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APR 14 2000 Mutual respect, not a bond, ensures scholars return
I APPLAUD the move by DBS Bank to allow scholars to convert their bonds into loans at reasonable rates, as reported in "DBS open to converting scholarships to loans" (ST, April 13). This move is in stark contrast to the policy practised by the Economic Development Board (EDB). Students who take up offers at the age of 18 cannot possibly know what they want in life. More often than not, they are simply "fishing" for the best offer, to fulfil their aspiration of an education abroad. Often, they realise that their interests have changed and may decide not to serve out their bonds on their return. In the new globalised economy, talent is, as has been said often enough, mobile. The "naming and shaming" policy, as practised by the EDB, seems short-sighted, as people today have enough options not to work in Singapore if necessary. Worse, such an anachronistic policy may even turn off those who might have decided to come back eventually to contribute to society. This method, which is reminiscent of the method used in old China of naming enemies of the state publicly, can only be counterproductive in the long run. A scholarship is a moral obligation, which can be engendered only through mutual respect. Scholars come back even though they have received tempting offers elsewhere because they feel a certain bond to the organisation. This bond is not merely pecuniary, but could be because they feel they have been well-treated personally and that they matter to the organisation. This is the reason for feeling obliged morally to serve out the bond, and not the 10-per-cent compound interest due if they do not or the signature on the dotted line. A contract buys the right to performance, but is negated when damages are paid. Only an emotional bond can ensure 100-per-cent performance. Forcing people to do something against their will is not a hallmark of an enlightened policy. ADRIAN LOW
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