Workers' Party chief Pritam Singh asks PM Lee questions on Singapore's reserves and leasehold land

[@Michyow]

Thank you so much for always raising difficult questions and topics in Parliament. Respectfully we are a very small country and it would not be exercising wisdom to reveal or discuss how much the nation has in our reserves publicly, in the name of transparency. This is especially risky given we are living uncertain and volatile times. It’s liken flexing to the world how much we have in our bank accounts.

[@stephenwang9567]

Kindly name me countries exercise such practice

[@bowlampar]

PM Lee👨👨: " Mr Singh, if one day 'Global Crisis' is kind enough to foretell me what is the cost it bring alongside itself coming to Singapore, then i would be more than happy to give you a fix number on amount of reserve Singapore should have. "

[@jtl2268]

Huh. I listen and listen but I don’t understand. I think I’m not smart enough.

[@az6472]

Hahaha me too But by pretending to understand n just listen it makes u ‘look’ smart dude 😂

[@ZhuBaBa1974]

​@@az6472And when you waste parliament time by asking stupid questions you'll act busy and look "intelligent" ...

[@lilianteo3229]

I am also not good with politics & the economy. Worse still, i am not good with figures. However, i listen to learn to not fall for fake or orchestrated promises. Trust your common sense. OR go to platforms with members of the respective Party who would simplify, make easy the same topic for people like us.

[@liarliar3412]

"What will make you need to raise GST? Profligate spending and irresponsible, unsustainable plans. That is what will hurt and require you to raise taxes and GST." - LHL

[@deschan2246]

That only tell us reserves is in trouble

[@jonyq]

And here we are… hahaha

[@mitsubishilancer727]

U raise gst 1pct. Merchants raise gst 10pct

[@Hs5687]

Why ? Don’t be Naive … any insecure Outgoing Government will do the same to continue to reap Benefits thru Crony Capitalism Practices … GST is only one , many Changes rdy made Covertly 😊

[@leexianlong6855]

An annual salary of $2m is unsustainable. - every Singaporean voter.

[@spanishjo4282]

Singapore reserves are not supposed to touch unless really really necessary!

[@stephenwang9567]

Foolish comments. It's the citizens money not govts. Don't belong to anybody ancestors. How gullible n naive a human can be.

[@sklauw2079]

How about our CPF Singh ?

[@k-mind5876]

The strength of Singapore currency is a good testifying of how prudent PAP manages the Nation reserves. Singaporeans shall be thankful for the high standard of living they enjoy ultimately. The benefits enjoy by its citizen out beat a bit of scarifies for the nation.

[@AndyTeo-ng1je]

Maybe prime Minister Lee Hsien Loong was so unbelievably right for his best reserves for 30 years payrolls for his best Leasehold👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍😂! mothership and CNA!

[@BaySean]

Whoa good job Thor 👏 👏 ProThor Singh

[@louistan7560]

Highly suggest Pritam Singh read Lin Suling's article in today's ST Opinion Page to get a better appreciation of why Singapore's reserves need to be tightly controlled and managed in the midst of massive deglobalisation drives by the West that will mean reduced foreign investments and reduced corporate tax revenue for funding Singapore's expenses.

[@DumSpiroSpero-s9g]

ANGKAT.....🤦‍♂️👍🏽👍🏽👍🏽

[@DumSpiroSpero-s9g]

Must be PAP person...ANGKAT PAP...‼️

[@jonyq]

Highly suggest you take an IQ test

[@natcyz1993]

The savings monies by the people are also part of the reserves. Why - 1) Where does reserve accumulation comes from? Is it not in part, from taxes? 2) Do not higher taxes reduce the dollar value of the monies the people on the street has? 3) Will not higher inflation lead to reduced spending power that has contributed to Singapore's GDP? Yet, why is it the PAP govt raised GST, knowing that it will increase inflationary pressures, while sending $900 million to bail out SPH? Even though if SPH sinks, there is still MediaCorp, not a "no media scenario"? The $900 million is almost one-third of the $3.2 billion that the govt claims it needs, hence, the GST hike. The $900 million could have easily been used to make the GST hike less steep.

