Small enterprises, moreover, have long been excluded from major economic and business policy-making. Others believe GLCs and the rest of Singapore Inc. are part of the government's patriarchal control. Of late, officials have been saying that Singaporeans aren't saving enough. Defenders of the CPF and GLCs point out that these cash cows help fund Singapore's impressive infrastructure and mass housing. But such largess may lead to financial inefficiency.
Many analysts contend that GLCs are capitalized far too much.
Compounding the problem is a natural tendency for conservative officials to prize cash in the bank more than leaping profits. When GLCs go abroad to invest and make deals, the pile of money is an edge. But it isn't enough to win, as SingTel found out in Hong Kong. Just as important is having an image and a pitch that would fire up investors and partners. We are known to be very honest people - efficient, but maybe not entrepreneurial.