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Netizens remark that ‘misconception’ about Singapore reserves is hardly possible when figures remain unknown

Prime Minister Lee Hsien Loong, in an exclusive CNA interview on Singapore’s reserve, refrained from disclosing specific reserve figures.

While he emphasized that Singapore currently possesses reserves deemed sufficient for “most circumstances”, he cautioned against “significant misconception” to assume their perpetual sufficiency.

Humorously, some netizen comments pointed out the paradox of warning against misconceptions about reserves when most Singaporeans are unaware of the actual figures stored in the national reserves.

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SINGAPORE: During an exclusive interview with Singapore media outlet CNA, Prime Minister Lee Hsien Loong highlighted that Singapore currently possesses reserves deemed sufficient for “most circumstances.”

However, he emphasized that it would be a “significant misconception” to assume this state will persist, given that the nation’s spending requirements are already surpassing the rate of revenue growth.

He characterized these reserves as a “great source of comfort and reassurance,” affording Singapore an additional strategy should challenging situations arise.

Yet, when asked about specific figures pertaining to Singapore’s reserves, PM Lee declined to provide a direct response.

Mr Lee said: “I can’t answer that question. It’s enough for most circumstances. It’s enough to give us a substantial support in the Budget every year contributing to the government’s revenues.”

While amassing substantial historical reserves with undisclosed figures, PM Lee mentioned that Singapore had to conceive of the concept of an “elected President” as a “second key,” entrusted with the responsibility of protecting these reserves.

“because it’s very easy to lock it all up then you’re not allowed to do anything with it. well you can do that but then it becomes useless to you so what is the mechanism by which you can protect it lock it And yet when you need to unlock it and without the risk that all of it will disappear.”

“I think that was the key turning point, because it crystallized people’s focus, they knew that there’s such a thing called the reserves, that there’s quite a lot of money, and that it needs to be protected.”

PM Lee has no idea “how much is enough” for Singapore’s reserves

Despite PM Lee once again evaded questions on details about reserves in front of media, he underscored a significant misconception that can arise among Singaporeans regarding the reserves – the belief in a definitive notion of “enough.”

“How much is enough? If I have more than that, I can spend it. If I have less than that, well, maybe I hope we get there,” he said. “I don’t know how much is enough.”

“Before the global financial crisis, we didn’t think we will need anything. When (it) came, it turned out we needed S$4, S$5 billion. When the COVID-19 crisis came, in the end we needed S$40 plus billion. So you have no idea how much you will need.”

Expressing caution, he cautioned that COVID-19 is not the most severe adversity Singapore could face. As such, he advocated a different perspective regarding the reserves – envisioning them as a form of “rainy day money,” designed to address unforeseen challenges more effectively.

Singaporeans difficult to come to ‘misconceptions’ about reserves as they don’t even know about the figures

With the People’s Action Party (PAP) at the helm of Singapore for over five decades, the complete disclosure of the nation’s reserve size has been deliberately withheld, citing reasons such as safeguarding national interests and preventing speculative pressures on the Singapore dollar.

The enigmatic nature of Singapore’s reserves, deliberately concealed from the public eye by top officials, has sparked curiosity among citizens, prompting ongoing demands for transparency and answers.

In response to PM Lee’s call for citizens to avoid misconceptions about Singapore’s reserve sufficiency, astute netizens took to the comment section of CNA’s Facebook post to deliver witty counterpoints.

Humorously, some noted the irony of cautioning people to not draw misconception about reserves while Singaporeans don’t even know how much are really in the reserves.

One netizen posed the hypothetical question of whether USD 1 trillion in reserves would be sufficient for Singapore, and if not, what the benchmark for adequacy would be, say USD 3 trillion?

Another response highlighted that the Monetary Authority of Singapore (MAS) reports foreign reserves of $400 billion, which some consider to be relatively modest.

With a retort, a netizen remarked that three decades ago, the reserves were purportedly USD 300 billion; and over the years, a mere USD 100 billion has been added to the national reserves. Furthermore, in today’s context of rising living costs, accounting for a 2% annual inflation rate and considering purchasing power parity, it appears Singapore’s economic performance may not be as robust as previously perceived.

Different approaches to reserves

Amidst various opinions, some propose that PM Lee and his cabinet consider adopting an alternative strategy.

This entails reducing expenditures on costly defence weaponry, often seen as displays of power, and instead reallocating funds towards significant subsidies, similar to the approach taken by Malaysia.

In agreement with the previous sentiment, another netizen emphasized the perplexing situation of having significant reserves while the population faces financial constraints, and demanded the need for greater transparency beyond vague declarations.

 

Netizens urged to vote for non-PAP affiliated President to safeguard reserves

A netizen pointedly highlighted that simply asserting that the reserves are “insufficient” wouldn’t be sufficient in itself.

Such a claim, according to the comment, would necessitate an explanation regarding the allocation and expenditure of these reserves.

