The Significant Infrastructure Government Loan Bill - also known as SINGA

The Significant Infrastructure Government Loan Bill - also known as SINGA - was passed in Parliament yesterday.

The Bill allows the Government to borrow for huge infrastructure investments while spreading repayment over generations of Singaporeans. This approach is fair as such infrastructure investments are enjoyed by generations of Singaporeans, so each pay for their share of the investments.

With Singapore's triple-A credit rating, Singapore is able to borrow at low interest rates while reinvesting our reserves for higher returns.

The triple-A credit rating is the result of fiscal prudence and sound fundamentals.

However, we have an opposition that wants to erode this sound financial position.

WP for example, wants more of NIRC (currently 50%) to be made available for recurrent spending. This means less to reinvest and therefore less returns to spend in the future.

Not only that, they want land proceeds to be used directly for spending. Selling assets to spend is the fastest way to deplete reserves.

And then there is PSP Leong Mun Wai which thinks we have huge reserves and there is thus no need for the government to borrow for large infrastructure investments.

Such calls for in no time, erode our fiscal position and therefore, fiscal rating as well.

Our fiscal rating is hard earned. There are very few countries left in the world that have a triple-A credit rating. It is a rating not to be taken for granted.

We hope that the opposition can be more responsible not only to present Singaporeans but also to the young and to future generations of Singaporeans.