Below are the drivers to Singapore’s unabashedly successful economy, a brilliant legacy left behind by the late Lee Kuan Yew.
- Low corporate taxes
- Lax business regulations
- No minimum wage
- Living conditions geared to attract foreign investors
- Upgraded security for foreigners and their families
- Fast corporate registration, usually in a matter of hours
- Meritocracy incenting government workers with good pay
- Pragmatism copying the successes of Japan and others
- Pursuit of peace and prosperity, not making enemies
- Small projects given as much attention as big ones
- Preference to foreign investments over foreign aid
- Diverse dialects respected with English as the working language
- Investment in clean water resources
- Emphasis on affordable housing, education, healthcare, transportation and workers’ savings plans, not the welfare state mentality
- High standards of honesty in business and government affairs
Would these guidelines work for Filipinos? Absolutely, because these guidelines ride on common sense. And common sense is something Filipinos have plenty of.
Insights into Lee Kuan Yew from his grandson’s eulogy.