The comment goes on to underscore the significance of selecting a President who is not affiliated with the People’s Action Party (PAP). I

In this context, the netizen lends their support to President hopeful George Goh, labeling him as the “true independent and neutral one.”

A netizen observed that, in light of the situation, the most viable approach would be to ensure a significant separation between the President and the current government.

In this context, the comment highlighted that the former senior minister, Tharman Shanmugaratnam, and former GIC investment chief, Ng Kok Song, might not be suitable candidates based on this criterion.

Some called out PM Lee using ‘fear tactic’ to stop people pursuing the info about reserves

Certain individuals are adamant that it is well within the rights of Singaporeans to receive comprehensive information about the specifics of the nation’s reserves.

Conversely, there are netizens who express disagreement with PM Lee’s continued utilization of a ‘fear tactic’ to withhold information regarding the reserves.

A comment support PM Lee’s position on the challenges of transparency regarding reserves, stressing that while accountability to Singaporeans is crucial, the “complexity” extends beyond that.

The netizen references the Asian Financial Crisis of ’97 as a real example of financial attacks causing substantial damage, highlighting the danger of subversion and economic destabilization that can exploit public anger and insecurity.
While not advocating complete secrecy, they caution against naive demands for full disclosure, noting the harsh global realities and external threats that governments must consider.

PAP Govt refuses to reveal or confirm reserves

Despite PM Lee’s insistence that the reserves cannot be revealed, the Singapore Government, in a report which was published by the Ministry of Finance, had previously disclosed a total of S$1.4 trillion in financial assets in the Government Financial Statements Report for the financial year ending 31 March 2021.

The reserve, over a trillion, was referenced by DBS Bank CEO Gupta in his recent address at a forum on Monday.

When questioned in Parliament by Mr Leong Mun Wai, a Non-Constituency Member from the Progress Singapore Party over whether the data released is correct, the Second Minister for Finance, Ms Indranee Rajah, refrained from directly confirming the figure.

She instead inquired about the source of the data, saying, “if the data is already available to the public, then I don’t need to confirm it.”

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Redditors question support for PAP over perceived arrogance and authoritarian attitude

Despite Senior Minister Lee Hsien Loong’s warning that slimmer electoral margins would limit the government’s political space “to do the right things”, many Redditors questioned their support for the ruling PAP, criticising its perceived arrogance. They argued that SM Lee’s remarks show the party has ‘lost its ways’ and acts as if it alone can determine what is right. Others noted that the PAP’s supermajority allows for the passage of unfavourable policies without adequate scrutiny.

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In a recent speech, Senior Minister Lee Hsien Loong warned that “if electoral margins get slimmer, the government will have less political space to do the right things.”

Mr Lee, who served as Prime Minister for 20 years, highlighted the risks associated with increasingly competitive politics.

“It will become harder to disregard short-term considerations in decision-making. The political dynamics will become very different,” he stated during his speech at the Annual Public Service Leadership Ceremony 2024 on 17 September.

“Singaporeans must understand the dangers this creates, and so must the public service,” SM Lee stressed.

SM Lee pointed out that Singapore faces formidable internal and external challenges in the years ahead, with rising expectations and demands from citizens.

As growth becomes harder to achieve and politics becomes more fiercely contested, he warned, “Things can go wrong for Singapore too.”

He urged vigilance in preparing for an uncertain future, noting, “As the world changes, and as the generations change, we must do our best to renew our system – to ensure that it continues to work well for us, even as things change.”

Critique of PAP’s Arrogance and Disconnect from Singaporeans

The People’s Action Party (PAP) experienced a notable decline in its vote share during the 2020 General Election, securing 61.24% of the votes and winning 83 out of 93 seats, a drop from 69.9% in 2015.

A significant loss was in Sengkang GRC, where the PAP team, led by former Minister Ng Chee Meng, was defeated by the Workers’ Party (WP).

In discussions on Reddit, some users questioned why they should support the ruling PAP, criticising the party’s perceived arrogance.

They pointed out that SM Lee’s recent remarks illustrate that the party has strayed from effectively serving Singaporeans and seems to believe it has the sole authority to decide what is right.

Others highlighted that the PAP’s super-majority in Parliament enables the passage of unfavourable policies without sufficient scrutiny.

One comment acknowledged that while many older Singaporeans remain loyal to the PAP due to its past achievements, younger generations feel the party has failed to deliver similar results.

There is significant frustration that essentials like housing and the cost of living have become less affordable compared to previous generations.

The comment emphasised the importance of the 2011 election results, which they believe compelled the PAP to reassess its policies, especially concerning foreign labor and job security.

He suggested that to retain voter support, the PAP must continue to ensure a good material standard of living.

“Then, I ask you, vote PAP for what? They deserve to lose a supermajority. Or else why would they continue to deliver the same promises they delivered to our parents? What else would get a bunch of clueless bureaucrats to recognise their problems?”

Emphasising Government Accountability to the Public

Another Redditor argued that it is the government’s responsibility to be accountable to the people.

