REACH 146 - Reallocate resource to fund covid relief (SK)

05 Oct 2020 (12pm - 7pm)

REACH

[1:23 pm, 05/10/2020] +: Dear REACH contributors,

Welcome back! ☺️ 

⏰ Our chat will be open until 7pm today.

Please be reminded to be respectful and considerate to others in this WhatsApp chat group. 🙏🏼

- Megan

REACH

[1:24 pm, 05/10/2020] +: At 1:30pm later today (05 Oct), Deputy Prime Minister and Minister for Finance Mr. Heng Swee Keat will deliver a ministerial statement in Parliament on how resources will be allocated to fund the measures already announced.

👉 https://www.straitstimes.com/politics/no-new-round-of-support-tomorrow-says-dpm-heng

👉 https://www.straitstimes.com/singapore/dpm-heng-to-speak-on-covid-19-spores-fiscal-position

+ changed this group's settings to allow all participants to send messages to this group.

----

Caleb

[1:26 pm, 05/10/2020] +: Give live telecast?

[1:29 pm, 05/10/2020] ☸️  Danny 心: 

It is a relief that DPM is only reallocating resources to fund the relief and will not further draw on the reserves.

We need to prevent depleting our reserves as far as possible - as it is the only resources we possess and earn through many generations of hard work to accumulate.

To boost our Economy and protect jobs, we need to systematically and surgically but safely open up the economy - not further draw on reserves.

[1:33 pm, 05/10/2020] ☸️  Danny 心: 

Temasek Holdings seed fund is about $60 billion and take 40 over years to grow the fund to $306 billion.

In this covid-19, we have spent $100 billion in just 6 months. This is 1/3 of Temasek Holdings sovereign fund.

Thus we need to open up our economy to earn income, and not further draw into our savings - which is unsustainable.

[1:35 pm, 05/10/2020] ☸️  Danny 心: 

Else we can lose all our sovereign wealth overnight.

REACH

[1:48 pm, 05/10/2020] +: Hi REACH contributors, thank you for your interest! We will share the statement when it is available. Thank you for your patience.

Rama

[1:51 pm, 05/10/2020] +: Agree

[1:51 pm, 05/10/2020] +: Agree

REACH

[2:18 pm, 05/10/2020] +: https://str.sg/J2Jr

[2:34 pm, 05/10/2020] ☸️  Danny 心: 

Furthermore, by preserving our sovereign wealth, it will help to earn investment income contributing to our NIRC.

NIRC is used to fund our government spending every year. As a result, we don't have to pay higher taxes to fund government spending.

If we deplete our sovereign capital, our ability to earn investment income with also be depleted. And this means, our NIRC will also reduced.

To make up for the short fall in government revenue, we have to pay higher taxes eg. Gst, income tax, corporate tax and other taxes.

This will drive away business and talents - and will negatively impacts our economy, business and jobs creation will be affected.

Rama

[2:39 pm, 05/10/2020] +: Something gotta give

[2:40 pm, 05/10/2020] ☸️  Danny 心: 

By having a strong sovereign fund, we can keep our tax low vis a vis other countries.

We do not need to :-

1. Borrow and hence incur public debt. Dispense with the need to service loan interest.

2. We can keep our tax low - and hence attract investment, business and create jobs.

3. We can continue to grow our wealth by earning healthy passive income through good investment in our sovereign fund.

All these will put less pressure for the government and the people to generate revenue to keep the economy growing.

Rama

[2:41 pm, 05/10/2020] +: Yes

[2:47 pm, 05/10/2020] ☸️  Danny 心: 

And have a strong sovereign fund - make our country competitive world wide.

As we can buy

1. Strategic companies and build our domestic capabilities through knowledge transfer.

2. Keep our tax base low and attract high tech niche companies, attract talents and build our local expertise.

3. Grow our economy without the need to borrow loans and incur debt.

Thus preserving our sovereign fund is not only for rainy day, but is growing the strength of our internal economy in which many other countries do not have such luxury.

Ben

[2:49 pm, 05/10/2020] +: We need to balance ensuring social stability is not at risk through unemployment, hunger, homelessness, and healthcare. At the same time we need to ensure long term economic success. This is the hard balance that ministers are responsible and how they earn their substantial salaries :) Its a difficult and important job.

[2:49 pm, 05/10/2020] +: One cannot look in isolation at either problem.

