Home Blog Page 5311

US composer Burt Bacharach dies at age 94

Composer Burt Bacharach, whose hits such as “Do You Know the Way to San Jose” and “Raindrops Keep Fallin’ on My Head” provided a mellow alternative soundtrack to rock and roll in the 1960s and 1970s, has died at the age of 94, his publicist told Reuters on Thursday.

Bacharach died of natural causes at his home in the Los Angeles area on Wednesday with his family by his side.

His songs, many written in a 16-year collaboration with lyricist Hal David, were neither rock nor strictly pop. They filled American radio and were featured in major movies, making them as frequently heard in the 1960s and early 1970s as works by the Beatles, Rolling Stones and Bob Dylan.

Bacharach wrote more than 500 songs, many featuring a tinkling piano and subtly seductive horn hooks. He penned hits for singers ranging from Dionne Warwick to the Carpenters. More than 1,200 artists performed his songs, which won six Grammys and three Oscars. Bacharach and David had 30 Top-40 hits in the ’60s alone.

“He was just different,” David once told an interviewer. “Innovative, original. His music spoke to me. I’d hear his melodies and I’d hear lyrics. I’d hear rhymes, I’d hear thoughts and I’d hear it almost immediately.”

For Bacharach, his talent was simple: “I’m a person that always tries to deal with melody.”

With suave good looks and a cool demeanor, Bacharach was described by songwriter Sammy Cahn as “the only songwriter who doesn’t look like a dentist.” Married four times, his wives included fellow songwriter Carole Bayer Sager and actress Angie Dickinson.

Bacharach’s songs were recorded by an A-to-Z of artists, literally, from Aretha (Franklin) to Zoot (Sims).

The Bacharach-David collaboration “(They Long to Be) Close to You” was a worldwide hit for the Carpenters in 1970 and “What the World Needs Now Is Love,” originally recorded by Jackie DeShannon, was covered more than 150 times.

Bacharach and David frequently displayed a magic touch for Warwick, writing her hits “Walk on By,” “I Say a Little Prayer,” “In Between the Heartaches” and “Do You Know the Way to San Jose?”

Bacharach’s “Alfie” for the Michael Caine movie of the same name was a hit for Cilla Black and Tom Jones sang his title tune for Woody Allen’s “What’s New Pussycat?” Other movie music from Bacharach included “Raindrops Keep Fallin’ on My Head” from “Butch Cassidy and the Sundance Kid,” for which Bacharach and David won two Academy Awards and a Grammy for best score.

His “Baby, It’s You” was recorded by the Beatles, Elvis Costello, Gene Pitney and Perry Como.

“Arthur’s Theme” by Christopher Cross from the Dudley Moore comedy “Arthur” brought Bacharach a third Oscar. It was a collaboration with Bayer Sager, who became his third wife in 1982. They had a son, Christopher, in 1986 and divorced in 1991.

Bacharach and David scored the Neil Simon Broadway musical “Promises, Promises,” which won them two Tonys and a Grammy.

He continued composing with partners including British rocker Elvis Costello. He recorded several songs with Nashville songwriter Daniel Tashian during the COVID-19 pandemic. The pair performed a Tiny Desk (home) concert for National Public Radio in September 2020 with Bacharach on piano from his home in Los Angeles and Tashian singing from his garage in Nashville.

“I’m very grateful to be in my house in L.A. when this lockdown happened,” Bachrach said in an interview after the concert shown on YouTube. “We were supposed to be on tour when the pandemic hit.”

At age 92, Bachrach also collaborated with Seattle-based artist Melody Federer.

Asked what it was like to work with a lyricist 60 years his junior, he said age “only has a part if you’ve lost your edge, your sharpness or your writing. … you are supposed to grow and supposed to get better as time goes on.”

Born Burt Freeman Bacharach in Kansas City, Missouri, on May 12, 1928, he learned to play the piano – he hated it at first but his mother insisted – after his family moved to New York.

Bacharach served in the US Army during the Korean War but wore a tuxedo instead of military fatigues and played piano in officers’ clubs across America.

Later, he worked clubs in New York and became pianist-arranger for singers such as Marlene Dietrich, Vic Damone, the Ames Brothers, Polly Bergen and Paula Stewart, who became his first wife. Eventually he decided he could write better tunes than the ones being pitched to the singers he worked for.

