Do we need an Elected President?

There is a long thread in my Facebook account on this questions. I have joined in the conversation with this reply:

Many people think that we do not need to pay $4.2 million for a President to do the job. I agree. In my statement, I have stated that I would donate a large part of the salary towards charity, if I am elected. Read my various statements here:http://www.tankinlian.com/Information.aspx?CatID=16. Some people think that we do not need to have an Elected President and can go back to the old type of ceremonial president. I also agree. But since we already have this type of constitution and a president has to be elected, I have decided to stand and offer a choice to the people of Singapore.