It is critical to note the points raised in Deputy Prime Minister Lawrence Wong’s 2023 Budget round-up speech on Feb 24 (Prudent position on reserves has never changed and will never change: DPM; No slack in country’s Budget, says Lawrence Wong; Budget a delicate balancing act amid tight fiscal position: DPM, all Feb 25).

We have drawn $40 billion from past reserves to combat Covid-19. Without such fiscal resources, we would be in a bad state today. There were MPs who said the Government was not giving enough and that it needed to spend more on help and support. Fewer MPs offered ideas on how to build up our reserves to face the next crisis.

There were suggestions to tax the rich, but do not forget the rich are welcomed everywhere else in the world. When the wealthy leave and take their money with them, Singapore’s income will shrink.

Some MPs suggested raising corporate tax, but it is worth noting that other countries are offering subsidies to corporates to attract investment.

Singapore has notched up many great achievements, but we should not be under any illusion that we would be competitive forever.

Once investors lose confidence in the country and move their investment elsewhere, and if reserves are depleted, it will be difficult to turn things around in an increasingly competitive world. Unlike other countries, Singapore has only human, not natural, resources.

It is right for MPs to focus on suggestions on how to make Singapore competitive, to attract investments, to create better jobs and strengthen our reserves. It is dangerous to play Santa Claus to score political points.

Sim Lim Onn