[2:51 pm, 05/10/2020] ☸️  Danny 心: 

We have spend $100 billion.

Further draw on the reserves is not the solution.

Opening up the economy safely is the solution.

Now our export, manufacturing and retail have picked up.

This is the right trajectory.

Ben

[2:52 pm, 05/10/2020] +: Yes agreed. Opening up is important, with an ability to apply brakes where needed.

[2:52 pm, 05/10/2020] +: I worry about easing the measures for non economic activity, is that really needed?

[2:53 pm, 05/10/2020] ☸️  Danny 心: 

Reallocate funds from less urgent projects to fund the relief is the right move.

Rama

[2:53 pm, 05/10/2020] +: Striking a balance is tough!

Ben

[2:53 pm, 05/10/2020] +: I'm assuming the $100bn was spent on local people and industry so that money is retained in Singapore?

[2:54 pm, 05/10/2020] +: There will of course be leakage for imports, but the majority stays here.

Bobby Tan

[2:54 pm, 05/10/2020] +: This is all about self discipline and education

Rama

[2:54 pm, 05/10/2020] +: Agree

Ben

[2:55 pm, 05/10/2020] +: What the cost of that 100bn equates to is loss of growth. 100bn at 7% is worth 200bn in 10 years.

Rama

[2:55 pm, 05/10/2020] +: Astronomical figure@

REACH

[2:59 pm, 05/10/2020] +: https://www.straitstimes.com/politics/parliament-govt-to-provide-additional-support-for-newborns-to-help-aspiring-parents-cope

[3:27 pm, 05/10/2020] +: 📢 Topic 📢

Which part of DPM Heng's ministerial statement was most meaningful for you?

Berny

[3:33 pm, 05/10/2020] +: This will come in handy for those who are expecting

Rama

[3:35 pm, 05/10/2020] +: Population incentives for a future Singapore core

CQ

[3:37 pm, 05/10/2020] +: Not sure when the effective date is right?

Caleb

[3:37 pm, 05/10/2020] +: No detailed news on it. So can't comment

Rama

[3:42 pm, 05/10/2020] +: Should have been live telecast from the begining to comment later. No prior notification\

Caleb

[3:43 pm, 05/10/2020] +: No meaningful news on it, so Can't give any meaningful comment. Lol

SS

[3:48 pm, 05/10/2020] +: To all here , may I check those who may have lost their job and tried to apply for the covid support grant, if you don’t have physical letter or email but left through verbal communication by your bosses or hr , are we still eligible to apply for this grant?

Rama

[3:50 pm, 05/10/2020] +: Need to get union support if possible and check with MOM

Alvin

[3:50 pm, 05/10/2020] +: Need letter or email

Murphy Choy

[3:50 pm, 05/10/2020] +: Not to my knowledge. Helped a few friends. All got rejected.

Alvin

[3:51 pm, 05/10/2020] +: So this is today’s topic? Lol

Berny

[4:14 pm, 05/10/2020] +: Last time can I think, until someone cheated the system and posted online

SS

[4:18 pm, 05/10/2020] +: Ty guys

REACH

[4:18 pm, 05/10/2020] +: Singapore in 'stable position' in COVID-19 fight but must remain vigilant, says DPM Heng

https://www.channelnewsasia.com/news/singapore/covid-19-stable-position-singapore-heng-swee-keat-vigilant-13202540

Rama

[4:20 pm, 05/10/2020] +: Must have been an idiot!

[4:20 pm, 05/10/2020] +: Agree

Berny

[4:20 pm, 05/10/2020] +: he is, he was subsequently invited to coffee session with Min. Shanmugam

[4:21 pm, 05/10/2020] +: and because of him, applications got delayed due to the thorough checks put in place instead of "on the spot disbursement of cash"

[4:21 pm, 05/10/2020] +: so... yea, Singaporeans can't have good things

CQ

[4:24 pm, 05/10/2020] +: where there are rules, there will always be people trying to circumvent those rules... case in point: Trump's taxes

Berny

[4:26 pm, 05/10/2020] +: to add on, the mobike and obike, nice things to add on, but people abuse them

richard Wong

[4:28 pm, 05/10/2020] +: Sales in the motor vehicles industry rose by 12.1 per cent amid strong demand for both new and used cars.  This extracted from the August 20 retail sales! 

