IMO FCF is easily bypassed if the company really want to hire a foreigner over some local candidates. This has been happening in USA for decades. Although government has regulations that an opening needs to be advertised locally to residents first and gives those priority, if a company decided on a foreign talent, it will simply tailor-cut the job description to that candidate's portofolio and put some unrealistic/funny requirements that rule out normal applicants.

The only practical approach to give locals priority is setting hard limit on the quota of foreign talent in each company. But that is a very risky policy that most likely will damage the economy as Singapore is very dependent on the global economy therefore global competency is crucial.

Eventually I think local candidates have to improve their own skill to secure their dream job.