The film, directed by Anthony Chen, was the unanimous winner of the Camera d’Or prize for best debut feature at Cannes in May.
It tells the story of Filipino maid living with a Singaporean family as they endure the turmoil brought on by the 1997 Asian Financial Crisis.
The Singapore Film Commission Advisory Committee made the announcement.
“’Ilo Ilo’ is a uniquely Singapore story about resilience in family relationships, a theme which also resonates with the rest of the world,” said director of Singapore Film Commission, Yeo Chun Cheng.
The film was released at the end of last month.