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The Beatles: Get Back and the magic of seeing chords become anthems

FILMED in Jan. 1969, the documentary Let It Be follows The Beatles rehearsing and recording songs for their 12th studio album of the same name. It also includes footage of the legendary rooftop concert by the group, which would be their last public performance together.

Reaction to the film was lukewarm at the time. The British Film Institue’s Monthly Film Bulletin regarded it as “rather tedious” and the response to the accompanying album fared no better. Writing in the New Musical Express, journalist Alan Smith said the record would stand as a “cheapskate epitaph, a cardboard tombstone, a sad and tatty end” to a glittering and epoch-defining musical career.

But now a new documentary series by director Peter Jackson has re-imagined the film in three lengthy and detailed segments. Thanks to an array of fresh footage, Mr. Jackson’s film sheds new light on this period and the band.

Pre-publicity for the Get Back project emphasized the work that had gone into restoring the original footage.

The kinds of painstaking technical processes that WingNut (Mr. Jackson’s production company) deployed are typical of remastered films and music. These techniques are a key way of marketing the repackaging of old material. With a run-time of eight hours, the huge scope of Get Back is in-keeping with the contemporary penchant for extremely long films, indulgent director’s cuts, and expanded LP box sets featuring multiple versions of songs.

In all these fields, “more” is equated with “best.” However, with Get Back, the initially impressive gloss of the restoration project soon fades as the real fascination lies in the raw and intimate footage of the original project.

We can view Let It Be as a continuation of the fine tradition of cinema verité — documentaries that sought to represent the truth as objectively as possible. With music documentaries, this tradition began with DA Pennebaker’s 1967 Bob Dylan film Don’t Look Back followed by Maysles brothers’ Gimme Shelter and Michael Wadleigh’s Woodstock (both 1970).

In Get Back, the whistle-stop preamble that Mr. Jackson provides, the labeling of every song played (no matter how ephemeral) and the contextual historical information which frames the group for a modern audience are all nice touches. But it is the raw excitement of the original footage that makes the film really soar.

That’s because this version of the story also sheds new light on what was initially remembered as a depressing watch — the Beatles bickering and stuttering their way to a final rupture. As he watched the hours of film footage, Mr. Jackson witnessed a more positive and warmer picture of the group emerging. This is reflected in the previously unseen sequences where the group laugh and lark about and where good humor and encouragement, rather than arguments, shape the mood.

The Let It Be album project (also originally titled Get Back) emerged in early 1969 out of the ashes of the recently released White Album. As writers Roy Carr and Tony Tyler noted, the White Album “indicated the passing of the Beatles as a group… on this LP they act as each other’s session men.”

This idea of the Beatles fading as a coherent unit and writing more as individuals is something I also explore in my own book on the LP. But it would seem that the desire with the original Get Back was to return to a more com-munal way of creating songs, jamming and improvising towards a final version that was unencumbered by recording studio trickery.

The magical evolution of a song from a few chords and snatches of lyrics to a complex arrangement is one of the most fascinating aspects of Get Back. The song “Get Back” itself is a prime example. Developing out of Paul McCartney strum-ming a few chords on his bass, the song’s journey in the film culminates in a triumphant full-blown version in the famous rooftop sequence that closes both films. For Beatles obsessives and less devoted bystanders alike, the chance to eaves-drop on how pop songs are actually made — a normally secretive and mysterious process — is revelatory.

Get Back, while split into three episodes, is eight hours long, which might be daunting for many viewers. While it would have been nice to see this documentary on the big screen, streaming has afforded Mr. Jackson this length. I think this was a deliberate choice by Mr. Jackson to fully immerse the viewer in the slow grind of producing great pop songs.

The famous rooftop concert, viewed from any angle, is truly magnificent, a “shining hour of absolute extreme excitement” as the Beatles own press officer Derek Taylor put it. Publicists tend to exaggerate but in this case the description is spot on, the mundane nature of the performance (especially after all the big talk about concerts in Arabian deserts and ocean liners) demonstrating that often it is the simple things that can mean so much.

The purpose of the album was to allow the Beatles to “get back” to their deep roots as a performing band. As this dream faded it became “let it be” — an expression of resignation and closure. Now, with Mr. Jackson’s version, Get Back means something different again; a return to the original project but also to the Beatles and their legacy, which, well into the 21st century and with the help of this film, still seems firmly assured.

Mark Goodall is a Senior Lecturer on Film and Media, the University of Bradford

Cebu Landmasters launches P1.2-billion corporate tower

cebulandmasters.com

Cebu Landmasters, Inc. (CLI) has launched its P1.2-billion commercial tower Latitude Corporate Center in Cebu Business Park, it said on Thursday.

