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Singapore’s burnout rate shows the price of success

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THE SEARCH for success can be elusive, and possibly nowhere more so than in Singapore, one of the most competitive and overworked places on the planet. Long hours are the norm, a reputation it has built since the is-land-state gained independence from Malaysia almost 60 years ago and had to carve an identity for itself in an uncertain and scary world. Today, Singaporeans enjoy some of the highest living standards in Asia. But all of this has come at a price. It is also one of the most stressed-out societies. There is a silent epidemic of depression and mental health hiding just under the sur-face as citizens struggle to balance work, life, family, and their own private aspirations and dreams. Making it can mean huge personal sacrifices. Some have decided to opt out all together. Ashish Xiangyi Kumar is a 31-year-old retiree. He has a LinkedIn page that is a little different from most of his peers. Under his name and above the prestigious University of Cam-bridge mention it says, “Happily Free.”

He is also a Singaporean success story: Its top Indian student in 2004, and one of the highest scorers in primary-school leaving examinations. He studied at one of the most prestigious schools, winning a government scholar-ship to Cambridge, where he graduated second in his class with a law degree. He came back to Singapore to work in a prized government job, allowing him to earn a decent salary at a very young age. But he told Rice Media accomplishment to him is about more than just good grades, or the right job, or the amount in his bank.

His decision to retire at such a young age has prompted scores of Singaporeans to marvel at the path he has taken. Especially as the government has been raising the official retirement age every year. From 2026, employees can only be asked to retire when they turn 64, all part of a move to progressively increase the retirement age to 65 by 2030.

“Burnout culture is really strong in Singapore,” Hykel Quek, a senior writer at Rice Media who interviewed Kumar, told me. “People have been really supportive of what he is doing, but he also acknowledges that he is privi-leged. He received a government scholarship, has no debt or liabilities, and he’s not interested in a romantic relationship or having kids. So this life works for him.” It’s not a life that can work for the majority of us. Recent studies show that burnout culture in the city-state is at an all-time high, and much of that is due to the competitive work environment. There is also the stigma of seeking help for mental issues, which adds to the burden of depression and anxiety. Much of this begins from an early age, with expectations of having to outperform at school. Parents often add to the pressure from the education system by giving children tuition classes to increase their chances of getting into a good secondary school and university. It is a weight that continues through their lives, the demands of a society that typically has never rewarded the path less trodden.

Which is why Kumar’s story stands out. But the nomadic life he’s chosen — filled with writing, reading, long-distance hiking, and classical music — is also unrealistic to try and emulate. Singapore is not unusual in pressure-cooker Asian societies. South Korea and Japan have comparable rates of stress. The Singapore Dream, though, is heavily prescriptive — anyone choosing a different route is seen as a bit of an anomaly. The vast majority of Singaporeans get married in their twenties so they can apply for government-subsidized housing, then go on to attempt to have the recommended number of kids, buy a car for a small fortune, and reap the rewards of a conventionally successful life. Except that these days, fewer and fewer are choosing to have children because of how expensive they’ve become, and how stressful it is. As people hit the middle years, they begin to won-der what it’s all for. This is often when the dreaded midlife crisis hits, compounded by the feeling of purposelessness, and being stuck in their lives: Looking after young children and aging parents while trying to strike a balance be-tween work, family, and personal care.

It is an experience I have seen firsthand, juggling an aging and unwell parent with the demands of raising children in a highly demanding society. The city-state is facing a silent epidemic that needs to be addressed, but many are also reluctant to speak up about their mental health issues, because of the stigma around getting treatment. Admitting you need help is considered a weakness in many Asian cultures, and Singapore is no different, alt-hough thankfully this is changing among the younger generations.

The government is trying to improve things by introducing more flexible work, and encouraging employers to provide help for those who need it. Talking about mental health and the pressures of working life more openly would help. An acknowledgement that the route to success doesn’t have to be linear, and is paved with mistakes, would also aid to change expectations of what success looks like. Kumar is an outlier — but his story is one of hope and the path less traveled. More Singaporeans may be tempted to consider it.

