[CNA Exclusive] PM Lee on reserves as a secret weapon - Pt 2/3 | Singapore Reserves Revealed
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- เผยแพร่เมื่อ 13 พ.ค. 2024
- Few people alive today are as intimately involved as Prime Minister Lee Hsien Loong when it comes to Singapore’s reserves. He was responsible for crafting many of the policies that govern how the reserves are protected and used today. He gives CNA an exclusive interview to give his take on Singapore’s reserves, from the front-row seat. READ: cna.asia/3qwJ62q
00:41 How much is in Singapore’s reserves?
03:28 How was the spending rule derived?
08:42 Was the spending rule arbitrary?
10:04 Have world leaders asked PM Lee about reserves?
13:10 How do reserves benefit Singaporeans?
14:58 Is PM Lee afraid Singapore will lose the reserves?
16:43 The biggest misconception Singaporeans have about the reserves
19:32 What do reserves mean to PM Lee?
20:49 What does PM Lee tell his successors about the reserves?
#SingaporeReservesRevealed
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![[CNA Exclusive] PM Lee shares inside story of the reserves - Pt 1/3 | Singapore Reserves Revealed](http://i.ytimg.com/vi/RbsmEEuHwuA/mqdefault.jpg)
Singapore is blessed to have PM Lee who is a visionary. He has explained the reserves very well and he has been transparent about the creation and management of it. Not many world leaders can articulate as clearly as PM Lee. I am proud of his leadership.
Ture that's how one would feel, if one don't know about anything about anything! Keep it up!
what 10 great things he do? MAS lost $30.8 billion. how?
@@johnlim1678 There are many factors that caused the losses. But he was not corrupt in creating the losses. The best fund managers also incur losses. The market is imperfect and it’s not possible to have an intellectual discussion in a text message.
@@johnlim1678when they win i don't see you praising them?
@@calving3601❤🎉ii1😂😂the way
I was born here and lived here all my life.I can only say thank you to LKY and the PAP government. Singaporean lives may not be a bed of roses as we faced threats from the outside world daily but at least we have the necessity to survive.
Our forefathers have it worse...my dad went through the Second World War as a kid and he can testify the importance to be self reliant as a country.
Love your country and your home and lives will be blessed
We have Mr Goh Keng Swee to thank for our strong reserves.(Mr Lee Kuan Yew strongly supported him).
😊😊
He has to, otherwise Singapore will be kaput.@@philiptang1083
There is no perfect Government in the world. But as a Singaporean, I am very grateful and counting my blessings that we have a good and strong Government. Essential items like, Public Housing, Water, electricity, Education, Healthcare, Security, transportation, Communication are well in placed. It’s not perfect, but I am very grateful.
I don't expect any government to be pefect but please do not lock up our hard earn CPF, i could have a bigger investment portfolio and could have reaped better returns and handing out $800 dollars when one is 65 years old is unacceptable. My dad never gets to see his money, he died and till now I am very angry and sad and now my mother money is still there and she is 79 years old. It very immoral to lock our monies up and I forsee elderly sucides will continue to raise in Singapore.
1) HDB has been building flats for decades but yet in recent years, from the many complaints, you will know the BTO flats' conditions are appalling and yet HDB can hand over them to owners without any shame in their quality of work. We are moving backwards. 2) Healthcare? The quality of the doctors in polyclinics left much to be desired. Moreover, it is difficult to get an appointment on that very same day (as though I know I am going to be sick tmw, thus I can book an appt in advance). Even for major surgeries in hospitals, they will hasten your discharge the next day or the day after (though they never want to admit it is due to a shortage of beds). We are moving backwards. (3) I do not know since when there is nothing more difficult then to get through a public organisation's hotline. We are moving backward. There are many more areas we are moving backwards. Overall, "the ownself checks ownself" creates a lot of bottlenecks. Who are sleeping?
