Starhub - Big promises

I had recently renewed my 2-year contract with a Maxonline Express hubbing package that promises download speeds of up to 16Mbps. Well to my frustration, these speeds are offered only locally, ie, within Singapore. Now I wonder what proportion of the websites a normal user visits are located in Singapore - probably a digit after four or five zeros after the decimal. So I decided to test exactly what speeds do they offer to the gullible customer they have locked-in for the next two years. I opted for a server in Palo Alto, California where I believe a substantial portion of the world's web traffic is hosted. The results are truly revealing: http://www.speedtest.net/result/1076519060.png
A download speed of 0.55Mbps and an upload speed of the same amount! Am I being taken for a ride or what?!!