Workers' Party chief Pritam Singh asks PM Lee questions on Singapore's reserves and leasehold land
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- čas přidán 6. 02. 2024
- In parliament on Wednesday (Feb 7), Prime Minister Lee Hsien Loong responded to clarifications sought by Leader of the Opposition Pritam Singh on topics including whether the opposition had changed their tune on the withdrawal of the reserves, the Net Investment Returns framework and the sale of leasehold land.
In an earlier speech in Parliament, Mr Lee had said that the opposition's "tune has changed". He cited former Workers' Party chief Low Thia Khiang's questioning of the government's decision to draw on past reserves during the global financial crisis, and said the opposition was now asking to "draw more from reserves". In response, Mr Singh said that those were "different times, different measures".
READ MORE: cna.asia/3utv57x
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Huh. I listen and listen but I don’t understand. I think I’m not smart enough.
Hahaha me too
But by pretending to understand n just listen it makes u ‘look’ smart dude 😂
@@az6472And when you waste parliament time by asking stupid questions you'll act busy and look "intelligent" ...
PM Lee👨👨: " Mr Singh, if one day 'Global Crisis' is kind enough to foretell me what is the cost it bring alongside itself coming to Singapore, then i would be more than happy to give you a fix number on amount of reserve Singapore should have. "
Thank you so much for always raising difficult questions and topics in Parliament. Respectfully we are a very small country and it would not be exercising wisdom to reveal or discuss how much the nation has in our reserves publicly, in the name of transparency. This is especially risky given we are living uncertain and volatile times. It’s liken flexing to the world how much we have in our bank accounts.
Kindly name me countries exercise such practice
Can see Pritam don't even understand basic maths. Our reserves will be doomed under him.
First of all why is the reserve being discussed openly. The concern should be to focus on GST n Budget 2024.😊
Whoa good job Thor 👏 👏 ProThor Singh
How about our CPF Singh ?
When dealing with variables, only time will tell whether the decisions made then were correct. Where qualified people are involved, it cannot be that far off the mark.
"What will make you need to raise GST? Profligate spending and irresponsible, unsustainable plans. That is what will hurt and require you to raise taxes and GST." - LHL
That only tell us reserves is in trouble
And here we are… hahaha
U raise gst 1pct. Merchants raise gst 10pct
Why ? Don’t be Naive … any insecure Outgoing Government will do the same to continue to reap Benefits thru Crony Capitalism Practices … GST is only one , many Changes rdy made Covertly 😊
An annual salary of $2m is unsustainable. - every Singaporean voter.
Did anyone quibble over the variability of the returns from the reserves but by and large it is quite stable depending on the nature of the investments?
30 years + 30 years…….is called a Perpetuity in Finance.
Oppo got NO MANDATE..ask all this is just wayang lah....the PAP wayang get their millions, the oppo wayang get their MP pay!
So keep asking this questions again and again for what?
So that locals can 'wake up'?😆😆😆😆
Ok. The reserve is another bank. I hope they don't generate interest like a bank. If not, gst is the interest.
PM Lee i wish you Happy 72nd Birthday and Happy Lunar NY 😃🧧🐉🍊🎂
Hope u have a good retirement as you await your handover of leadership in end of this year.
So what did President Tharman say during his Budget 17 years ago?
PS given a lesson on financial principles.
Pm is right. Whats $1 30 uears ago is worth considerably less today due to infllatoon. And yes, our salaries cannot match that pace of inflation. Either the government do something about that or be prepared to be voted out someday.
Pap is Pay and pay. lol P UB is Pay until broke. MRT is Money return twice lol. ERP is Every round pay lol.
Malaysian MB should learn from Singapore MBS on how they ask questions
An estimate is an estimate. So putting up an estimate is not what we are quibbling about .
Would anyone buy a company share without financial statement. U flee
Till the end of the questions asked.... There's No answer... Well done 😅😅😅
The usual PAP Spin 😂…
Seemed pretty answered to me
@@jong798 All depends if PS wishes to push harder on SOURCE of these LeaseHold Lands … ie. LKY has well documented Bad Habit of Land Grab 😊
😂😂😂
Save more. Spend less. Fantastic work.
So what were the investments done. What was the actual return of investment. The declaration of the reserves does not mean that any political parties could use it without the approval of the President.Just that there should not be a blank check to increase without explanation.
Singapore reserves are not supposed to touch unless really really necessary!
Foolish comments. It's the citizens money not govts. Don't belong to anybody ancestors. How gullible n naive a human can be.
