SINGAPORE — Senior Minister Tharman Shanmugaratnam announced on Thursday (June 8) that he will be running as a candidate for the upcoming presidential election. 

In a letter to Prime Minister Lee Hsien Loong on Thursday, Mr Tharman said that he has decided to put himself forward as a candidate for the elected presidency, and "hence wish to retire from politics and all my positions in Government".

He also communicated his intention to resign as a member of the People's Action Party (PAP).

In his reply letter, Mr Lee said that Mr Tharman's departure from the Cabinet would be a heavy loss to him and the team. 

"But I understand why you have decided to make this move and run for President. It is with keeping with the spirit of public service and sense of duty that you have shown all these years." 

Mr Tharman, who is also Coordinating Minister for Social Policies and Member of Parliament (MP) for Jurong Group Representation Constituency (GRC), said that he intends to step down on July 7.

This is to first fulfil his immediate official commitments in Singapore and internationally, and ensure that Jurong GRC's constituents will be "well-served for the rest of the electoral term".

He added that he will also step down as chairman of the Monetary Authority of Singapore (MAS), deputy chairman of the Government of Singapore Investment Corporation or GIC, chairman of the Economic Development Board’s International Advisory Council and other responsibilities that he has been undertaking in his ministerial capacity.

Mr Tharman, 66, will be among the most senior ranking candidates from the PAP to contest for the country's highest office.

The next presidential elections must be held by Sept 13 when incumbent Halimah Yacob’s six-year term expires.

'HUMBLED' BY REQUESTS TO CONTEST

In his letter on Thursday, Mr Tharman said that he has been "humbled" by requests he has received in recent months from Singaporeans for him to contest in the election if President Halimah chose not to stand again.

“It has been a difficult decision. I have consulted my family, and given careful thought to how I can best serve the country in the years ahead,” he said.

Mr Tharman began his career as a professional economist at MAS in 1982 before joining the civil service.

In his letter, he said that it was his greatest privilege to serve in politics for the last 22 years, “helping residents overcome difficulties and fulfil their aspirations”.

“I believe that I can now best serve Singapore not in politics, but in a different role that has to be above politics,” said Mr Tharman.

“If I am fortunate enough to be elected as President, I will represent the unity of Singaporeans, of all races and religions, social backgrounds, and political leanings, at a time when views in the population are becoming more diverse.”

Mr Tharman acknowledged that his role in relation to the Government will change “fundamentally” if elected as President.

“What will never change is my conviction in the continuing Singapore story: A society where everyone has the support to uplift themselves regardless of their starting point in life, and a multiracial nation whose citizens take pride in its unique identity and feel a deepening sense of togetherness,” he said.

In his reply, Mr Lee thanked Mr Tharman for the latter’s “distinguished service” to the nation.

He noted the different roles and responsibilities that Mr Tharman will have to carry out should he be elected as President.

“You will no longer be a member of the executive; instead you will be exercising your custodial powers independently to protect our past reserves and the integrity of the public service as specified in our Constitution,” said Mr Lee.

Mr Lee added that this is a “vital function” which he is confident that Mr Tharman will carry out “scrupulously” and with “independence of mind”.

In a Facebook post on Thursday, Mr Tharman said that it has been a privilege to help residents in Taman Jurong and Jurong GRC, and build deep-rooted relationships with them.

He also reassured residents of his constituency that his four fellow MPs in Jurong will work "doubly hard" to serve all residents.

AMONG MOST SENIOR RANKING CANDIDATES FROM PAP

Prior to being appointed Senior Minister, Mr Tharman served as Deputy Prime Minister (DPM) from 2011 until 2019.

He was also Minister for Finance until 2015 and Minister for Education for five years until 2008.

Mr Tharman was first elected as an MP for Jurong GRC in November 2001, and has been re-elected four times since.

In the last election in 2020, the PAP team that Mr Tharman led claimed the largest victory in any constituency, winning 74.62 per cent of the vote against new party Red Dot United.

Other candidates who were strongly affiliated with the PAP and successfully became elected president are Mdm Halimah and Dr Tony Tan.

Mdm Halimah’s last held position was as Speaker of Parliament, before she resigned to contest in 2017.

Dr Tan served as DPM from 1995 to 2005, and Coordinating Minister for National Security between 2003 and 2005. 

He contested and won the 2011 presidential election, beating former PAP MP Tan Cheng Bock and two other candidates.

Mdm Halimah announced in late May that she will not be standing for re-election, saying that she made the decision after “very careful consideration”.

To qualify as a candidate in a presidential election, one must be at least 45 years old and meet the public or private sector requirements.

There are around 50 public service positions that may fulfil the public sector service requirement to run in the next presidential elections, according to Minister-in-Charge of the Public Service Chan Chun Sing in a written response to a parliamentary question last month.

For potential candidates looking to qualify under the private sector service requirement, there are more than 1,200 companies with average shareholders’ equity at or exceeding S$500 million, said Mr Chan.

The upcoming presidential election will not be reserved for any minority race, as opposed to the last one in 2017 which was reserved for ethnic Malays because there had not been a president from the racial group for the five most recent presidential terms prior.