Just a gentle reminder, there are several thousands of mnc in Singapore. Remove their investment and some of you might be jobless.
On the otherside, it is true that the cost of living has been reconsidered to a higher level in Singapore by foreign expats packages. Expats are more expensive to keep here. This means a tendency to replace the coslty expats by cheaper ones or local workers. This might end up being in favour of those that "serve 2.5 years of NS to defend ourselves from foreign invaders" They might get the expat job by being hired or being promoted within the structure.
All in all, everybody has a different situation. Some might be more affected than other whenever there is a change.
Nowadays it is the rental that is the killer for both local and foreign in SG.