[@rosepohchoocheah2694]

Pap is Pay and pay. lol P UB is Pay until broke. MRT is Money return twice lol. ERP is Every round pay lol.

[@VictorThang-b5p]

LHL got a strong point.First time i agree with him.fyi

[@natcyz1993]

Unfortunately that's because the Opposition did not hold the PAP's feet to the fire in parliament on this qs - the PAP is against drawing down the reserves. Yet, why do they keep drawing down from the people with tax bills after tax bills? While sending $900 million to SPH as bailout (aka corporate welfare), even when if SPH sinks, there is not a "no media scenario" as there will still be MediaCorp?

[@theshadowofdharma]

Impressive debate

[@tkyap2524]

When dealing with variables, only time will tell whether the decisions made then were correct. Where qualified people are involved, it cannot be that far off the mark.

[@osmanzng8065]

Leon didn't oppose GST going to 7% because it was a done deal! He opposed GST going to 9% because it was not implemented yet, I presumed. If there's a speechwriter for the minister, he should be fired.

[@flowertowerrr]

Haha so ask them now if they support abolishing gst now then. You should search for Leon perera gst and then make your own decision. In the video Leon says that gst is structurally part of the government's revenue and that they do not oppose 7% gst. So he doesn't like gst going to 7% but now he's OK with it. Ie scoring political points. You happy to vote for wp only for them to say no change, then go ahead 😂 Low was better. He just opposed gst all the time.

[@osmanzng8065]

@@flowertowerrr There was no point opposing the 7% since it was already a done deal. He opposed GST going to 9% because it wasn't implemented yet. The issue is the govt went ahead anyway against the people's wishes.

[@deschan2246]

PAP Team A n PAP Team B wayang to debate on things that may be empty or negligible amount

[@ViPKin]

Oh yea, we almost forget PM Lee majored in maths, so no wonder terms like random variables, discount rate pop up. And at last, he replied, "the series converges", it's so mathematical LOL. I'd love to see him teaching maths.

[@segoviaiseas9736]

PS given a lesson on financial principles.

[@todayinsingapore]

Pm is right. Whats $1 30 uears ago is worth considerably less today due to infllatoon. And yes, our salaries cannot match that pace of inflation. Either the government do something about that or be prepared to be voted out someday.

[@pugazhselvam123]

Give them freedom.

[@BaySean]

PM Lee i wish you Happy 72nd Birthday and Happy Lunar NY 😃🧧🐉🍊🎂 Hope u have a good retirement as you await your handover of leadership in end of this year. So what did President Tharman say during his Budget 17 years ago?

[@cryer3160]

i feel that the PAP is acting more and more disrespectful of the opposition and by extension getting less credible

[@kelvinkj7074]

Save more. Spend less. Fantastic work.

[@christopherchristopher1643]

So what were the investments done. What was the actual return of investment. The declaration of the reserves does not mean that any political parties could use it without the approval of the President.Just that there should not be a blank check to increase without explanation.

[@justinyet7690]

30 years + 30 years…….is called a Perpetuity in Finance.

[@jiyounglee6150]

I understood PM Lee's explanation of collecting rent each month & spending...However selling a land & collect $ one time ... Bottom line= conservative with my $$$ & hold on to the land as collecting rent... Better( I believe...) Thank you...

[@its1374]

Ok. The reserve is another bank. I hope they don't generate interest like a bank. If not, gst is the interest.

[@ongsiewkim569]

Hello Mr Singh, don you have a fresh question to ask our PM, why are you asking our Singapore reserve again and again. If no question ask pls sit still

[@stephenwang9567]

Brain dead clown.

