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Entrepreneurs told to use AI to create new products, save time

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FILIPINO micro, small and medium enterprises (MSMEs) can use artificial intelligence (AI) tools to streamline their business plans and product creation, according to a data analyst.

“It takes three to four months to create a good business plan,” data analyst and science specialist Eduardo Canela told a webinar hosted by the University of the Philippines Institute for Small-Scale Industries (UP ISSI) last week.

“There were a lot of consultants who profited in writing business plans that bankers will be able to understand,” he added.

AI tools can provide product descriptions, pictures and videos for advertising without music and a script, Mr. Canela said.

“Sora is a nice AI program to make movies, from zero to hero, all text,” he said, while noting that it can be a dangerous product.

Generative AI is a tool that allows users to generate content based on existing data. Some of the popular applications are OpenAI’s ChatGPT, AI Sora, Gemini and DALL-E.

“Before, we were using mechanization processes such as time and motion studies, like method engineering to double an enterprise’s efficiency with the cost of buying machinery and equipment,” Mr. Canela said.

He added that years ago, the UP ISSI could do low-cost automation and increase productivity by 50-60%. Now, AI can do that 100% for free.

“AI provides you with scaffolding. It can do a lot of things — editing, criticizing and paraphrasing,” he said.

But entrepreneurs should review products created by AI. “AI is a machine that also commits mistakes. It has a defect called hallucinations when it is overwhelmed with data,” Mr. Canela said.

He said you will own the AI prompts — a form of interaction between the user and an AI tool that allows the model to generate the desired result — not by the AI company.

“Prompts enhance the efficiency of an AI platform, so it processes data more efficiently to derive valuable insights and generate engaging content. AI prompts are both an art and a science,” according to the SocialPilot website.

Entrepreneurs should take advantage of the program while there is still no Philippine law that regulates how businesses can use AI, while keeping everything above board.

The local statistics agency said the Southeast Asian nation had a million enterprises in 2023, 99.6% of which were MSMEs that employ 63% of the country’s workers. — Aubrey Rose A. Inosante

RCBC appoints new head for wealth management group

PHILSTAR FILE PHOTO

THE WEALTH management arm of Rizal Commercial Banking Corp. (RCBC) has appointed Jacqueline Grace B. Wieneke as its new head, the listed bank said on Tuesday.

“Ms. Wieneke will replace Jane N. Manago as Group Head of Wealth Management Group, who is retiring effective May 21,” the Yuchengco-led bank said in a disclosure to the stock exchange.

RCBC said the appointment may still be subject to Bangko Sentral ng Pilipinas or other regulatory approvals.

As of end-2023, RCBC was the sixth largest bank in the Philippines with its total assets standing at P1.289 trillion.

The lender’s attributable net income rose by 1.14% year on year to P12.218 billion in 2023 amid higher loans and deposits.

RCBC’s shares rose by P1.15 or 5.32% to end at P22.75 each on Tuesday. — AMCS

Pre-roman necropolis unearthed in Italy during excavations

ROME A pre-Roman necropolis characterized by rich grave artefacts was discovered in southern Italy during excavations for the construction of an electricity power station, local authorities said on Wednesday.

The necropolis was found near Amorosi, some 50 km away from Naples, during preliminary excavations to build an electric station linked to a high-speed train line, they said in a statement.

The best-preserved archeological evidence was found in a burial area of around 13,000 square meters that dates between the final stages of the Iron Age and the 8th-7th century BC and includes 88 tombs.

Weapons were found in the male tombs, while the female tombs included bronze ornaments such as bracelets and pendants.

“The grave artefacts also included large quantities of vases of different shapes, often stacked on top of each other, usually laid at the feet of the deceased in a reserved space,” the local cultural heritage authority said.

“This archeological discovery is of decisive importance for the history of our culture,” Amorosi Mayor Carmine Cacchillo said. Reuters

MPIC says it’s bolstering sustainability efforts 

METRO Pacific Investments Corp. (MPIC) said it is intensifying its focus on sustainability initiatives.

The company has adopted environmental, social, and corporate governance (EESG) metrics as essential performance indicators, integrating sustainable practices extensively into its corporate strategy, said June Cheryl “Chaye” Cabal-Revilla, executive vice-president and chief finance risk and sustainability officer of MPIC and president and CEO of mWell, during the CommChat Series 2024 webinar on “Sustainability: A Journey from Divergent Paths.”