On one hand we are appealing to Govt for more goodies as large number of people are losing their jobs but the new and pte owned cars are doing roaring business !!!!

Rama

[4:36 pm, 05/10/2020] +: 🤷‍♀️😔😞😟

Berny

[4:37 pm, 05/10/2020] +: I'm happy for the new vehicle owners

Valli

[4:40 pm, 05/10/2020] +: Mostly people are going into delivery service

Berny

[4:41 pm, 05/10/2020] +: still new vehicle owner though, not matter what, it is still better than renting in a long run

[4:41 pm, 05/10/2020] +: at least they are still injecting money into the economy to keep it moving

Boon

[4:42 pm, 05/10/2020] +: Great observations. It is amazing. Considering too that the COE didn’t really drop - what’s keeping the COE prices up during Covid, or is there a minimum level?  https://www.aas.com.sg/resources/coe/coe-prices.html

REACH

[4:42 pm, 05/10/2020] +: Singapore’s revenue position to be 'weak' in coming years, spending strategy one of 'prudence, not austerity': DPM Heng

https://www.channelnewsasia.com/news/singapore/covid-19-singapore-fiscal-position-spending-heng-swee-keat-13202956

Boon

[4:43 pm, 05/10/2020] +: Yup. I seem to see more BMWs and Mercs on the road .. 😆

Boon

[4:45 pm, 05/10/2020] +: https://www.straitstimes.com/business/economy/temasek-prices-longest-dated-us1-billion-50-year-bond-at-25

We have to think of our aging population needs too

Rama

[4:46 pm, 05/10/2020] +: Yes

Blue and White Flag Guy

[4:46 pm, 05/10/2020] +: Probably just those who have the luxury to be in their own cars as compared to being on PT

REACH

[4:46 pm, 05/10/2020] +: [Sent by Gov.sg – 5 Oct]

As of 12pm, MOH has preliminarily confirmed 6 new cases of locally transmitted COVID-19 infection.

Based on investigations so far, there is 1 case in the community, and 5 cases reside in dormitories. 

In addition, there is 1 imported case who had been placed on Stay-Home Notice upon arrival in Singapore.

MOH will share further updates in its press release that will be issued later tonight.

go.gov.sg/moh5octupdate

[4:48 pm, 05/10/2020] ☸️  Danny 心: 

Good assessment by DPM.

Prudent and not austerity is the key to spending.

Open and boost the economy, promote business and create jobs should be the right strategy - not further throwing reserves.

Boon

[4:51 pm, 05/10/2020] +: Yup probably  🤔😆

[4:53 pm, 05/10/2020] +: 👍👍 measured and reasonable.

[4:53 pm, 05/10/2020] ☸️  Danny 心: 

Temasek Holdings borrowing very long term US bonds is strategic - because interest rate is extremely low.

Our Singapore currency is expected to be strong and US currency value is dropping in long term.

Temasek Holdings can used this borrowed money to invest in good return investment and bring good investment income.

In long term, we will earn :-

1. Good ROI on investment

2. Favourable exchange rate as our currency is strong.

3. Pay low interest on bond but bigger revenue return.

[4:58 pm, 05/10/2020] ☸️  Danny 心: 

US currency value is expected to keep dropping because:-

1. China is doing a dual currency track - by building its yuan digital currency - less likely to hold US currency as reserves.

2. Many currency are doing bilateral currency swap - and less likely to use US currency for trade.

3. US debt is $27 trillion, many budget deficits, current account deficit, do too many quantitative easing.

So Temasek Holdings borrowing US currency into long term is strategic to finance investment.

richard Wong

[5:00 pm, 05/10/2020] +: I had expected the COE to drop to $10k or $20k instead it went up !!!!  My friend brought a new car in Feb 20 costing $90k. The same car now selling for almost $100k after CB and depressing world economy !!!!

Rama

[5:00 pm, 05/10/2020] +: Agree

[5:01 pm, 05/10/2020] +: 😔😞😟🤷‍♀️😱😨

Anne

[5:06 pm, 05/10/2020] +: The US government has been spending and borrowing like a profligate, so we can expect that in the long term USD will depreciate by a lot. That’s why those who borrow prudently to invest wisely become rich. This type of economic environment it is the prudent ‘spender’ who becomes richer and the saver becomes poorer. Also now with super low interest rates it is good news for the borrower, and if rates goes negative borrowers will celebrate 🎉🍻

Boon

[5:07 pm, 05/10/2020] +: On your point about Is debt, this is from IMF on countries gross debt to GDP ratio. Check it out. It includes Singapore - and a reminder not to take our reserves support lightly.