[@stephenwang9567]

I never see such idiot. Knowing the figures is a citizen right not a favoir

[@kokkeeSeck-xs5yj]

An estimate is an estimate. So putting up an estimate is not what we are quibbling about .

[@stephenwang9567]

Would anyone buy a company share without financial statement. U flee

[@selkums3225]

Well done, Pritam!

[@velaithanatchuthanair]

Malaysian MB should learn from Singapore MBS on how they ask questions

[@sgfuture7114]

Till the end of the questions asked.... There's No answer... Well done 😅😅😅

[@Hs5687]

The usual PAP Spin 😂…

[@jong798]

Seemed pretty answered to me

[@Hs5687]

@@jong798 All depends if PS wishes to push harder on SOURCE of these LeaseHold Lands … ie. LKY has well documented Bad Habit of Land Grab 😊

[@julietmanuel4147]

😂😂😂

[@taeyeonist1462]

well said pritam

[@Mrnonolol]

pritam singh needs to read damodaran on valuation

[@Hs5687]

PAP’s Ponzi Scheme is not Rocket Science … Think Dr Chee @ SDP is Good Enuf 😊

[@kalzaz]

i call this economics of convenience. skipping certain factors while applying other to create a desirable outcome for a narrative you wish to drive home. The land leased 30 years later won't be $0.10 of today's price because you will not be selling it for the same price 30 years later at the same price. It fails to take into account future 30 year leases are also subject to the very same economic factors that discount future dollar to dollar value. Its called inflation. Assuming everything being equal, a 30 year lease sold today for a dollar will be sold for 10 dollar 30 years later.

[@aesric]

discount factor eliminates inflation. it becomes real returns

[@philz3ro823]

actually $9 plus interest , it is more then $10, if you add on correctly, it will be more then $15 for a dollar in 30 years.( consider inflation is 3% per annum?

[@nil-xp8gt]

since u talked about inflation, then u should be aware then the real value would still be what PM Lee is saying. just because we’re selling the land for a higher nominal price in $30 years doesn’t mean it accounts for the discounted value. so please, reassess ur argument

[@philz3ro823]

@@nil-xp8gt oh, i got what you meant…

[@philz3ro823]

@@nil-xp8gt I believe you meant, selling at $1 and get back $10 later is just the cost price

[@kokkeeSeck-xs5yj]

Did anyone quibble over the variability of the returns from the reserves but by and large it is quite stable depending on the nature of the investments?

[@kokkeeSeck-xs5yj]

So when Government sells the land for 30 years again and again and again. So this actually obviates the need to have a very large provision for the future.

[@alankuo1578]

Come on PM lee 30years later what will happen to me n my money might be all gone so please don't estimate we want a secure n true answer😅😅😅

[@mccaboy]

Steady answer from PM

[@jonyq]

lol steady meh?

[@mccaboy]

@@jonyq damn steady. In financial matters pap got no competition. It's more in the soft skills that they lack.

[@steventay5834]

I have nothing against PAP except the COE!!

[@d3badge]

Dear PM, we address you as PM Lee not Mr Lee, give people the title they earn via people election. it is PRESIDENT THARMAN not Mr Tharman or "with Tharman" etc. we also do not expect President to say as "Lee reconciliation" etc in nation speech thank you.

[@kokkeeSeck-xs5yj]

Coming to question of selling the piece of land every 30 years down the road, that simply means the future generations are getting money every 30 years. So why should we bother so much with future generations when they shall have monies every 30 years down the road towards eternities. Why make the current generations suffer ?

[@Pawankpandey]

This is so key, PM’s words are key here. I hope everyone understands it. Singh disappointed me this time !

[@ZhuBaBa1974]

Our government should enact a National Security law (like Hong Kong's Article 23) that prohibit the disclosure of state secrets such as the size of our reserves, with punishments of 25 years jail + 24 strokes of the cane!

[@ZhuBaBa1974]

... then exile to Pulau Hantu!

