TR EMERITUS

[Selected comments against the writer who argued that Singapore has prospered under PM Lee even beating Switzerland in per capita GDP (PPP) terms. The writer said ('SG prospers under PM Lee beating Switzerland'): "Under PM Lee, Singapore has actually progressed and prospered a great deal. Look at our per capita GDP (PPP). In 2004, it was USD28,000. By 2013, it had increased to USD62,400, more than doubled in a span of one decade! I didn’t invent these figures. They were taken from CIA World Factbook."] PM Lee Chris K: This is where fair-minded people will say a little knowledge is a dangerous thing. Singapore may have a high GDP per capita but a lot of it is driven by the exchange rate which the MAS maintained a year on year appreciation to contain imported inflation. This is why the proper thing to do is to check the IMF/World Bank data which also show GDP per capita on the basis of “constant US$”. Stripped off the currency effect, Singapore is way below Switzerland and most of Europe. Its high position on “current US$” basis asserted by the writer is entirely due to exchange rate appreciation. But Gini and wage share are far better indicator for the wealth effect for the population. Wages as a share of the GDP is only 42% whereas a typical European country is in the high 50s or low 60s. Even HK’s is over 50%. So the high GDP per capita actually don’t mean much to wage earners. It simply means Singapore is good for the very rich and the businesses. UniQ: >> “Per capita GDP (PPP). In 2004, it was USD28,000. By 2013, it had increased to USD62,400, more than doubled in a span of one decade!” You mean you do not know that there was a mass influx of super rich and the steroid pumping of property prices ?? Does the people gets richer ? Did your monies double during the decades or your debts has doubled ?? Let’s not mention inflation for the matter of fact…Really ??…..Gosh… >> “In terms of ranking by per capita GDP (PPP), we are Top 10 in the world!! We beat top Western countries like US, Canada, Australia, New Zealand, UK. We even beat Switzerland (yes, I’m not kidding)!!” So, is the people more well off or are they more in debts ridden now ? Is essential goods more expensive while income remain stagnant / depressed ? Why have you casually ignore the happiness index among all these countries against Singapore ? …My…what an insult to fellow Singaporeans… >> “Next, look at our strong S$. It was something like S$1.6 – 1.7 to 1 USD in 2004. Now, it’s S$1.25! This reflects the strong economy we have. All this is possible under the leadership of our PM Lee. So, please don’t take things for granted. Every time I go on holiday to shop in other countries, I always thank our good Govt for giving us our strong S$.” Arlo !! US Dollar Drop like hell during the banking crisis !! and we have the reserve to back us up like Korea and Japan …Man !! I believable…Having a strong dollar is bad for business kid !! Go back to SCHOOL !!! >> “Coming back to sports, why didn’t the writer mention table tennis? Don’t forget, we got a Silver medal first time in Olympics and all this happened under the tenure of PM Lee!” Don’t go there…its taboo territory due to FTs…please please…need I say more? Credit will be given when its due, but the people are not feeling the goodness after paying all the high prices. That’s the trouble. I finally understand now the 60% mentality. Somehow, you guys are ‘trained’ or ‘brainwashed’ in such a way that you could only see arms length, and a believe to stay in oblivion is the way of life getting by each day caring less of what gonna happen around you, which by all means will affect your life 1 way or the other, and your children and your children’s children future….how backward thinking you have become while claiming you’re a 1st world citizen….Gosh !!! Monyet Hitam: Wah lau eh, this kind of one cent argument you dare post. Our kids can’t even afford to buy a HDB flat, can’t afford to have even 1 child, and dare say we have progressed. Ya, we have progressed so much under LHL that I can’t afford to buy a small car, can’t afford to seek specialist medical treatment, now even can’t afford to buy a $5 papaya at the wet markets, can’t afford to eat fresh fish, can’t afford to eat at a restaurant, need to say more? Great Asia: Stupid! In 2004, it was USD28,000. By 2013, it had increased to USD62,400??? How many Singaporeans are earning US$62,400? Why didn’t the writer mention table tennis? Table tennis is being done by using foreign trash like Lee Bee Wah and using 100% PRC players. It’s happening everywhere, from financial to manufacturing industries; by replacing more expensive Singaporeans with cheap foreign labors to pump up the profits of firms. PAP-diehards: Based on per capita GDP (PPP) figures, Singapore has already ‘beat top Western countries like US, Canada, Australia, New Zealand, UK. We even beat Switzerland (yes, I’m not kidding)!!’ For that, I congratulate Singapore’s economic success! I’ve been to US, Canada, Australia, UK & Japan (you missed that one). Per capita GDP criteria isn’t as big an issue in those countries unlike Singapore. What I could see is the QUALITY OF LIFE in those countries. For an inferior per capita GDP, I reckon I would swap Singapore for any of those countries. Call me a quitter, 2nd class citizen or even daft – methinks I’ll come out better off there than in Singapore. The key is none of the fruits (well-paid job, car, landed property) that I see in Singapore are within my grasp. While in those countries, the possibility that at least a few if not all of those fruits I can pluck for myself are there. I don’t consider myself as a high achiever like those in Singapore who have made it – I’m just an average Joe whose contented if my needs are met without having to work excessively just to achieve it. U r pathetic GDP: Can’t believe writer even dare to mention the sg Table Tennis team. A few years down the road when our next generation ask, “Who and where are the paddlers who won sg’s Olympic Silver?” Would any Singaporeans be proud to answer them ….. “Arrh…. somewhere in some provinces in China.”????? 2cents: My question to you, “If PM Lee has done so well by us citizens since 2004, why is it that to buy a basic roof over our heads in 2014, we now need further NEW Special CPF Housing Grants (SHG) of S$10k or S$20k to help us pay for our 3-, 4-room HDB flat downpayment when, in 2004, we citizens could buy them with our then salaries i.e. no need for that kind of grants?” Why so funny one, uh? More than double GDP per capita in 10 years but now need more grants. this idiot: Our GDP greatly (affected) by a few things: 1. Massive import of foreigners which in turn create demand for basics such as housing, food etc 2. Casinos 3. Squeezing people through higher and higher indirect taxes such as GST, COE etc. You take away these items, Singapore will fall like a leave. Our economy has no substance, it’s a farce, any government can do this but of course at expense of citizens. Take away these items, we are nothing. There is no mentioned of knowledge economy like in the 80s and 90s. Secondly, the strong dollar is because MAS is appreciating dollar to combat huge inflation! Better and higher GDP did not make life better for citizens, ironically make things worst, many things became unaffordable and many people displaced at their jobs.   * Comments appeared in: SG prospers under PM Lee beating Switzerland      Read More →

CPF – Government insists on tweaks to a broken system, sows more distrust I refer to “CPF system will evolve to meet changing needs: DPM Tharman” and “CPF under review to better buffer against inflation: Manpower Minister”. Both ministers were speaking at a CPF forum organised by IPS on 22 July. Recall we had “Our Singapore Conversation” 2 years ago where, strangely, CPF was a non issue. Now that a ‘CPF’ forum has been organised, the more important issues such as transparency and the need to consult members on their needs are ignored. The government should not forget it needs to return CPF monies to their rightful owners because it is a flawed policy. DPM Tharman cleverly deflected the issue to one of “taking higher risks to earn higher income from investing their CPF monies”. GIC’s opacity does not seem to be a concern to DPM Tharman. Questions: - If GIC has indeed performed remarkably well, achieving a 20-year TSR of 6.5% in USD, why are CPF members not allowed to invest directly in GIC? - Why should Tharman even need to talk about investing in private pension plans when GIC is an established fund manager with a proven track record? With CPF members invested directly in GIC, there will be full transparency. Is GIC afraid of this? Tharman also said that “CPF system has served Singaporeans well” and “it is to keep the basic strengths of the CPF system”. Questions: - If CPF has served Singaporeans well, then why are there huge shortfalls in our retirement