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Energy dep’t warns Luzon grid may experience red alerts until next week

In an advisory on Monday afternoon, the National Grid Corp. of the Philippines (NGCP) said the Luzon grid was placed under red alert status from 1-5 p.m. and 6-10 p.m. — PHILIPPINE STAR/EDD GUMBAN

By Sheldeen Joy Talavera, Reporter

THE LUZON GRID could face red alerts until next week if the power plants that experienced forced outage or derated capacities fail to resume operations, the Department of Energy (DoE) said on Monday.

“If the situation does not improve, if the plants that went offline because of the typhoon do not come back by next week, probably we’ll have a red alert also next week,” Energy Undersecretary Rowena Cristina L. Guevara said at a media briefing on Monday.

However, she said the DoE expects a total of 4,000 megawatts (MW) to come online this year, including 2,000 MW from conventional plants and 2,000 MW from renewables.

“This week, we expect to have some improvements but still we are dependent on having all of them back working under more normal conditions as the weather improves,” Energy Secretary Raphael P.M. Lotilla said.

In an advisory, the National Grid Corp. of the Philippines (NGCP) said the Luzon grid was placed under red alert status from 1-5 p.m. and 6-10 p.m.

A yellow alert was also raised in the Luzon grid from 12-1 p.m., 5-6 p.m., and 10 p.m. to 12 a.m.

The grid had 11,810 MW in available capacity, while the peak demand hit 11,785 MW.

“[Typhoon Aghon] has caused a substantial decrease in available power supply in the grid at a time when the hydropower plants have not yet recovered from their low water supply,” Mr. Lotilla said.

Thirty-four power plants were either on forced outage or at derated capacities as of Monday morning, which resulted in 4,497.3 MW being unavailable to the grid.

Aghon (international name: Ewiniar), the first storm of the year, intensified into a typhoon over the coastal waters of Burdeos, Quezon on Sunday evening.

In an 11 a.m. bulletin, the Philippine Atmospheric, Geophysical and Astronomical Services Administration said Typhoon Aghon maintained its strength while moving northeastward over the Philippine sea.

One of the power plants on shutdown was the 1,200-MW Ilijan power plant after its floating storage unit had to be disconnected and relocated for safety reasons since Aghon entered the Philippine area of responsibility.

Pagbilao Units 1 and 2 with a total capacity of 764 MW and Unit 3 with a capacity of 420 MW were also shut down, the DoE said.

Operations were also halted at the following plants: Masinloc coal-fired thermal power plant 3 with a capacity of 335 MW, San Buenaventura Power Limited coal power plant with 455 MW, and Botocan hydroelectric power plant with 20.8 MW.

“Several hydropower plants are derated as you know and despite the typhoon, they have not yet recovered their normal levels,” Mr. Lotilla said.

He urged consumers to conserve energy “to minimize the dispatch of the more expensive oil-based power plants.”

“The oil-based power plants, however, have been useful in so far as providing power to the grid particularly in the absence of the hydropower plants,” he said.

He also encouraged commercial and industrial consumers to continue to participate in the Interruptible Load Program (ILP) of distribution utilities.

Under the program, large power consumers are asked to use their generation sets or shift their operations instead of getting power from the grid.

This is to spare households from power interruptions during instances of red alert or when supply is insufficient to meet the demand.

The Energy Regulatory Commission (ERC) said it had suspended the Wholesale Electricity Spot Market (WESM) for the Luzon region due to the red alert.

“The operations of the WESM shall remain suspended until issuance of a notice of market resumption by the ERC,” the regulator said in a statement.

WESM is the trading floor for electricity where energy companies buy power when their long-term contracted power supply is insufficient to meet customer needs.

Earlier this month, the ERC suspended WESM trading during red alerts to prevent a spike in electricity prices.

As of the 2 p.m. update, the NGCP said transmission lines and facilities were under normal operations.

Web attacks on PHL companies more than triple

TOWFIQU BARBHUIYA-UNSPLASH

ONLINE attacks targeting Philippine companies more than tripled last year from 2022, Kaspersky said on Monday, highlighting the urgency of boosting cyber defenses against web threats that can reverse the benefits of digitalization.