Early in his career, he toiled along with other songwriters in New York’s famed Brill Building. “Those were exciting times because the Brill Building was seven floors of music publishers,” he recalled in a 2016 interview with the Huffington Post. “I was not an overnight success. I went a long time with a lot of rejection, so you’ve got to have the stomach for that, too.”

Bacharach and David were responsible for a string of hits that included Dusty Springfield’s “The Look of Love” for the movie “Casino Royale” and Herb Alpert’s “This Guy’s in Love With You,” their first No. 1 song. The pair broke up in 1973 after a rare failure – the remake of the Frank Capra movie “Lost Horizon.”

Bacharach married his fourth wife, ski instructor Jane Hanson, in 1993. In 2007, his only child with Angie Dickinson, daughter Nikki, committed suicide at the age of 40 after a lifetime struggling with autism. In his late 80s he wrote a song and the score for the movie “Po,” about a man raising an autistic daughter.

While star performers made his songs hits, Bacharach said he also enjoyed performing himself and making a personal connection with smaller audiences.

“What I try to do … is to get on stage and meet people through music,” he said in the Huffington Post interview, recalling a cancer survivor who said his song “House Is Not A Home” eased the discomfort of chemotherapy. “You get it from people wherever you are … You get a reaction from an audience that makes you feel good.” — Reuters

Manufacturing growth cools in Dec.

REUTERS

FACTORY PRODUCTION grew at its slowest pace in three months in December due to seasonal factors and a decline in trade performance, economists said.

Preliminary results of the Philippine Statistics Authority’s (PSA) Monthly Integrated Survey of Selected Industries (MISSI) showed manufacturing, as measured by the volume of production index (VoPI), expanded by 4.8% year on year in December.

December growth slowed from the revised 5.9% in November and 19.2% last year. It also marked the slowest uptick since 4.6% in September last year.

Philippines’ factory output eases in December

The latest print brought last year’s average factory output growth to 15.2%, easing from the 52.6% average in 2021.   

Robert Dan J. Roces, chief economist at Security Bank Corp., said in an e-mail that December is usually a slow month for many industries so factory orders may have dropped.

“This slowdown may have come from the easing of trade last December. The same month’s PMI reading, nevertheless, continue to point to expansion, but the robust domestic demand is the biggest reason for the better performance,” Ruben Carlo O. Asuncion, chief economist at UnionBank of the Philippines, Inc. (UnionBank), said in an e-mail.

S&P Global’s Philippines Manufacturing Purchasing Managers’ Index (PMI) hit a six-month high in December, indicating a solid improvement in the health of the manufacturing sector.

The country’s trade deficit widened in December from the previous month as exports declined to its lowest in more than two years while imports continued to fall.

PSA data showed the value of merchandise exports dropped by 9.7% year on year to $5.67 billion in December while imports slid 9.9% to a 23-month low of $10.26 billion.

Three industry divisions contributed to the slower growth in December, the PSA said in the report released on Thursday.

Manufacture of computer, electronic and optical products grew by 21.3% in December from 25.8% in November. Transport equipment contracted by 1%, a reversal from the previous month’s 14.3% growth.

Basic metals saw a deeper contraction (-37.5% from -29.2%).

On the other hand, the PSA said eight industry divisions recorded higher annual growth, led by fabricated metal products, except machinery and equipment (52.9% from 33.9%) and chemical and chemical products (42.7% from 25%).

“The economy was still in the process of recovering from the impact of the COVID-19 (coronavirus disease 2019) pandemic in 2020 and 2021, leading to an increase in demand for manufactured goods and an acceleration in production, such as revenge spending,” Mr. Roces said.

As the economy saw a sustained recovery last year, he noted growth may “naturally slow down” this year.

“Note though, that 2022 demand was still largely revenge spending driven, so we can say that the VoPI in 2022 may already have been back to a pre-pandemic volume, thus, a slower rate of change,” Mr. Roces said.

Federation of Philippine Industries’ Chairman Jesus L. Arranza said the December slowdown may be attributed to the weather disturbances that hampered production and delivery.

“In December, factories are almost at a standstill. Everyone is busy (with holiday parties),” he said in a phone interview.

December’s capacity utilization — the extent to which industry resources are used in producing goods — averaged 71.6%, slower than the revised 72.6% in November. However, it is higher than the 67.5% posted in December 2021.

Nineteen out of 22 industries reached an average capacity utilization rate of more than 60%.

Mr. Asuncion said this year will be challenging for the manufacturing sector amid a potential global economic slowdown.