BLOOMBERG OPINION

Philippines lags in national technological strength list

The Philippines fell by two notches to 63rd out of 65 countries in the 2023 edition of most technologically advanced countries ranking by international magazine Global Finance. The report ranks a country’s technological strength across four metrics: internet users as a percentage of a country’s population; LTE users as a percentage of the population; IMD World Competitiveness Center’s Digital Competitiveness Score; and share of a country’s research and development spending to its economic output. Among 11 East and Southeast Asian countries included in the report, the Philippines ranked the lowest with a composite score of -5.77.

 

Philippines lags in national technological strength list

How PSEi member stocks performed — April 30, 2024

Here’s a quick glance at how PSEi stocks fared on Tuesday, April 30, 2024.


Peso weakens vs dollar on inflation bets

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THE PESO depreciated against the dollar on Tuesday after the Bangko Sentral ng Pilipinas (BSP) said inflation may have quickened further in April.

The local unit closed at P57.76 per dollar on Tuesday, weakening by 8.5 centavos from its P57.675 finish on Monday, Bankers Association of the Philippines data showed.

The peso opened Tuesday’s session stronger at P57.60 against the dollar. Its intraday best was at P57.45, while its weakest showing was at P57.77 versus the greenback.

Dollars exchanged rose to $1.89 billion on Tuesday from $1.46 billion on Monday.

“The peso closed on a weaker note for the month amid domestic expectations of a potential uptick in headline inflation for April,” a trader said in an e-mail.

The BSP on Tuesday said headline inflation could have picked up further in April and even breached its 2-4% annual target.

The central bank said the April consumer price index (CPI) may have settled within 3.5% to 4.3% amid higher prices of rice, meat and gasoline and a weak peso.

The low end of the BSP’s estimate would be slower than the 3.7% pace in March as well as the 6.6% logged in April 2023.

However, the high end of the range would be the fastest since the 4.9% logged in October 2023. This would also mark the first time since November 2023 that the CPI exceeded the central bank’s 2-4% goal.

Headline inflation averaged 3.3% in the first quarter, within the central bank’s target and below its baseline forecast of 3.8% and risk-adjusted forecast of 4% for the year.

The peso was also lower amid the dollar’s broad strength, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For Thursday, the trader said the peso could continue to drop on likely robust US data. The trader sees the peso moving between P57.60 and P57.85, while Mr. Ricafort expects it to range from P57.65 to P57.85 per dollar.

Philippine financial markets are closed on May 1, Wednesday, for Labor Day.

STRONG DOLLAR
The US Federal Reserve begins its two-day monetary policy meeting on Tuesday, where it’s expected to hold rates at 5.25%-5.5%, with US inflation proving to be sticky, Reuters reported.

The dollar rose to 0.16% to 105.69 against a basket of currencies ahead of the Fed’s meeting, after slipping 0.25% in the previous session.

The yen dropped against the dollar on Tuesday, giving up some of its sharp gains the previous day sparked by suspected intervention by Japanese authorities.

The currency was down 0.4% to 157 yen per dollar, but off its 34-year low of 160.245 yen hit on Monday when traders say yen-buying intervention by Tokyo drove a eye-catching rebound of nearly six yen. — AMCS with Reuters

Local shares snap six-day rally on profit taking

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PHILIPPINE SHARES snapped their six-day rally on Tuesday as investors pocketed their gains ahead of the policy decision of the US Federal Reserve.

The Philippine Stock Exchange index (PSEi) fell by 1.02% or 69.15 points to end at 6,700.49 on Tuesday, while the broader all shares index declined by 0.48% or 17.34 points to close at 3,525.94.

“This Tuesday, the local market dropped by 69.15 points (1.02%) to 6,700.49 as investors took profits after a six-day rally. Investors booked gains ahead of the Fed’s meeting to avert risks regarding the Fed’s decision,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

“The bourse struggled to have a clear direction early in the day before heavy selling occurred near the closing bell. This reflected the cautiousness of the investors throughout the session,” he added.

The Fed began a two-day policy review overnight. It is widely expected to keep its target rate steady at the 5.25%-5.5% range for a sixth straight meeting and maintain its hawkish tone amid sticky inflation.

