There was also a decline in the dissolution rates before the tenth marriage anniversary among resident marriage cohorts after 2005, said the Department of Statistics. The cumulative proportion of marriages that dissolved before the tenth anniversary declined from 17.0 per cent for the 2005 marriage cohort to 14.5 per cent for theContinue Reading
However, art institutions here told CNA that buyer demand is not enough to draw young artists into art careers, with a more robust landscape to cultivate and assess talent needed instead.
Local artist Faris Heizer is one such artist whose work is gaining traction overseas.
The raw brushstrokes in his evocative pieces portray the nitty gritty of everyday life in Singapore, and have found their audience halfway across the world.
“I’m slowly, hopefully, penetrating through the American market,” the 25-year-old artist told CNA.
Mr Heizer will get the chance to court that market even further, when he launches his first solo exhibition in Los Angeles in November, which he sees as a milestone in reaching his ultimate goal.
“My goal probably is just showing overseas, and slowly getting a bit of recognition here and there,” he said.
“When I go overseas, I intend to learn a little bit more, and just sort of absorb some of the stuff that they do, and just try to improve as an artist.”
James Villafuerte remembers a few months ago when onions became a luxury in the Philippines.
Rising inflation, the reopened economy and heavy storms combined to spike in demand and short-circuited supply, sending the price of the pungent vegetable soaring to a 14-year high of $12.8 (700 PHP) per kilogram.
“[It got] to the extent that flight attendants were caught smuggling onions from other countries to bring into the Philippines because of the high price,” said the regional lead economist at the Asian Development Bank (ADB).
Such anecdotes have become symbols of a global economy wracked with uncertainty, as the continuing war in Ukraine and increasingly urgent climate crisis fuel concerns over inflation and rising living costs. But a new report from ADB released this month and regional analysts are giving reasons for Southeast Asian optimism in the face of wider global challenges such as flagging growth numbers and rising inflation.
Released Wednesday, the Asian Development Outlook reported a “marginal” downgrade for Southeast Asia’s growth prospects – from 4.7% to 4.6% for 2023 and from 5.0% to 4.9% in 2024 – reflecting weaker global demand for manufactured exports. The latest edition of ADB’s flagship publication focuses on analyses and insights for individual and regional economies across Asia.
Despite the foreboding outlook, experts still believe the region’s interconnectivity, resilient internal markets and the return of international travel will bolster Southeast Asia’s economies against the wider global challenges. Villafuerte noted that while growth projections have slowed, they still exceed those in other subregions and the global average.
“This is a region of 600 plus million people,” said Villafuerte. “Domestic demand remains intact and ‘revenge travel’ has really seen a huge leap in tourism, arrival and tourism related activities.”
Villafuerte acknowledged that global headwinds from elevated prices had contributed to global inflation. On Tuesday, the Philippines central bank announced that policymakers were prepared to tighten monetary policy in view of continually rising inflation.
His remarks came shortly after Kristalina Georgieva, managing director of the International Monetary Fund (IMF), the UN’s major financial agency, voiced similar concerns at last week’s G20 summit. The IMF’s own growth downgrades were predicted at 3.4% in 2022 to 2.8% in 2023, before settling at 3% in 2024.
Georgieva cautioned that economic activity is slowing, “especially in the manufacturing sector”, and called for a stronger “global financial safety net” to help support less-developed countries. But for now anyway, she said the broader economic system is withstanding the pressure.
“The global economy has shown some resilience,” Georgieva stated. “Despite successive shocks in recent years and the rapid rise in interest rates, global growth – although anaemic by historical standards – remains firmly in positive territory, supported by strong labour markets and robust demand for services.”
A history of interconnected trade
While international trade networks remain important, countries are also looking inwards to their own domestic economies.
According to the ADB report, while global demand for manufactured goods slowed, domestic demand amongst Southeast Asian countries remained intact. Indonesia’s GDP expanded by 5.03% in the first quarter of this year, and economic growth remained steady, despite a slowing in exports.
Strong national economies can help build on a history of intra-regional connectivity, according to Amanda Murphy, head of commercial banking at HSBC.
“Southeast Asia has long been a bastion of free trade and sits at the crossroads of two of the world’s largest free trade agreements: the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP),” she told the Globe.
These agreements, formed in 2018 and 2020 respectively, have strengthened bilateral relations within the Asia Pacific area, creating a network of trade avenues with the advantage of geographical proximity. There are signs this is already paying some dividends.