He further challenged SM Lee’s assertion about having less political space to do the right things, questioning his authority to define what is “right” for Singapore.

The comment criticised initiatives like the Founder’s Memorial and the NS Square, suggesting they may serve to boost the egos of a few rather than benefit the broader population. The Redditor also questioned the justification for GST hikes amid rising living costs.

“Policies should always be enacted to the benefit of the people, and it should always be the people who decide what is the best course of action for our country. No one should decide that other than us.”

The comment called for an end to narratives that present the PAP as the only party capable of rescuing Singapore from crises, stating that the country has moved past the existential challenges of its founding era and that innovative ideas can come from beyond a single political party.

Another comment echoed this sentiment, noting that by stating this, SM Lee seemingly expects Singaporeans to accept the PAP’s assumption that they—and by extension, the government and public service—will generally do the “right things.”

“What is conveniently overlooked is that the point of having elections is to have us examine for ourselves if we accept that very premise, and vote accordingly.”

A comment further argued that simply losing a supermajority does not equate to a lack of political space for the government to make the right decisions.

The Redditor express frustration with SM Lee’s rhetoric, suggesting that he is manipulating public perception to justify arbitrary changes to the constitution.

Concerns Over PAP’s Supermajority in Parliament

Another comment pointed out that the PAP’s supermajority in Parliament enables the passage of questionable and controversial policies, bypassing robust debate and discussion.

The comment highlighted the contentious constitutional amendments made in late 2016, which reserved the elected presidency for candidates from a specific racial group if no president from that group had served in the previous five terms.

A comment highlighted the contrast: in the past, the PAP enjoyed a wide electoral margin because citizens believed they governed effectively. Now, the PAP claims that without a substantial electoral margin, they cannot govern well.

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Tan Kiat How: Police called after resident ‘became aggressive’ at meet-the-people session

Senior Minister of State Tan Kiat How shared on TikTok that police were called to his meet-the-people session (MPS) in Bedok on Monday (17 Sept) evening after a resident ‘became a little more aggressive’, reportedly over a job issue. While the PAP MP emphasized the efforts made to assist residents, some netizens questioned the volunteers’ handling of the situation and urged more proactive measures from the MP.

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SINGAPORE: Police were called to a meet-the-people session (MPS) in Bedok after a resident became aggressive, causing a disturbance, according to Member of Parliament (MP) for East Coast GRC Tan Kiat How.

Mr Tan, who represents the Kampong Chai Chee ward, addressed the incident in a TikTok video posted on Monday (17 September).

In the video, Mr Tan, who is also Senior Minister of State for National Development, emphasised the need for mutual respect at these sessions, which are intended to be safe spaces for both residents and volunteers.

“It was unfortunate that the police had to be called to MPS today when a resident became a little more aggressive,” Mr Tan said, acknowledging the incident that occurred during the Monday MPS session at Block 408 Bedok North Avenue 2.

Mr Tan expressed empathy for the challenges faced by residents but urged individuals attending MPS to remain respectful towards volunteers.

“Sometimes you see such cases at MPS, where one of the residents get more aggressive and can be a little bit more violent,” he noted.

He added that while efforts are made to assist residents, certain matters are beyond their control.

“For example, we can’t write to a government agency to demand the agency to offer a job to a person … but we can facilitate and make sure that opportunities are available for our residents,” he explained.

@tankiathow

It was unfortunate that the police had to be called to #MPS today when a resident became a little more aggressive. We always do our best to help #KampongChaiChee residents, but some things are beyond our control. Let’s work towards mutual respect and ensure MPS remains a safe space for both residents and volunteers. #caringeastcoast

♬ Future – Official Sound Studio

Netizens Question Volunteers’ Handling of Situation and Call for Greater Action from MP

The incident drew numerous responses on TikTok, with some expressing support for Mr Tan and others sympathising with the unnamed resident.

One comment suggested that the individual may have been “desperate” for a solution to their issue, while another urged patience, noting that not all cases can be resolved immediately.

Separately, Mr Tan responded to one user by confirming that he had previously helped the resident’s parents.

Some questioned whether the issue arose from a lack of tact by certain volunteers in handling the situation, suggesting that they receive proper training to address residents’ concerns effectively.

In response, Mr Tan emphasized that his volunteers always do their best and that empathy is crucial in such situations.

Another user noted that empathy should be mutual, suggesting that while residents are trying their best, they may feel they have no other solutions, urging Mr Tan to show greater understanding.

One comment pointed out that something significant might have affected the resident, possibly leading them to drastic actions, and called for more proactive measures from the MP rather than just expressing empathy.

This is not the first time an MPS has been marked by aggression.

In 2018, Jurong GRC MP Tan Wu Meng was assaulted by a 32-year-old man, leaving him with injuries.

The assailant was arrested after rushing into the MPS area and attacking Dr Tan.

Similarly, in 2009, Ang Mo Kio GRC MP Seng Han Thong was attacked when a resident doused him with paint thinner and set him on fire. Mr Seng survived but required extensive medical treatment.

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