By Clement Tan | August 31, 2023 | CNBC.com
SINGAPORE – As Singaporeans prepare to head to the polls this Friday to elect their ninth president, the campaigning has so far tested the narrow confines of the presidential office — underscoring simmering disenchantment at the status quo.
A largely ceremonial role with a six-year tenure, the Singapore presidency is conferred limited powers. One of its key roles is to guard the wealthy Southeast Asian city-state’s reserves, which remain a state secret.
Observers say some Singaporeans seem to believe the president’s custodial powers over the reserves allows the person to weigh more muscularly on fiscal and monetary policy decisions.
Other issues underscored on the campaign trail so far include underlying unhappiness about the high cost of living, unaffordable public housing and debate about heightened competition for jobs with foreigners. A lack of accountability among lawmakers also came to the fore as Singapore’s reputation for incorruptibility was recently hit by a spate of political scandals.
“The contest that has developed so far reflects the competing and even conflicting visions of the presidency,” said Eugene Tan, an associate professor of law at the Singapore Management University who is a former parliamentarian.
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