Hon Sui Sen

Benedict Hon Sui Sen
Benedict Hon Sui Sen
Born	Template:Birth date; Penang, British Straits Settlements
Died	October 14, 1983 (aged 67)
Occupation	Politician
Years active	1961–1983
Known for	Minister for Finance of Singapore (1970–1983), Chairman of Economic Development Board, Chairman of Development Bank of Singapore, Chairman of Monetary Authority of Singapore

Benedict Hon Sui Sen (16 April 1916 – 14 October 1983) was a prominent Singaporean political figure who held the position of Minister for Finance from 1970 until 1983. Representing the ruling People's Action Party (PAP), he served as the Member of Parliament for Havelock Constituency throughout this timeframe.

Early life

Born on 16 April 1916 in Penang, part of the British Straits Settlements, Hon came from a Hakka Chinese heritage. He attended Saint Xavier's Institution, where he achieved top marks in the 1932 Senior Cambridge Certificate Examination. In 1935, he enrolled at Raffles College in Singapore, completing his studies in 1938 with a Class I Diploma in Science.

Career

Following his graduation, Hon entered the Straits Settlements Civil Service, initially appointed as a Police Court Magistrate and subsequently serving as Deputy Collector of Land Revenue prior to the Japanese occupation of Malaya. After World War II, he progressed to become Land Commissioner by 1957. In 1960, he participated in an economic management program organized by the World Bank, where he encountered Albert Winsemius, a key advisor who significantly influenced Singapore’s economic planning.

Economic Development Board

Hon was appointed as the inaugural Chairman of the Economic Development Board (EDB) from 1961 to 1968, before assuming the chairmanship of the Development Bank of Singapore (DBS) between 1968 and 1970.

During his tenure at EDB, Hon played a critical role in implementing Singapore’s industrialisation policies, notably overseeing the creation of the Jurong Industrial Estate (JIE) on reclaimed marshland. This estate became a cornerstone for industrial expansion across various sectors including garments, toys, petrochemicals, and electronics. The National Iron and Steel Mill was the first factory to commence operations in August 1963; by 1968, Jurong accommodated approximately 300 factories employing around 21,000 workers. Simultaneously, new satellite towns were developed to accommodate both residential growth and industrial workforce needs.

Singapore Institute of Management

From 1965 to 1968, Hon contributed as a council member of the Singapore Institute of Management.

Development Bank of Singapore & Intraco

In 1968, Hon played an instrumental role in founding both the Development Bank of Singapore (DBS) and Intraco. As Chairman of DBS, he championed initiatives such as establishing the Asian dollar market, which significantly propelled Singapore’s financial services industry forward.

Political career

In 1970, Hon took over from Goh Keng Swee as Minister for Finance and remained in this capacity until his passing in 1983. Although his initial monthly salary dropped from $10,000 at DBS to $3,000 upon entering ministerial service, by 1983 his total remuneration had increased to $14,000 per month.

Hon was honored as Economic Minister of the Year by Euromoney magazine in 1982.

As Finance Minister, he founded the Bases Economic Conversion Department to manage redevelopment of former British military sites following their withdrawal in 1968. Additionally, he was instrumental in advancing Singapore’s tourism sector through the transformation of Pulau Blakang Mati into what is now known as Sentosa Island resort.

Hon also chaired the Monetary Authority of Singapore (MAS) from 1971 until 1980.

Awards

In 1967, Hon was the recipient of the Distinguished Service Medal.

Legacy

The National University of Singapore commemorates Hon through the naming of the Hon Sui Sen Memorial Library and Hon Sui Sen Drive within its campus. His former office has been maintained inside the library, while various artefacts contributed by his family are exhibited at the National Museum of Singapore.

Personal life

Hon was married to Annie and they had four daughters together. He passed away from a heart attack on 14 October 1983 during his tenure as Finance Minister.