The President acts as the guardian of Past Reserves. This includes the reserves of key statutory boards and government companies (SBGC) listed under the Fifth Schedules to the Constitution. SBGCs include GIC Pte Ltd, Temasek Holdings Pte Ltd, the Housing and Development Board (HDB), Monetary Authority of Singapore (MAS), Central Provident Fund Board (CPFB) and Jurong Town Corporation (JTC). The President may veto any budget or specific transaction (e.g. giving of guarantees or raising of loans) if it is likely to lead to a draw on Past Reserves.
