Dear readers, this coming Sunday, Prime Minister Lawrence Wong will deliver the 2025 National Day Rally (NDR). This will not just be PM Wong’s second rally since becoming Prime Minister, but also one of the most symbolic National Day Rallies in our nation’s history — because 2025 marks Singapore’s 60th year of independence.
For a country that has travelled from a struggling young nation in 1965 to a highly developed, globally respected city-state, this year’s rally is more than a yearly policy speech. It is a moment to reflect on the past six decades, take stock of where we are, and set the tone for the next lap of Singapore’s journey.
Why This Year’s National Day Rally Matters More Than Usual
National Day Rallies are traditionally moments where the Prime Minister speaks directly to Singaporeans about the nation’s key challenges, opportunities, and plans for the future. It is a rare platform that combines policy direction, nation-building storytelling, and a call for unity.
This year’s rally will likely carry extra emotional weight for several reasons:
- SG60 Milestone – Six decades since independence is a rare achievement, and Singapore has packed an extraordinary transformation into those years. It’s natural for leaders — and citizens — to reflect on how far we’ve come.
- Post-Lee Hsien Loong Era – With PM Lawrence Wong now firmly in the driver’s seat, the nation will watch closely for his vision and leadership style. His first NDR in 2024 was seen as a “continuity speech,” but 2025 may mark a clearer statement of his long-term vision.
- The Global Backdrop – The world in 2025 is facing economic uncertainty, geopolitical tension, and rapid technological change. Singapore’s continued prosperity depends on staying ahead in a shifting landscape.
- Opportunities to Unite – SG60 offers a chance to rally Singaporeans around shared pride and collective goals — essential for resilience in challenging times.
From what I’ve seen discussed on social media, there’s speculation that PM Wong could unveil a roadmap for the “next milestone” after SG60 — perhaps looking ahead to SG75 in 2040 or even SG100 in 2065.
SG60: More Than Just a Celebration
SG60 is not just a symbolic number; it represents six decades of collective effort from Singaporeans of all walks of life. We’ve seen transformation in:
- Infrastructure – From kampongs and shophouses to HDB towns and world-class urban design.
- Economy – From a low-income economy reliant on entrepôt trade to a diversified, innovation-driven economy.
- Education – From limited access to a globally respected system that produces top talent.
- Public Health – From basic facilities to a sophisticated healthcare network with world-leading life expectancy.
It is also a time to appreciate less visible but equally important achievements — like financial stability, social cohesion, and the ability to adapt policy rapidly when the environment changes.
And speaking of financial stability — this year, the Singapore stock market has given the nation an unexpected SG60 “gift.”
Straits Times Index: Breaking the 4,000 Mark in SG60 Year
For decades, the Straits Times Index (STI) has been a barometer of Singapore’s corporate and economic strength. This year, the STI broke through the 4,000-point level for the first time in history, delivering a symbolic and psychological boost to investors and policymakers alike.
This rally is not just about numbers. It reflects:
- Investor Confidence – Both local and foreign investors see Singapore as a safe, well-regulated, and promising market.
- Strong Corporate Earnings – Key blue-chip companies have delivered resilient performances despite global headwinds.
- Market Development Efforts – MAS and SGX have introduced reforms and incentives to improve liquidity, attract listings, and boost retail participation.
In a year when Singaporeans are reflecting on 60 years of nation-building, this record-breaking market performance feels like a vote of confidence in our economic foundations.
Will PM Wong Highlight the Stock Market in His Speech?
It’s worth wondering whether PM Wong will acknowledge this historic STI milestone in his speech. After all, the performance of our stock market is more than just a matter for investors — it reflects the health of our corporate sector, the effectiveness of policy, and Singapore’s standing as a financial hub.
If he does mention it, it would be fitting for SG60. And perhaps — just perhaps — he could share new plans to take the Singapore equities market to even greater heights.
The Role of the Equities Market Development Group (EMDG)
Over the past few years, the Equities Market Development Group (EMDG) — a collaboration between MAS, SGX Group, and industry players — has been actively implementing measures to revitalise the Singapore stock market.
Their work has covered both supply-side and demand-side measures:
- Supply Side – Encouraging more listings, particularly in high-growth sectors and sustainability-related businesses.
- Demand Side – Attracting institutional capital, promoting research coverage, and making the market more accessible to retail investors.