The strength of Singapore currency is a good testifying of how prudent PAP manages the Nation reserves. Singaporeans shall be thankful for the high standard of living they enjoy ultimately. The benefits enjoy by its citizen out beat a bit of scarifies for the nation.
Leon didn't oppose GST going to 7% because it was a done deal!
He opposed GST going to 9% because it was not implemented yet, I presumed.
If there's a speechwriter for the minister, he should be fired.
Haha so ask them now if they support abolishing gst now then.
You should search for Leon perera gst and then make your own decision.
In the video Leon says that gst is structurally part of the government's revenue and that they do not oppose 7% gst. So he doesn't like gst going to 7% but now he's OK with it. Ie scoring political points. You happy to vote for wp only for them to say no change, then go ahead 😂
Low was better. He just opposed gst all the time.
@@flowertowerrr There was no point opposing the 7% since it was already a done deal.
He opposed GST going to 9% because it wasn't implemented yet.
The issue is the govt went ahead anyway against the people's wishes.
TAXES ARE TOO HIGH????????? TOO LOW???????
LHL got a strong point.First time i agree with him.fyi
Unfortunately that's because the Opposition did not hold the PAP's feet to the fire in parliament on this qs - the PAP is against drawing down the reserves. Yet, why do they keep drawing down from the people with tax bills after tax bills? While sending $900 million to SPH as bailout (aka corporate welfare), even when if SPH sinks, there is not a "no media scenario" as there will still be MediaCorp?
pritam singh needs to read damodaran on valuation
PAP’s Ponzi Scheme is not Rocket Science … Think Dr Chee @ SDP is Good Enuf 😊
there goes the interest rate
I understood PM Lee's explanation of collecting rent each month & spending...However selling a land & collect $ one time ...
Bottom line= conservative with my $$$ & hold on to the land as collecting rent... Better( I believe...)
Thank you...
Come on PM lee 30years later what will happen to me n my money might be all gone so please don't estimate we want a secure n true answer😅😅😅
KEEP TALKING TO EARN YOUR KEEP !
PAP Team A n PAP Team B wayang to debate on things that may be empty or negligible amount
WP is just saying times r v hard. Have mercy
Hello...
Hello Mr Singh, don you have a fresh question to ask our PM, why are you asking our Singapore reserve again and again. If no question ask pls sit still
Brain dead clown.
I never see such idiot. Knowing the figures is a citizen right not a favoir
LKY had Well Documented bad habit of Land Grab … PS Skirting on Acrimonious Can of Worms… 😊
Give them freedom.
Low thia kiang ......?????????
Collect his money n retired. Stupid
Statistics & economics lessons from our Prime Minister 😆
Bottom of your heart...YOU HAVE A HEART....💗🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🖕🏽
i call this economics of convenience. skipping certain factors while applying other to create a desirable outcome for a narrative you wish to drive home. The land leased 30 years later won't be $0.10 of today's price because you will not be selling it for the same price 30 years later at the same price. It fails to take into account future 30 year leases are also subject to the very same economic factors that discount future dollar to dollar value. Its called inflation. Assuming everything being equal, a 30 year lease sold today for a dollar will be sold for 10 dollar 30 years later.
discount factor eliminates inflation. it becomes real returns
actually $9 plus interest , it is more then $10, if you add on correctly, it will be more then $15 for a dollar in 30 years.( consider inflation is 3% per annum?
since u talked about inflation, then u should be aware then the real value would still be what PM Lee is saying. just because we’re selling the land for a higher nominal price in $30 years doesn’t mean it accounts for the discounted value. so please, reassess ur argument
@@nil-xp8gt oh, i got what you meant…
@@nil-xp8gt I believe you meant, selling at $1 and get back $10 later is just the cost price
So when Government sells the land for 30 years again and again and again. So this actually obviates the need to have a very large provision for the future.
I think already gone... otherwise, why everything have to increase?
Wise conclusions
2:38
Steady answer from PM
lol steady meh?
@@jonyq damn steady. In financial matters pap got no competition. It's more in the soft skills that they lack.
🙏🧧😻🇸🇬❤️(Watch reruns) 🎂Happy Birthday on 10.2.2024🎂 To Mr: Prime Minister of Singapore 🇸🇬 Lee Hsien Loong 🇸🇬May you Have Great Healthy & Happiness & Great Luck & Safe Travels & Works Successfully & Smoothly forever. Thanks you very much! & I Love You Singapore 🇸🇬 Country!🙏😻❤️🇸🇬
Coming to question of selling the piece of land every 30 years down the road, that simply means the future generations are getting money every 30 years. So why should we bother so much with future generations when they shall have monies every 30 years down the road towards eternities. Why make the current generations suffer ?