A https://www.imf.org/external/datamapper/G_XWDG_G01_GDP_PT@FM/ADVEC/FM_EMG/FM_LIDC/MYS/IDN

[5:07 pm, 05/10/2020] ☸️  Danny 心: 

Interest rate cannot go negative.

It will cripple the banks and consequently economy suffer.

Anne

[5:08 pm, 05/10/2020] +: Our G does not control interest rate, only exchange rate, unless they change the law. Interest rates depend on market forces. Europe and Japan are already having negative interest rates.

Rama

[5:09 pm, 05/10/2020] +: Yes

[5:09 pm, 05/10/2020] ☸️  Danny 心: 

People will take out their deposit and invest in toxic assets, bubble will form and economy collapse.

Banks got no deposit to loan to business, banks fail and business fail and no jobs will be created.

Rama

[5:09 pm, 05/10/2020] +: Yes

[5:10 pm, 05/10/2020] ☸️  Danny 心: 

Will interest rate go negative? Means we have to pay bank for our deposits

[5:10 pm, 05/10/2020] ☸️  Danny 心: 

1. Negative interest will deter people from putting money in the bank and instead invest in risky toxic assets - economy may collapse due to artificial bubble and bad investment.

2. Banks cannot survive as people don't want to put saving in banks.

3. Banks cannot loan to business, economy collapse.

[5:10 pm, 05/10/2020] ☸️  Danny 心: 

Banks is a important multiplier of business and economy.

If banks fail, the whole economy fail.

Fed and Singapore as well as many economists has ruled out negative interest rate.

[5:10 pm, 05/10/2020] ☸️  Danny 心: 

Negative Interest Rates Are Destroying Europe’s Finances, Driving Demand For Cryptocurrency

https://www.forbes.com/sites/rogerhuang/2020/06/10/negative-interest-rates-are-destroying-europes-finances-driving-demand-for-cryptocurrency/#3a0519e56883

[5:10 pm, 05/10/2020] ☸️  Danny 心: 

It will also cause harm to Singapore as a financial hub.

Imagine which investors will put their money into Singapore if our banks don't pay interest?

Investors will pull their money out resulting in big money outflow from our financial hub.

[5:10 pm, 05/10/2020] ☸️  Danny 心: 

No will not.

Negative interest is an unorthodox monetary policy shun by many economists.

It is used by Japan and then EU.

It will cause permanent damage to the economy.

Rama

[5:10 pm, 05/10/2020] +: Oh!

[5:14 pm, 05/10/2020] ☸️  Danny 心: 

Why Negative Interest Rates Are Still Not Working in Japan

https://www.investopedia.com/articles/markets/080716/why-negative-interest-rates-are-still-not-working-japan.asp

[5:16 pm, 05/10/2020] ☸️  Danny 心: 

Japan, negative interest rates and the death of monetary policy

https://www.fxstreet.com/analysis/japan-negative-interest-rates-and-the-death-of-monetary-policy-202001021535

Boon

[5:18 pm, 05/10/2020] +: Thank you for the support!!

Anne

[5:18 pm, 05/10/2020] +: People invest in not only toxic assets, but also good but over valued assets. In this environment the financially savvy will become richer, and those who don’t believe in financial literacy and believe that “money is not important” or “money does not buy happiness” will be doomed to a lifetime of poverty.

Negative interest rates is one reason why I oppose the elimination of physical cash. If people don’t know what to invest they can at least keep their cash in a Khong Guan tin or in a safe.

Rama

[5:19 pm, 05/10/2020] +: Agree

Alvin

[5:19 pm, 05/10/2020] +: The last sentence made me chuckle

Rama

[5:19 pm, 05/10/2020] +: 🤣😂😅

[5:20 pm, 05/10/2020] ☸️  Danny 心: 

Negative interest rate will force many people to withdraw their money in economic circulation and keep at home.

Bank fail.

Business fail,

Job fail.

Economy fail.