[@phongy45]

TAXES ARE TOO HIGH????????? TOO LOW???????

[@kengleetan63]

Oppo got NO MANDATE..ask all this is just wayang lah....the PAP wayang get their millions, the oppo wayang get their MP pay! So keep asking this questions again and again for what? So that locals can 'wake up'?😆😆😆😆

[@deschan2246]

Shouldnt they verify if the Reserves is still around and how much was left before embarked on useless debate. Reserves may just be virtual n non existence.

[@stephenwang9567]

Smart comment. Reason for non transparency otherwise the emperor be nake

[@chuaterence7753]

Statistics & economics lessons from our Prime Minister 😆

[@minchanlai4550]

alll against gst except pap .

[@AK8901]

Weak attempt to distract from the point Pritam is making

[@Hs5687]

LKY had Well Documented bad habit of Land Grab … PS Skirting on Acrimonious Can of Worms… 😊

[@HCL882]

WP is just saying times r v hard. Have mercy

[@dewardshrewd6729]

there goes the interest rate

[@LoveLove-pn7kt]

🙏🧧😻🇸🇬❤️(Watch reruns) 🎂Happy Birthday on 10.2.2024🎂 To Mr: Prime Minister of Singapore 🇸🇬 Lee Hsien Loong 🇸🇬May you Have Great Healthy & Happiness & Great Luck & Safe Travels & Works Successfully & Smoothly forever. Thanks you very much! & I Love You Singapore 🇸🇬 Country!🙏😻❤️🇸🇬

[@Bxw-gh9fq]

Fact : WP did not contribute a single cent to SG reserve. SG must Know clearly.😮

[@dustarian]

I think already gone... otherwise, why everything have to increase?

[@stephenwang9567]

Wise conclusions

[@HuiChyr]

The Opposition should look into Discounted Cash Flow to understand what PM was talking about.

[@minchanlai4550]

singapore leashold n reserves belongs to singaporeans or some one family ? after many decaded besides tac profiteering and increase vost of living., what did singappreans get ?

[@peterleefookkee3148]

Reserves is not your party s money and please be transparent

[@mikewu140]

More CPF payout is raiding the reserve? How can that be?

[@stephenwang9567]

CPF savings belongs to the citizens n should be fully redeemed at age 65. It's not the Sg govts national reserves unless they own everything including lives.

[@tonykiang9052]

I can't help but see the faces of the MPs that tries to listen in with consternation of the going ons between PM n Leader of Opptn.. Pritam gets better n better LOL

[@1965Singaporean]

😂 no matter how good also waste time lah. WP dare not challenge and will not challenge PAP to be the government. WP only want mp pay, WP are pure part time politicians 😂😂😂

[@tankman20064]

​@@1965Singaporean 😂😂😂😂😂😂😂. PAP MP also part time one. You can go next door mah. 😂😂😂😂😂 see ringgit😂

[@joellim7010]

Lock up the reserves, lock up the CPF, increase the GST, unaffordable housing, basic necessities like food and groceries with crazy inflation, highly stressful environment (regardless you are an employee or a student) and the list goes on and on. We need change this time round. Same government since day 1 and now other than all the problems I mentioned, recently still have corruption amongst the ministers. If this is what the current ruling party can provide, I'm willing to vote for any opposition.

[@AK8901]

Why is he teaching us how land prices work for freehold vs leasehold? That's not the point at all....

[@Wilson24678]

You should be humble when challenge a math genius... don't make yourself like a fool..

[@drb312]

Oh my god.....pritam really has no clue leh...wah lao can sapu 2 GRCs somemore 😂. if they end up running the country one day ho say liao loh 😂😂

[@lplp7656]

Look at how Singapore MP debate quality VS Malaysian Zoo Parliament . No wonder Malaysia 3.5 = SGD 1 . So many 222MP Semua Gaji buta . All fat blind salary , and many GLC mismanagement and corruption

[@jjW.22]

Terpaling democracy 😂

[@Tony-nr8dp]

KEEP TALKING TO EARN YOUR KEEP !