According to a recent HSBC survey, Murphy explained, over the next two years, Asia-Pacific corporations will place 24.4% of their supply chains in Southeast Asia, up from 21.4% in 2020.
“In particular, RCEP, with its tariff reductions and business-friendly rules of origin, is increasing the appeal of Southeast Asia as a manufacturing base, something more corporates are recognising,” she said.
China
Within the Asia-Pacific region, Southeast Asian countries are planning their next steps with one eye on Beijing. Concerns over China’s slowing economy have caused ripples throughout international markets.
“Weaker growth in the People’s Republic of China has actually weakened the demand for manufactured goods in the region,” said Villafuerte. However some Southeast Asian countries are benefiting from a “China+1” strategy, where global manufacturers look to move production out of China to diversify supply chains and mitigate their risk.
“As businesses seek geographic diversification and adopt the ‘China+1’ strategy, Southeast Asia will continue to gain market share,” said Murphy. “Southeast Asia currently accounts for about 8% of global exports – there is every reason the share can increase.”
China’s exports in June fell to their lowest levels in three years, with a worse-than-expected 12.4% slump from the year before. On the other side of the world, the U.S. also saw a 2.7% export drop at the beginning of the year.
But for Southeast Asia, as trade between superpowers slows, there may be an opportunity to enter new markets and build new relations. As the U.S. and the E.U. have faded as top destinations for Chinese export markets, the East Asian giant has diverged towards other destinations, including Southeast Asia. Chinese exports to ASEAN – the country’s largest trading partner by region – spiked by 20% in October.
For ASEAN’s own export markets, building on critical sectors such as garment manufacturing will help strengthen the bloc’s overall economic outlook despite the global slow-down.
“Excepting [Myanmar], governments in the region are strongly committed to growth, which is fundamental. And this is export-led growth which is even better,” said Gregg Huff, professor of economic development and economic history in Southeast Asia at Oxford University. “Productivity increase is what enables real wages to increase. And if these increase it contributes to political stability.”
Domestic markets
Private consumption was the main driver for economic growth, due to improved labour conditions and income across the region. Some demographics saw an increase in disposable income, according to Singapore’s DBS Bank.
But Elizabeth Huijin Pang, a DBS equity research analyst, was quick to stress at a press briefing that some sectors felt the hit of rising inflation and prices more than others.
“There are still vulnerable groups who have seen the opposite [to our median customers],” she said. “Boomers saw expenses grow faster than income.”
Gig workers were another demographic spotlighted by the bank. DBS data revealed these informal workers to be Singapore’s most financially vulnerable group, with an expense-to-income ratio of 112%, almost double that of a DBS median customer.
“[Gig workers should not be] lagging behind the rest of the population in terms of their longer-term needs,” said Koh Poh Koon, Singapore’s senior minister of state for manpower, at a press conference last week. The remarks come shortly after the government’s agreement to accept recommendations from a workgroup for better representation for gig workers’ needs.
New sectors and opportunities
As well as focusing on vulnerable communities, shifts into new sectors are also a key part of Southeast Asia’s economic recovery. The region is one of the most vulnerable to climate change, and despite a recent decrease in green investments, a shift towards more sustainable business structures will likely be a key part of the region’s growth in its next economic era.
ADB has recently pledged $1 billion (54.4 billion PHP) towards the implementation of electric buses in Davao City, the Philippines’ largest road-based public transportation project.
“I think transforming our growth model into a more environmentally sensitive and green model of growth is important,” said Villafuerte. “When we analyse actually some of these green industries, we realise they also generate a substantial amount of jobs. … These will again be investment opportunities and also opportunities for employment.”
For Murphy, the rise of the regional digital economy is another key focus area for growth.
“Given that more than 75% of its population is online it’s not surprising that businesses are transforming their business models to cater to changing customer behaviour,” she said.
The rise of real-time payments and recent initiatives to facilitate cross-border transactions, such as QR code payment agreements between Singapore, Malaysia, Thailand, Indonesia and the Philippines, are helping to boost the region’s economic connectivity.
“When intra-Southeast Asia real-time payments become a reality, we can expect a jump in the velocity of transactions, whether they are business-to-business or business-to-consumer, which in turn will lead to greater economic activity in the region,” said Murphy.
Transitioning through growing pains
As global crises continue, it is up to Southeast Asia’s private and public sectors to proactively plan their own paths forward.