This year’s rally past STI 4,000 is partly the fruit of these efforts — combined with global capital flows and Singapore’s macroeconomic resilience.
What Could Be the Next Step?
Here’s where I hope PM Wong will take things further.
One of the biggest ways to sustain momentum in the Singapore stock market is to increase retail participation. Institutional investors provide depth and liquidity, but retail investors give the market vibrancy and stability — especially when their investments are in local companies they understand and feel connected to.
And there’s no better way to boost retail participation than to give Singaporeans a direct stake in our equities markets.
Bringing Back the Special Discounted Shares Scheme
For those who may not remember, in 1993, the Government introduced the Special Discounted Shares (SDS) Scheme to allow Singaporeans to buy Singtel shares at a discounted price.
It was a masterstroke of financial and social policy because it:
- Boosted Retail Participation – Suddenly, hundreds of thousands of Singaporeans became first-time shareholders.
- Created a Sense of Ownership – Singaporeans didn’t just see Singtel as a telco; they saw it as their company.
- Provided a Long-Term Financial Asset – Many who bought those shares have held them for decades, enjoying both dividends and capital appreciation.
- Encouraged Financial Literacy – Owning shares spurred interest in how the stock market works.
The scheme was a tangible way to align national assets with citizen ownership, and it worked beautifully.
Why SDS Could Work Again in 2025
In the years since, retail participation in the Singapore market has fluctuated. While technology now makes investing easier than ever, competition from overseas markets (especially US tech stocks) means local counters sometimes get overshadowed.
Bringing back an SDS-style programme could:
- Reignite Public Interest – Just as in 1993, it could bring in a new generation of shareholders.
- Anchor Long-Term Investment – Encouraging Singaporeans to invest in core local companies provides stability for the market.
- Support Financial Inclusion – A discounted entry price makes investing accessible even for those with modest means.
- Tie in With SG60 Spirit – What better way to mark our 60th birthday than giving citizens a stake in the nation’s economic future?
This doesn’t have to be limited to one company like Singtel. It could be structured as:
- A basket of blue-chip stocks (STI component companies).
- Shares in Temasek-linked companies.
- Units in a SGX-listed national ETF that tracks the STI or a Singapore growth index.
How It Could Be Implemented
If such a programme were to be launched, there are many creative ways to do it:
- One-Time SG60 Allocation – Eligible Singaporeans receive an entitlement to buy at a discount during a special subscription window.
- Voucher System – Like CDC vouchers, but redeemable for shares or ETFs via approved brokers.
- CPF-Linked Option – Allowing part of CPF OA savings to be used for the purchase at preferential terms.
- Youth Investor Plan – Targeted allotments for Singaporeans aged 18–25 to encourage early investment habits.
The key is to make it inclusive, transparent, and accessible.
Why the Timing Is Perfect
The combination of SG60 pride, STI record highs, and PM Wong’s fresh leadership makes 2025 the ideal time for a bold retail investment initiative.
- The economy is resilient despite global headwinds.
- Market sentiment is strong — retail investors are more likely to participate during bull runs.
- Digital platforms mean operational execution would be far smoother than in 1993.
This is a chance to cement both financial literacy and national pride for decades to come.
Looking Beyond the Rally
Of course, the National Day Rally is about more than just the stock market. PM Wong will likely cover pressing topics such as:
- Economic competitiveness in a changing global order.
- Climate resilience and sustainability.
- Cost of living and social support schemes.
- Healthcare and ageing population strategies.
- Technological innovation and AI adoption.
But I firmly believe that strengthening retail participation in the stock market should be part of our long-term economic and social strategy — and an SDS-style programme could be the flagship measure to achieve it.
Conclusion: A Rally for the People
This year’s National Day Rally is special. It’s not only a platform for PM Lawrence Wong to outline the next chapter of Singapore’s journey, but also a celebration of how far we’ve come.
The STI’s record-breaking 4,000-point milestone feels like a gift to the nation — and it should be leveraged as momentum for even greater retail engagement.
By giving Singaporeans a stake in our stock market — as the Special Discounted Shares Scheme once did — we can unite national pride with personal financial growth.
SG60 is a reminder that our success has always come from shared effort and shared reward. Let’s make the next decade one where every Singaporean has not just a voice in our future, but a share in it.
Will SGX-Listed Companies Feature in Today’s National Day Rally?