[@josephinewong0103]

Reserve is confidential!🤫 I question his motives???

[@Whatis2468]

Exactly!

[@stephenwang9567]

A citizen has part ownership of the country reserves. What secret?

[@chrislim7615]

Omg:PM Lee(ur the:Man)yeah*We should b soo lucky 2hav u as our:PM*l'm soo pleased my daughter in the:UK when she visited(yearly since)2014😅now she has a daughter of her own😂Proudly announced that(she'll never give up her pink:lC*l told her good on u(cuz u've 2always)remem where yr roots!

[@stvnzhu2387]

Useless WP waste time to talk ! Can they talk about how to solve increase health care subsidise cost due to increase aging population ? No solution ? Only complaint ?

[@dewardshrewd6729]

basically we can expect more gst hikes lmao

[@steventay5834]

Not correct lah.. The land will become more and more expensive

[@goldengoblet9339]

Temasek lose money yet the loss is exactly the salary of their entire payroll.

[@awakenedspirit7947]

Learn how Stock market works first..

[@jonyq]

Gong simi?

[@kkcc553]

@@awakenedspirit7947 What about the Norwegian fund performance? Compared to our own?

[@rk1546]

Can see Pritam don't even understand basic maths. Our reserves will be doomed under him.

[@steventay5834]

rk1546 Sure or not?

[@mrtienphysics666]

why does the opposition always want to raid PAP's reserves? do they think about the future of singapore?

[@TobyJones69]

Ya they think more than you for sure🤡

[@parnamsaini4751]

You.. as usual. sound terrified about the future...concentrate on the present

[@2bystander2]

do we really hv reserves and if we do, really assessible for our future?

[@stephenwang9567]

Idiot. It's not PAP reserves but Sg country reserves belonging to every citizen

[@ericlim428]

I Agrees our Reserves cannot be Reveal . But in the Long Run , Do we still Maintain A Clean Govt IS FOR ALL TO SEE ......AND TOO , TOO LATE , IF ITS LOST IS DISCOVERED , THAT SUMS IT UP , " TOO LATE FOR TOO LITTLE TO BE DONE , THEN !!!

[@stephenwang9567]

Reserves belong to the citizens u political idiot. They have a Right to view the true figures. Will own a company without balance sheet figures? Brain dead people

[@leewn2319]

It is impossible to predict the future. But there can be estimates as to what to build up the reserves. For example : (1) recoup on what was spent on the Covid measures during the pandemic period, (2) in the next 30 years, the estimated population who cross 65 and need more medical subsidies expenses and hence the estimated amount for this (3) a estimated provisional / contingency percentage for unforeseen circumstances say 5% Add all the above and u can have a visionary target to reach & accumulate.

[@oliverlee6064]

Well said PM LHL.

[@rajgurung7982]

As the will of Father of Singapore..Pritam Singh should have been the next successor.Because LKY was like USA...he believed in the strength of immigrants!!

[@chrislim7615]

1st.n foremost a"Splendid Dragon Year"2PM:Lee(which btw is his year2*😅Wish he could stay abit longer!Thank-u;)

[@DumSpiroSpero-s9g]

Bottom of your heart...YOU HAVE A HEART....💗🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🖕🏽

[@Hs5687]

PM Response reeks of a Well Guarded Ponzy Scheme 😂 …ie. So Where exactly are the Land Sales Receipts Applied immediately After Sales ?

[@Prometheus574]

As long as you are Chinese, you need to be smart and deceptive in order to excel in life bro. I came from Hakka and Cantonese background, we do the same thing as well.