Yes , there may not be a Perfect Government But the Crux I believe is We Have a Malfunctioning Government who is Chronically suffering from “OwnSelf Check Ownself .” … ie. AG & Scandalous President PM’s Parachute Subordinates . Parliament used for White Washing or Passing Laws that Covertly also make it Easy to Explain things away or Difficult to Dig. ie. Cyber , PDPA , POFMA etc … And let’s not pretend like there is not an unmistakable Pattern of Trusted LKY Generals either Politely Distanced or Declined High Office Appts since LKY’s Passing. Tragically, No One even Bothered to Intervene to Rescue LKY’s Reckless Kids in Lee Family Saga … Long Story Short , how can “ No Perfect Government “ stand Up to all these Coincidences, Phenomena, Engineering?
dun tok about "perfect". Tok about INCOMPETENCE or the lack of it in the epic failures @ GIC/TH. Am prepared to debate LHL/HC/Tharman/LW etc together or singularly. Warren Buffett imperfect but his returns on Berkshire H handily surpasses GIC/TH lah.
@@kitty2527what if ur investment fail? Can u guarantee that ur investment wont fail? I definetely cant. So i dont see there is a problem to the government locking up the cpf and only give out monthly. It helps to safeguard ur retirement fund.
I urge CNA to do an in-depth analysis of Mr Goh Keng Swee's contribution to Singapore
Exactly....animated video greatly appreciated
Yes agreed. Without Goh Keng Swee, we would not have what today, and neither LKY would have his chance.
Already dead, pointless.
@@mingzmings88Then why r credits belonging to dead politicians always repeating on current politicians marketing campaigns every single year?
👍👍👍👍👍👍👍👍👍
I trusted my Singaporean and I believe my Government know it's roles and will protect all Singaporean.... I really appreciate your hardworks behind the scenes and definitely support your moves as long Singaporean are protected.
This video is important not just to educate the populace. But also for correcting the views of some presidential candidates.
what views? humor me with the specifics.
You may be Right or maybe PM trying to Act like a PM that has nothing to Hide … ie. >95% of SG’s COVID Numbers came from Helpless Foreigners in Dormitories scattered all over Island … Coincidence, Phenomenon or Engineered? 🎪
How clear his visions are. Not just reserves , there are life lessons too.
Our forefathers were frugal and saved for future generations. We mustn't waste but cherish our forefathers hard work.
What happens in the end with high salaries. If the leader refused, sub-ordinates won't dare to do it. There won't be exorbitant prices in property which will tax our younger generation and future generation.
He is very cautious in term of economic and sufficient resources just like his father. Because they went through the difficult time they learned the lessons.
Dear PM Lee,
I am so very grateful for the brilliance of Administration and Infrastructure from all the hardwork, diligence, honesty of your PAP GOVERNMENT and you.
My family and I are so proud to be Singaporeans.
God Bless Singapore
Majullah Singapore❤
While I am not against opposition, I hope those guys don’t keep asking for our reserve to be transparent. Only fools will disclose top secret information to our enemies.
What secret are you talking about. In this modern world, there is no secret. You think others countries don't have the figures, we are keeping secret. What we want is accountability of our money. Where do they move their money around. As we know, we took alot of money out during Covid. Where all the money goes. Who get the most help? If it is SIA or any others that get the most assistance. How much is it. How are they going to pay back to our reserve. The taxpayer don't pay for their stupid domination of the airline industries. Nor when they make money, the money would not share among taxpayer. Come clean!
We have no say in how the reserves will be spent, let alone our enemies. If the enemies know, what they are they going to do, crash our economy? Today's world is so interconnected, whatever you do in one country will affect another. Knowing the figures will do nothing, unless you say a whole country is against us, but with our excellent foreign policies will greatly minimize that. So I don't see why we can't. Its fair to say keep a secret about the reserves if you insist, but why his wife salary is state secret, that I cannot understand
@@WalterKluwers, Certainly, your insights might not align with those who are still influenced by the prevailing mindset. The lack of transparency regarding the reserves stems from historical instances of manipulating external factors, which took place during the era of LKY's close collaboration with Kissinger. What is presented to the public is merely a superficial glimpse, deemed adequate for general understanding. The Lees seem to have this profound allegiance to keep this information bound to their chest. The truth is always guarded by a bodyguard of lies. 😅
@@WalterKluwershave you forgotten how people like George Soros attacked asian currency in 1997? Had people like him knew our reserves and calculated that Singapore do not have sufficient reserves to defend our currency, they can very easily manipulate our currency
Enemies got red eyes if they know we are very rich. I don't want war with invading soldiers 😢
People who keep wanting the country to spend the reserves while they complain about stagnating wages (which have been rising btw), $1 increase in caipng, yet are building their wealth in CPF, owning multiple properties, etc. are in other words just want the government to “distribute” the reserves and make it their own business to save and spend. However what this will lead to is that the government increasingly loses the ability to ensure redistribution principle (across wealth and across generations) in spending, and this will also eventually lead to furthering inequality between the haves and have-nots and the present and future.