Traders continue to pare back bets of Fed rate cuts this year amid hotter-than-expected US economic data and stubborn inflation numbers, Reuters reported.

A rate cut in September was looking like a close call at just 44%, according to CME Group’s FedWatch tool.

“Philippine shares fell as the index failed to continue its rally. Shares settled at 6,700 flat. Wall Street saw stocks rise as the Fed is expected to meet today, weighing on the country’s interest rate policy,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message on Tuesday.

“Oil prices fell, as possibilities of a ceasefire agreement in the Middle east calmed investors’ worry of greater conflict in the region. Brent contract declined by 1.23% to $88.40 per barrel, while West Texas Intermediate contract fell by 1.45% to $82.63 per barrel,” he added.

All sectoral indices ended lower on Tuesday. Property lost 1.99% or 50.95 points to close at 2,509.49; services retreated by 1.14% or 21.51 points to 1,856.90; financials went down by 0.75% or 15.83 points to 2,094.20; holding firms decreased by 0.59% or 37.28 points to 6,189.77; mining and oil sank by 0.2% or 17.99 points to 8,784.58; and industrials inched down by 0.23 point to 9,014.34.

“Among the index members, GT Capital Holdings, Inc. was at the top, climbing 4.66% to P639.50. SM Prime Holdings, Inc. lost the most, dropping 2.95% to P27.95,” Mr. Plopenio said.

Value turnover surged to P22.31 billion on Tuesday with 1.5 billion issues changing hands from the P5.32 billion with 603.99 million shares traded on Monday.

Advancers beat decliners, 110 versus 87, while 51 names were unchanged.

Net foreign selling stood at P16.58 billion on Tuesday, a reversal of the P1.18 billion in net inflows on Monday.

The stock market is closed on Wednesday for Labor Day. — R.M.D. Ochave with Reuters

Philippines says Chinese Coast Guard damaged its ship at Scarborough Shoal

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THE PHILIPPINES on Tuesday accused China’s coast guard of harassment and damaging one of its boats near the Scarborough Shoal in the South China Sea, and rejected Beijing’s claim that it had expelled two vessels from the hotly contested shoal.

The Philippine Coast Guard (PCG) said the two vessels stood their ground at the shoal, a key battleground in the South China Sea, but one sustained damage from the use of water cannons by two Chinese Coast Guard ships.

One PCG ship and a fishery bureau vessel were trying to distribute supplies to Filipino fishermen at the traditional fishing ground, which falls within the Philippines’ exclusive economic zone, on April 29.

“This damage serves as evidence of the forceful water pressure used by the China Coast Guard in their harassment of the Philippine vessels,” Philippine coast guard spokesman Jay Tristan Tarriela said in a statement.

“They were not deterred and will persist in carrying out their legitimate operations to support Filipino fishermen and ensure their safety.”

No country has sovereignty over the strategically located Scarborough Shoal, a prime fishing patch used by several countries that is close to major shipping lanes. The shoal is 240 kilometers west of the main Philippine island of Luzon and is nearly 900 kilometers from Hainan, the nearest major Chinese landmass.

In the statement, Mr. Tarriela said the Philippine vessels patrolling in waters near Scarborough Shoal “encountered dangerous maneuvers and obstruction” from four Chinese coast guard vessels and six maritime militia ships.

He said China Coast Guard ship CCG 3305 used fire a water cannon at a Bureau of Fisheries and Aquatic Resources (BFAR) vessel at 9:53 a.m. on Monday, “directly hitting the starboard astern” of the ship.

Two other China Coast Guard ships used their “jet stream water cannons” against a PCG vessel when it was sailing some 1,000 yards away from the shoal.

Mr. Tarriela said the primary objective of the patrol was to “distribute fuel and food supplies” to Filipino fishermen in keeping with the Marcos government’s food security policy.

China for more than a decade has occupied the atoll and waters around its lagoon, which has long been a sanctuary for vessels during storms and have been the site of multiple confrontations in recent years.

China’s coast guard said the vessels had been expelled but did not provide details of the incident.