In a statement, the global cybersecurity company said the number of web threats on local companies jumped to 1.69 million in 2023 from almost 500,000 a year earlier.

Web threats detected and blocked among Southeast Asian companies only increased by 0.03% to 13.34 million.

These numbers were calculated using Kaspersky’s business-to-business products installed in companies of various sizes, it said.

Cybercriminals launched an average of 36,552 daily online attacks targeting businesses in the region last year, Kaspersky said, adding that the growth in the region’s digital economies has opened opportunities for both people and companies.

“As most governments in the region build and boost their policies to foster their digital economy and infrastructure, it is urgent for local businesses to prioritize strengthening their cyber defenses against threats lurking online which can hamper their efforts to harness the benefits digitalization brings about,” Yeo Siang Tiong, general manager for Southeast Asia at Kaspersky, said in the statement.

Web-based or online threats are a category of cybersecurity risks that may cause an undesirable event or action via the internet.

Web threats occur through end-user vulnerabilities, web service operators and web services themselves.

“Regardless of intent or cause, the consequences of a web threat may damage both individuals and organizations,” Kaspersky said.

Singaporean companies faced 86% more web threats last year at 1.65 million, while Thai companies had a 24% jump to 1.53 million, it said.

On the other hand, web threats on Indonesian companies fell by 23% to 4.97 million, while Malaysian businesses had 15% fewer attacks at 1.54 million. Vietnamese companies had 21% fewer attacks at 1.96 million.

Mr. Yeo expects companies to take their cybersecurity a step forward beyond installing basic firewalls and endpoint solutions this year

“With the massive data all types of organizations are handling now and the immense reputational and financial damages an attack can result in, an adaptive and intelligence-led security solutions and service portfolio is the need of the hour,” he said.

Kaspersky cited a 2023 PwC study that found that 28% of businesses in the region confirmed that they were more exposed to cyberattacks because of their digitalization efforts.

“The external pressure to disclose cyber-incidents and comply with cybersecurity practices is also higher now for 16% of the respondents surveyed,” Kaspersky said. — Aubrey Rose A. Inosante

Meralco eyes bids for 500MW of RE capacity

PHILSTAR FILE PHOTO

MANILA Electric Co. (Meralco) on Monday said it has started seeking bids for 500 megawatts (MW) of renewable energy (RE) capacity to comply with a state requirement.

In a statement on Monday, the power distributor said the competitive selection process is pursuant to the Energy department’s policy on renewable portfolio standards.

It also “forms part of Meralco’s commitment to source an increasing portion of its supply requirements from RE sources,” it added.

The renewable portfolio standards mandate distribution utilities, generation companies and retail electricity suppliers to get a portion of their energy supply from eligible renewable energy sources.

In 2022, the Department of Energy raised the share requirement of on-grid power suppliers to 2.52% from 1%.

The 10-year power supply agreement resulting from the competitive selection process will cover Meralco’s 350-MW mid-merit requirement starting February 2025, which will increase by 150 MW a year later.

The government requires distribution utilities to choose the cheapest electricity supply via a competitive bid. Bidders have until June 7 to express interest.

A pre-bid conference will be held on June 17, while the deadline to submit bids was set for July 17.

“As part of its long-term sustainability strategy, Meralco has already contracted 1,880 MW of RE capacity from various suppliers, exceeding its initial target of 1,500 MW,” the company said.

Renewable energy is expected to account for 22% of Meralco’s supply portfolio by 2030.

Meralco has failed to secure bids for its 260-MW peak requirement in the absence of interest for the second round of the competitive selection process.

Based on the rules of the Energy Regulatory Commission, the company may engage in negotiated procurement after two failed bids, Meralco said.

Meralco negotiated with San Roque Hydropower, Inc., one of the bidders in the first round, for the supply.

But Meralco said San Roque Hydropower withdrew because “will not be able to generate the required portion of the target 260-MW peaking capacity due to El Niño.”

