Govt cannot disclose its annual profit and loss : MOF

It has been publicly stated that the GIC manages well over US$100 billion (S$130 billion) of assets, and the GIC publishes its 20-year annualised real rate of return and reports its returns over five- and 10-year periods.



The MOF also clarified that the President does not oversee the investment strategies of the GIC, the MAS or Temasek.

The President's role is to decide, after consulting the Council of Presidential Advisers, whether to approve the appointments of board members and the CEOs, the ministry said.

Unlike Temasek Holdings and the Monetary Authority of Singapore (MAS), the Government of Singapore Investment Corporation (GIC) cannot disclose the amount of funds it manages and its annual profit and loss.

Responding to a reader's letter published in Today on Wednesday, the Finance Ministry (MOF) said that the GIC manages the Government's assets, and revealing the exact amount would expose the full size of Singapore's financial reserves, if taken together with the published assets of the MAS and Temasek.

"This is against our national interest. It would make it easier for speculators to attack the Singapore dollar during periods of vulnerability. Further, our reserves are a strategic asset, especially for a small country with no natural resources or other assets.

"It would be unwise to reveal the exact amount at our disposal for defending our currency, or for use in an emergency," said the ministry.

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