“China urges the Philippine side to immediately stop its provocative acts of infringement and do not challenge China’s firm determination to safeguard its sovereignty,” Lin Jian, spokesman for the Chinese Foreign Ministry, told a news briefing.

“China’s coast guard took necessary measures in line with the law to firmly expel them.”

The Philippines’ Mr. Tarriela said its vessel, the BRP Bagacay, suffered damage to its railing and canopy. He also said China has installed a floating barrier at the shoal’s entrance, “effectively restricting access to the area.”

China claims sovereignty over almost the entire South China Sea, a conduit for more than $3 trillion of annual ship-borne commerce, including parts claimed by the Philippines, Vietnam, Indonesia, Malaysia and Brunei.

A United Nations-backed tribunal in the Hague ruled in 2016 that China’s expansive claim had no legal basis, a decision Beijing has rejected.

China and the Philippines have traded accusations of illegal conduct at the Scarborough Shoal and Manila recently summoned China’s ambassador in Manila to explain what it calls aggressive maneuvers. China typically accuses the Philippines of encroaching on its territory.

China and the Philippines previously said they would seek better communications and management around skirmishes in the vast South China Sea, but tensions have increased recently, as the Philippines forges stronger diplomatic and military ties the United States.

An Asia Maritime Transparency Initiative report in February said Scarborough Shoal was among the five features in the South China Sea most frequented by China’s coast guard last year.

Philippine civic group P1NAS said the water cannon attack happened a day amid the joint military exercises between the Philippines and the US.

On Monday, the Philippines, the US, and France concluded their first-ever joint sail, which was under the April 24-May 8 Balikatan or shoulder-to-shoulder drills.

Their flotilla, which conducted gunnery exercises within the Philippines’ exclusive economic zone in the South China Sea, had been shadowed by several Chinese warships, according to the Philippine military. — Kyle Aristophere T. Atienza with Reuters

2024-2025 school calendar may end earlier in March

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By John Victor D. Ordoñez and Kyle Aristophere T. Atienza, Reporters

PHILIPPINE education officials on Tuesday said they have endorsed to the President a plan to end the school year by March 2025 to allow for an April-May school break amid calls to adjust the school calendar due to extreme heat.

“In response to the recent clamor for a more immediate reversion to the April-May school break, the department has already submitted a letter to the Office of the President presenting other options including a more aggressive alternative of ending school year 2024-2025 in March 2025,” Education Assistant Secretary Francis Cesar B. Bringas told a Senate basic education committee hearing.

The Education department in February ordered the start of the 2024-2025 school year on July 29. It is supposed to end on May 16, 2025.

Mr. Bringas said the endorsement was not due to “climate or weather considerations” since schools can already shift to online learning in times of extreme weather.

“The gradual reversion to the April-May school break was based on the preference of the general public as reflected in the surveys on the matter, and second, the significant economic impact of summer breaks as a tourism drive for local destinations in the country,” he added.

He asked the Senate body to give President Ferdinand R. Marcos, Jr. time to study the proposal.

Philippine Senate President Juan Miguel F. Zubiri on Monday urged education officials to return to a June to March academic calendar instead of August amid record heat levels.

The state weather bureau on Monday said Dagupan City in Pangasinan was expected to experience temperatures of as hot as 47°C in the next two days. Pasay City in Metro Manila was expected to post a heat index of 43-44°C.

Iba, Zambales in northern Philippines posted the highest temperature of 53°C on April 28 after four straight days of registering a heat index of 42-43°C.

DepEd suspended face-to-face classes in all public schools nationwide on April 29 and 30.

Mr. Bringas noted that if the suggestion to change the school calendar is adopted, students would have fewer days of face-to-face classes but more schoolwork.

He added that the “aggressive approach” to fast-track ending the school year by March next year would mean Saturday school work for teachers and students.

“We should also learn from this and look at some short-term solutions,” Mr. Gatchalian said. “What are our schools doing in order to adjust to this condition? What are our medium-term and long-term solutions in order to adapt to this new normal of climate change?”

Meanwhile, 131 local governments have declared a state of calamity due to El Niño, with dozens of localities experiencing drought, Presidential Communications Office Assistant Secretary Joey Villarama told reporters.