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Philippine companies told to ‘bake’ ESG into their operations

JC GELLIDON-UNSPLASH

By Revin Mikhael D. Ochave, Reporter

PHILIPPINE companies should start adopting environmental, social, and governance (ESG) practices to thrive, according to an IBM Consulting official.

ESG is “no longer a choice but a necessity for Philippine businesses to thrive in today’s environment,” Arun Biswas, IBM Consulting managing partner for Asia-Pacific strategic sales and sustainability consulting, said in an e-mailed reply to questions.

“Prioritizing ESG helps organizations operate in accordance with regulations, identify potential opportunities and risks and act in the best interest of their stakeholders,” he added.

Three-quarters of executives agree that sustainability drives better business results, while 72% view ESG as a revenue enabler, he said, citing an IBM Institute for Business Value study published on Feb. 27.

The study, co-authored by Mr. Biswas, was based on a survey done in the second half of 2023 covering 5,000 C-suite executives across 22 industries and 22 countries, including the Philippines.

Mr. Biswas said IBM Consulting has seen growing interest from Philippine clients on how to use technology to address sustainability issues.

“Though the market data show that more businesses are incorporating sustainability across their organizations, the key is to embed it throughout the business — truly bake it into operations — rather than treat it as an add-on,” he said.

“Sustainability must become a business transformation accelerant versus what it is in so many organizations — a reporting or accounting exercise,” he added.

He said Philippine companies should prioritize ESG because it promotes transparency and trust amid increased scrutiny from stakeholders.

He added that being transparent about business operations could help an organization’s bottom line by promoting a positive company reputation.

“Consumers are paying more attention to sustainability issues and have become more intentional with spending money on products or services that are aligned with their values,” he said.

“Additionally, investors are also demanding for more ESG information to ensure that the companies they invest in are not only sound, but also act responsibly towards pressing issues such as climate change, social development, transparency in business practices, etc.,” he added.

Mr. Biswas said focusing on ESG gives Philippine businesses a better value. It also allows them to comply with regulations and other international standards.

“By having a comprehensive ESG strategy, businesses can demonstrate their commitment to sustainability,” he said. “Reporting the impact of their strategy enables companies to be more transparent to stakeholders about how they are meeting targets, which could better enhance their reputation, attract investment and gain the support of more consumers.”

Mallari wins big at 72nd FAMAS Awards

DIRECTOR DERICK CABRIDO and the cast and crew accept the Best Picture award for Mallari.

A HORROR film with intersecting timelines loosely based on Philippine mythology was the big winner at the 72nd Filipino Academy of Movie Arts and Sciences (FAMAS) Awards ceremony on May 26 at the Manila Hotel.

The time-warped thriller directed by Roderick “Derick” Cabrido won seven awards of its 14 nominations including Best Screenplay, Best Actor, and Best Picture.

Mallari is a horror film centered on the Philippines’ first documented serial killer, 19th-century priest Severino Mallari. Written by Enrico C. Santos, the story follows this famed Mallari as well as his family’s lineage of time travelers: 1940s documentarist Johnrey Mallari and the present-day main character, Jonathan Mallari de Dios (all of whom were played by Piolo Pascual). The film will start streaming on Netflix on June 21.

Mr. Pascual shares his Best Actor award with Alfred Vargas, who garnered acclaim for his performance in Pieta. Meanwhile, Kathryn Bernardo bagged the Best Actress award for her role in A Very Good Girl.

