SINGAPORE - Singapore’s president does not need to have worked at the Monetary Authority of Singapore (MAS) or at sovereign wealth fund GIC in order to understand how to protect or approve the use of the country’s past reserves, said entrepreneur George Goh.
The 63-year-old presidential hopeful pointed out that past presidents have not worked at either entities, but were still elected to the role.
“Are you saying that because they are not from MAS or GIC... they do not know their job?” he said.
“I think the people – and the presidents, (both) former and current – will not agree.”
Mr Goh was speaking to the media after a lunch dialogue with 25 directors and members of Teochew Poit Ip Huay Kuan.
The event was held at the clan association’s premises in Tank Road, in River Valley, on Tuesday.
He was responding to another potential candidate’s comments about who qualifies to be in charge of Singapore’s reserves.
On Sunday, Mr Ng Kok Song, 75, who was previously chief investment officer at GIC, said that safeguarding Singapore’s reserves is “not a simple matter”.
He said his experience in helping to build up the country’s reserves – he was in public service for 45 years and held posts in GIC and MAS – allowed him to understand its intricacies.
He added that former senior minister Tharman Shanmugaratnam, 66, who has also launched a bid for the presidency, would understand matters concerning the reserves.
Mr Tharman served as chairman of MAS from 2011 till his resignation in July 2023, and was also finance minister from 2007 to 2015. He was also GIC’s deputy chairman for four years from 2019.
But Mr Ng said that Mr Goh and former NTUC Income chief Tan Kin Lian, another presidential hopeful, have to prove that they understand the responsibilities involved.
At the lunch, Mr Goh was asked by a clan member how information about the reserves can be handled in a more transparent manner, and what experience he would bring.
He said the president should first be made aware of how much is in the reserves, “then we will talk about whether we can share (the figure)”.
Mr Goh stressed that he would sit down with his team to discuss carefully if disclosing the figures to the world would be beneficial. He said this is a “serious matter”, and questioned if it would be good for others to know what Singapore, as a small nation, has in its reserves.
“You must protect the nation and the people. Just because I know something (doesn’t mean that) I just tell the whole world. You are not (being) a responsible president,” he said.
At a walkabout on Tuesday morning, Mr Tan, 75, had repeated a call for him and Mr Goh to discuss who should leave the race, to avoid splitting votes between them if both of them qualify.
But Mr Goh shot down the suggestion again when speaking to the media, saying that candidates must be clear about their intention to run.
He reiterated that he was serious about running for president and would not step aside. He said that the four candidates should put in their best efforts to run their campaigns and show Singaporeans that they know what they intend to do as the next president.
In Mandarin, he added: “Don’t let your imagination run wild. The presidency is not a kindergarten.”