She also highlighted efforts in environmental stewardship and their impact on enhancing community life.  “When we uplift ourselves, it’s our duty to uplift everyone around us. A happy community fosters safety for all. For us, sustainability is not just a policy; it is a cornerstone of our existence,” she said.

Additionally, Ms. Revilla said that MPIC follows the United Nations’ sustainable development goals (SDGs) and the Philippine national development goals, shown through projects like mWell.

mWell is a health and wellness application developed by Metro Pacific Health Tech, representing the first fully integrated, all-in-one health and wellness mega app in the country.

It is designed to make health access available and affordable, the company said.

“We are dedicated to ensuring all Filipinos have access to health services, supporting SDGs focused on good health, economic growth, and reduced inequalities, among others,” Ms. Revilla said.

The CommChat Series 2024 is organized by the International Association of Business Communicators Philippines, an organization for professionals in the field of business communication in the Philippines. The series will continue with the next CommChat session scheduled for June. 

MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority share in BusinessWorld through the Philippine Star Group, which it controls. — Aubrey Rose A. Inosante

Hope for fisheries

PHILIPPINE STAR/MIGUEL DE GUZMAN

The fisheries sector has always contributed a measly share of our gross national product (GDP). About 4% of our workforce is engaged in it but contributes only 1.3% to our GDP. On average, the per capita GDP of the fish-eries sector is about 1/3 the national average. This is ironic because we are an archipelagic country and food from the sea contributes 50% of our protein nutrition. Typically, those who produce our food are the poorest among our people.

During the past decade, fish stocks have declined by 20% due to overexploitation, destructive fishing methods (such as dynamiting), and habitat degradation. Harassment by Chinese fishing vessels and their destruction of corals in their construction of military bases in the West Philippine Sea have exacerbated the decline.

Last year, the World Bank announced that its Executive Board had approved $167 million for FISHCORE, a project that is intended to enhance the productivity of the fisheries sector and help reduce poverty in two of the 12 Fisheries Management Areas (FMAs) identified by the Bureau of Fisheries and Aquatic Resources (BFAR) of the Department of Agriculture. The money translates to P10 billion, or about P5 billion for each FMA. These pilot pro-jects consist of one on the northwest coast of Luzon, and another in the archipelagic areas in southern Visayas and northern Mindanao.

The intentions for FISHCORE are laudable; but as is often the case, will it be implemented effectively?

There are many obstacles and constraints that will make it difficult. For one thing, under the Local Government Code of 1991, agriculture has been devolved to the local government units (LGUs). Will BFAR be able to work effectively with the LGUs?

One of the major problems is corruption among LGU politicians who allow illegal fishing by trawlers in municipal waters which are reserved for local fishers. Trawlers drag nets that comb the seafloor, catching all sorts of fish including juveniles. A Bantay Dagat leader in northern Cebu told me once that when he tried to board one such ship to tell them not to fish in their waters, he was met by a gun.

At the turn of the millennium, Malcolm Sarmiento was BFAR director. During his term, fisheries production grew from year to year. Sarmiento worked hard to promote marine sanctuaries, aquaculture, and value-adding (such as the commercial production of sardines in his home province of Zamboanga).

I grew up in the coastal areas of Leyte and Samar. My dad had eloped with my mom when they were teenagers, so my grandpa hired him to be the manager of a sawmill in Tacloban which happened to be right across a beach. So, my resourceful father became a fisherman on the side. He built a couple of fish pens and even learned to caulk a banca (outrigger) and to mend a fishnet.

When the war with Japan broke out, we never starved because he produced and sold dried fish. Whenever the peace siren sounded, people flocked to our sawmill to buy dried fish! My young mother raised chickens and vegetables in our backyard.

When I was just starting school, I was sent during summer breaks to Calbayog, Samar where we had relatives who had small kids like me. I enjoyed fishing with them at the makeshift harbor. Papa also had a few pump boats that plied the Leyte and Samar route. So, I am familiar with the sight of large bins full of freshly caught fish which were loaded on our boats.

I once met the leader of a fishermen’s cooperative in Western Samar. He told me that after three years when they disciplined themselves by protecting a marine sanctuary and stopping dynamite fishing, their production of fish was substantial. Their cooperative’s members were very happy, after several years of low productivity.

My maid’s husband from Northern Samar — who was little schooled, if at all — confessed to me once that he used to do dynamite fishing until he attended a “seminar” and learned how destructive it was to productivity of their municipal waters.