The oldest existing film industry award-giving body in the Philippines, having been established in 1952, the FAMAS Awards are also among the oldest in Asia. The annual honor. The members of FAMAS are writers and movie columnists. — Brontë H. Lacsamana

 


Below is the complete list of winners:

Best PictureMallari

Best Director — Louie Ignacio for Papa Mascot

Best Actress — Kathryn Bernardo for A Very Good Girl

Best Actor — Piolo Pascual for Mallari and Alfred Vargas for Pieta

Best Supporting Actor — LA Santos for In His Mother’s Eyes

Best Supporting Actress — Gloria Diaz for Mallari

Best Screenplay — Enrico Santos for Mallari

Best Cinematography — Carlo Mendoza for GomBurZa

Best Production Design — Marielle Hizon for Mallari

Best Editing — Benjamin Gonzales Tolentino for Iti Mapukpukaw

Best Musical Score — Teresa Barrozo for Iti Mapukpukaw

Best Original Song — “Finggah Lickin’” from Becky and Badette

Best SoundRewind

Best Visual EffectsMallari

Best Child Actor — Euwenn Mikael Aleta for Firefly

Best Child Actress — Elia Ilano for Ghost Tales

Best Short FilmHuling Sayaw ni Erlinda

Best Documentary Maria

AllHome Corp. to hold online annual meeting of stockholders on June 28

 

 


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Gov’t fully awards Treasury bill offer even as yields mostly rise

RJ JOQUICO-UNSPLASH

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday on the back of strong demand and even as rates mostly rose following hawkish signals from the US Federal Reserve.

The Bureau of the Treasury (BTr) raised P15 billion as planned from the T-bills it offered on Monday as total bids reached P38.296 billion or more than twice the amount on the auction block.

Broken down, the BTr borrowed P5 billion as programmed from the 91-day T-bills as tenders for the tenor reached P15.25 billion. The three-month paper was quoted at an average rate of 5.719%, 0.7 basis point (bp) higher than the 5.712% seen last week. Accepted rates ranged from 5.698% to 5.725%.

The government likewise made a full P5-billion award of the 182-day securities, with bids reaching P11.16 billion. The average rate for the six-month T-bill stood at 5.886%, up by 2.2 bps from the 5.864% fetched last week, with accepted rates at 5.869% to 5.909%.

Lastly, the Treasury raised the planned P5 billion via the 364-day debt papers as demand for the tenor totaled P11.885 billion. The average rate of the one-year debt went down by 3.6 bps to 6.043% from the 6.007% quoted last week. Accepted yields were from 6% to 6.084%.

At the secondary market before the auction, the 91-, 182-, and 364-day T-bills were quoted at 5.7881%, 5.9429%, and 6.0323%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

“The offered T-bill rates today reflected upward shift amid persistent hawkish policy remarks from various Federal Reserve officials and as seconded by the minutes of their latest policy meeting last week,” a trader said in an e-mail on Monday.

The US central bank’s hawkishness resulted in reduced market expectations of a rate cut this year, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Federal Reserve officials at their last policy meeting said they still had faith that price pressures would ease at least slowly in coming months, but doubts emerged about whether the current level of interest rates was high enough to guarantee that outcome and “various” officials said they’d be willing to hike borrowing costs again if inflation surged, Reuters reported.

That meeting was held before data showed the pace of consumer price increases beginning to cool again in April, yet reflected what US central bank officials since then have said is increased uncertainty about the path of inflation and monetary policy.

“Participants… noted that they continued to expect that inflation would return to 2% over the medium term,” according to the minutes of the April 30-May 1 meeting, but “the disinflation would likely take longer than previously thought.”

While the policy response for now would “involve maintaining” the Fed’s benchmark policy rate in the current 5.25%-5.5% range, “various participants mentioned a willingness to tighten policy further should risks to inflation materialize in a way that such an action became appropriate,” the minutes said, employing a modifier not included in the usual set of words — like some, many, and most — used in the minutes to give a sense of how many officials voiced a particular opinion.

Fed Chair Jerome H. Powell and other policy makers have since said they feel further rate hikes are unlikely.

But the minutes released on Wednesday excluded specific reference to that notion and to the likelihood of rate cuts this year.

The March 19-20 meeting minutes said that participants had “judged that the policy rate was likely at its peak for this tightening cycle, and almost all participants judged that it would be appropriate to move policy to a less restrictive stance at some point this year if the economy evolved broadly as they expected.”

In place of that broad judgment, the latest minutes showed an emerging debate about just how tight monetary policy is, an important consideration that could bear on how fast inflation returns to the central bank’s 2% target — or whether it gets there at all.