“Our recent reading of upbeat and resilient domestic demand continues and consequently provides support for manufacturing output growth,” he said.

Mr. Roces said manufacturing sector may see continued growth this year as global economy continues to recover and demand remains strong.

“However, this remains sensitive to any potential supply chain disruptions or changes in government policies as well as geopolitical events,” he added. — Abigail Marie P. Yraola

Lenders’ profits up 37.5% in 2022

THE PHILIPPINE banking industry saw its net profits jump by 37.5% in 2022, thanks to higher interest income and trading gains, according to central bank data.

Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed banks’ cumulative net income rose by a third to P309.003 billion last year from P224.752 billion in 2021.   

Earnings growth was driven by a 12.8% year-on-year increase in net interest income to P746.461 billion.

Non-interest income grew by 24.1% to P257.555 billion from P207.587 billion in 2021.

Earnings from fees and commissions went up by an annual 13.6% to P121.851 billion, while trading income surged by 70.4% to P16.48 billion.

Meanwhile, lenders’ non-interest expenses edged higher by 8.2% year on year to P554.222 billion.

Non-interest expenses of banks include compensation and fringe benefits, taxes and licenses, fees and commissions, and administrative expenses.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the improved profitability of banks was due to the further reopening of the economy. This led to greater demand for loans, higher revenues and better asset quality for the banking industry, he added.

“Higher interest rate income may be partly due to higher US/global/local interest rates in the quest by US/global central banks to bring down elevated US/global/local inflation, as triggered by the Russia-Ukraine war since Feb. 24, 2022,” Mr. Ricafort added. 

Data showed the total operating income of Philippine banks grew by 15.5% to P1.004 trillion in 2022, from P869.425 billion in the prior year.

This as interest earnings rose by 16% to P901.841 billion, while expenses increased by 34.6% to P154.897 billion.

The industry’s losses on financial assets dropped by 10% to P87.873 billion as of end-December 2022 from P97.715 billion a year earlier.

Provisions for credit losses slipped by 1.8% to P104.445 billion, while bad debts written off plunged 68.7% to P2.36 billion last year.

The Philippine banking industry ended 2022 with its nonperforming loan (NPL) ratio falling to 3.17% from 3.97% at the end of 2021. This bad loan ratio was the lowest in 28 months.

Bad loans declined by 11.7% to P399.538 billion as of end-December from P452.453 billion a year earlier.

The loan portfolio of Philippine banks expanded by 10.7% to P12.61 trillion as of end-2022 from P11.39 trillion at the end-2021.

Meanwhile, deposit liabilities stood at P17.77 trillion as of end-December, rising by 9.4% year on year.

The local banking industry’s assets climbed by 10.6% to P23.034 trillion as of end-December from P20.83 trillion a year earlier. — Keisha B. Ta-asan

Banks plan to boost agri lending this year — survey

A farmer works at a rice field in Pinamalayan, Oriental Mindoro, Philippines, March 27, 2018. — REUTERS

MAJORITY OF PHILIPPINE banks are planning to ramp up lending to the agriculture sector in the next 12 months, a joint survey by the Bangko Sentral ng Pilipinas (BSP) and the Department of Agriculture (DA) showed.   

The inaugural 2021 Countryside Bank Survey (CBS) released on Thursday showed at least three-fourths (76%) of bank branches plan to expand lending to the agriculture sector in the next 12 months.

Thrift banks were the largest sector (93%) to confirm their plan to expand agricultural lending, while a little over half (53%) of universal and commercial banks (U/KBs) responded positively.   

“Banks with plans to increase their agriculture loans claimed that they see great potential of the sector for growth and development, and that the sector is a widely untapped market,” the report stated.

“Thus, respondent banks would like to take the opportunity to cater to the financing needs of the sector and increase their loan portfolio and income.”

The countryside bank survey, which was jointly conducted by the BSP and the DA-Agricultural Credit Policy Council (DA-ACPC), focused specifically on banking units’ agricultural lending experience in 2021 versus 2020.

The report showed banks are anticipating an increase in loan demand as the economy recovers from the pandemic.

“Banks also noted that most agribusiness enterprise projects were not affected by the pandemic while affected borrowers may want to borrow and start business again as the pandemic is getting controlled. Hence, banks could take this opportunity to support financing the sector and increase their loan portfolio and income,” it said.

Banks also cited the need to comply with the mandatory credit allocation under the Agri-Agra law.

