Salary for a Filipino FDW ranges from S$300 - S$400 depending on your requirements.
Then there's a monthly levy, cost incurred during application including insurance and security bond, Medical Checkup every 6 months, airline ticket and basic necessities like food, bed and rent.
So if you have Parents or Parent-In-Laws willing to take care of your child while both of you are working then that would be ideal. You just need to apply them a Long Term Visit Pass which needs to be renewed yearly. If they can't then you have to do your computation to compare the cost of having one of you stay at home or hiring a FDW.
Other option would be Working from home.
If you can find someone you can trust or at least recommended by a close friend to take care of your child then that would be best. If not you can always setup a basic surveillance system.
Below are the steps i did as of December 2009. Always double-check www.mom.gov.sg for the latest requirements.
EMPLOYMENT ORIENTATION PROGRAM CERTIFICATE
GET INSURANCE AND SECURITY BOND
APPLY FOR WORKPASS
Make sure you mention to the doctor that it's for first time application of FDW checkup. Bring a copy of
ORIENTATION AND WRITTEN EXAM
You can go to
SUBMIT REQUIREMENTS TO MOM WORKPASS DIVISION WITH FDW
Bring your IC and Passport