The real reasons why the PAP keeps letting in more and more FTs
Singaporeans have been imploring the PAP to stop opening the floodgates to FTs. The target population is now 6.9 million with morons like ex HDB chief Liu Thai Ker pushing for 10 million. In the meantime, the native population of singaporeans remain around 3 million given our zero population growth. Needless to say, the PAP have been ignoring the pleas of S’poreans. But why do they need all these FTs, what is the real rationale for them, and why can’t they stop? Let me open your eyes and take the red pill with me. Here are the top reasons why the PAP continues to let in FTs.
1) The PAP treats singaporeans like Duracell batteries. And the battery has been exhausted. The PAP just cannot squeeze anymore from us. They already have all our CPF tied up. They have already sold everyone an overpriced flat. They have already levied all the taxes and duties on us. They have already taken 2 years of our lives through NS. We have been squeezed dry. And they know it.
2) The PAP lets in as many FTs as they can and also gives out as many PRs and Citizenships as they can. That is why they give out over $75 million annually in scholarships to foreign students, and then bond them for a number of years, so that they can work in Singapore and score a PR for free. I have heard of ICA soliciting these FT for PRs, and inviting them to apply. The PAP’s hope is that if you throw enough shit at the wall, some of it will stick. Maybe only 10%-20% of these FT scholarship holders might take the PAP up on their PR offer, but for the PAP, that means they will buy overpriced HDB flats, and perhaps a car or so and allow the PAP to earn COE and road tax money too. This adds to the coffers of the state. The added benefit is that these new citiens might vote for the PAP.
3) More FTs make more money for GLCs and stat boards. GLCs control almost 40% of the Singapore stock exchange and GLC Reits control over 55% of the Singapore commercial property market. Imagine there were no FTs and the total ridership of SMRT was just the 3 million native born singaporeans. How much less money will they earn? If 6.9 million people used the MRT and later 10 million use it, SMRT will make lots of money and keep Aunty Ho happy. More FTs also mean more business for other GLCs like SIA, who need to transport them. As well, the PAP collects billions $ every year from levies and the more foreign workers, the more levies they collect. This is easy money for them. All these FTs produce more profit and revenues for the PAP then the squeezed dried locals.
4) More FTs here depress the local wages. I heard a story of a Singapore born crane operator. He was having a good job, there is always a demand for crane operators due to the buildings that are always going up. He was earning $3800 a month. But his employer was allowed to hire in China FT crane operators and they were paid $1800 per month, resulting in his retrenchment. The lowering of local wages is bad for native born singaporeans, but very good for GLCs and stat boards. Temasek owned companies are mostly labour intensive companies. These GLCs like DBS, SMRT, Keppel, SIA, etc. all require a lot of labour. Unlike companies like Hyflux which is capital intensive ( they have a lot of fixed plants and equipment, and a relatively small labour force to monitor it), these GLCs have labour costs as a high component of their operating expenses. Any depression of wages benefits their bottom line tremendously.
5) Housing all these large inflow of FTs is very profitable for the PAP and their cronies. Ever wonder who builds dorms for all these foreign workers? Keppel Housing is the largest operator of workers dorms in Singapore, they own Acadia Lodge, Cassia @ Penjuru, and Juniper Lodge. Capitaland is also a major foreign worker dormitory owner and operator. And many other dorms are owned and operated by various GLCs. You follow this from the lowly foreign worker living in the dorm all the way to luxury condos that higher end FTs can buy. Those developers are still GLCs. Every one of these GLCs profit in the property market, which is the most lucrative industry, whether they are from poor or rich FTs. The govt. is not about to cut this cash cow off by reducing the number of FTs.