Presidential hopeful Ng Kok Song confident of qualifying for election
Presidential hopeful Ng Kok Song is confident of qualifying to contest the upcoming presidential race because he has a track record of being competent and responsible, and having integrity, he said.
Mr Ng submitted his application for a certificate of eligibility at the Elections Department of Singapore last week, to be considered under the public sector deliberative track – or, in his words, based on his experience and duration of service as sovereign wealth fund GIC’s former chief investment officer.
Speaking to the media after a visit to The Marketplace at 58 New Upper Changi Road on Friday morning, he said he expects to hear the news from the Presidential Elections Committee in the next one to two weeks.
“It’s out of my hands now and for the committee to decide whether I’m eligible,” said Mr Ng, adding that he had demonstrated his three qualities of competence, responsibility and integrity in his application.
Elaborating, he said that competence is an important quality because the president plays the role of safeguarding Singapore’s reserves.
“If you were to study the meaning of past reserves, the meaning of net investment returns, these are quite complicated subjects… I feel that I have the competence,” he said.
Mr Ng said he has also shown responsibility by working to support his poor family when he was younger; in his leadership roles at the Monetary Authority of Singapore, GIC and his asset management company Avanda; and by taking care of his late wife, who had cancer.
His father had also ingrained in him the importance of having integrity and being good, kind and honest, said Mr Ng.
During his visit to The Marketplace, Mr Ng spoke to vendors at the wet market and hawker centre, and interacted with residents having their meals there.
He was accompanied by his fiancee Sybil Lau, 45, and his younger brother Charles, 60.
Mr Ng was also posed a question in reference to Prime Minister Lee Hsien Loong’s National Day message, where PM Lee had raised the issues of housing and Central Provident Fund (CPF) savings for older workers.
Mr Ng was asked what role the president can play in dealing with these challenges.
He said that while it is the Government that has to come up with policies to deal with these two areas, the president can play a critical role to safeguard the country’s reserves, to ensure that the Singapore dollar will remain strong even with worldwide inflation.
On CPF savings, Mr Ng said that Government is able to pay a good interest rate, with a minimum of 2.5 per cent for the Ordinary Account, and 4 per cent for the Special and MediSave accounts.
He said that the Government is able to guarantee a risk-free interest rate because CPF savings are combined with the Government’s savings or surpluses, and the GIC invests the money.
Mr Ng added that the president safeguards the reserves by spending on what is necessary and trying to save.
“Because the more money we save, the more investment income we can use for the Budget... So when the cost of living is high, the Government can give GST (goods and services tax) vouchers to help the low-income,” he said.
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