“Three long-term trends that businesses cannot overlook if they want to capture the opportunities in Southeast Asia are what I would call the 3Ts: trade, transition to net zero, and digital transformation,” said Murphy.
Looking ahead to the future, Southeast Asian nations will have to take a proactive approach to adapt to these growing sectors. Moves are already being made at government level. Both Singapore and the Philippines both recently announced their first sovereign ESG (environmental, social and governance) bond and in April, Singaporean finance minister and Deputy Prime Minister Lawrence Wong revealed the Monetary Authority of Singapore’s finance plan for Net-Zero.
For Vilafuerte, looking forward involves looking back. Governments and market response to the Philippines’ onion inflation earlier this year was almost immediate and prices and supply regulated.
“These are temporary shocks and there are natural stabilisers,” he said. “Higher prices and inflation are a sign of a strong recovery. So I think this is just an adjustment period.”
PUBLISHED : 26 Jul 2023 at 06:20
The Move Forward Party (MFP) on Tuesday provided new evidence which it claims substantiates allegations that Transport Minister and Bhumjaithai Party secretary-general Saksayam Chidchob concealed assets belonging to his family’s company.
Pakornwut Udompipatskul, an MFP MP, said an annual financial report issued by Burijarearn Construction Limited Partnership showed Mr Saksayam had an outstanding liability with the company that he had concealed before he became an MP and assumed the post of transport minister and then failed to submit the asset to the National-Anti Corruption Commission (NACC).
Mr Pakornwut was one of 54 politicians who signed a petition against Mr Saksayam, accusing him of concealing his assets and using a nominee to hide ownership of a company which has won many government construction projects.
The case was admitted by the Constitutional Court on March 3. Mr Saksayam was immediately suspended from his ministerial post pending the court’s ruling.
Mr Pakornwut said a company report stated that Mr Saksayam borrowed a total of 108 million baht from the company in four transactions during 2015-2016. He reportedly paid off the debt on April 22, 2019, 33 days before he took up his ministerial post.
However, the financial report of the company in December 2019 showed an outstanding debt.
“The report showed that Mr Saksayam held a 38-million-baht loan from Burijarearn Construction in 2019 that he did not declare to the NACC,” he said.
In addition, a clarification letter from Burijarean Construction stated that Mr Saksayam borrowed 108 million baht from the company, but there were records of only 69 million baht in loans, Mr Pakornwut said.
Furthermore, he said if the company received all the payments from Mr Saksayam before he became an MP, why did bank records not show the transactions?
Meanwhile, Mr Saksayam on Tuesday denied the accusation, saying he did not own any shares in the company and that his legal team would issue a statement today.
“I insist I have had nothing to do with the Burijarearn Construction since 2019,” he said.
In his declaration of assets to the NACC in 2019, Mr Saksayam declared his assets worth 115.7 million baht without any debts.
PUBLISHED : 26 Jul 2023 at 06:16
Supporters have called on the Pheu Thai Party to pursue a quick formation of the new government it is set to lead and discard the commitment it has made with seven other parties to build a coalition government together.
A group of red-shirt supporters calling themselves the Media Alliance for Democracy arrived at the Pheu Thai headquarters on Tuesday to offer moral support as the party struggles to assemble a new government.
Pheu Thai has taken the leading role after the Move Forward Party (MFP), which emerged as the biggest party at the May 14 election, failed to do so. MFP leader Pita Limjaroenrat has been unable to win enough Senate votes to become prime minister.
The group, led by Chatchawal Kanchanahut and Jutipong Phummul, released a statement on Tuesday, saying the ongoing administrative vacuum is damaging the economy and counter-productive to solving national problems.
The country cannot afford to wait any longer to have a new government, it said.
Some MFP supporters have suggested the selection of a new prime minister in parliament be delayed for another 10 months, by which time the Senate’s term will expire, and it will not stand in the way of Mr Pita becoming the new prime minister.
However, the group insisted people were facing hardship from the soaring cost of living, which must be addressed immediately.
Issuing a five-point recommendation to Pheu Thai, the group said the party is “100%” righteous in seeking to do whatever it takes to muster sufficient support in parliament to materialise a government with no pressure from other parties.
The party has drawn flak, especially from MFP backers, for approaching parties in the previous government as potential coalition partners. They include the Palang Pracharath Party and the United Thai Nation Party, which the MFP supporters branded remnants of the dictatorship of the coup-engineer, the National Council for Peace and Order.
The group also said Pheu Thai has the right to include parties opposing amendments to the lese majeste law in the new government it is trying to create. Amendment is an issue the MFP has campaigned hard for.