Monday’s offer was the government’s last T-bill auction for the month. The BTr raised P62 billion from T-bills this month, higher than the P60-billion program, as it made full awards at all its offerings and upsized its award for one amid strong demand.

On Tuesday, the BTr will offer P30 billion in reissued three-year Treasury bonds (T-bonds) with a remaining life of two years and seven months.

The Treasury wants to raise P210 billion from the domestic market this month, or P60 billion from T-bills and P150 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.48 trillion or 5.6% of gross domestic product for this year. — A.M.C. Sy with Reuters

Focus on growth amid uncertainty and disruption

ALVARO REYES-UNSPLASH

We all know the issues of the day: persistent inflation that affects customer spending, new technologies that disrupt how business gets done and how customers interact with brands, new products and services from new competitors, and a changing country demographic that challenges how we hire and retain talent. Companies can take many strategies and actions to succeed in this environment. However, growth-focused busi-nesses are best positioned to be resilient and thrive today.

For all businesses, creativity and innovation are the necessary ingredients for growth. Growth is what attracts, keeps, and engages executives and talent. Growth conveys a winning culture to the organization. Growth allows a company to set the pace, keeping competitors at bay. Most importantly, growth is an endorsement from customers that a company’s products and services remain relevant.

The consequences of neglecting growth are dire. A company that fails to prioritize growth risks a decline in revenue or income, which can lead to negative sentiment among customers, suppliers, and other stakeholders. This is a risk that no business can afford to take lightly.

But how and where do we find growth? This is not a question to be taken lightly. A company must carefully consider and choose one or more of several strategic approaches to generating growth, each requiring thoughtful planning and execution.

One approach is to re-align the business portfolio through an acquisition and divestment program. This can involve acquiring businesses in similar or complementary markets or even partaking in vertical integration. And over time, some businesses might perform better under new owners. Such divestments can inject capital for new growth opportunities.

The second approach is to find new revenue growth from existing “core” businesses. Rebuilding the core business is often necessary to deal with disruptions caused by technology, changes in customer behavior, or new en-trants. Are there markets and customers we need to serve better with our products and services? Are there ways to extend our products to different customer segments?

The third approach is entering related or complementary markets, sometimes called “adjacent” businesses. What capabilities does the company have that would be relevant or be a competitive edge when used differently? Amazon realized its e-commerce IT infrastructure could be used by other companies looking to cut costs and quickly respond to market changes. Globe Telecom leveraged its mobile customer relationships and sales channels to enter financial services with GCash.

The last approach is finding completely new business opportunities through innovation and investment. While this is often associated with start-ups and venture capital, many companies and even conglomerates in the Phil-ippines are experimenting with new ways to serve unmet customer needs. In this approach, a company looks at its resources and capabilities to build new revenue streams. Telcos, for example, are leveraging their capabilities to create healthcare ventures. Another example is that poor financial inclusion, married with mobile technology and apps, led to the creation of digital banks.

Few took notice that many years ago, the United Nations declared April 21 as the “World Creativity and Innovation Day” to acknowledge that “innovation is essential for harnessing the economic potential of each nation and the importance of supporting mass entrepreneurship, creativity and innovation which create new momentum for economic growth and job creation and expand opportunities for all, including women and youth.”

All these approaches — rebalancing a business portfolio, turbo-charging existing revenue streams, fostering creativity, and harnessing innovation and growth — take time and effort. A company and its Board must bravely allocate the necessary talent, time, and resources. They should take bold actions, especially in these times of uncertainty when it is far too easy to just be defensive.

In my past first-hand experiences with all four approaches to finding growth or finding new revenue opportunities, I can share the following seven key lessons:

1. Communicate the company’s “burning platform.” This will focus everyone’s attention, from shareholders to boards to leaders to employees, and enable the hard work required.

2. Truly understand the customer beyond demographic or psychographic profiles. In the words of the late Clayton Christensen, who extensively researched disruption: “A ‘job to be done’ is a problem or opportunity that somebody is trying to solve. We call it a ‘job’ because it needs to be done, and we hire people or products to get jobs done.”