One of my development management students did a stud y on a fishing community in Bataan which was living below the poverty line. During the rainy season, they had to sell their extra catch at low prices because they could not dry them. By organizing them into a coop, and getting them a loan for a mechanical drier, she demonstrated that they could rise above the poverty line.

Getting Filipinos organized into cooperatives is not an easy task. This is one of the challenges that FISHCORE will need to deal with.

The BARMM in Muslim Mindanao is a large producer of seaweed, which is considered a part of fisheries. Perhaps this sector can be expanded and brought into value-adding technologies.

Let us hope FISHCORE is successful in the pilot areas and is able to expand into other FMAs. It will help so many of our food producers overcome their undeserved poverty. The Secretary of Agriculture is a fishing mag-nate. Perhaps he can be more attentive to fisheries than other secretaries who have been so focused on plant life.

 

Teresa S. Abesamis is a former professor at the Asian Institute of Management and Fellow of the Development Academy of the Philippines.

tsabesamis0114@yahoo.com

Startups should find investors with goals aligned with theirs

AUSTIN DISTEL-UNSPLASH

ENTREPRENEURS should build relationships with investors whose mission is aligned with theirs, according to a startup specialist.

“Go beyond the transactional quid pro quo relationship and you will get people’s buy-in on the mission you’re trying to do and the solution you’re offering to solve a problem,” Judge R. Calimbahin III, manager for entrepreneur experience at nonprofit Endeavor Philippines, said in an interview.

Bringing an investor into your business is like bringing someone into your home, he said.

“Before you bring a guest, you need to know who they are first… You need to know if they are strategically placed, if they’re well-placed to support you,” he added.

It takes a while to build these relationships. “You need to convince them too that [the business] is a good investment, and that there is a market for it.”

A common source of funds for early-stage companies are friends and family, according to the US Securities and Exchange Commission.

Angel investors or high net worth people who invest their own money in emerging businesses, and venture capital funds can also bring in money.

Plug and Play Tech Center, a California-based venture capital firm, has partnered with the Philippines’ Department of Trade and Industry to offer funding and training to at least 40 startups through a so-called accelerator program.

Financial institutions have also been making inroads in financial inclusion for small businesses.

The partnership of GoTyme and Paymongo Philippines, Inc., for one, allows small- and medium-sized enterprises under the latter’s merchant ecosystem to apply for loans of as much as P500,000 through the former’s banking services.

“There’s a lot,” Mr. Calimbahin said. “The challenge is figuring out where [these funds] are, and navigating which one is perfect for you as a company.” 

Each investor will have their own strengths and networks to provide, he told BusinessWorld.

“Anyone can just give money… [but] it’s important to find the investors that provide the most strategic value,” he added.

Mr. Calimbahin advised entrepreneurs to view themselves as stewards of the money they’ve been given, regardless of the reason for raising funds.

“Treat it as if you’re the steward of the funding of your investors,” he said, citing Steve Sy, founder and chief executive officer of Great Deals E-Commerce Corp., a high-impact startup that Endeavor had supported.

Consider the true value of what you’re spending — whether it is for the team’s growth or market growth, he added.

“How can I ensure that the amount of money I invest in… can eventually grow over time, in the sense of whether the team is happier for it or more productive?”

Aligning goals is crucial because entrepreneurship is a tough journey, Mr. Calimbahin said. “It’s not easy, but if both you [and your investors] are aligned in the same vision… then it’s easier to get through the challenges.” — Patricia B. Mirasol

IFC to invest $7 million in fintech firm Salmon

INTERNATIONAL Finance Corp. (IFC) is investing $7 million (about P404 million) into financial technology (fintech) firm Salmon Group Ltd., a controlling shareholder of Rural Bank of Sta. Rosa (Laguna), Inc.

The funds will be used for the capital of the rural lender, Salmon said in a statement.

The capital will be used to allow Salmon to develop new credit products and a lifestyle banking offering, it said. The fintech company said it plans to launch the products in the second half.

“This strategic investment reflects our confidence in Salmon’s vision of providing modern, affordable, and easy-to-access banking services to every Filipino,” IFC Country Manager for the Philippines Jean-Marc Arbogast said.

“By pioneering investment in AI (artificial intelligence)-enabled products in the country that will disrupt the market and traditional lenders, we hope to fill important gaps in the banking industry,” he added.

IFC is joining the $25-million Series A extension round (Series A-1) as a lead investor alongside Singapore-based private equity fund Northstar Group, along with other local and international investors.