The group maintained the memorandum of understanding on government coalition formation, which binds the MFP, Pheu Thai and six other parties, should be scrapped now that the MFP is no longer in charge of putting together a government.
In addition, any one of the Pheu Thai Party’s prime ministerial candidates — Paetongtarn Shinawatra, Srettha Thavisin and Chaikasem Nitisiri — must be nominated for a vote in parliament without delay.
Most importantly, top priority must go to tackling economic problems, the group said.
MRTA sued by BTSC over Orange Line
PUBLISHED : 26 Jul 2023 at 05:42
The Central Administrative Court has ruled in favour of the Mass Rapid Transit Authority of Thailand (MRTA) in a case brought against it by Bangkok Mass Transit System Plc (BTSC).
The case was regarding the MRTA’s decision on May 24 last year to change the terms of reference (ToR) of bidding for the right to invest in the Orange Line project, a source said on Tuesday.
The BTSC had accused the MRTA committee tasked with selecting a private partner to co-invest in the construction of the Orange Line’s extension between Bang Khun Non-Min Buri of unfairly changing the ToR with the intent of helping a certain bidder win.
The court, however, ruled on Tuesday the MRTA had strictly followed the law on public-private partnership investment and all changes made to the ToR were justifiable, said a source at the court.
The committee allowed 60 days for a public hearing to be conducted on the changes announced on May 24 last year, as required under the 2019 Public-Private Partnership Investment Act, said the source, citing the court’s ruling.
And the fact that BTSC asked MRTA in a letter to extend the bid submission deadline as it needed more time to find a foreign partner to meet the new ToR clearly showed BTSC understood and accepted the new ToR and intended to take part in the new round of bidding, said the source.
The amended ToR required bidders to have previous experience in completing a state construction project.
This requirement is justified as the MRTA has to ensure the winner has the technical capacity and sufficient experience to complete the construction of the Orange Line’s new section, which involves digging a tunnel underneath important areas, said the ruling.
The requirement is also in line with a regulation issued by the Comptroller General’s Department, which is aimed at ensuring confidence in construction projects carried out by government agencies, according to the ruling.
As for BTSC’s claim that the bidding might not be fair as the MRTA owns 8.22% of shares in Bangkok Expressway and Metro Plc (BEM), which ultimately won the contract, the court found that the MRTA is actually required to hold some shares in BEM, as outlined by a 2000 cabinet resolution.
PUBLISHED : 26 Jul 2023 at 05:36
His Majesty the King has placed nine schools for underprivileged children under royal patronage, Education Minister Trinuch Thienthong said on Tuesday.
Ms Trinuch said she signed a ministerial announcement on Monday concerning school name alterations after they are adopted by the Rajaprajanugroh Foundation Under Royal Patronage.
The nine schools for underprivileged children were formally named “Sueksa Songkhro” Schools. Ms Trinuch said all of them will be renamed “Rajaprajanugroh” Schools.
Also, they had been registered with the Office of the Basic Education Commission (Obec) under the Education Ministry, however, the nine schools will now come under Rajaprajanugroh Foundation Under Royal Patronage’s management.
The nine schools are: Sueksa Songkhro Bang Kruai School in Nonthaburi, Sueksa Songkhro Mae Hong Son School in Mae Hong Son, Sueksa Songkhro Chiang Mai School in Chiang Mai, Sueksa Songkhro Chiang Dao School in Chiang Mai, Sueksa Songkhro Mae Chan School in Chiang Rai, Sueksa Songkhro Thawat Buri School in Roi Et, Sueksa Songkhro Surat Thani School in Surat Thani, Sueksa Songkhro Phatthalung School in Phatthalung and Sueksa Songkhro Narathiwat School in Narathiwat.
They become the 58th-66th Rajaprajanugroh Schools under the King’s royal patronage, Ms Trinuch added.
“The school name alteration and transfer to the Rajaprajanugroh Foundation Under Royal Patronage will allow students to be granted scholarships and have many more opportunities in education,” Ms Trinuch said.
She said that the nine schools had been selected because of the number of underprivileged children who need immediate help. The students will soon be given lessons to improve life skills such as culinary practice, farming, sports and music.
PUBLISHED : 26 Jul 2023 at 05:36
His Majesty the King has placed nine schools for underprivileged children under royal patronage, Education Minister Trinuch Thienthong said on Tuesday.
