SINGAPORE - Global disruptions in trade, technology and security will impact Singapore, but the Republic is “far from powerless” despite its small size, said Speaker of Parliament Seah Kian Peng on March 10.
He noted that Singapore, like every other country, must brace for unpredictability and volatility.
But “our economic strength, our reserves, our strong defence, and our unity as a people give us an edge in an increasingly unpredictable world,” Mr Seah said, capping off nine days of parliamentary debate on the Budget.
Mr Seah noted that Singapore had very few, “weak” cards to play 60 years ago, but today has a stronger hand of cards.
“Today, we have more and stronger cards, which we need to use wisely and carefully, and always safeguard our national interests,” he said after the House unanimously voted to support the Government’s $143.1 billion spending plan forthis financial year.
Singapore’s national coffers were boosted by better-than-expected revenue in the 2024 fiscal year, with a surplus of $6.4 billion. This was mainly driven by the higher collection of corporate income tax.
This surplus is a “happy budgetary problem,” Mr Seah said. But he drew on his 19 years of experience as a parliamentarian to strike a note of caution, saying: “A surplus does not mean we have infinite cards to play. It simply means we have a few more this time round.”
The strongest card Singapore holds is “the same one we have had for the last 60 years - our ability to adapt, to stay relevant, and to navigate uncertainties with clarity and courage”, he said.
Mr Seah added: “Our progress has never been a given. Every step forward has been earned - through hard work, sacrifice, and a deep sense of duty to one another.”
The 2025 debate on the Budget statement saw 61 MPs speaking for about 49 hours, with 600 cuts - or short speeches - filed on the various ministries’ budgets.
In a lighthearted moment, Mr Seah noted that there were 41 speedy thirty-second cuts filed by 13 MPs, with some so fast that they kept Parliament’s translators on their toes.
“Some of you spoke so fast, without taking a breath, that you quite literally took the breath away from our simultaneous language interpreters,” he said.
“And for those who spoke in a more measured pace, the same staff told me it was for them a breath of fresh air.”
Mr Seah lauded the respectful and productive nature of the debates and disagreements.
“Parliament is at its best when we articulate our views clearly, when we have done our homework, and when we debate with facts and reason,” he said. He added that regardless of political affiliations, mutual respect is the “foundation upon which meaningful discourse is built.”
As Speaker, Mr Seah said he was most impressed by how and why the House disagreed - where the disagreements could be as strong from the same side of the House, as from across.
“Paradoxically, our laws are binding, not because their message is smooth and unfettered but because they are stress-tested and subject to strong scrutiny...This is how our laws, and our country, mature,” he said.
Anjali Raguraman is a correspondent at The Straits Times. She covers politics, as well as consumer stories spanning tourism, retail and F&B.
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