The Agri-Agra Credit Act of 2009 requires banks to lend 15% of their loan book to the agriculture sector, with a 10% quota set for agrarian reform beneficiaries.

The report also showed banks would want to help finance farmers to expand their businesses, and to stop farmers from availing high-interest rate loans from informal lenders.   

According to the CBS report, the share of agriculture to total loans granted in most banking units ranged from 11-15% of total loans in 2021, which is lower than in the prior year. Also, the number of agricultural borrowers served in 2021 was at least 30% lower than in 2020.

“Around two-thirds (65%) of respondent banks still require and accept conventional forms of loan securities from agricultural borrowers, the most acceptable of which remain to be real estate mortgages,” the report said.

Two-thirds of banks said credit support mechanisms such as credit guarantee/loan insurance and agricultural/crop insurance should be in place to encourage increased lending to the sector.

“As the bank supervisor/regulator, the BSP may calibrate its support to help revive the market-oriented agricultural credit system by enabling a sustainable environment for various support mechanisms to flourish,” the report said.

To regularly monitor emerging trends in agricultural credit as well as the recent challenges and to help calibrate key policies accordingly, the BSP and DA-ACPC will conduct the 2022 CBS in the second quarter of this year.   

Out of 2,530 sample unit banks, 1,904 or 75% responded to the survey. The respondent banks were composed of U/KBs (35%), thrift banks (26%), private rural and cooperative banks (27%), and government-owned banks (12%). — KBT

PHL growth seen to fall short of target this year

Traffic builds up along EDSA in Quezon City, Jan. 24. — PHILIPPINE STAR/MIGUEL DE GUZMAN

THE PHILIPPINE economy’s growth may fall short of the government target this year, as interest rates may continue to rise amid sticky inflation.

In a note dated Feb. 8, ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said the bank expects the country’s gross domestic product (GDP) to grow by 5% this year, lower than the government’s 6-7% goal.

“Although the 2022 GDP result surprised on the upside, fading revenge spending, sticky inflation, uncertainty over interest rates and tight fiscal purse strings all point to the Philippines missing its growth target this year,” Mr. Mapa said.

Headline inflation accelerated to 8.7% in January, marking the 10th straight month that inflation exceeded the central bank’s 2-4% target.

“Elevated inflation and households opting to rebuild savings could mean that consumption will moderate while high borrowing costs have already begun to cap the upside to capital formation,” Mr. Mapa said.

He expects a moderate pace of government spending this year due to the “relatively tight fiscal space.”

“One additional factor that could slow growth even further this year is the projected global downturn and its impact on Philippine exports. And although exports remain a modest portion of the Philippine economy, the potential slowdown of overseas remittances may be sizable enough to pose yet another challenge to domestic consumption,” Mr. Mapa said.

Amid the various challenges faced by the economy, he said the 5% GDP growth forecast “can be considered quite respectable against the backdrop of a likely global recession.”

In a separate note, HSBC Global Research said the BSP might deliver a 50-basis-point rate hike next week to tame inflation, which is now seen to average 5.7% this year.

“The January CPI (consumer price index) numbers were eye-watering,” HSBC Economist for ASEAN (Association of Southeast Asian Nations) Aris Dacanay said, adding that most economists expected inflation to have peaked at 8.1% in December.

Inflation accelerated 8.7% year on year in January, well above the 7.5% to 8.3% forecast range given by the BSP.

“The big upside surprise in January has set the tone for the inflation outlook for the rest of the year. We therefore raise our 2023 inflation forecast to 5.7% from 5.0%, but our 2024 forecast remains unchanged at 3.6%,” he said.

“All these numbers suggest that the policy rate outlook is more than just following the Fed in lock step — it is also about the Philippines facing an inflation problem of its own. Supply constraints are posing a risk of rising inflation expectations, while demand from the country’s economic ‘reopening’ remains strong,” he said.

According to HSBC Global Research, the BSP has room to raise interest rates further given the surprising growth last year. The central bank is seen to deliver more rate hikes after its meeting next week, with the policy rate peaking at 6.5% in May before pausing for the rest of the year.

“The BSP’s tone next week will probably lean towards data dependence. But if it turns out that January isn’t the peak (i.e. inflation accelerates in February), another 50-bp hike is likely to be on the table at the Monetary Board meeting in March,” Mr. Dacanay added.