This is a great series because it helps us understand, think about and take ownership in a public good that is technically an inheritance from our founding fathers but also our responsibility to leave for future generations.
Great PM, superb leadership and wisdom, you name a few more. Fortunately, we are lucky to have such leader.
People need to understand what are the government’s plans that you all will be benefited and the nation to be stronger too. Phenomenon!
Few world leaders compare to him. His extensive knowledge and seamless coordination with ministers across various ministries are truly remarkable. Singapore is incredibly fortunate to have him and the PMs before him.
Comparing to managing a real country vs managing an island.. 😅 Singaporean always tot how good we are.. if cities like Tokyo, Zurich, Paris, New York, Seoul, HK, Shenzen, Shanghai, Beijing, Guangzhou, Berlin etc were countries... We would be so far behind economically and technologically.. period.
My dear friends
No corruption but nepotism and collusion will do nicely for us Singaporeans !
Corruption for most begins with nepotism and Wiki describes it thus: "Favouritism granted to relatives or close friends, without regard to their merit. Nepotism usually takes the form of employing relatives or appointing them to high office.”
It begins innocuously - the sons of the country’s leader tops the examinations of a famous university. The media hypes this up and is good for the soul especially if the country is just emerging. The country is proud. A cult begins building around the leader and his family.
The sons return home and goes into the military like many children of the leaders of other many countries - e.g. Cambodia and Jordan. And with great aplomb the children rise to the top of the military promoted to their positions by their predecessors of lower standing and appointed in position by the leader. Sometimes the children rising to the top is so spectacular that the common people hold this in awe.
Soon enough, the entitled children are “appointed” to lofty positions of leadership and importance and the people are blinded by the cult creation and of course blown up by the media. Some of the children even claim to be natural aristocrats.
What of the able, the academics and the intelligentsia? Simple solution. Either they are with the entitled and are put into positions and paid so handsomely that they cannot imagine their fortune. They become blinded and are contented to simply “endorse” what is before them.
The disciplined, or in common parlance, the opposition - they will be run to the ground, bankrupted, jailed or forced to leave the country.
Soon enough, the entitled and natural aristocrats will, with their friends who have now "leached on”, protect their tuft by enacting laws and legislations to their advantage and for their protection. So no need for outright glaring delivery or exchanged of money. Just remunerate and reward the leadership with enough money so that outright corruption becomes unnecessary. This is collusion.
But there are still a few that want just a little more. They want big black and white bungalows with swimming pools. They want to be appointed to positions despite lack of qualifications. No need to reveal mundane details like salaries of certain CEO positions even if they are public companies. And no need to take matters to the courts because they can defend their questionable actions on their own ultimate tuft - the Parliament.
LKY: I am told it is like making love - it is always easier the second time! The first time there may be pangs of conscience, a sense of guilt. But once embarked on this course, with constant repetition, you get more and more brazen.”
Does the above story sound familiar? Does it ring a bell ? And that my friends is a true and real story.
The Presidential Elections will be on us very soon. Think carefully who you vote for. Think about the two simple words “nepotism” and collusion”. Let us vote in a truly independent candidate.
RL
Far behind economically? Why is the unemployment rate of Singapore lower than these cities? Not looking at the national level? So that national debt need not take into account?😝
Technologically? How did you measure?
You didn't mention the housing unaffordability index, the number of homeless people, Singapore is also far behind these cities!😝
@@mingzmings88 The cities u named are within resources rich countries. We r a city state with no natural resource other than a strategic port. The govt make good on what we do not have. Thats achievement. Theres much respect n interest in this city state which scores first in many ways. Give credit where credit is due.