At least 41 areas were experiencing drought, said the official, who serves as the spokesman of Task Force El Niño.

Damage to agriculture has hit P4.39 billion covering 77,731 hectares of land, 77% of which were recoverable, he said.

The government expects the climate pattern to normalize by the end of May, he added.

“The Philippines is in the grip of a severe El Niño, with its impacts aggravated by the climate crisis,” Greenpeace Philippines campaigner Khevin Yu said in a statement. “Temperatures and heat indices across the country have hit record highs in the past week, affecting farmers, students and senior citizens, among many others who are already the most vulnerable to the impacts of the climate crisis.”

“We call on our government to ensure measures that will mitigate the impacts of El Niño on our water supply, food production and power generation,” he added.

Greenpeace sought a shift to a farm system that is more environment-friendly and climate-resilient. “This is to ensure food and nutrition security, at the same time, uplift the lives of Filipino farmers, especially as we continue to fend off the effects of El Niño and prepare for La Niña.”

It also sought improved investments in ecological agriculture so that farmers can become self-sufficient and more capable in responding to a crisis.

“We need to further accelerate the transition towards the use of renewable energy that drastically reduces the use of water for power generation for future occurrence of El Niño,” Greenpeace said.

Investigation of red, yellow alerts in Luzon, Visayas sought

MATTHEW HENRY-UNSPLASH

A SENATOR has filed a resolution seeking an inquiry into the recent red and yellow alerts in the Luzon and Visayas power grids amid increased demand due to record heat.

“The persistent problem of insufficient electricity supply suffered by Filipinos requires a comprehensive solution from all electric power industry participants,” Senator Sherwin T. Gatchalian said in Senate Resolution No. 1018 filed on April 29.

The Senate was urged to consult with the Department of Energy (DoE), National Grid Corp. of the Philippines (NGCP) and other stakeholders to look into the country’s power supply outlook and measures to ensure continuous supply.

On Monday, the NGCP placed the main island of Luzon and the Visayas under yellow alerts after their power supply fell below the safety threshold.

Yellow alerts are issued when the supply available to the grid falls below a safety threshold. If the supply-demand balance deteriorates, a red alert is declared.

Metro Manila and other regions have been experiencing sizzling temperatures due to the El Niño weather event.

Mr. Gatchalian said the DoE and Energy Regulatory Commission (ERC) should propose short, medium and long-term solutions to the country’s power supply problems.

He said these agencies should ensure power generation companies comply with the highest standards.

The Luzon grid’s available capacity was 14,952 megawatts (MW), while peak demand forecast was 13,893 MW, the NGCP said on Monday.

It said four power plants have been on forced outage since 2023, four between January and March 2024 and 13 this month. One plant is running on a derated capacity. Due to the forced outage, a total of 1,443.3 MW were unavailable to the grid.

Meanwhile, the Visayas grid was placed under yellow alert from 1-4 p.m. and 6-8 p.m. Its available capacity was 2,835 MW, while peak demand forecast was 2,596 MW.

Philippine President Ferdinand R. Marcos, Jr. on Monday said the country was in a “crisis,” with systems being overloaded. He said his government would continue monitoring power supply and endorse NGCP projects.

“The effect of El Niño is not something new to us,” Mr. Gatchalian said. “We shouldn’t settle for knee-jerk solutions every time we have a spike in demand due to weather-related disturbances.” — John Victor D. Ordoñez

SSS calls out 1,200 delinquent employers

By Aaron Michael C. Sy, Reporter

THE SOCIAL Security System (SSS) has called out more than 1,200 employers nationwide to settle unpaid contributions that sum up to over P335 million.

In a statement on Tuesday, the SSS said these delinquent accounts adversely affect the social security coverage of nearly 19,000 employees.

SSS President and Chief Executive Officer Rolando L. Macasaet led the Run after Contribution Evaders (RACE) operation on Tuesday and personally urged delinquent employers to religiously remit their workers’ contributions to ensure that their employees receive their benefits under the SSS.

