Dear John, please do not cite statistics, after all there are lies, damned lies and statistics.
We are talking about family and personal lives of Singaporean PMETs with children and mortgage to pay and old parents to take care of.
Perhaps you are one PMET yourself too, with family and children, maybe now in secondary school or in JC or even in Uni. Just imagine 10 years from now when your children start looking for jobs and they realized they will be interviewed by FTs, not Singaporeans manager/directors/COO, but FTs, do you really think they will stand a chance, even armed with a NUS/NTU/SMU degree, when nowadays, degree mills are churning out degrees a dime a dozen.
Even if you do not spare a thought for the current PMETs which you may deem them to be not competitive, not up to date or even plain lazy but think of your children, your brothers children, your sisters children, 10 years from now. The situation WILL be very different from now.