The BSP is scheduled to have its first two policy meetings on Feb. 16 and March 23. — KBT

Netflix lays out plans to crack down on account sharing

SOUVIK BANERJEE-UNSPLASH

NETFLIX, Inc. on Wednesday laid out plans to crack down on password sharing for accounts on its streaming platform, including setting up primary location and paying a couple of dollars for an extra member.

The video-streaming giant, which has estimated that 100 million around the world use a shared account, said that members can now easily manage who has access to their account, transfer profile to a new account, and still easily watch Netflix on their personal devices or log into a new TV.

“So over the last year, we’ve been exploring different approaches to address this issue in Latin America, and we’re now ready to roll them out more broadly in the coming months, starting today in Canada, New Zealand, Portugal, and Spain,” the company said in a blogpost.

Members on Netflix’s standard or premium plan in many countries can add an extra member sub account for up to two people for an extra C$7.99 a month per person in Canada, NZD$7.99 in New Zealand, €3.99 in Portugal, and €5.99 in Spain, the company said.

The company lost subscribers in the first half of 2022 amidst stiff competition from rivals, prompting it to look more seriously into password sharing and launching an ad-supported plan. — Reuters

Globe sets 5% revenue growth, allots $1.3-B capex this year

BW FILE PHOTO

GLOBE Telecom, Inc. aims to reach a middle-single-digit or around 5% revenue growth this year as it hopes the inflation rate will ease for the rest of the year.

“We can see that the mobile business remains very very strong and I would say the only wrinkle would be the growing inflation numbers,” Globe President Ernest L. Cu said during the listed firm’s briefing on Thursday to present its fourth-quarter results.

He said that higher inflation, which reached 8.7% in January, could impact the lower end of the market.

“Absent that, I think things are quite stable. There will be a mid-single digit growth that we are expecting and hopefully, there will be an upside with the easing of the inflation throughout the year,” Mr. Cu said.

Globe’s Chief Finance Officer Rosemarie Maniego-Eala said the company is set to maintain a 50% margin for earnings before interest, taxes, depreciation and amortization (EBITDA).

“We have a guidance of a revenue growth of mid-single-digit in 2023. It is the same guidance that we had in 2022. We also gave a guidance of wanting to maintain a 50% EBITDA margin,” said Ms. Maniego-Eala, who is also the company’s treasurer and chief risk officer.

“You can use the growth rates of 2022 as a basis for estimating 2023, stocking up to the 5% growth guidance for 2023,” she added.

In 2022, Globe’s service revenues reached P157.98 billion, 3.8% higher than the P152.26 billion revenues it booked in 2021.

Despite this, the company’s core net income was 9.8% lower at P19.17 billion in 2022 from P21.25 billion previously.

Meanwhile, Ms. Maniego-Eala said Globe is keeping its capital expenditure (capex) lower for the next two years.

“We plan to maximize our partnerships with the different tower companies. We have 15 total partners and three of which have purchased some of our towers,” she said.

The company closed last year with a capex of $1.9 billion, 9% higher than the earlier year, marking Globe’s record investment in its mobile and fixed network.

According to Ms. Maniego-Eala, the shift in the company’s focus on its assets, which comes after previously investing in its network, bolsters its move to cut capital spending.

“It gives us confidence to start reducing our capex spend to $1.3 billion this year and further to $1 billion in 2024 without sacrificing customer experience and revenue opportunities,” she added.

For 2023, the company said it will be focusing on the turnover of towers and getting the balance of those sold last year.

Globe raised a total of P29.8 billion from closing deals for a total of 2,410 towers with Frontier Tower Associates of the Philippines and MIESCOR Infrastructure Development Corp. (MIDC).

“We’ve actually sold quite a lot last year. But at the moment, we are really focusing on turning over the towers that we’ve sold. We received proceeds of over 30% last year and so the focus is really to get the balance,” Ms. Maniego-Eala said.

In 2022, the company was able to get around 34% of the proceeds from the sale of the towers amounting to P29.8 billion, P10.3 billion of which is with MIDC and P19.5 billion with Frontier.

The company is planning to use proceeds from the tower sale to pay debt and to support the capex needed for its ongoing network expansion.

On Friday, Globe shares slipped 0.48% or P10 to close at P2,080 each. — Justine Irish D. Tabile

Netflix password crackdown is underway in Chile and frustrating customers

A smartphone with the Netflix logo is seen in this illustration taken March 24, 2020. — REUTERS/DADO RUVIC/FILE PHOTO

CRISTIAN CASTRO had been a Netflix, Inc. customer for years.