@@user-um9re5vj8rThose countries have vast lands and many resources, so they are able to concentrate much of their efforts and resources into the central region where their country runs. Singapore literally came from nothing. We have no oil, no farms, no natural resources to sell. What we had was good location and hardworking people. There is a reason why those cities seem very "ahead" of Singapore, but the rest of the country is undeveloped. Everything is a trade off, it just boils down on your biasedness and how people view it.
One of the best documentary , talk shows ever produced ! Keep going on contents like these !!
I am really glad that Mr Lee is my PM. Singapore is really blessed.
Name one thing he has done right, just one to support yr comment
他的贡献有目共睹。功不可没。
u must be a new citizen.
Your opinion?
@@deschan2246 👍👍👍👍👍👍👍👍
i love the way PM speaks about reserves, it’s the same like saving personally.
Mr Ong Teng Cheong, forever the people's president. Singaporeans welfare and future is always on his mind.
Country with strong reserve can support the stability of country and well being of people.
I am Malaysian and I totally understand it. Excellent planing and strategy. Pragmatic and prepared💪😄
The greatest leader to ever live. Thank you for your service.
It is infuriating how so many Singaporeans who support opposition don’t care about how complex the situation is. They want to get the reserves to pay for their own lives today without regard for the next generation. Vaccines are free, social services are free, food is free, water is free - we dont lift a finger but we should have it - or, I work so hard so other people should work for free! This is despicable.
They say we have to show and be transparent with the reserves so people know! But other countries will know. Other groups will know. They will move. If we ask those same people who support opposition to crack the reserves - show us your bank account, income, net worth - would they show? Why wouldn’t they? How do we know they’re not using it for nefarious means?
There’s more evidence that the reserves are managed properly by the Singapore government than there’s evidence for the average individual to manage their own finances. How do we know? Year on year we have a stable economy, enough to fund all social services, civil servants, infrastructure repair, and the major credit rating agencies give the highest credit rating for how our reserves are managed.
The average Tom Dick and Harry on the street - what is their credit rating? Will that be shown? But then we know that of our government - and still it’s not enough - we must know everything! But not of me - no matter what I can do in the shadows - that’s my right! Can anyone resist feeling uneasy around such a person? How can we not feel uneasy by a personality, someone in the coffeeshop, who says that. They might have not really done anything, but we know where that sort of thinking can go and who uses it and why
If anyone had the personal responsibility to stand by their words to ask and do the same - that can be respectable. But to ask and say in the shadows, the slink away when the same is asked of them - that puts the reputation of Singapore down.
There is much prestige and trust because not of wealth but of principles which one reliably expects from Singaporeans. If we throw that away, we throw our futures and well being away.
Do we follow the principles of the short sighted? Ask anyone who wants to see the reserves: what will you do to safeguard that information from entities that care only to profit and not for the well being of Singaporeans? They may respond: well we can’t always support everything the government does. That’s fair - but that’s not an answer to the first question - it’s a deflection. But to understand the non-answer response - how do we know the government is working well? Use eyes and ears - see around how things are. If you like what you see, then the conclusions can be clear. But if you don’t, well, everyone else can see too, and see what you don’t see or choose not to see.
The most sure fire way to get a people to destroy themselves is to get them to deny and not believe what they see with their own eyes and ears, and to follow what someone else says to see and hear who - guess what - may not have your best interest at heart. Why believe them? Theatrics? Showmanship? Or because one has a sense of inferiority and only superior people from outside are always better to listen to. Which are the traitors, despicable and weak enough personalities that sacrifice the children of tomorrow. Societies that do that, they decline and fall apart. Societies that have self confidence and determination to go their own way - Japan, China, South Korea - they didn’t build themselves by listening to others and no one else within who think they are inferior
The people who think this way won’t stop talking. Those who understand the complexity have the maturity and composure to not talk so much - but if the former fill the air - what happens? We can’t take for granted the need for wise voices to say their piece
Really huh ! Must be empty inside lor
@@tankman20064 Ya! Empty inside so helpful to show the world! Likely not empty? Maybe 2 million. Maybe 2 billion. Still helpful go ahead show!
Let's not finger-point and create a crack among ourselves. No one is perfect and there is no perfect system or GOV. Everyone has the free will to support whoever they want until proven wrong. Let's agree to disagree and not create more discord.
As someone who is in their early 30s , just wanna show some appreciation to our gov even thou not perfect. Thank you 👍
No one is indispensable.