Anne

[5:26 pm, 05/10/2020] +: DPM Heng mentioned in 2019 or 2018 that the G is preparing for the next financial crisis, so, when the next financial crisis materialize, negative interest rate is always a possibility. At that time, we may see the elimination of the middle class, more people moving to the low income level and a few middle income (the financially savvy ones) moving up to the rich level, and the already rich becoming richer.

[5:26 pm, 05/10/2020] ☸️  Danny 心: 

Negative interest rate is out of questions!

Anne

[5:28 pm, 05/10/2020] +: Feedback to our G to change the law to allow them to intervene in the interest rates. As of now, interest rates are determined by market forces.

[5:29 pm, 05/10/2020] ☸️  Danny 心: 

When Trump mentioned negative interest rate - FED write him off.

Anne

[5:30 pm, 05/10/2020] +: 🤣😂😅

Anne

[5:30 pm, 05/10/2020] +: Let’s see how long the fed can continue writing him off. Janet Yellon and Jerome Powell increased rates, only to decrease rates when the markets drop.

[5:31 pm, 05/10/2020] +: When recession hits the US, I am certain the Fed will be forced to go negative.

[5:32 pm, 05/10/2020] ☸️  Danny 心: 

Singapore government also mentioned that there's a need to ensure our CPF continue to attract interest rate for retirement.

Singapore is a financial hub - negative interest work against Singapore as financial hub.

[5:33 pm, 05/10/2020] ☸️  Danny 心: 

Read what happens to Japan and EU who toy with negative interest rate.

[5:34 pm, 05/10/2020] ☸️  Danny 心: 

The Fed won't use negative interest rates to counteract the coronavirus recession, chairman Jerome Powell says

https://www.businessinsider.com/negative-interest-rates-not-considered-federal-reserve-policy-jerome-powell-2020-5

[5:34 pm, 05/10/2020] ☸️  Danny 心: 

Trump is stupid.

Fed is not stupid.

Anne

[5:34 pm, 05/10/2020] +: When recession strikes central banks tend to lower interest rates, but look at the US rates now, if they go lower they can only go negative.

[5:35 pm, 05/10/2020] ☸️  Danny 心: 

See fed report.

Anne

[5:35 pm, 05/10/2020] +: What the Fed says now they can always change in the future. It is not cast in stone.

Rama

[5:36 pm, 05/10/2020] +: Believe so

[5:36 pm, 05/10/2020] +: Yes

Anne

[5:36 pm, 05/10/2020] +: I beg to differ. I believe Trump is a highly intelligent person. It is the Fed who caused most of the market distortion and collapses.

[5:36 pm, 05/10/2020] ☸️  Danny 心: 

Good things our government play the monetary policy very well.

Won't try suicidal unorthodox financial policy.

Rama

[5:37 pm, 05/10/2020] +: I will like to see the outcome of his handling of china!

[5:37 pm, 05/10/2020] ☸️  Danny 心: 

Hahahaha.

Drink bleach try untested drugs.

Yes he is highly intelligent.

Rama

[5:37 pm, 05/10/2020] +: Agree

[5:37 pm, 05/10/2020] +: And dettol!🤣😂😅

[5:38 pm, 05/10/2020] ☸️  Danny 心: 

And don't wear mask - got himself infected and infect the rest in white house - ya highly intelligent.

Anne

[5:38 pm, 05/10/2020] +: The concern is our exchange rate is tied to other countries’ currencies, being an export oriented country. Hence we cannot totally escape other countries’ currency manipulation.

Rama

[5:39 pm, 05/10/2020] +: Beyond comprehension!

Rama

[5:40 pm, 05/10/2020] +: MAS is very alert on this!

Blue and White Flag Guy

[5:40 pm, 05/10/2020] +: Can we stop with the childish behaviour? 

I like @Anne's explanation, plus you really think the Fed is not up to no good meh?

Anne

[5:41 pm, 05/10/2020] +: Do not underestimate Trump. He is not a billionaire for nothing. And he won against Hillary Clinton in the 2016 election. How many of our highly intelligent Singaporeans can become billionaires or even defeat Hillary Clinton if they were running for the US presidency?

