The powers of the president of Singapore are divided into those which the president may exercise at their own discretion, and those they must exercise in accordance with the advice of the Cabinet of Singapore or of a minister acting under the general authority of the Cabinet. In addition, the president is required to consult the Council of Presidential Advisers (CPA) when performing some of their functions. In other cases, the president may consult the CPA if they wish to but is not bound to do so.
In 1991, the Constitution of Singapore was amended to transform the office of president, which was previously indirectly elected by Parliament, into an office directly elected by its citizens. The amendment conferred on the president certain executive functions to block attempts by the government of the day to draw down past reserves that it did not accumulate. Thus, a guarantee may only be given or a loan raised by the government if the president concurs, and their approval is also needed for budgets of specified statutory boards and state-owned companies that draw on their past reserves. The president also possesses personal discretion to withhold assent to any bill in Parliament providing directly or indirectly for the direct or indirect variation, changing or increase in powers of the Central Provident Fund Board to invest moneys belonging to it; and the borrowing of money, the giving of any guarantee or the raising of any loan by the Government if in the president's opinion the bill is likely to draw on reserves not accumulated by the government during its current term of office. In addition, the president may withhold assent to any Supply Bill, Supplementary Supply Bill or Final Supply Bill for any financial year if in his opinion the estimates of revenue and expenditure, supplementary estimates or statement of excess are likely to lead to a drawing on past reserves.
The president is also empowered to approve changes to key political appointments, such as the Chief Justice, the attorney-general, chairman and members of the Public Service Commission, chief of Defence Force and the commissioner of Police. The president also appoint the prime minister, a Member of Parliament (MP) who, in their personal judgment, is likely to command the confidence of a majority of MPs. The president has certain powers of oversight over the Corrupt Practices Investigation Bureau and decisions of the Executive under the Internal Security Act and the Maintenance of Religious Harmony Act.
Under the Singapore Armed Forces Act, the president has the authority to raise and maintain the Singapore Armed Forces (SAF). The president also has the power to form, disband or amalgamate units within the SAF.
The term of office of the first elected president, Ong Teng Cheong, was marked by differences between him and the government concerning the extent of his discretionary fiscal powers. Discussions culminated in the Government issuing a non-binding white paper entitled The Principles for Determining and Safeguarding the Accumulated Reserves of the Government and the Fifth Schedule Statutory Boards and Government Companies (1999).
The president grants attempts by the government of the day to draw down past reserves that it did not accumulate, during economic downturns. In 2009, in response to the 2007–2008 financial crisis and the Great Recession, the government requested approval from President S. R. Nathan to draw S$4.9 billion from past financial reserves to meet current budget expenditure, the first time it had done so.[1] The sum was used to fund the government's Resilience Package consisting of two schemes aimed at preserving jobs and businesses due to the 2007–2008 financial crisis and the Great Recession. Eventually, the government drew just $4 billion, all of which was returned to the national reserves in 2011.[1]
In response to the economic crisis that occurred as a result of the COVID-19 pandemic in Singapore, President Halimah Yacob granted approval for the government of the day to draw S$21 billion in April 2020—for the Resilience and Solidarity Budgets,[2] S$31 billion (in May 2020; for the Fortitude Budget),[3] S$11 billion (in March 2021; for the Covid-19 Resilience Package contained within the 2021 Annual Budget),[4][5] and S$6 billion in March 2022—for the financial support of the nation's Covid-19 public health expenditure contained within the 2022 Annual Budget.[6] In 2020, President Halimah described the pandemic as a "very exceptional circumstance" that necessitated the emergency use of past reserves, in order to "take care of the people in terms of health and safety... and ensure that they continue to have income", as the pandemic gave rise to "[...] a situation where our own survival and existence are at stake." Nevertheless, the cumulative draw on past reserves over the two financial years of 2020 and 2021 was up to $42.9 billion, lower than the approved draw of $52 billion that was originally agreed on for financial year 2020.[6]
Whether the president may speak publicly on issues without the government's approval was discussed heavily during the 2011 presidential election. While some presidential candidates and members of the public suggested that the president has power to do so, Minister for Law K. Shanmugam stated that the president's ability to speak freely is limited to those matters that, according to the Constitution, they exercises discretionary powers over. They should not act as a political centre distinct from the government. A difference of opinion also exists over whether the president exercises soft power.