[@Hs5687]

@@Prometheus574 LKY’s Land Grab Schemes made SG Muslims ( especially Arabs) Biggest Losers … SG Muslims don’t hv the Guts to raise this 😊

[@Hs5687]

Race Secondary if One Understands Significance Full Name of Singapore starts with Word “ Republic “ … Just look how SG’s Sikh Temple Brigade Caught LKY Red Handed and Paraded LKY like a Common Street Criminal at Sikh Police Temple in 2010 …

[@leexianlong6855]

This is a mini "referendum" for all Singaporeans on the issue of Singapore's reserve and how to use it more effectively. The result is to help political parties have a better sense for voters sentiment on this topic, so please participate proactively. Opposition parties in general are campaigning on "spend more, but not spending it all". Opposition wants to spend more to help alleviate cost of living pressures. PAP is campaigning on "spend no more". Given the present situation, PAP thinks there is no better trade off to be made. Thumbs up if you prefer the former(opposition). If not, comment and share why you support the latter(PAP)

[@parampalsingh7160]

2:38

[@tonykwok9763]

Low thia kiang ......?????????

[@stephenwang9567]

Collect his money n retired. Stupid

[@phongy45]

PM, MAYBE...

[@tommyng403]

Ah long tried so hard to smoke but incapable to provide an estimate. No wonder increasing corruption cases with his abangs cashing out from public funds

[@caiby48]

I think some of the reserved increases could use to benefit more into the cpf of Singaporeans based on higher interest rate for cpf of low to middle income group and those below a benchmark sum of cpf holder. Those that above the middle income and wealthy people should enjoy lower interest rate. And this interest rate is meant for retirement account .

[@Jamesyipkl]

If you know nothing, keep quiet about it. Others will not know you are ignorant. Just don’t open your mouth.

[@ipanmei3380]

We'd have to excuse Optic Singh. He was N-Level after all. Going to take him some time to understand real world financial and economic concepts. Numbers is not his forte. Wayang, yes.

[@ifuknjk]

world concerned with wars, food shortage, starvation n our parilment debate land tenure as if it is a course in university....stupid that opposition is so weak...how can they win against pap.... singapore has a run of good luck....make it real...not some hifultand matter

[@CavenaghGardens]

What we are enjoying now, because of Good PAP government

[@abirames8925]

One correction. Freehold value cannot be an aggregation of the income derived from selling the leasehold land over and over because the latter cannot be defined and is potentially infinite.

[@steventay5834]

SM is talking about God!! Wow. He joins LW for church service

[@vulcanken1273]

Sacastic and condescending attitude toward a simple plain query by Pritam. The leadership insult the intellect of Singaporeans offending the people with his arrogance and indifference. He think he can shove a PAP policy down the throat of the people. It’s the GST that have made people poorer. It’s absurd that LHL treat a serious concerning issue of the people like a joke.

[@STConsultancy]

stop lying. real median income has increased

[@edenassos]

GST is nothing. There is no capital tax in Singapore, blame yourself for not investing.

[@kkcc553]

@@STConsultancy But median PPP have dropped.

[@SB-dk7fy]

More South Asian more problem

[@djibicisse]

Sg will collapse without them 😁

[@goldengoblet9339]

$1 rent for ST Jalan Boon Lay

[@jiyounglee6150]

Hello...

[@lengho6294]

Irresponsible worker party so dumb

[@pohmichael2978]

No point for the oppositions to questions further. They have been well prepared, don't forget they have the reputable/best lawyers in the government.

[@parnamsaini4751]

Really??

[@Whatis2468]

Is it??

[@Hs5687]

Even the Best Lawyers must Appreciate significance that Full Name of Singapore Starts with the Word “ Republic “ … 😊

[@Hs5687]

Never Rely on Lawyers to Raise Matters involving “ LKY & his Criminal Enterprise “ or “ Issues of Governance “ … Do it Yourself, like how The Ram Singh Family did in LKY’s Lifetime 😊

[@comments7335]

Free Palestine🇯🇴🇯🇴🇯🇴