Nobody is perfect... .so you should say the same if our oppo becomes the gahmen
Thank you PM Lee. We are truly grateful to you, your team and our forefathers. Deeply appreciative of your wisdom, foresight and love for our nation. Ps. You are looking great in this fantastic CNA interview.
Proud to be a Singaporean. Proud of Singapore and proud of our PM and team.
Name one thing u r proud of lhl
When we are out there we truly feel why the government is doing us proud. It is undeniable that people link good goverement as one of the best thing singapore is known for. It is not like we need lhl to perform miracles. But many times doing what they are suppose to do is already quite something esp when we compare singapore with other countries.
😃 😀 😄 😁 🤣
Proud ?
you are proud of his speeches?
When PM referred to NIRC as 3.5% of GDP, that is nominal GDP. When he talked about setting aside 50% of NIRC and growing past, reserve 2% a year sustainably, this implies 4% REAL return. The nominal return should be 7%+ , close to GIC’s annualised NOMINAL return.
When a leader of a nation has no vision, the ' reserves 'or money in the Reserve Bank will perish/ gone!
thank you for the clarity of the video PM Lee. we are indeed very fortunate that we have a smart and transparent government
You hear it? reserves got some more? MAS lost $30.8 billion
You Singaporeans are fortunate to have Prime Minister who are thoughtful leaders who are deeply passionate about their nation and future, never seen a country who govern their country with as much depth and passion as your leaders do, Be blessed always !! 🙏
Excellent leader and few other countries can claim to have institutions of this quality and integrity.
I am not a Singaporean but I used to receive my education there, i have to say Singaporeans need to be grateful and appreciate having such a great government.
Dare I say there is no government or country in this world that is anywhere this efficient, GIC/TH/CPF altogether have more than USD1.5 trillion of reserves, only China has more, but Singapore has no debt, and that is unbelievable for a small island to achieve this.
For those who do not appreciate how fortunate you are, you are free to move out, because there are lots of people who are happy to move in.
I feel we're taking all these things going on behind the scenes for granted.
Yes!
Up GST leh. 9% Where got granted ?
Could you care to elaborate what exactly you mean?
@@tankman20064our gst is relatively low already compared to other developed countries. u cannot look at it in singularity
@@nil-xp8gt other developed countries have unemployment benefits, social welfare, and food stamps, but SG doesn't. u cannot look at it in singularity.
I never would have thought I would hear and see Mr PM Lee talking about shares and stocks
He chairs GIC
I think we as custodians should be looking to continue growing the reserves and nirc as a percentage of GDP for generations to come. Perhaps one day far in the future the majority of the government's spending may be funded out of nirc. What an incredible achievement that would be and what a massive comparative advantage. I think that's a dream worth sacrificing today for.
Singapore has the best of everything thanks to LKY and the PAP government. Public housing, universal education, CPF policy, social security and stability. Never take these for granted.
I reckon you should thanks to Goh Keng Swee. Please make further research.
@@user-ng6en5bj3z Tbh, the original team of PAP was the top notch. I mean the guy who planned out our longkang, also have to be thanked.
@sufianmaroni378 I don't think there is a point in creating heroes out of these ordinary people. They were just working with the tools they had at the time. Ask GKS to learn computer now and he may have a hard time to catch up and understand its importance in today's society. Nowadays, becoming an influencer is more lucrative than a banker or a doctor (an exaggeration but I am trying to make a point).
There is no point in being a good programmer. You need someone with good vision, otherwise, you end up monkey see, monkey do.@@ironchariot601
I'm Fakhry born n raised Sporean...
Love my Singapore as my late mother gave birth to me in KK hospital back in 1969....
Always so proud to be a singaporean
Typical ditcher comment !!!
Have been here for sometime, is a government from the people by its people for its people -then and now .
So blessed.