The 48-year-old electronics importer in Santiago, Chile, said he’s put up with efforts by the company to prevent non-subscribers from watching its movies and TV shows. Since Mr. Castro doesn’t have a fixed internet service at home and uses a wireless signal to connect, that often meant confirming he was a customer through a text message on his phone.

What happened this week was the last straw, he said. His account was disabled and Mr. Castro was told he had to use a QR code to prove he was a customer. That didn’t work on his phone. He tried to validate his account through a web browser and was told it didn’t recognize his wireless connection. He was disconnected, and he quit.

“That a person who has everything in order and still can’t access their account is abusive,” he said.

There may be a whole lot more unhappy customers like Mr. Castro as Netflix begins rolling out efforts to crack down on people who share their passwords globally in the next few weeks. It’s a big source of lost revenue for the company. Netflix estimates as many 100 million households are watching the service for free. But its efforts to keep everyone honest are frustrating a lot of users who don’t want to have to always prove they’re legit.

Online searches for “cancel Netflix” have surged in the past week, both in the US and abroad. Much of that has been fanned by stories about how the company accidentally posted rules about password sharing in Chile, Costa Rica, and Peru on web pages applying to other countries.

“I think it’s worth noting that this will not be a universally popular move,” Netflix Co-Chief Executive Officer Greg Peters said on a conference call with investors last month. “There will be current members that are unhappy with this move. We’ll see a bit of a cancel reaction to that.”

Much as it has in the past with price increases, Mr. Peters said he believes the company will be able to retain or win back customers with its programming lineup. “Our job is to continue to grow value, right? To have more amazing titles that people cannot wait to see.”

In several Latin American countries, where Netflix began testing the password crackdown last year, the company has been offering customers the option of paying an extra $3 or so a month to authorize another user outside their home.

How Netflix knows who is who is complicated, however. On its website it warns residents of Chile and other countries that they could be disconnected if they don’t watch once at least every 31 days or if they’re away from their home for an extended time. Customers who are traveling can request a temporary access code that lasts seven days. The company says it monitors IP addresses, device identifications, and account activity to determine whether a customer is signed on from their primary residence.

Meanwhile, the number of customer complaints about Netflix in Chile posted on Reclamos.cl, a website where people air their frustrations with local corporations, rose to 139 in 2022 from 41 the year before. The average number of complaints between 2012 and 2021 was 53. Reclamos.cl also adds that Netflix only resolves 26% of complaints.

On Twitter customers began venting with the hashtag #ChaoNetflix (goodbye Netflix) with users arguing the platform is not worth the stress of having to corroborate their account every time they sign in from a different location. The company has also become the frequent target of critical memes on Instagram.

Josefa Wilkins, a 32-year-old Netflix customer in Chile, said the company’s crackdown flies in the face of the pandemic-era trends of people working remotely.

“I shift between working in the city and from the coast all the time, does Netflix expect me to pay for different accounts depending on my location?,” she said in an interview with Bloomberg. “I am certainly not doing that.”

Castro, the electronics importer, said he’s content with his decision to ditch Netflix because he still has Amazon Prime and HBO. “I’m sticking to those,” he said. — Bloomberg

AirAsia to expand fleet; Philippine passengers seen to double this year

REUTERS

AIRASIA Philippines will be adding 10 planes this year to its existing 14, its top official said, as he expects the expanded fleet to double the low-cost carrier’s Filipino passengers.

“The biggest job for me as chief executive officer has been to bring back planes, to make sure the schedule is the right schedule and not changing, to stop delays,” said Anthony Francis “Tony” Fernandes, chief executive officer of Capital A Berhad, the holding firm for the travel and lifestyle group.

Since the pandemic halted the aviation industry in 2020, restoring AirAsia’s 204 planes globally to full operational status has been a top priority, Mr. Fernandes told reporters. The carrier group has 50 more planes to go to achieve this goal.

“I’m now confident that we can get all the planes that we said we want to in the Philippines [this year],” he said.

AirAsia announced recently that it successfully opened its Tokyo via Narita route and resumed weekly flights to Chinese cities Guangzhou and Shenzhen, as well as the special administrative region of Macao.

Both Japan and China are important markets for the Philippines, Mr. Fernandes said.

“Our strength is international. We don’t think domestic is really for us because it’s well-served by Cebu Pacific and other airlines, but I’ve always said that the Philippines is the best-kept secret in the tourist world,” he continued.