3. Adapt the growth strategies, innovation structure, and process to the company’s situation. Is the core business or revenue stream under competitive attack? Are there new competitors, and what are they after? Is the core business subject to disruption because of the macro environment, customer changes, or technology adoption? Is the company in a race to get the first customers or users?

4. Create a disciplined stage-gate process, with milestone-based funding of new initiatives and regular progress monitoring. Innovation is not just about brainstorming and doing the sexy new initiatives, but rather the consistent tests, discarding ideas, and funding the following stages until fruition.

5. Facts win — and in the absence of facts, test. The loudest voices or senior people often dictate what a company must do next. We usually forget that if we are in a business-to-consumer (B2C) business, “we are not the customer.” In business-to-business (B2B), product discovery and selection involve many people, making it harder to discern buying behavior.

6. Accept that there is no silver bullet; innovation often takes years. Even M&A’s ability to generate new revenues does not produce instant results, and we cannot take the hard work of integrating and retaining key talent for granted.

7. Finally, setting the tone from the top with an engaged leadership team is crucial. By involving as many people as possible in the company’s “burning platform” and the various initiatives being explored or implemented, we can ensure that everyone feels valued and integral to the company’s operations.

Over the past decade, we have witnessed how technology, changing demographics, and continued investment have transformed how we lead our lives and interact with each other, leading to continued economic growth.

Look closely: all four approaches to finding growth have fueled them. Let’s not forget Christensen’s words: “If you frame your business in terms of products you’re trying to sell, life comes and goes, and you get supplanted by other products and technologies,” he says. “But if you deliver something that does the job well, it will open up opportunities to use new technologies as they emerge. What your business is about is doing the job better and better.”

Let us all be brave in seeing growth and creating the positive impact our products and services can have on our fellow Filipinos.

(This article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines or MAP.)

 

Gil B. Genio is a member of the MAP and a retired Ayala and Globe executive. His last role was Globe’s Chief Strategy Officer (2010-2021) as well as Chief Technology and Information Officer (2015-2021). He is currently an Independent Director at publicly listed companies GT Capital Holdings and Puregold Price Club. He is a Fellow of the Institute of Corporate Directors.

map@map.org.ph

iamgilgenio@gmail.com

Coal Asia board OKs lower share par value

THE BOARD of publicly listed Coal Asia Holdings, Inc. has approved a proposal to lower the par value of its shares to improve liquidity and entice more investors.

The board on May 23 approved the cut to 10 centavos from P1 based on its articles of incorporation, the company said in a stock exchange filing on Monday.

Par value or the face value of a stock does not fluctuate unlike its market value.

“The proposed amendment to Article 7 shall reflect the decrease in the par value of shares of stock from P1 to P0.10 to improve the liquidity in the trading of the corporation’s shares, as well as boost investor interest in and wider distribution of the corporation’s shares of capital stock thereby shoring up its marketability,” Coal Asia said.

It said the proposal to lower the par value of its shares would be submitted for stockholders’ approval during its annual stockholders’ meeting on July 1.

“The foregoing amendments are subject to the approval of the shareholders and further approval of the Securities and Exchange Commission of the application for the amendment of Coal Asia’s articles of incorporation,” it said.

Coal Asia is a holding company that acquires companies specializing in the exploration, development and mining of coal and other energy-related businesses in the Philippines and around Asia.

It owns Titan Mining and Energy Corp., which has 13,000 hectares of coal resources in Davao Oriental and Zamboanga Sibugay.

Coal Asia stocks were unchanged at 20 centavos each. — Revin Mikhael D. Ochave

Kitchie Nadal stages 20th anniversary solo concert

KITCHIE NADAL and her band give a sneak peek of songs to expect. — BRONTË H. LACSAMANA

KITCHIE NADAL will return to the concert stage in SAME GROUND: Kitchie Nadal’s 20th Anniversary Concert at the New Frontier Theater, Quezon City, on June 2.