Singapore Reserve is what gives MAS and Singapore the ability to adapt and change course to help Singaporeans without having to beg for help from neighboring countries, world bank or IMF. Many Singaporeans are still clueless about how small Singapore is in size and influence. Without solid reserves, Singapore's currency and assets will be vulnerable to attacks by foreign countries. Singaporeans should be smart not to indulge in fakeness and myths created by those fly-by-night political activists hoping to divide and conquer Singapore. e.g. Jamus Lim ask for a 3rd key to access to reserves. My question to him is, how long have you been in public service and why should any Singaporeans trust what WP said when 3 prominent members from WP were caught lying to their own leader? Wake up Singapore and learn to be thankful for what we already have
Jamus worked for abu dhabi funds and world bank, always worked in public service managing funds. Like it or not opposition will gain seats in next few decades.
Wake up liao. GST 9%. Only up never down one.
Jamus Lim is a lightweight when it comes to public policy, and no amount of lecturing in the university can compensate for the lack of real-world experience. Can you trust WP with the 3rd key when their leaders doesn't have a clue about what is happening under their noses? I am not demanding that they are perfect, just highlighting that Jamus or WP is in no position to ask for 3rd key to our Singapore reserves.
@@tankman20064This is not about waking up, but educating ourselves about the cost and expenditure needs of Singaporeans as we age and progress and as we demand a higher standard of living. You want best in the world but pay nothing? Not possible lah. please WAKE UP!
@@kilotami909real world experience? surely, u don't mean the paper generals in the cabinet? LW had never worked in the private sector for a single day. WP leaders doesn't have a clue about what is happening under their noses? how do u explain the 4 scandals in the past 1 month from the PAP gov? 2 full ministers disgraced, 2 MPs sacked, and 1 full minister indicted. all in 1 month. u trust to leave BOTH KEYS in their hands? pls wake up!
Fully agree with PMLee, on "we cant build it back up again, if we lose it, it is finish". Future frowth scenarios and risks are more at stake and swifter than the many prior years before where growth has been super robust to Ride the Wave.
You believe him? When temasek lost billions in their investment, did they managed to get it back ? If what lhl said is true, means the loss never recovered. It is finished. Lol
@@winwinwin282828what he probably meant was if you want to build it back up again, you will need to increase taxation by a substantial amount to have some capital to work with. But in the end the citizens are the ones to bear the cost. Right now, if temasek lose a billion, they still have billions more to work with to build back up the portfolio without having to collect more taxpayers money.
"This is a Garden of Eden. If you come out of it. You can't go back in again." - PM Lee 2023.
He is right point out a very good qoute about Singapore. I always felt that way and it is easily in spotting the differences whats like living outside than staying in Singapore. Even as a Singaporean, growing up in this country really makes you really different from other countries. I agree that as Singaporean we take things for granted and not being appreciated regards in our daily spendings. We are so used to this formula which ends up as our daily lives. Whether as a student, worker, retirement to government, just an opinion me to him that Singapore has been the Garden of Eden past, present and future and it just whether the society making ways to tender the place.
With all due respect, Singapore is a wonderful country in many aspects, but we now have our own Xi Xing ping throwing his weight around and deciding everything. How has that worked out for China? Economy is on its knees and almost bankrupt. Beware of the one eyed man in the land of the blind
Thanks CNA, pls create a playlist, share the links of the other 2 related videos in the comments
A very prudent prime minister. Singapore is very fortunate to have good leaders. Do not complain so much. Count your blessings.
Prudent? 😂 keep drawing reserves is prudent?😂
Very insight story, keep up the good work
Bull Shxtting is insightful 😂
u must be a new citizen. everything u heard from this video was regurgitated over and over again for 30 years.
Thats not a prime minsiter, Thats the CEO of Singapore
CEO or watever name u want to call a rose by. The job is executed to the best that it can go n more.
I can feel the dedication, experience and more importantly honesty if only we have PM Lee Junior … Please keep the flag flying high
15:00 “Once it is gone, it will never come back again. It is finished. You cannot build it up again.” - PM Lee 2023.
0:45: 💰 The Net Investment Returns Contribution (NIRC) accounts for one-fifth of government revenues, equivalent to more than the combined spending on defense, education, and health ministries.
4:35: 📚 The speaker discusses the process of managing reserves and the importance of considering returns instead of just income.
8:31: 🔒 Singapore's system of managing reserves and the elected president is unique and took several decades to develop.
12:48: 🌍 Singapore benefits from its reserves and reputation as a unique and prosperous country.
17:05: 💰 The reserves are like rainy day money that provides comfort and reassurance in case of emergencies.