Ms Trinuch said she signed a ministerial announcement on Monday concerning school name alterations after they are adopted by the Rajaprajanugroh Foundation Under Royal Patronage.
The nine schools for underprivileged children were formally named “Sueksa Songkhro” Schools. Ms Trinuch said all of them will be renamed “Rajaprajanugroh” Schools.
Also, they had been registered with the Office of the Basic Education Commission (Obec) under the Education Ministry, however, the nine schools will now come under Rajaprajanugroh Foundation Under Royal Patronage’s management.
The nine schools are: Sueksa Songkhro Bang Kruai School in Nonthaburi, Sueksa Songkhro Mae Hong Son School in Mae Hong Son, Sueksa Songkhro Chiang Mai School in Chiang Mai, Sueksa Songkhro Chiang Dao School in Chiang Mai, Sueksa Songkhro Mae Chan School in Chiang Rai, Sueksa Songkhro Thawat Buri School in Roi Et, Sueksa Songkhro Surat Thani School in Surat Thani, Sueksa Songkhro Phatthalung School in Phatthalung and Sueksa Songkhro Narathiwat School in Narathiwat.
They become the 58th-66th Rajaprajanugroh Schools under the King’s royal patronage, Ms Trinuch added.
“The school name alteration and transfer to the Rajaprajanugroh Foundation Under Royal Patronage will allow students to be granted scholarships and have many more opportunities in education,” Ms Trinuch said.
She said that the nine schools had been selected because of the number of underprivileged children who need immediate help. The students will soon be given lessons to improve life skills such as culinary practice, farming, sports and music.
PUBLISHED : 26 Jul 2023 at 05:20
The media plays a crucial role in promoting a better understanding between the Constitutional Court and the public, a forum was told.
Jarun: Constructive criticism welcomed
The Office of the Constitutional Court on Tuesday held an annual forum called the Constitutional Court Meets the Media.
In an opening speech, Constitutional Court president, Worawit Kangsasitiam, said the forum aimed to educate the public about the court’s role and improve ties with the media.
The court has attached importance to corporate communication and the media’s role in presenting information regarding the court’s activities so the public can better understand how the court operates based on accurate information, Mr Worawit said.
Jarun Pukditanakul, a former Constitutional Court judge, told the forum that the media holds great importance because the court does not have a media outlet to communicate to the public.
“The media needs to act as a link between the court and the public. It can help explain and promote a better understanding and ease anger and hatred,” he said.
“When the judges want to speak to the public, they can only provide written explanations in court rulings. It is up to the public whether to read, study and constructively criticise the rulings and offer useful feedback to the court,” Mr Jarun said.
“Constructive criticism helps the court improve, but criticism must be based on fairness, accurate information and the rule of law, not false evidence,” he said.
Developing the justice system based on this principle will help improve the political and governing systems as well as the people’s living standards, he said.
Mr Jarun said that some foreign powers are trying to interfere with the country’s justice system. In some cases, they sent their representatives to attend court hearings in what was seen as a move to pressure the judges, Mr Jarun said. However, he did not provide details.
“We must stop any efforts to pressure the court so the judges can hand down a ruling independently,” he said
Where India is succeeding is biofuel. The government is running ahead of its 10 per cent ethanol blending mandate and looks on track to hit a 20 per cent rate by 2025 as it seeks to trim its oil import bill.
That’s putting pressure on farm production, however. Sugarcane is a thirsty crop which, unlike most Indian food grains, needs a whole year or more to grow to maturity. It predominates in many of the same northern states where rice and wheat would otherwise be grown.
Thanks to government pricing levels that make it an unusually profitable crop, the area planted went up around 17 per cent between 2017 and 2022, while rice had an eight per cent increase and pulse fields shrank by 0.8 per cent.
If policymakers want to reduce emissions while cutting the impact of petroleum on the balance of payments, they need to reverse the current situation where biofuels are prioritised over electrification.
With renewables, too, India needs to lift its game. The 15.7 gigawatts of wind and solar installed last year is only about half of what is needed to hit the government’s target, and left the country 32 per cent short of where it had intended to be by that date.
Planned tenders of 50 gigawatts a year through March 2028 are markedly more ambitious – but they need to be turned from words into reality first.
No country will suffer more from climate change this century than India – but no country is going to see its emissions grow faster over the coming decade. If New Delhi doesn’t want to see a future of more crop failures, floods, droughts, export bans and farmer suicides, it’s going to need to do everything to reverse that trend.