Actually not many singaporeans took up PhD. In my cohort, think only 4 or 5 local students did our postgraduate. Zero stayed on with the academic.

Many smarter students (including the top student) left for the industry. 2nd in the cohort left after Masters. Only know of 1 local who became an Asst Prof.

Generally, first class is good enough for most positions. Even if you have a PhD, your first degree still matter a lot. PhD honestly, valued, but not highly valued in industry. As mentioned, you get at most one grade above entry level.

However, it is worrisome that Singaporeans taken to blaming PhD for their own lack of ability. FT, I can still understand since they may not stick with SG on the long run.