PUBLISHED ONJuly 08, 2020 7:47 AMByKwok Kar PengPeople's Action Party (PAP) candidate for Holland-Bukit Timah GRC Dr Vivian Balakrishnan got unexpectedly choked up while answering a question in a "Coffee Talk" Q&A video posted on his Facebook page today (July 8).
In the video, candidates Vivian Balakrishnan, Sim Ann, Christopher De Souza, Edward Chia, and Liang Eng Hwa addressed some questions from residents.
Liang is contesting for Bukit Panjang SMC, while the rest are running for Holland-Bukit Timah GRC.
Dr Balakrishnan appeared to be holding back tears while answering one particular question regarding how the government manages its Net Investment Returns Contribution (NIRC).
A resident had asked: "Every year, we allocate 50 per cent of the Net Investment Returns Contribution or NIRC to the national budget. I would like to know what happens to the other half. Also, why can't the monies be dispensed to our fellow Singaporeans especially during these trying and unprecedented times?"
The NIRC are monies derived from investing assets owned by Singapore.
Dr Balakrishnan first explained why Singapore has reserves — the country has significant reserves because the Pioneer and Merdeka generations operated on the basis of always spending less than what you earn. And Singapore has built up its reserves over 55 years. He reminded Singaporeans not to forget that we are one of the few countries in the world with significant reserves because of our values.
He explained that the government is indeed using the reserves during the current crisis. On what happens to the other 50 per cent of the NIRC that is not used, he replied: "We take half for this generation. We set aside the other half for the next generation. Simple and it seems fair."
As he proceeded to give a "more personal" take on the matter, Dr Balakrishnan got visibly emotional and his voice broke several times.
He said: "My mother never saw her father, because he passed away a month or two before she was born. This is 92 years ago. So she knew what hardship and deprivation was. All her life after that, she couldn't really spend money. She was always worried about rainy days, and she was always saving and squirrelling money.
"She passed away 22 years ago, and one of my enduring memories, because she knew she was going to pass away, was setting aside money for her grandchildren. As I saw her doing that and making arrangements, I knew this was money that she did not spend on herself. She kept and saved and squirrelled away. She didn't give it to me, she gave it to the grandchildren.
"So I feel very, very strongly about having savings, and preparing for a rainy day, and for trying our best to make sure that our children and our grandchildren will have a legacy and will have a starting line that is more secure than previous generations.
"So long as Singapore and Singaporeans retain these values, we will be alright, and we will look after the future. No matter what happens, always, always save for a rainy day, look after your family, give your children and your grandchildren more than what you started with."
Dr Balakrishnan ended his response saying: "If you think therefore that I'm being too tight on expenditures for the present, then you know why I feel this way."
The PAP will be up against Singapore Democratic Party (SDP) candidate Dr Paul Tambyah in Bukit Panjang SMC as well as the SDP team comprising Tan Jee Say, James Gomez, Cheong En Min, and Alfred Tan in Holland-Bukit Timah GRC.
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