PM Lee Hsien Loong at Swearing-in Ceremony of the Seventh President of the Republic of Singapore

Mr President
Chief Justice
Excellencies and distinguished guests
Ladies and gentlemen 

INTRODUCTION

On behalf of the people and Government, I congratulate you, Mr President, on your election as President of the Republic of Singapore. You are our seventh President to hold office, and the third elected President in Singapore’s history.

ECONOMY AND RESERVES

You are taking office at a critical point in Singapore’s economic and socio-political development.

The global economy is deeply troubled. The economic problems in the US and EU will take years to resolve, even assuming they muster the political will and consensus needed. In the short term, there is a risk of relapsing into a second global recession. Singapore is vulnerable to these external problems, so we should be prepared for turbulence ahead.

Fortunately, Singapore is in a good position. We have a vibrant economy, a capable and hard-working people and substantial reserves built up prudently over many decades. These give us the resilience and the resources to see us through the worst storms.

Indeed, protecting our Past Reserves was a major reason for creating the institution of the Elected Presidency. Our Past Reserves are our rainy day funds, which are not just for today’s Singaporeans, but also for our future generations – our children today and their children tomorrow. The President holds the second key, and must agree before the Government can draw upon Past Reserves.

So far we have had to do this only during the 2008 global financial crisis. This was the most severe downturn since Singapore’s independence. The Government sought and obtained President S R Nathan’s approval to use part of our reserves to guarantee bank deposits, and to fund the Jobs Credit and loan schemes as part of the Resilience Package. This was crucial to saving Singaporeans’ jobs and stabilising our economy in a crisis.

Drawing on our reserves should only be an absolutely last resort. Our first strategy is to ensure a resilient and dynamic economy. But our reserves give us confidence that we can weather any crisis, however severe it may be.

My Government will continue to be prudent and build up our reserves year by year. But there will surely be future occasions when the Government will have to seek the President’s approval to draw on our hard-earned Past Reserves again. It could conceivably happen within your term as President, if the dangers facing the world economy escalate and precipitate a major crisis. In such an eventuality the Government will work with you, Mr President, to handle the request and decision deliberately, systematically, and in the best interests of Singaporeans.

SOCIETY AND POLITICS

While a strong economy will always be a priority, we must also build a united society which leaves no Singa¬porean behind, and a well-functioning political system that delivers good government to Singapore.

Our society is changing. We have a growing elderly population who did much to build today’s Singapore and deserves support in their silver years. We have a younger generation who grew up in a more stable and prosperous Singapore and have different aspirations for their future. Our politics will evolve, to respond to these changing social conditions and aspirations. This is natural and necessary.

These social and political changes manifested themselves in our recent General and Presidential Elections. Both were fiercely contested. In the Presidential Election, some candidates championed various policies while campaigning, even though policymaking is the responsibility of the Government and not the President. The debate was intense, at times even divisive. But now both elections are over and voters have decided. We need to come together again and move forward as one people and one nation.

Singapore faces considerable challenges. To surmount them, we must remain cohesive and united, supporting one another, and making tough choices together. Then we can continue to progress and prosper, and create more opportunities and a better life for ourselves.

The Government will work hard to reach out to all groups, to draw us all closer together. We take heart in the fact that Singaporeans, young and old, are more engaged in the issues which affect their lives. But even as we acknowledge and respect different perspectives, we should also remember and protect the common ground that all Singaporeans share.

As our President, you have an important contribution to make in promoting national unity. You occupy the highest office in the land, and represent all Singaporeans young and old, regardless of race, language or religion, and regardless also of political affiliation. You represent Singapore internationally. You are a symbol of our unity and nationhood. These are sometimes described as “ceremonial” functions, but they are serious and important ones, especially in these times of uncertainty and change.

STRENGTHENING THE INSTITUTION

Mr President, Singapore’s elected Presidency is a unique institution. Ours is a Parliamentary system of government. Within it we have created an elected and custodial Presidency, for the specific purpose of instituting certain vital safeguards, particularly to protect our Past Reserves and key appointments. But it remains a Parliamentary system, and as in all Parliamentary systems there is still only one centre of power, which is the Government, as you have pointed out.

Our elected Presidency is hardly two decades old. During this time, the Government has worked with successive Presidents to adjust and refine the Constitutional provisions and working arrangements, as we learnt from our experience and dealt with unforeseen situations.

We need to continue to develop and adapt this important institution from time to time, to take into account new circumstances and our growing experience. This will give Singapore a more resilient and stable political system, that continues to deliver good government for the benefit of citizens. But the fundamental purpose of the second key will not change: to have the President and Council of Presidential Advisors act as a safeguard to ensure that our reserves are not squandered, and the integrity of the public service is protected.

Strengthening the institution of the elected Presidency is also about softer aspects of custom, practice and tradition. These breathe life into the legal provisions that define the Presidency, and turn it into an actual, living system. For instance, the way the Government and President cooperate with each other; how the President conducts his duties, at home and abroad; the understanding by Singaporeans of the President’s role, and their expectations of what he should do. These intangibles will determine whether the Presidency progressively establishes itself in our political system and enhances our system of governance. My Government looks forward to continue strengthening the institution of the elected Presidency with you as our next President.

CONCLUSION

Mr President, I am confident that you will discharge your responsibilities with honour and distinction, and elevate the standing of this important institution. You have dedicated decades of your life to public service. This time, you came forward to serve Singa¬pore, and offered yourself as a candidate in the Presidential Election. You explained that you felt that you had a contribution to make, and therefore had a duty to step forward. The voters chose you to be our next President.

My Government and I share this same commitment to make a difference to Singapore and Singaporeans. In this spirit, I pledge the fullest support and co-operation of my Government to you and your office, as we serve the people of Singapore, and continue to build a fair and just society for all Singaporeans.