21:01: 💰 Singapore's spending needs are growing, and they must ensure sustainable financial planning to become a super agent society by 2030.
Recap by Tammy AI
> super-aged society
Reserves are of great comfort n assurance and security to ourself, to our children, and grand children n the descendants to come!
wish to have more leaders like PM Lee. yes, i'm looking at you Philippines but why do i have this feeling of hopelessness? 😞
Well said PM Lee. I have great hopes that you and your esteemed team will do very well for SG. SG100 n beyond
A timely video. Feels great to be reassured.
Thank You Sir P.M. Lee Of Singapore.👍🙏👏
Thank you, PM !
why? for what?
We the citizens of Singapore are truly blessed with wise men in the past ,present and future to govern our city state as well as a nation. We greatly appreciate the many years of planning and stabilising our economy in good times and bad days. Keep up the great work !
Thank you, I'm appreciative of the Singapore premium.
Appreciate your sharing knowledge. Thanks so much PM Lee.
Thankful that our former President Mr Ong Teng Cheong had the courage to question why we were spending the entire NIRC and to propose putting aside 50% of it.
We are truly blessed as Singaporeans.
Thank you PM for simplifying things.
Oh Yeah, 1st he Parachutes his AG followed by a Scandalous President …Real Expert at Simplifying things …😂😂😂
Don't based on %, please on $ term to make it clearer@@Hs5687
Thank you PM Lee Hsien Loong
This is a great interview for ppl to understand more about our reserves. Nothing is ever enough, I hope we can continue this for future generations to come.
Amazing country and has an amazing Prime Minister. A lot of things to learn in this awesome video
I have to say, the current PM of Singapore seems to be wise and ethical. Hope the next PM of Singapore stays the same.
Amazing !
Well explained
Great to see patch notes straight from the developers! Keep it up!
understand much better. THank you PM Lee
This is a very good explanation of how the reserves were accumulated and the government’s policy of using it wisely to supplement the budget every year without depleting the reserves.
Why is this information not made known to us before. Why is there so much secrecy and mystery and misunderstanding on this subject?
I would suggest that every year at budget time , these facts should be made clear so that the people can understand fully.
Fear of currency speculation attacks like what happened in the Asia Financial Crisis.
Next year election date so..
Thanks PM ….As long as u take care of Singaporean..we had no issues ❤️❤️
The idea of reserves is very simple. If you are sick, you cant work and earn money. Having that extra saving to see a doctor means that you will not be incapicated for long and can continue to work.
bravo!
I support and trust our government foresight for every decision, policy and procedure which have been established since Our Late Mr Lee era.
😃 😀 😄 😁 🤣 😂
Singapore must hit a 1 trillion dollar economy in nominal GDP within the shortest time possible. That's double what we are today.
This will push the ASEAN bloc further up the world's ladder of power.
The further up we climb as a region, the better our negotiation power on a global scale.
Useful video. At least I have a better understanding of how NIRC works. What I think the govt should do is to build in some flexibility on how the split is appplied. For instance, to address today's more pressing needs (eg. healthcare), we can front load the split.. So instead of 50:50, maybe work within a 60:40 range with 60 being the upper band and 40 being the lower one. Which end of the scale you choose for the budget year will depend on what infrastructure or project you are trying to pursue. Some food for thought.
You mean can spend 60%? I would disagree if that is what you mean. Rather I would counter propose to spend 40%-50% max and front load savings to 50%-60%. 😂
I agree to 50 - 60% savings 😂
50% is the max, the gov doesn't always spend 50%. it is prudent to set a max, just as how Minister's pay have a cap.
Thank you sir
Grateful to have great leaders leading our country. Not perfect, but I'd still prefer them in charge than any other government on earth
Thank you for all your hardwork
I am happy to know more about the reserves that my country have.
Savings and growing our savings are important to our financial health. Don't listen to those who keep wanting us to spend more. SG is a 1st world country because of prudence, foresight and forward planning.
19:00 mark hits hard.
He takes care of Singapore like his own child.
😃 😀 😄 😁 🤣
There's hanky panky in the parliament also didn't let you know. Protect you hor
@@winwinwin282828don't say out loud lah. u know, i know, can alreadi
The most important point I heard in this video is 50% for current use and 50% for future generation. This is the most fairest formulae. Half and Half. Current Generation use half, half for future generation. I have to praise this method. In fact in our life and many daily conflict or business dealing, 50% / 50% solved almost all the conflict.
