SINGAPORE - Prime Minister Lee Hsien Loong spoke to CNA on June 8, for a documentary on Singapore’s reserves. The transcript of the interview was released by the Prime Minister’s Office on Wednesday. Here is an edited excerpt.I think the key pivot was when we decided to recognise the reserves as being a lot of money and needing to have a second key.
And then you have HDB, because HDB has also got factory land, HDB has got land which is people’s houses, and that also is a valuable financial asset. Therefore, we ended up with six so-called “Fifth Schedule” entities, where the second key applies. The President has oversight and veto on the key names on the Board and the CEO. And we want to make sure that that money doesn’t get spent lightly.
I think that for a small country, that extra recognition and regard helps us a lot, because otherwise, there are any number of cities with 5½ million people in them in Asia, dozens, and in the world, probably more than a hundred. If we were just one of so many cities with 5½ million people in them, we would not stand out.
But we did not understand all this intensely because in those days, we did not invest our portfolio in a systematic and comprehensive manner as we do now. And so we just said, well, all right, we lock up the principal sum and the income from the reserves, you can spend. All of the income.
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