Twenty years since the release of her multi-platinum self-titled debut album, Ms. Nadal has maintained her relevance even among Gen Zs. Regarded as an early 2000s pop culture icon, hits like “Huwag Na Huwag Mong Sasabihin,” “Bulong,” and “Same Ground” keep her in the Top 10 list of Spotify Philippines’ most-streamed original Pilipino music (OPM) female artists today.

It is in this context that she has decided to perform her most popular songs to a crowd once more.

“It started because ‘Same Ground’ went viral on TikTok, and the song went through a resurgence,” Ms. Nadal said during a press conference at the Gozon Compound in Malabon City on May 23. “It makes me happy that my songs resonate with the younger generation.”

As for the concert title, she added that the song was chosen for its clever play of words. “I’m not on the ‘same ground’ anymore, being based in Spain, but now I am because I’m back for the concert,” she said.

Ms. Nadal married Spanish journalist Carlos López in 2015 and they now have two children. They are currently based in Madrid, Spain.

According to a press release, the homecoming show will serve as “a celebration of Kitchie’s monumental journey as one of the biggest-selling and most influential Pinoy rock figures from the early 2000s to the present.”

For Ms. Nadal, her lasting reputation is motivation for her to continue making songs, the latest of which is the single “Lahat,” which is dedicated to her family.

“It’s as rewarding as an artist to be arranging songs in the studio as it is to be rehearsing with a band and doing live shows,” she said.

Of the difference between her music now and then, Ms. Nadal said that it’s her inspiration that makes all the difference. “I’m inspired by my children and my husband, so that’s why my music is lighter and more positive now. What’s the same is that I want my songs to still be authentic and relatable.”

The concert will also feature several local artists who were her contemporaries in the 2000s band scene — Barbie Almalbis, Aia de Leon, Lougee Basabas, Hannah Romawac, Acel Bisa, and Monty Macalino of Mayonnaise.

These people have been her friends over the years, a connection held together by a passion for music and for shaping the new generation of artists.

“In my time, we needed a lot of support from the recording label, but now, the young ones like Zild can record at home and promote their own stuff through social media,” she said. “It’s great to inspire the younger generation.”

As for what to expect at the concert, Ms. Nadal teased that there will be both hits and underrated tracks from her debut album. “Pwede surprise na lang? (Can’t it be a surprise?)” she asked the media.

SAME GROUND: Kitchie Nadal’s 20th Anniversary Concert on June 2 is presented by Big Brew and Rolling Gum, in partnership with GNN Entertainment Productions. Tickets are now available via Ticketnet online and outlets nationwide and range in price from P1,200 to P4,000. — Brontë H. Lacsamana

ECB policy must stay restrictive into 2025, chief economist says

REUTERS

THE EUROPEAN Central Bank (ECB) is ready to cut interest rates next month but policy must continue to be restrictive this year as wage growth will not normalize until 2026, ECB Chief Economist Philip Lane told the Financial Times (FT).

The ECB has all but promised a rate cut for June 6, so the debate has shifted to subsequent moves and markets have dialled back their expectations, betting on just one more cut this year.

“Barring major surprises, at this point in time there is enough in what we see to remove the top level of restriction,” Mr. Lane told the FT in an interview published on Monday.

“The best way to frame the debate this year is that we still need to be restrictive all year long,” he added. “But within the zone of restrictiveness we can move down somewhat.”

While Mr. Lane made no explicit comment about the July policy meeting, a string of policy makers including fellow board member Isabel Schnabel have already said that a second step should not come quite so soon.

Wage growth is expected to “visibly” decelerate next year and policy makers can then debate normalizing policy.

At 4%, the ECB’s deposit rate holds back growth and there is little debate that the first few cuts, at least until 3% but possibly further, merely remove restriction rather than provide stimulus.

“We need to see more progress (on inflation) before we move from maintaining the restrictive phase to thinking about normalization,” Lane added.

Mr. Lane said ECB policy makers needed to keep rates in restrictive territory this year to ensure that inflation kept easing and did not get stuck above the bank’s target, which “would be very problematic and probably quite painful to eliminate”.