A succinct explanation of Singapore reserves! Thank you PM! 👍
u must be a new citizen.
Is it based on current law , there can be no law to make it illegal to disclose the reserves?
In a complex monetary portfolio consisting both local and foreign assets/liabilities, only time can tell how much is the realizable value at any given time. In a real world where things are being equal, an equalibrium means maintaining an adequate cashflow remains a formidable task.
The financial planning is the same as that we have in our own family unit. It's logical and sensible.
I served my National Service back in Sept 87 till Sept 89.Just to share something TRUTHFUL n JUSTICE to us called Singaporean...
Solid planning.
Plan for 9% GST increase?
I am not sure there is another world leader in the world who can explain in such detail, with a deep real working knowledge of how it actually works.
Almost everywhere else, political leaders are empty vases who can politick their way through with prepared briefings etc
That's why lhl deserves million dollar salary ?
If the NIRC is $22.3bn (50% from GIC, MAS & Temasek and 50% from remaining assets), then the full NIRC is $44.6bn.
If we assume a 2% return on all assets, then total asset should be $2,230bn.
If we assume a 3% return on all assets, then total asset should be $1,486bn.
If we assume a 4% return on all assets, then the total asset should be $1,115bn
Is this in the ball park?
Is Halimah in da house?
"Special Accounts" 特別会計予算 as called in Japan is also accumulated to weather the bad weather. Sometimes they are unproportionately large reserves to spend on the allocated accounts. Must be scrutinised.
The built-up of the reserves will benefit and take care of future generations to come. That is what most Singaporeans don't understand.
what makes u think most Singaporeans don't understand?
Each country has its own set of goal to achieve and circumstances that set apart from the other in national reserve ratio policy. Whether it is a unique or common ratio for all countries is irrelevant, what matter most is this worked out well for Singapore for many decades.🤫
there will still be oppies who demand the same information in the comments in this video. just watch this space
ASK LAH ! Why ! Not happy up GST 9%
At least the tax money is being used to build infrastructure such as healthcare and give back to low and middle income earners via rebates on utilities, vouchers, cash and top ups on medisave and edusave accounts.
@@tankman20064 already explained why in the video. you wont get an answer for it. so why keep asking and harping on it? its like that annoying kid throwing tantrums when the parent doesnt give him candy.
it's not only a so insightful video but also a 'warning' to singaporean - be careful who u vote for president
Cool.🎉😊❤🙏
You've done us proud !
How? List one thing ?
@@deschan2246 You live in a safe country is enough to justified.
We Singaporeans must always remember that Singapore was a very needy, underdeveloped young nation in the 1960s. But today, our country is considered by many envious peoples around the whole world, as a rich country in the status of a first world developed nation, even though without any natural resources but only with dlilgent and dedicated human resources to make it workable and achievable all this while ❤. And on top of these countless efforts, Singaporeans must also understand that Singapore took thousands and thousands of days to up build up our national reserves, of course many might say these reserves are being made possible through our taxpayers’ contributions. However, it is also from these tax collections that our state took further bold steps to make possible, productive, profitable returns from vast investments to become our national revenue and resources. All these money being saved and kept are for our country’s raining day needs. We shall always remember and be warned that it takes thousands of days to save, but it just takes only a day to spend and lose it if we are not careful and prudent enough to spend wisely ❤🎉!
❤ his father was the one who built this country now, his son speaking to us. Telling us what's his father had built. Those who built it leaving us due to old age but than what the young generations will do to continue having legacies and standing in this big big world 🌎? We just a little red dot. Many biggest countries might looking at us or a fat cow thinking themselves one day they might swollen us up. We need to be strong and had stand in the world ,also lot of courage to battle. Easy say than done. If we do have this reserve, we are nothing to the world too.
amazingly done. didnt expect that we would be so transparent about our reserves (esp at this troubling times).
i hope people can now understand why govt CANNOT reveal exactly how much reserves SG has.
SGD will suffer if we do!!
Exactly, just like how we don’t tell other people how much money we have in our accounts. We always save for raining days.