savings? - Why are there hundreds of thousands of Singaporeans who are unable to meet the Minimum Sum to afford a basic standard of living? The fact is there are inherent weaknesses in the multi-purpose CPF system and that’s the reason for parliament’s attention. CPF’s inherent weaknesses are not its “basic strengths”. DPM Tharman says “GIC manages a pool of assets irrespective of the sources of funds”. There are only 2 sources of funds, ie CPF monies and (real) government reserves (land sales proceeds, budget surplus). There is no logic in Tharman’s explanation because CPF monies do not belong to the government, they are not Singapore’s reserves. One has to question the intent of the government for co-mingling the funds and causing confusion. As for Minister Tan Chuan Jin, he attempted to appease CPF members by saying the government “is looking at how it calculates the CPF Minimum Sum (MS) figure”. It’s good the government has woken up to its flawed calculation which should have been obvious years ago. Some jiak liow bee civil servants attempted to pull wool over CPF members’ eyes with double inflation of the MS: Step 1 - Increase the absolute amount from $80000 in 2003 to $120000 in 2015. This has already factor in a 50% inflation over 12 years (4% per year). Step 2 – Add “in 2003 dollars”! (double inflation) The government was aware there would be outrage if it had stated the MS amount will double in 12 years. The “in 2003 dollars” double inflation trick seemed to have worked for a while but has now backfired. The MS increase is not limited to the OA; the MA has also increased from $25000 in 2003 to presently $$43,500. Within 12 years, CPF MA increased by a whopping 74%! Tan Chuan Jin then engaged in fear mongering tactics by highlighting the issue of citizens living longer in future. Pertinent questions citizens are asking: - Why does the government see retirees as a liability to the country after all our contributions? Where is the government’s role in taking care of the elderly? - Why does the government continue to force the elderly without income to fend for themselves? Tan says: “So when we talk about shifting goal posts, I would say it is actually not about shifting goal posts”. From delaying the withdrawal of all CPF monies at 55 to 65 to returning a very small regular percentage monthly till we expire is not shifting goal posts? Tan is clearly sleeping as the PAP shifted the goal posts years ago – outside the stadium. Ministers Tharman and Tan are basically saying the need to maintain a broken system with band aid when CPF needs attention in the ICU. If they still do not understand our concerns, I would strongly suggest they read “TOC Policy Exchange on CPF – rethinking the system”. The discussion was attended by members of opposition parties whose views resonate with CPF members. Conclusion Important concerns of CPF members have been glossed over by PAP politicians. Fortunately they were highlighted by opposition political party members at the TOC Policy Exchange on CPF. The PAP can no longer skirt the transparency issue because stakeholders deserve answers. GIC must disclose all investments with CPF monies. The PAP only wants to address CPF members’ concerns with tweaks. It should be mindful that this will only sow more distrust. Phillip Ang *  The author blogs at  likedatosocanmeh.  Read More →

Singapore logger continues peat clearance despite fire threat – Greenpeace Greenpeace Press release Jakarta, 8 July 2014 - International customers are suspending contracts with Indonesia’s second largest pulp and paper company APRIL, which is part of the RGE Group, as photographic evidence from Greenpeace International shows clearance of rainforests and fire-prone peatland. The Greenpeace evidence comes just a week after a new study shows Indonesia’s forests are disappearing faster than anywhere else in the world. Deforestation for Pulp & Paper in Riau (Source: Greenpeace) Click to enlarge Office supplies chain Staples recently confirmed that it no longer stocks APRIL products globally, after Greenpeace International identified links to the company in China. Antalis has also confirmed that it will not resume business with APRIL until it implements a Forest Conservation Policy. Greenpeace urges customers of RGE /APRIL such as the world’s largest paper company International Paper, 3M and US retailer Costco to urgently follow their lead. “APRIL, a member of the Royal Golden Eagle group, has been caught telling