It sounds like an excuse to me.Singer is right to point out the psychological differences in how we respond to the toddler in the pond as opposed to the distant starving child, but wrong if he concludes that we ought to be as generous to one as the other.
There are lots of reasons for not giving money to try to save the life of someone you have never met, in a country you have never visited, and in a culture you do not understand
(My thoughts on what Peter Singer is saying.)