rate at a time when inflation is high, and the desire to defer the GST increase until a situation when inflation may be better,” said Mr Wong.
“(But) we must also be realistic that inflation is not going back to the situation which we were used to over the past decade, where it was very low rates of inflation.”
Singapore’s core inflation has reached decade highs this year and earlier on Friday, its central bank tightened monetary policy for the fifth time since October 2021, in another attempt to curb inflation.
Mr Wong said on Friday that going forward, the new normal would be “a much higher rate of inflation than we were used to in the past”.
“At the same time, this inflation outlook is also very uncertain,” he added, pointing to the possibility of a protracted Russian invasion of Ukraine, resulting in fresh disruptions to food and energy supplies.