its customers it has support from governments and NGOs at the exact same time its bulldozers are out trashing Indonesia’s rainforests and peatlands. Will these customers continue to fall for RGE/APRIL’s PR spin or follow Staples’ lead and suspend contracts with the company?” said forest campaigner at Greenpeace Southeast Asia, Zulfahmi. A Greenpeace ‘flyover’ in late May documented ongoing clearance of dense forest, and the drainage of peatlands at the site of an APRIL supplier on Padang Island off the coast of Riau. APRIL’s policy claims that the company does not develop land that is of “high conservation value” based on assessments that have been independently peer reviewed by the High Conservation Value Resource Network (HCVRN).  However, Greenpeace International confirmed with the HCVRN that it has peer reviewed assessments for just two, out of 50 concessions that are estimated to supply APRIL. HCVRN has requested that APRIL correct its misleading claim. Despite these findings, APRIL continues to claim, in documents leaked to Greenpeace, that it has “strong support” from WWF and that the Norwegian Government has endorsed its  “Sustainable Forest Management Policy”. Both WWF and the Norwegian Ambassador to Indonesia have confirmed that these statements are incorrect and that they do not endorse the policy. “Apparently RGE/APRIL doesn’t consider the clearance of rainforest on areas of deep peat to be in conflict with its conservation commitments. But Indonesia’s forests are disappearing faster than anywhere else in the world precisely because of practices such as these,” said Zulfahmi. Greenpeace also documented evidence of extensive fires in another of its supplier pulpwood plantations, inside the PT Sumatra Riang Lestari (PT SRL) concession on Rupat Island in Riau Province. According to Greenpeace analysis, fire hotspots are 3.5 times more frequent on deforested peatland than on peatland that has not been cleared by companies like APRIL. “RGE/APRIL has been quick to blame others, but clearing and draining peatlands are a significant reason for the fires. It’s like dousing your house in petrol and blaming a passing smoker when it all goes up in flames. Until all forests and peatland are fully protected, the fires will continue to take hold,” said Zulfahmi. APRIL is one of a number of pulp companies related to the Sukanto Tanoto controlled RGE group. The others are Asia Symbol, Sateri, Bahia Speciality Cellulose and Toba Pulp Lestari. RGE’s palm oil subsidiary, Asian Agri, has been embroiled in Indonesia’s biggest tax evasion case and named in a joint UNEP/Interpol report for its links to environmental crimes. Despite recent major progress from other big plantation companies like Golden Agri Resources, Wilmar, and Asia Pulp & Paper, RGE/APRIL is refusing to immediately stop forest clearance. Greenpeace urges all customers of the group, and its financers which are reported to include Santander and ABN Amro, to suspend business with RGE/APRIL until it implements credible commitments to end its role in deforestation. Notes: 1.  Photos of ongoing clearance at PT. Riau Andalan Pulp & Paper (PT RAPP) pulpwood concession on Pulau Pedang, in Riau Province. PT RAPP is a subsidiary of APRIL. Link to images here. 2.  Photos of forest fire scars at PT Sumatra Riang Lestari (PT SRL) pulpwood concession in Rupat Island, in Riau Province. PT SRL is a supplier to APRIL. Link to images here. 3. The Norwegian Embassy in Indonesia, WWF and the High Conservation Value Resource Network confirmations have been communicated directly to Greenpeace International campaigners. 4. The leaked APRIL customer presentation can be viewed here. Editor's note: http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=344550 Asia Pacific Resources International Limited (APRIL) produces and supplies fiber, pulp, and paper. The company offers bleached hardwood kraft pulp; office papers for printing and copying tasks; and white papers. Its products are used in liquid packaging, printing and writing papers, tissues, shopping bags, food packaging, magazines, and books. The company serves customers through a sales and marketing network in Indonesia, India, Japan, China, Europe, and internationally. It has strategic partnerships with ChinaBase Asia-Pacific and Asia Fiber Services, Inc. The company was founded in 1993 and is based in Singapore with sales offices in Macau, Indonesia, China, India, Europe, Japan, Australia, New Zealand.  Read More →