S’pore gov $pends big overseas: What benefit to citizens?

4 December 2002

Our own CPF-funded, government controlled business like Temasek Holdings (SIA, SingTel, DBS, PSA, CRG etc) and Government Investment Corporation (GIC) proudly boast of their exploits overseas – but how much of their success comes back home?

All these organisations are funded big-time by our hard-earned CPF savings. Yet in times of adversity, we are left to our own devices to fend off poverty.

According to a article in SmartInvestor.com (www.smartinvestor.com.sg/livingconcepts.asp?LivConId=143), the Singapore government appears to be spending big time overseas. In South Korea alone, our very rich government has invested a large part of an estimated US$10 billion.

How have these investments benefitted us? Temasek Holdings has existed since the mid-1970s while Lee Kuan Yew’s GIC just celebrated its 20th anniversary. How long do we have to wait to get returns on our CPF earnings? If these companies are doing so well, why does the government demand more and more stringency measures from us while they continue to live their million dollar lifestyles?


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