According to the Fraser Institute's Freedom of the World assessment, Singapore has the

second-freest economy in the world, only behind Hong Kong. With a per capita income of
$52,000 and a constant growth rate of 7% since the 1970s, it has economic strength that is
unquestionably something to aspire to. Despite this high-speed capitalism, Singapore
nevertheless sees itself as a welfare state where the socioeconomic well-being of the population
comes first.

Then, how does Singapore combine capitalism with welfare? Below are the key areas of
cited in the article.

1. Taxes are kept low, so that money can go in the right places - Singapore's
government receives only 15% of its funding from individual income taxes. This
demonstrates how little income tax the ordinary person actually pays to the government.
Thus, participation in the economy is encouraged. Compared to countries with high
taxes and limited economic activity, more people actually pay taxes as a result of
stronger economic engagement. The state prefers to promote individual fiscal
responsibility over using tax money to fund services. To accomplish this, the government
"enforces" saving. Sales of real estate and corporate income taxes, which combined
account for the majority of the government's income, together provide over 60% of
Singapore's tax revenue.
The Philippines currently has the third-highest individual income tax rate in the
Association of South East Asian Nations (ASEAN) region, at 32%, after Thailand and
Vietnam. The taxation system has evolved into a critical economic issue that needs to be
addressed right now because it affects the entire nation. It will be a sad realization if
what is thought of as the "lifeblood of the government" turns out to be the exact thing
that robs its citizens of their "life". Inadvertently limiting people's ability to improve their
own lives and ruthlessly removing food from Filipinos' tables could be the result of
funding infrastructure, which is essential for the growth of the economy and the
improvement of people's lives, as well as fundamental services like education and health
care. Filipinos pay more in taxes than Singaporeans do. Business.asia.com compared
taxes in other nations and found that the corporate income tax rate in the Philippines is
30% based on taxable profit. This percentage can be characterized as unfair when
contrasted to Singapore's 17%. The Philippines' 2.89-6.50% social security contribution
rate, 1.16%-1.19% health insurance rate, and a plethora of other taxes that are
comparable raise the rate to that of more than the 16% charged by Singapore. In
 addition, Singapore charges a flat rate of 16% for employer-based contributions on
behalf of its employees (based on their gross salaries). Furthermore, Singapore's Value
Added Tax (VAT) threshold is 7%, compared to the Philippines' 12%.
2. Instead of giving social security, it demands citizens secure themselves -
Singapore's government does not provide social security. People are instead forced to
provide for themselves when they are unemployed or retired. This is made feasible by
the "required" savings. Individuals under the age of 50 are expected to pay a percentage
of their wage (now 5-20%, but it may be as high as 50%) into the Central Provident
Fund. This fund is made up of the Ordinary, Special, and Medisave accounts. Every
month, a specific sum of money is deposited into these accounts. The money in the
Ordinary Account can be used to pay for housing and educational costs. The Special
Account is intended specifically for retirement savings, whilst Medisave is plainly solely
for medical needs. In this approach, personal social security is unrelated to the
government. To protect themselves, the people spend their own money.
The Social Security System (SSS), Government Service Insurance System
(GSIS), Home Development Mutual Fund (Pag-IBIG), and Philippine Health Insurance
Corporation (PhilHealth) are just a few of the social welfare programs the Philippine
government offers to Filipinos. Employers and employees must legally make
contributions to these organizations through salary deductions in accordance with the
Philippine Labor Code in order to guarantee that everyone has access to these services.
Filipinos who are not currently employed in the private or public sector may join
voluntarily if they meet the eligibility standards and wish to receive the benefits. Even if
you must routinely contribute to these social services, you should at least be aware of
the advantages you have access to.

3. Healthcare isn’t a macro plan, in fact, it’s extremely micro - Another one of
Singapore's accomplishments is its healthcare system. Singapore unveiled a thorough
"Medisave Accounts" program in 1984. These "Medisave Accounts" currently receive
roughly 7% of the mandated saving rate. Any other non-health uses of the surplus funds
are permitted until the account balance reaches $34,100. (which is less than the median
family income). Furthermore, catastrophic health insurance is an alternative that requires
saving. For the Singaporeans, this straightforward method has been a complete
success. In fact, other nations look to Singapore, one of the healthiest nations in the
world, for medical guidance. The cost of healthcare has remained under control despite
a reduction in government spending on healthcare from 50% to 20% over the previous
30 years and a growth in private actors. This is because there is strong competition in
the health industry and customers have many options and the means to make informed
decisions.
The government's implementation of several reforms and legislation meant to
make health benefits widely accessible to every Filipino over the past 20 years has
resulted in substantial changes to the Philippines' healthcare system.
4. People are treated as the country’s biggest and best resource - Singapore's greatest asset is its
people. The best illustration of this is how the state raises its citizenry through its educational
system. Their system of education is highly meritocratic. Only deserving students receive
awards, despite the fact that everyone can afford an education and has an equal chance to
make a difference in the world. The national system of scholarships allows the best students to
represent their country in the best universities around the world. Government scholarship
recipients are obligated to work in the public sector for at least two years for every year of
study, ensuring that the best students bring their A-game to public service as well.
In contrast to other nations where teaching may appear like a thankless career and
instructors are appallingly underpaid, Singapore's teacher wages also exceed the country's
median income. This implies that some of the most talented graduates are nurtured and kept.
The Education Ministry, classrooms, and school administration are all interconnected, and
educators are routinely encouraged to participate in policymaking. This implies that the
educational system is constantly up to date with events.
5. Entitlements aren’t for everyone, only those who need them - In Singapore, welfare is not seen
as a duty of the state, but rather as a support system for the weak and the impoverished. As a
result, welfare entitlements are only offered to and given to those who are actually in need. The
finance minister, stated that rather than committing to benefits for everyone, the first
[objective] is to retain government subsidies that are targeted at those who need them the
most. Although universal benefits are "wasteful and inequitable," once they are granted, it is
challenging to stop receiving them. This implies that rather than those who were able to
develop freely and who saved money rather than spend it, the government would only offer
financial assistance to those who actually needed it as a result of their difficult circumstances. In
2015, the government may only provide financial support to 3000 families. To help them
prepare for the workforce, the remaining unemployed were enrolled in "workfares" or training
programs.

On the other hand, the Philippine government has so many doll -out benefits given to its
citizens. But still the country is among the poorest country in the Asia. It is because the
community is relying and waiting for the welfare given by the country and some of them are not
qualified for those welfare. For example, the 4Ps program of DSWD, they are many beneficiaries
who are not eligible and qualified for the benefits and it is a waste of taxpayers’ money. Another
example