Though he declined to specify what international destinations AirAsia will be adding soon, he said that tourists, cargo services, and overseas Filipino workers make up much of the movement to and from the Philippines.

Mr. Fernandes said that post-pandemic recovery is well underway, with the tourism industry driving enough growth for the full restoration of AirAsia’s flight capacity.

“We’re not out of the woods yet, but we feel that there is light,” he said. — Brontë H. Lacsamana

The Last of Us shows it pays to take gaming seriously

Bella Ramsey and Pedro Pascal in the HBO TV hit The Last of Us. — HBO GO

By Gearoid Reidy

TO MEASURE the place of video games in the pop-culture zeitgeist, consider that Gen Z is more familiar with Fortnite than Friends. The medium’s cultural reach is now at its peak, driven by the critical and commercial acclaim being heaped on the HBO TV hit The Last of Us.

The show, which tracks the journey of an emotionally scarred father and his surrogate daughter across a post-pandemic, zombie-blighted US, began life as a game on Sony Group Corp.’s PlayStation 3 a decade ago. The faithful adaptation has made the story both a cross-generation success and water-cooler conversation — must-see TV in an era where few programs rise above the noise. It marks a year in which gaming has ascended to the level of the culturally unavoidable, a shift that will have major ramifications on where television and movie executives look for the next big thing.

Adaptations of games to both the small and big screens have a notoriously patchy history. For every success, such as the unlikely 2020 box-office hit Sonic the Hedgehog, there are multiple failures. Netflix, Inc.’s adaptation of Capcom Co.’s Resident Evil bombed last year, while attempts to make movie franchises of the likes of Activision Blizzard, Inc.’s Warcraft or Ubisoft Entertainment SA’s Assassin’s Creed have all flopped.

There was always reason to believe The Last of Us wouldn’t suffer the same fate. With a budget exceeding Game of Thrones and the series helmed by the game’s director and one of the producers of HBO’s Chernobyl, this is one of the few adaptations to take the source material as seriously as adapting a book. The focus is less on the zombies and more on morally complex characters and situations.

Even so, the show’s critical and commercial success is startling — drawing more than 20 million viewers an episode in the US, above The Sopranos at the mob drama’s height. Strong word of mouth caused viewership to jump from its first to second episode by the most of any HBO show. That was before its breakout third offering, which mostly put the zombie story aside to depict a decades-long romance between Nick Offerman and Murray Bartlett’s Bill and Frank. The network has already green-lighted a second season; star Pedro Pascal just hosted Saturday Night Live.

Such multimedia franchises, with dedicated fan bases across multiple platforms, are the Holy Grail of entertainment media. Walt Disney Co. may have bungled its Star Wars sequel trilogy, but the $4 billion it paid to buy out George Lucas continues to pay dividends in its Disney+ shows Andor and The Mandalorian. It’s the reason that Amazon.com, Inc. is willing to spend $715 million on a Lord of the Rings spinoff, or why Warner Bros Discovery, Inc., which owns HBO, is so desperate for J.K. Rowling to create more Harry Potter content, to which it also holds the rights.

“What are the movies that have brands that are understood and loved everywhere in the world?” asked Warner Chief Executive Officer David Zaslav on the firm’s most recent earnings call, citing the likes of Superman and Game of Thrones as properties it expects to provide profits. “We’re focused on franchises.”

The Last of Us will convince Zaslav and his peers that games, with their powerful brand awareness among younger generations, are worth financing with significant budgets and top-level talent. It’s a two-way street; this week Warner Bros. will launch Hogwarts Legacy, a marquee video game set in the Harry Potter universe.

For games publishers, they can look at the success of The Last of Us and think more about how to finance creator-driven properties that can succeed outside of the medium — whether that’s in the form of a big-budget show or movie, or an animé adaptation, as with the Netflix tie-in of CD Projekt SA’s Cyberpunk 2077, which triggered a resurgence in sales of the game. Executed correctly, the success of shared universes across different media can feed into one another.

Sony might have an advantage in this field, having spent decades in mostly failed attempts to find synergies among its movie, gaming, and music divisions after acquiring CBS Records and Columbia Pictures in the late 1980s. But after The Last of Us, the company is reportedly next set to release an Amazon Prime series based on the God of War franchise — another narrative heavyweight that uses a fantastical background of Norse gods to tell a surprisingly human father-and-son story.

