There is a new development to the FT debate.
The supply of foreigners willing to work in Singapore is not really as infinite as what the PAP believes. For foreigners to be willing to come to Singapore to work, there needs to be a premium over what the foreigner can earn elsewhere.
For a long time, this premium was quite wide which is why foreigners from PRC, India, Phillipines etc were fighting to come to Singapore. However with so many years of the FT policy, the premium has shrunk dramatically. While in absolute terms the difference is still large, the difference becomes less so if you take into account things like recruitment fees, the cost of getting a place to stay in Singapore etc.
On the Singapore side, Singaporeans have also wised up to the situation. Instead of steadfastly demanding huge premiums over the foreign counterparts, many now have wage demands which are quite attractive as compared to the Indians,PRCs and Pinoys.
Taking all the evidence into account, it might be that after years of wage suppression via the FT policy, we have now come to the point where we might be approaching wage parity. When this happens, the main driver of the PAP's economic policy is going to fall off a cliff.