A key wage indicator accelerated last week, spooking some but Mr. Lane said the figure was well anticipated and a slowdown was already in the works.

“Deceleration does not necessarily mean an immediate return to steady state,” Mr. Lane said. “This year the adjustment is clearly quite gradual.” — Reuters

Five steps to address mental health in Asia and the Pacific and beyond

ANTHONY TRAN-UNSPLASH

MENTAL HEALTH ISSUES are an increasingly large part of the global burden of diseases and a leading cause of disability. This disturbing trend was made most evident during the COVID-19 pandemic, which contributed both to a sharp rise in mental health disorders and a disruption in critical mental health services.

The most common types of mental health disorders include anxiety and depressive disorders, but many such disorders impact people’s lives, including those involving substance abuse, eating issues, schizophrenia, as well as psychotic and neurodevelopmental problems. Global evidence shows that even during non-emergency settings, one in five people worldwide are living with mental health disorders, and over 80% of them are living in low and middle-income countries. The burden of mental health disorders varies across populations, but is experienced most acutely by vulnerable populations, particularly in countries lacking resources, expertise, and infra-structure. Poverty and poor mental health are intertwined. Poverty increases the risk of mental illness, and those with untreated mental illness are more likely to fall into poverty. Poor mental health has a direct impact on a person’s life by reducing the ability to study and work productively, thereby compromising their overall contribution to economic development.

Despite its inclusion in the Sustainable Development Goals, only 2% of total government health expenditure and 1% of global development assistance for health are dedicated to mental health, according to the World Health Organization’s Mental Health Atlas 2020.

Most mental health-related expenditures in low and middle-income countries have been spent on treatment in hospitals and services at the primary or community care level. Addressing mental health plays a key role in sustainable development and should be linked to efforts to achieve social equity and progress towards universal health coverage.

Comorbidities between mental health disorders and rising noncommunicable diseases highlight their common risk factors. Integration of mental health within primary health care is a key strategy to improve access to mental health services, alongside promotion of mental health literacy in schools and workplaces.

Many people do not receive any formal treatment or intervention for their mental health conditions. This unmet need, or treatment gap, for mental health problems and disorders is notably high at 30%-50% for depressive disorders and 50%-70% anxiety disorders.

The most common challenges in low and middle-income countries include lack of awareness, stigma, a lack of services, human resources, and prevention and promotion programs, as well as limited data and financial barriers.

To address these problems, priorities for global mental health policy should include:

  1. Scaling up service provision and access to mental health care via a network of primary and community-based support and timely referral to specialists. This entails prioritizing mental health within public policy and enhancing investment.
  2. Integrating mental health into health system frameworks for non-communicable diseases. Including mental health care in essential services and financial protection schemes of universal health care will ensure its accessibility and affordability to all people.
  3. Strengthening public understanding and engagement of people with mental disorders. This will decrease the stigma, improve mental health literacy, and promote help-seeking behaviors.
  4. Reducing health workforce shortages. Training of community and allied health workers will build workforce capacity from primary to specialist care.
  5. Adopting and supporting digital technology for mental health and enhancing data collection. Measures can include setting up mobile applications, platforms for collection of patient data for monitoring, and teleconsultation to access mental health services.

While mental health issues were exacerbated and accelerated by the pandemic, an increased focus on health by governments offers an opportunity to address this issue as part of sustainable development.

Increasing digital integration for mental health can promote better networks between primary care and specialist health care providers and facilitate interoperability across health information systems.

This requires multisector public – private partnerships within and outside the health system. It will also require engaging the education and social sectors to help increase mental health literacy, promote awareness of mental well-being, and build a productive workforce.

In this way, we can pave the way for mental health security and help countries to better prepare for future mental health emergencies.

 

Vasoontara Yiengprugsawan is a Senior Universal Health Coverage Specialist at ADB. MICHELLE APOSTOL is a Health Officer at ADB, and DINESH ARORA is a Principal Health Specialist at ADB.