More CPF payout is raiding the reserve? How can that be?
CPF savings belongs to the citizens n should be fully redeemed at age 65. It's not the Sg govts national reserves unless they own everything including lives.
well said pritam
But land in sg is always increasing what, where got discount
HDB dwellers own no land just 99 yrs lease (advance rental payment). Inside a small cubicle u name your price.
basically we can expect more gst hikes lmao
singapore leashold n reserves belongs to singaporeans or some one family ?
after many decaded besides tac profiteering and increase vost of living., what did singappreans get ?
Highly suggest Pritam Singh read Lin Suling's article in today's ST Opinion Page to get a better appreciation of why Singapore's reserves need to be tightly controlled and managed in the midst of massive deglobalisation drives by the West that will mean reduced foreign investments and reduced corporate tax revenue for funding Singapore's expenses.
That artiicle represents the narratives that the PAP wants you to believe....
Ahh another paid PAP troll
ANGKAT.....🤦♂️👍🏽👍🏽👍🏽
Must be PAP person...ANGKAT PAP...‼️
Highly suggest you take an IQ test
1st.n foremost a"Splendid Dragon Year"2PM:Lee(which btw is his year2*😅Wish he could stay abit longer!Thank-u;)
Dear PM, we address you as PM Lee not Mr Lee, give people the title they earn via people election. it is PRESIDENT THARMAN not Mr Tharman or "with Tharman" etc. we also do not expect President to say as "Lee reconciliation" etc in nation speech thank you.
5:06 I love how our old man LKY's son, LSL gave it back to Singh with sarcasm lmfao
Indulge us. Why did you lmfao when the joke was not even funny? 😁
Really?
"Our"????😂🤣😂🤣😂 how is lky our? 😂
@@deschan2246why not?
Oh yea, we almost forget PM Lee majored in maths, so no wonder terms like random variables, discount rate pop up. And at last, he replied, "the series converges", it's so mathematical LOL.
I'd love to see him teaching maths.
OTC may not have understood the non-monetary value of the keyword RESERVES. Therefore, RESERVES should not be discussed openly for our friendly Neighbours and FM and below Ministers should not even asked about it.FULL-STOP. Why wasnt the agenda screened before the parliament?
Omg:PM Lee(ur the:Man)yeah*We should b soo lucky 2hav u as our:PM*l'm soo pleased my daughter in the:UK when she visited(yearly since)2014😅now she has a daughter of her own😂Proudly announced that(she'll never give up her pink:lC*l told her good on u(cuz u've 2always)remem where yr roots!
Shouldnt they verify if the Reserves is still around and how much was left before embarked on useless debate.
Reserves may just be virtual n non existence.
Smart comment. Reason for non transparency otherwise the emperor be nake
alll against gst except pap .
The Opposition should look into Discounted Cash Flow to understand what PM was talking about.
Why is he teaching us how land prices work for freehold vs leasehold? That's not the point at all....
Fact : WP did not contribute a single cent to SG reserve. SG must Know clearly.😮
I can't help but see the faces of the MPs that tries to listen in with consternation of the going ons between PM n Leader of Opptn..
Pritam gets better n better LOL
😂 no matter how good also waste time lah. WP dare not challenge and will not challenge PAP to be the government. WP only want mp pay, WP are pure part time politicians 😂😂😂
@@HawkishMerlion1965 😂😂😂😂😂😂😂. PAP MP also part time one. You can go next door mah. 😂😂😂😂😂 see ringgit😂
It is impossible to predict the future. But there can be estimates as to what to build up the reserves. For example : (1) recoup on what was spent on the Covid measures during the pandemic period, (2) in the next 30 years, the estimated population who cross 65 and need more medical subsidies expenses and hence the estimated amount for this (3) a estimated provisional / contingency percentage for unforeseen circumstances say 5% Add all the above and u can have a visionary target to reach & accumulate.
PM, MAYBE...
$1 rent for ST Jalan Boon Lay
i feel that the PAP is acting more and more disrespectful of the opposition and by extension getting less credible
Our government should enact a National Security law (like Hong Kong's Article 23) that prohibit the disclosure of state secrets such as the size of our reserves, with punishments of 25 years jail + 24 strokes of the cane!
... then exile to Pulau Hantu!
Oh my god.....pritam really has no clue leh...wah lao can sapu 2 GRCs somemore 😂. if they end up running the country one day ho say liao loh 😂😂
Look at how Singapore MP debate quality VS Malaysian Zoo Parliament . No wonder Malaysia 3.5 = SGD 1 . So many 222MP Semua Gaji buta . All fat blind salary , and many GLC mismanagement and corruption
Terpaling democracy 😂
This is so key, PM’s words are key here. I hope everyone understands it.