Boon

[5:41 pm, 05/10/2020] +: Dear REACH, Sorry, but these are not roadmaps nor strategy. Maybe there are other pages that would set out the economic strategy but couldn’t find. 😅

Would be great to see the Economic Strategy in some details I.e. the steps that all of us should take in partnership to overcome our - the Singapore - set of challenges. What are these challenges? Well, from the ground and as a personal view, I believe the immediate jobs situation is an important society cohesiveness issue - that the govt including MOM and MOF are tackling really well. 🤩

But there are other important longer term issues, like which industry and skills should we and our next generation focus to meet/excel international standards and demand to ensure our continued prosperity; any plans for active economic inclusion for our aging population in 10ish years time. What about agri independence and how to better control living costs given that wage growth will be muted and savings interests are near 0%; among others.🤔

Apologies that it is so easy to write all these things. Inspired by the many passionate contributors here, I would say that the responsibility of a brighter 🌻 future is a shared responsibility between the govt and the society - us. It would be important to rally the people towards national long term common goals (besides condo/university/car). 🙆🏻Thank you.

Valli

[5:43 pm, 05/10/2020] +: It could have been someone else who infected Trump & the rest in White House

Rama

[5:44 pm, 05/10/2020] +: Believe something has replaced one of the 5C!?

Boon

[5:51 pm, 05/10/2020] +: 😎

REACH

[5:58 pm, 05/10/2020] +: [Sent by MOF

Ministerial Statement - 5 Oct 20]

In his Ministerial Statement today, DPM and Minister for Finance Heng Swee Keat provided a stocktake on Singapore's fight against the COVID-19 pandemic. So far, close to $100 billion of support measures across the earlier Budgets have been committed to assist people and businesses. DPM also announced enhancements to measures to better care for workers, persons with disabilities, and aspiring parents.

DPM presented the plan for Singapore to re-open safely in the coming months. He also detailed a refreshed economic strategy for a post-COVID-19 world, placing emphasis on:

i) Remaking Singapore as a Global-Asia node of technology, innovation and enterprise;

ii) Redoubling our efforts to foster inclusive growth; and

iii) Investing in economic resilience and sustainability as a source of competitive advantage

Lastly, he touched on our current fiscal position, and how we will continue to invest decisively in our national priorities, with a deep commitment to leave behind a better future for our children.

COVID-19 is not Singapore’s first crisis, and it will not be our last. But together, we will overcome.

Rama

[6:00 pm, 05/10/2020] +: Yes

[6:21 pm, 05/10/2020] ☸️  Danny 心: 

https://www.businesstimes.com.sg/banking-finance/can-banks-survive-negative-rates                               Banks and Economy will not be able to survive a negative interest rates.

[6:23 pm, 05/10/2020] ☸️  Danny 心: 

Political pressure pushing central banks into unconventional monetary policies - which threaten stability of a financial system - that will harm Singapore as a financial hub.

Boon

[5:50 pm, 05/10/2020] +: True and there’s always the other after inflation story. “Because of inflation, “real yields” have gone negative. When you factor inflation, investors are actually losing money by lending to the U.S. government. The “real” yield on the 10-year-note is about negative 0.5%.” As of March 2020. 

https://www.google.com.sg/amp/s/www.marketplace.org/2020/03/06/10-year-treasury-yields-at-record-lows-are-still-above-zero-not-after-inflation-though/amp

[6:37 pm, 05/10/2020] ☸️  Danny 心: 

So when Temasek Holdings issue US bonds, Temasek gain.

REACH

[6:46 pm, 05/10/2020] +: Hello REACH Contributors!

⏰ We will be closing the chat in 15 minutes ⏰

Thank you very much for being part of our WhatsApp chat and participating actively.

Goodnight! 😴

Megan

Rama

[6:49 pm, 05/10/2020] +: 👌👍🙏✋🤙👏

[6:50 pm, 05/10/2020] ☸️  Danny 心: 

Singapore position on interest rate. 

"If Singapore dollar liquidity becomes too flush, relative to the US dollar, the financial sector may be willing to swap Singapore dollars for US

dollars at very low Singapore dollar interest rates," strategists at DBS Bank, including Eugene Leow, wrote in a research note. "This appears to be

the case now."

Singapore's overnight borrowing rate has never gone negative before based on data compiled by Bloomberg.

Rama

[6:51 pm, 05/10/2020] +: Okay

[6:54 pm, 05/10/2020] ☸️  Danny 心: 

That's why our government manage our financial policy very well.

Blue and White Flag Guy

[6:54 pm, 05/10/2020] +: Ok

[6:55 pm, 05/10/2020] ☸️  Danny 心: 

Else Singaporean wealth can be wiped out by financial mismanagement.