The gist: PM Lee calls for unity amid challenges as MPs debate housing affordability, help for singles
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While high property prices might benefit investors, it may not be favourable from a national interest perspective.
PHOTO: ST FILE
SINGAPORE - Prime Minister Lee Hsien Loong made a broad-ranging speech in Parliament
Here are some key takeaways:
1. Remain united amid challenges
Amid a grave and unprecedented global situation, PM Lee called on Singaporeans to work together, take adversity in their stride and keep faith in one another. The world is currently beset by the Russia-Ukraine war and US-China tensions, while the global trading system is being disrupted.
He said that these pressures should not divide Singaporeans along fault lines, and it is crucial that they close ranks now and work hand in hand towards a shared vision for the future.
Why it matters
Given the current fraught state of global affairs, PM Lee said that a divided population will stand no chance. Singaporeans should bridge differences, heal divisions and strike compromises when faced with divisive issues.
This has served Singapore well in dealing with sensitive matters such as nurses wearing the tudung at work and repealing Section 377A, while safeguarding the institution of marriage. Such issues were handled in a firm and fair manner that kept mutual trust and understanding between the different stakeholders.
He discouraged Singaporeans from using cultural or identity politics to create divides, and said the harmonious bond that citizens share cannot be taken for granted.
2. Support 4G leaders
PM Lee called on Singaporeans to support the People’s Action Party’s fourth-generation leadership team, adding that leaders who are capable, dedicated and trustworthy stewards are key to ensuring that Singapore’s system continues to work well.
He said he and his older colleagues have worked to ensure that a “strong and capable next team” will be in place to take over, and asked Singaporeans to help make the leadership renewal successful.
He added that the country has gained a good reputation and standing globally because people know that the Singapore system works.
Why it matters
PM Lee previously said that he hoped to step down before his 70th birthday, which was in February 2022. But amid the Covid-19 pandemic, he pledged to see Singapore through the crisis before handing over the reins to the next generation of leaders.
His call for Singaporeans to support the 4G leadership makes clear that the leadership transition is on track.
He said a smooth leadership transition is especially important as Singapore heads into a troubled world. The best chance for the country to stay on the right track is to have a sound economy and well-managed reserves, among other factors, as well as a good government and leaders, he added.
READ MORE HERE: Support 4G leaders to keep Singapore’s system working well, says PM Lee
3. Foreign policy driven by key principles
Senior Minister of State for Foreign Affairs Sim Ann added that Singapore will do its utmost to broaden the basis of international cooperation.
PHOTO: MCI
While many might want Singapore’s bilateral relationships with the US and China to be equally balanced, the country’s foreign policy is crafted based on its principles to ensure survival, autonomy and prosperity, said Senior Minister of State for Foreign Affairs Sim Ann.
She added that Singapore seeks to create value for others in international affairs, and must maintain its standing as an “honest broker”. It will not just tell others what they want to hear, or say different things to different parties.
Why it matters
Ms Sim cited a Ministry of Communications and Information poll in July 2022, where 86 per cent of Singaporeans felt that the Government should always act in Singapore’s best interests and not take sides between the US and China. Only 4 per cent felt that Singapore should lean towards China, and 4 per cent felt that Singapore should lean towards the US.
She said Singapore will take a stand and be clear on its views – even if it is not a popular one. Being honest, credible and trustworthy will make others take Singapore’s views seriously.
READ MORE HERE: Singapore’s foreign policy driven by principles, not a balancing act, says Sim Ann
If you have a few more minutes…
Protect young consumers from unregulated financial schemes
Mr Melvin Yong (Radin Mas) said that more regulations were needed to protect vulnerable consumers, especially those under 21, who use unregulated short-term financing services.
He highlighted “buy now, pay later” (BNPL) services that offer zero-interest deals, flexible payment options and convenience of access, which could be risky for young consumers who may have trouble paying back the credit.
Mr Yong, who is also the president of the Consumers Association of Singapore, said that while there is a code of conduct outlining best practices for BNPL providers, more needs to be done.
He urged the Government to impose regulations to better protect young consumers, as well as those already in debt, from being exploited by these schemes.
Make singles feel welcome
As the number of single Singaporeans grows, Ms Poh Li San (Sembawang GRC) called for more inclusive policies and programmes to help this group when it comes to caregiving for their parents, supporting them as they age, and ensuring advance care planning.
She gave various suggestions, including setting up retirement co-living spaces, and getting the Government to set up trust arrangements for the elderly – especially for those who are on their own – to avoid them being targeted by scammers or criminals.
She also called for a review of social policies to ensure that singles are not left out, and added that pro-family and single-supportive policies need not be mutually exclusive.
WP MP queried on housing affordability views
Mr Saktiandi Supaat (Bishan-Toa Payoh GRC) said it was odd that Workers’ Party (WP) MP Louis Chua (Sengkang GRC) appeared to take two different positions on whether housing continues to be affordable.
The PAP MP pointed to a January report that Mr Chua had co-authored in his professional capacity as a bank research analyst that said affordability continues to be healthy for the average household, given wage growth momentum amid a tight labour market. Mr Saktiandi said this differed from Mr Chua’s and the WP’s stance in Parliament that public housing is unaffordable.
Mr Chua replied that the report was produced for institutional investors for investment purposes. While high prices may benefit investors, it may not be favourable from a national interest perspective. Mr Chua added that he had been consistent in framing the issue as one of an imbalance between demand and supply.