“Our members can now easily check if their SSS contribution record is updated using the My.SSS Portal, which they can access through their smartphones. If they find out that their employers are not remitting their contributions, we advise them to report it immediately to our SSS Branch Office to investigate,” he said.

Mr. Macasaet said employees will not be able to claim their SSS benefits or apply for loan programs if their contribution records are not updated.

He added that the SSS will not hesitate to file charges against delinquent employers if these unremitted contributions are not settled soon.

“Non-remittance of SSS premiums is a criminal offense that violates Republic Act No. 11199,” he said.

SSS Executive Vice President for Branch Operations Sector Voltaire P. Agas said employers who fail to register their employees or have not deducted and remitted their contributions to SSS will be penalized with a fine of P5,000 to P20,000 and face imprisonment ranging from six years and one day to 12 years.

“Employers who received the violation notices are given 15 days to coordinate with their respective servicing SSS Branch Office and settle their contribution delinquencies, and if they fail to act on it, SSS will take legal action against them,” he added.

811 cyberattacks thwarted — DICT

RAWPIXEL.COM-FREEPIK

THE GOVERNMENT has thwarted over 800 cyberattacks against its online assets and servers this year, the Department of Information and Communications Technology (DICT) revealed in Tuesday’s congressional hearing.

“We would like to note that there are 811 early detections,” DICT Undersecretary Jeffrey Ian C. Dy said. “These were attempts to attack government agencies but did not push through.”

The DICT created a national operations center in response to various cyber threats domestically and internationally, Mr. Dy told congressmen investigating the string of data breaches and attacks in the past months that resulted in sensitive data being accessed by the perpetrators.

So far, the centralized data security system of government has 28 agencies connected to it, he said, adding that the DICT can scan system vulnerabilities of all government assets and databases.

“We found 30,682 vulnerabilities on some 2,000 government assets,” the DICT expert said.

However, even with the data security system, a total of 282 attacks were successful in breaching various government data systems.

According to the DICT, the Department of Transportation, the National Economic Development Authority, and the Philippine National Police–Information Technology Management Service are the agencies most frequently targeted by cyberattacks. — Kenneth Christiane L. Basilio

BCDA bill hurdles Senate panels

A PHILIPPINE senator filed on Tuesday the committee report of a bill seeking to extend the Bases Conversion Development Authority’s (BCDA) corporate term to 50 years and increase its capital stock to P200 billion from P100 billion.

Under the committee report of Senate Bill No. 2647, each BCDA economic zone will have an area of land that would be disposable which would allow its sale for residential use. About 25% of the net proceeds from land sales would go to the Armed Forces of the Philippines Pension Fund.

The BCDA would have to submit to the Office of the President updates on its land sales of disposable lands.

The company’s capital stock of P200 billion would have to be funded through its cash or property.

The measure was submitted by the Senate committees on Government Corporations and Public Enterprises and National Defense and Security, Peace, Unification and Reconciliation. — John Victor D. Ordoñez

DBM pushes ‘green procurement’

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THE ADOPTION of environment-friendly practices and a shortening of the procurement process by at least three-fourths the time are part of the “green procurement” being pushed by the Department of Budget and Management (DBM).

In a statement on Tuesday, Budget Secretary Amenah F. Pangandaman said that green procurement “is not just a choice” but “our responsibility.”

“As we navigate the challenges of the present, we must also safeguard the future generation,” she said in supporting the green procurement processes contained in Senate Bill No. 2593, the proposed New Government Procurement Act.

The bill favors locally manufactured and environment-friendly goods, articles, and materials. It also seeks to shorten the government’s procurement process from 120 days to 27 days.

One other key change introduced by the bill is that public biddings would “no longer be the primary method of procurement but merely one of the available procurement modalities.”

“The proposed law introduces the ‘fit for purpose’ and ‘proportionality’ concepts or principles. It encourages agencies to choose the most appropriate procurement mode based on the specific situation, ensuring flexibility and efficiency during emergencies and beyond,” the DBM statement said.

Senators have yet to approve the measure on second reading, but as one of the Marcos administration’s priority bills hopes are high for its approval before Congress adjourns in late May. — Beatriz Marie D. Cruz