“We are excited to support Salmon’s vision to provide innovative digital banking services and credit solutions to the underserved in the Philippines” Northstar Group Chief Investment Officer Wong Chee-Yann said.

“We also look forward to partnering with the founders of Salmon, IFC, and other investors in the journey to build a market leading consumer fintech business in the Philippines,” he added.

IFC will also work with Salmon to strengthen its role as a responsible lender.

Salmon was founded in July 2022 and uses AI-enabled technology and a proprietary credit engine to offer consumer loans.

“We are excited to welcome IFC and Northstar as our partners. IFC is one of the largest venture capital investors in emerging markets, and we share IFC’s commitment to leveraging disruptive AI technology to boost access to banking among the underserved.  Large part of IFC funding will be directed towards extending the footprint and enhancing capital position of the Rural Bank of Sta. Rosa (Laguna),” Salmon Philippines Co-founder and Business Head Raffy Montemayor said. — AMCS

This startup with make a statue of your dog for $10,000

TWITTER.COM/MSPRINGUT

FOR ATTENDEES at payment processing company Stripe, Inc.’s annual conference this week, it was impossible to miss: A six-foot Renaissance-style Carrara marble statue of a nude man clutching an expired Stripe test credit card, displayed in an expo hall at San Francisco’s Moscone Center.

Naturally, people snapped photos of it during lunch. Memes proliferated. And there were questions, such as whether John or Patrick Collison — Stripe’s co-founder brothers — had posed for the sculpture. (During an onstage question and answer session on Thursday, they said they were not the inspiration.)

In typical Silicon Valley style, the sculpture came from a startup. The creator, Monumental Labs, uses a robotic arm to mill blocks of stone into everything from a client’s dog to the (literally and figuratively) cheeky guy at the conference.

Monumental Labs was founded in 2022 by Micah Springut, a tech entrepreneur and marble-carving hobbyist, in hopes of making it orders of magnitude faster and cheaper to produce stone sculptures with the aid of technology rather than carving them by hand. It’s one of a handful of companies using a CNC — that’s “computer numerical control” — robot to sculpt marble. The process currently involves programming all the detailed tool moves required to make a given sculpture, which is a time- and human-intensive process the company plans to eventually automate.

The Stripe statue was New York-based Monumental Labs’ first corporate customer, Springut said. It was such a hit in person and on social media, it’s triggered a deluge of interest for the company, prompting “dozens and dozens” of new inquiries, Mr. Springut said. “I haven’t even counted them all.”

The sculpture took Monumental Labs 10 days of milling with its robot, plus another two weeks of hand finishing completed by three hand-carving staffers. Mr. Springut wouldn’t say how much Stripe paid for the piece, but he did say a life-sized sculpture can cost anywhere between $32,000 and hundreds of thousands of dollars, depending on the type of stone used, the level of complexity of the piece and the desired finish.

He estimated that a similar piece would take two to four years to make by hand and would cost a minimum of $200,000 or perhaps millions. “It’s so hard to tell because it really doesn’t happen anymore,” Mr. Springut said.

The company closed a financing round of just under $1 million in November, the Chief Executive Officer (CEO) said. Investors included Mythos Ventures, former Twitch CEO Emmett Shear and Gumroad CEO Sahil Lavingia.

Since its first commission last August — a bust of Abraham Lincoln, modeled on the bronze one by Augustus Saint-Gaudens — Monumental Labs has made dozens of sculptures, Mr. Springut said. The company is often asked to fabricate busts or life-sized sculptures of family members and replicas of Greek statues for a clientele including wealthy founders and investors.

So far, Mr. Springut said, nobody has commissioned a bust of themselves.

Many of the startup’s clients are artists looking to get a version of their own work in stone: Monumental Labs fabricated a sculpture for Alexander Reben, an artist known for using artificial intelligence (AI) tools who is currently OpenAI’s first artist in residence. Reben’s sculpture, based on an image generated by artificial intelligence, looks like a giant marble cluster of ears. The company also made a sculpture that looks like a Hermes Birkin bag at the request of artist Barbara Segal, a sculptor and stone carver herself, known for her stone creations that evoke luxury goods. (Ms. Segal did the finishing work herself, Mr. Springut said.)

Though Monumental Labs’ robotic carving process currently requires humans to guide it, the company is moving toward automating the work, Mr. Springut said, which could mean more sculptures, faster. One of the first steps the company will need to take: building a dataset made up of simulations of the many, many paths a robotic arm might take as it whittles away at a block of marble or limestone.