Singh disappointed me this time !
You should be humble when challenge a math genius... don't make yourself like a fool..
PM Response reeks of a Well Guarded Ponzy Scheme 😂 …ie. So Where exactly are the Land Sales Receipts Applied immediately After Sales ?
As long as you are Chinese, you need to be smart and deceptive in order to excel in life bro. I came from Hakka and Cantonese background, we do the same thing as well.
@@Prometheus574 LKY’s Land Grab Schemes made SG Muslims ( especially Arabs) Biggest Losers … SG Muslims don’t hv the Guts to raise this 😊
Race Secondary if One Understands Significance Full Name of Singapore starts with Word “ Republic “ … Just look how SG’s Sikh Temple Brigade Caught LKY Red Handed and Paraded LKY like a Common Street Criminal at Sikh Police Temple in 2010 …
Well done, Pritam!
I Agrees our Reserves cannot be Reveal . But in the Long Run , Do we still Maintain A Clean Govt IS FOR ALL TO SEE ......AND TOO , TOO LATE , IF ITS LOST IS DISCOVERED , THAT SUMS IT UP , " TOO LATE FOR TOO LITTLE TO BE DONE , THEN !!!
Reserves belong to the citizens u political idiot. They have a Right to view the true figures. Will own a company without balance sheet figures? Brain dead people
Is the reserve in a bad shape due to its high leverage in the Chinese market that has lost half of its values.... the people needs to know...
Look at the big picture do not jump to conclusions that our investment in China is doing badly. Singapore also invested heavily in India, are we making money there? Singapore also invests heavily in Asean countries, Australia, Africa, Latin America, UK, Europe, and the USA. Are we making money in these countries?
How to reveal when losses are massive? Confidence will collapse
Weak attempt to distract from the point Pritam is making
Reserves is not your party s money and please be transparent
One who does programming vs one who does toking...
Singapore land 4k per square feet😊
U don't own it. All HDB flats are leasehold without title deed. Why are citizens paying property tax? Let WP ask the question
@@stephenwang9567 this is a straight NO
Well said PM LHL.
Temasek lose money yet the loss is exactly the salary of their entire payroll.
Learn how Stock market works first..
Gong simi?
@@awakenedspirit7947 What about the Norwegian fund performance? Compared to our own?
😂😂😂😂
Can't be help? Already spent????
One correction. Freehold value cannot be an aggregation of the income derived from selling the leasehold land over and over because the latter cannot be defined and is potentially infinite.
No point for the oppositions to questions further. They have been well prepared, don't forget they have the reputable/best lawyers in the government.
Really??
The persistency of the opposition to seek answers for Singaporeans shows they are credible...
Is it??
Even the Best Lawyers must Appreciate significance that Full Name of Singapore Starts with the Word “ Republic “ … 😊
Never Rely on Lawyers to Raise Matters involving “ LKY & his Criminal Enterprise “ or “ Issues of Governance “ … Do it Yourself, like how The Ram Singh Family did in LKY’s Lifetime 😊
As the will of Father of Singapore..Pritam Singh should have been the next successor.Because LKY was like USA...he believed in the strength of immigrants!!
Lock up the reserves, lock up the CPF, increase the GST, unaffordable housing, basic necessities like food and groceries with crazy inflation, highly stressful environment (regardless you are an employee or a student) and the list goes on and on. We need change this time round. Same government since day 1 and now other than all the problems I mentioned, recently still have corruption amongst the ministers. If this is what the current ruling party can provide, I'm willing to vote for any opposition.
More South Asian more problem
Sg will collapse without them 😁
I think some of the reserved increases could use to benefit more into the cpf of Singaporeans based on higher interest rate for cpf of low to middle income group and those below a benchmark sum of cpf holder. Those that above the middle income and wealthy people should enjoy lower interest rate. And this interest rate is meant for retirement account .
world concerned with wars, food shortage, starvation n our parilment debate land tenure as if it is a course in university....stupid that opposition is so weak...how can they win against pap.... singapore has a run of good luck....make it real...not some hifultand matter
Reserve is confidential!🤫 I question his motives???
Exactly!
A citizen has part ownership of the country reserves. What secret?
Irresponsible worker party so dumb
Winner. takes All lol
What we are enjoying now, because of Good PAP government
Ah long tried so hard to smoke but incapable to provide an estimate. No wonder increasing corruption cases with his abangs cashing out from public funds
If you know nothing, keep quiet about it. Others will not know you are ignorant. Just don’t open your mouth.
full of nonsense