Internships are probably going to get more popular going forward. This could be one of the major changes to Singapore's job market for graduates after this deep recession. The pressure on these young people to help contribute to family incomes is also much less these days. Companies probably like internships as they help to mitigate the risk of bad hires.
I often tell my children that there is a very good chance that the jobs they will do in the future may not have been created yet. The basic skills needed would not have changed but the way you combine them and the type of relationships and teams you form or join could be very different.