Ravi Philemon

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Men in Financial Crisis Find New Hope

April 09, 2009

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Economic Crisis Today Newspaper

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Feedback: Budget 2009 - Tax-cuts not the way to go

I am concerned that another round of personal and corporate tax cuts may leave the government unable to play its essential roles in promoting the common good and preserving essential community services and support. Although these tax cuts may seem attractive in helping to draw more foreign talents and investments especially in these times of economic slowdown, the cuts should be avoided as these taxes should be the main means of supporting social welfare. Further to this suggestion, the government should also not raise GST further and should pare down the use of GST for providing public assistance. The Minister for Community Development, Youth and Sports, said in an exchange in parliament on March 9, 2007 : “We can always do more (in providing public assistance) and we can always raise GST further.” The raising of GST further, will put a huge tax burden on the poor. Some studies show that the lowest 20% of the population pay more than 15% in taxes, while the top 1% of the populatio...

Risks of Unchecked Export-Driven Growth

Singapore's basic economic strategy of surviving by tapping on the global economy by attracting foreign investments to Singapore and exporting our goods to international markets is flawed. Goldman Sachs said in a client note on Thursday that, "We reiterate our view that Singapore has one of the highest exposures to weakness in external demand, because of its high ratio of exports to GDP and the high portion of exports-driven domestic demand". The brokerage firm has lowered its forecast for Singapore gross domestic product for 2009 to -8 percent from -4 percent previously as the US economy is expected to contract further in the year, curbing already weak demand for Asian goods. In Singapore, consumption composes only 40 percent of the GDP versus at least 55 percent in other developed Asian economies. With globalisation, more players have entered the "export-driven" economic playing field. Good skills are offered at lower wages by these players. This globalisatio...

A simple answer to PM Lee about why there were no Salleh Maricans and Farid Khans in 2011 Presidential Election

PM Lee pointed to the lack of minority candidates in the 2011 Presidential Election to justify the Reserved Presidential Election. The Straits Times quoted him as saying: "Where were the Farid Khans and the Salleh Maricans? Why didn't they come?... Because they knew that in an open election - all things being equal - a non-Chinese candidate would have no chance." Having contested an election as a minority candidate, I am disturbed enough by his comments to write this note. Let me explain why. Simple answer for PM Lee I declined invitations to contest the 2011 General Election. This was because I was at a different stage of my life. My children were much younger, I had just come back from the USA a few years before and had to re-establish my career here. I did not know if I had the temperament for public life. These were just some of the reasons why I chose to decline those invitations. Even in 2011, the pool of people who could qualify for the Presidentia...

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