Currently, the startup offers busts starting at $6,000, life-sized figures starting at $32,000 and larger-than-life statues from $95,000. A sculpture of the family dog, Mr. Springut says, runs about $5,000 to $30,000 — with higher prices for a particularly large or curly-haired canine. — Bloomberg

Windmill sails fall from Paris cabaret club Moulin Rouge

MATT SEYMOUR-UNSPLASH

PARIS The sails of the landmark red windmill atop the Moulin Rouge, the most celebrated cabaret club in Paris, fell to the ground overnight in the early hours of Thursday, much to the sorrow of tourists.

“The Moulin Rouge, in 135 years of history, has experienced many adventures but it is true that for the wings, this is the first time that this has happened,” general manager Jean-Victor Clerico told reporters.

“A little before 2 a.m., the wings of the windmill gave way, fell on the boulevard and fortunately at this time the boulevard was empty of passers-by. We are relieved this morning especially to know that there were no injuries.”

A spokesperson for the Moulin Rouge said the theater would investigate the cause of the incident with experts and insurers. Mr. Clerico said whatever the cause it was not intentional.

The Moulin Rouge, founded in 1889, became a global symbol of end-of-the-century Parisian culture, its famed can-can dancers widely depicted in paintings by avant-garde artists of the era such as Henri de Toulouse-Lautrec and Georges Seurat. Nowadays the audience is largely made up of tourist groups.

“I hope they will build it up again so it will be as it always has been, the old Moulin Rouge,” Danish tourist Lise Thygesen said.

German tourist Florence Chevalier said: “It’s weird to me, (the Moulin Rouge), it’s Paris. It’s like the Eiffel Tower, it’s Paris. It’s weird, you can’t say it any other way.”

And it wasn’t just tourists that came to see what happened.

“I heard it on the radio. As I live next door, I wanted to come and see with my own eyes what it was like and it’s very sad,” local resident Laurence Plu said. “It’s not the Moulin anymore, it lost his wings, it lost his soul.” Reuters

Meralco awaits ERC nod for 400-MW supply deal

BW FILE PHOTO

MANILA Electric Co. (Meralco) said it awaits the approval of the Energy Regulatory Commission (ERC) for its 400-megawatt (MW) power supply agreement (PSA) with San Miguel Corp.’s power unit to help boost its energy requirements.

“We are asking ERC to immediately grant the provisional authority so that we’ll help in addressing Meralco requirements, Meralco’s requirements only for the summer,” Jose Ronald V. Valles, Meralco’s first vice-president and head of its regulatory management, said on Monday.

In a joint application filed last week, Meralco and Limay Power, Inc. said that their PSA “has a competitively procured contract price for interim baseload capacity supply after undergoing CSP (competitive selection process).”

“In fact, such a contract price is even lower than the recent offers received by Meralco for an interim baseload supply,” the application read.

On April 26, Meralco filed an urgent motion to resolve provisional authority/interim relief due to the recent red and yellow alerts and “high prices” in the Wholesale Electricity Spot Market (WESM).

Asked about the target, ERC Chairperson and Chief Executive Officer Monalisa C. Dimalanta said that the 400-MW supply deal is “immediately implementable.”

“[We are] working out targets as there are also other EPSAs (emergency power supply agreement) and PSAs, not just Meralco’s, that we need to also address,” she said in a Viber message.

Meanwhile, Meralco may be more exposed to the spot market as the single offeror for the 260-MW deal has withdrawn.

WESM is where energy companies can buy power when their long-term contracted power supply is insufficient for customer needs.

In March, the power distributor declared failure of the second round of competitive bidding as it received no expressions of interest upon the deadline.

Mr. Valles said that Meralco commenced direct negotiation with San Roque Hydropower, Inc. (SRHI), one of the bidders in the first round, for the needed power supply.

Lawrence S. Fernandez, chairman of Meralco’s bids and awards committee for PSAs, has said that the company may engage in negotiated procurement after two failed bids based on the ERC rules.

However, Mr. Valles said that SRHI withdrew as it “will not be able to generate the required portion of the target 260-megawatt peaking capacity due to El Niño.”

Apart from SRHI, Meralco did not receive any other offer from other power suppliers, he said.

“If we are unable to find a generator that is willing to supply the 260 [MW]… we have to source it from the market to the extent that we need, up to 260 MW,” Mr. Valles said.

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

Singapore’s burnout rate shows the price of success

FREEPIK

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