We might not yet even have seen the most culturally significant video-game adaptation of the year. In April, The Super Mario Bros. Movie, a CG animated film based on Nintendo Co.’s Italian plumber, will hit theaters. While the casting choices (Chris Pratt as Mario, Seth Rogen as Donkey Kong) have raised eyebrows, Nintendo’s careful selection of partner Illumination Entertainment, Inc., the studio behind Minions, and the Kyoto firm’s close involvement in the production suggest it can equal the success of the source material.

And with Illumination founder Chris Meledandri having joined Nintendo’s board in 2021, the Mario maker will be keen to ensure it’s no one-time hit. A successful movie would feed back into the Super Nintendo World area in Universal Studios theme parks in Japan, Hollywood and in the future, Orlando and Singapore, all helping to bring more fans to the game, as well other IPs that can be adapted. The next big thing might already be on your Switch or PlayStation. — Bloomberg

SEC removes 33 online lending platforms from Google Play Store

BW FILE PHOTO

THE Securities and Exchange Commission (SEC) was able to remove 33 online lending platforms or OLPs from Google Play Store in its campaign against illegal lending, it said on Thursday.

“These OLPs have not been reported to the SEC, in violation of SEC Memorandum Circular No. 19, Series of 2019 or the Disclosure Requirements on Advertisements of Financing Companies and Lending Companies and Reporting of OLPs,” the SEC said in a press release.

The regulator’s action against the OLP applications was with the assistance of Google Philippines.

Under the SEC circular, financing and lending companies are required to register their OLPs as business names and include their corporate names, SEC registration numbers and certificate of authority numbers in their advertisements.

A memorandum circular posted in November 2021 states that only OLPs registered as of Nov. 21, 2021 may operate and be used for online lending, subject to strict monitoring.

In line with the directive, Google adopted a policy in May 2022 that requires developers of OLPs in the Philippines to submit a personal loan application declaration and other necessary documentation before they are allowed to publish on the platform.

The policy allows the platform to remove OLPs from Google Play Store. It also requires OLPs to promptly remove their applications if their registration is no longer valid.

“The SEC will continue its efforts to protect existing and prospective borrowers from abusive, unethical, and illegal lenders,” the regulator said.

To date, the commission has revoked 2,084 certificates of registration of lending and financing companies that failed to secure the required certificate of authority.

The SEC has likewise canceled the certificates of authority of 39 financing and lending companies for violating applicable rules and regulations.

“The SEC is looking at engaging with other social media platforms for the adoption of a similar gatekeeping policy imposed by Google Philippines in the interest of customer protection,” the commission said. — Justine Irish D. Tabile

A series tackles a child’s first 1,000 days

THE KNOWLEDGE Channel has come up with a new educational show on parenting and early childhood care. Presented together with the National Nutrition Council (NNC), the show, ILY 1000, premieres on Feb. 14.

The 16-episode show will tackle various topics ranging from health and nutrition, to early learning in the context of a child’s first 1,000 days in life.

“This partnership with the NCC started as a response for the need to continuously improve and provide nutrition education classes to parents and caregivers during the pandemic when face to face activities are more difficult,” Rina Lopez, executive director of Knowledge Channel Foundation, said at a press conference on Feb. 6 at the National Nutrition Council in Taguig City.

“Studies have shown that 90% of brain development happens before the age of five. Because the brain is extremely malleable at this point in a child’s life, their experiences, including their nutrition, in their first five years will serve as a foundation of their learning and development later in life.”

In the series, Marlo Mortel and Majoy Apostol play new parents, Mark and Angela.

“It’s very important for viewers to watch it because when we were shooting it, we learned about proper care for the wife. That’s what I feel is not much informed to many…,” Mr. Mortel said on the educational aspect of the show. “It’s not just entertaining but also fun.”

In working on the project, Ms. Apostol said she learned about many of a mother’s responsibilities.

“It’s about a newlywed couple and the series will also show to raise a family properly. There will be lessons about the pregnancy period, and coping with postpartum stress,” Ms. Apostol said in English and Filipino.

ILY 1000 premieres on Feb. 14, 4 p.m., at the Knowledge Channel and on the following Facebook pages: NNC Official, Knowledge Channel, and First 1000 Days PH. New shows will be released on Tuesdays and Thursdays, with replays aired every Thursday and Saturday on the Knowledge Channel. Michelle Anne P. Soliman