MNCs think Singaporeans are unqualified. That's why you see majority of their employees are foreigners- Indians, Caucasians, Filipinos, Mainland Chinese, malaysians. Singaporeans are just the minority, in some cases less than 10% of the staff! Whoever said our education system is top notched is smoking stuff.

Or we can go with what some countries adopted- a policy to hire locals first. That is, the onus is on the MNC to prove that no local can meet the requirements of a job opening, they can proceed to hire a foreigner. Singapore govt can implement such policies really well- after passing into law, the regulators will quickly find some bad apples, fine them heavily, and publicize it widely.

But the only problem is that our govt is unwilling to adopt such a policy for one reason or another.