As a Singaporean, this is offensive and completely misses the point of the requirement. The point of the requirement was that the President's (de facto) real function is the management of Singapore's fiscal reserves, the drawing down of which has sort of attained a "measure of the last resort" status among the populace.

For that reason, the President requires should at least have some idea about governance, or at the very least some degree of economic or business knowledge to help them with that function.