In a disclosure to the exchange, the listed Visayas-Mindanao property developer said the tower is the first project of BL CBP Ventures, Inc., its joint venture with Borromeo Brothers Estate, Inc.

Latitude Corporate Center aims to attract local and multinational firms as its tenants. This includes banks, technology service providers, real estate, companies from food and retail industries, and IT-BPO firms.

“Our economy is now reopening and we see a future turnover for office spaces, especially from the IT-BPO sectors,” said Jose R. Soberano III, chairman and chief executive officer of CLI.

“As we expand our office footprint, we also foresee our industry players slowly transition business operations back to normalcy in the coming months as we anticipate post-pandemic recovery,” Mr. Soberano said.

The company said it engaged Leechiu Property Consultants as its leasing agent.

Latitude Corporate Center stands 24 floors high. The first two floors will host the retail component of the development. Its eighth to 12th floors, meanwhile, are dedicated to business process outsourcing (BPO) offices and the 14th to 16th floors will be for executive offices.

It will offer 83 units with 35,000 square meters (sq.m.) of gross floor area. It will also lease spaces from 51 sq.m. up to 2,000 sq.m., which is said to be “ideal” for small and medium-sized enterprises as well as large-scale businesses.

The building will also have its own parking area with 247 slots.

Latitude Corporate Center features LED lighting, operable windows for natural ventilation, a rainwater collection system, provision for fresh air via “stub-outs,” and material recovery facility.

It will also have its own plaza with a tree sanctuary, a “live wall” at its main lobbies, 60% glass ration, and 20% vegetated green spaces.

The development has been awarded a four-star accreditation under the Building for Ecologically Responsive Design Excellence (BERDE) rating.

“Its schematic building design follows a unique ‘stacked building blocks’ form to mirror a minimal, elegant and timeless façade,” CLI said. It was designed by Philippine architectural firm AIDEA Philippines, Inc.

Latitude Corporate Center brought the company’s gross leasable area (GLA) to 29,000 sq.m. from 14,000 sq.m. The company also said it has over 47,000 sq.m. of office and retail GLA under construction.

CLI’s long-term strategy is to build up its a GLA to 200,000 sq.m. The property developer said it aims to have its of office, retail, and its hospitality portfolios contribute 10% of its topline in the next three to five years.

CLI shares at the stock exchange declined 2.09% or six centavos on Thursday, closing at P2.81 apiece. — Keren Concepcion G. Valmonte

Entertainment News (12/10/21)

Vinyl of Adele’s 30 available at Backspacer Records

SONY Music confirms that Backspacer Records, an independent record store based in Metro Manila, is the official distributing partner of Adele’s chart-topping LP, 30. The indie record shop, which gained popularity for being the home of limited edition and exclusive OPM releases, as well as rare and wide-ranging international titles, will be selling an exclusive Japan pressing of the album in standard black vinyl. The British singer-songwriter’s landmark LP not only broke records in terms of digital sales and streaming all over the world, but also smashed physical sales performance for both CDs and vinyl this year. “We’re grateful to Sony Music for entrusting us with this special project,” Backspacer Records co-founder Robert Tuazon said in a statement. “Tasha and I are excited to open our doors to music fans who have been wanting to get a copy of this remarkable pop release.” Adele’s 30 contains two 180-gram LPs with printed inner sleeves and standard jacket. On hand copies of the vinyl can now be purchased via Backspacer Records’ official website and its physical store located at the 2nd Floor of D’ Ace Plaza in Kapitolyo, Pasig City, Metro Manila. The record is also available through Backspacer Records’ retail partners: Plaka Planet in Makati City, Stereofiles in Quezon City, and Baihaus in Cebu City.

 

Sony Music releases tick,tick…BOOM! soundtrack

SONY Music Masterworks has released the official soundtrack to the acclaimed Netflix film, tick, tick… BOOM! — an album containing music from the film adaptation of Jonathan Larson’s autobiographical musical, directed by Pu-litzer Prize and Tony Award winner Lin-Manuel Miranda. The soundtrack features songs by Mr. Larson, who revolutionized musical theater as the creator of Rent, as performed by the film’s cast, which includes Andrew Gar-field, Alexandra Shipp, Robin de Jesús, Joshua Henry, Mj Rodriguez, Bradley Whitford, Tariq Trotter a.k.a. Black Thought of The Roots, with Judith Light, and Vanessa Hudgens. Rounding out the 17-track collection are four bonus numbers, including a special end credits reprise of “Come to Your Senses” featuring Jazmine Sullivan and a cover version of the previously unreleased Jonathan Larson song, “Only Takes a Few,” performed by folk band The Moun-tain Goats. The official soundtrack of tick, tick… BOOM!’ is available on all digital music platforms worldwide via Sony Music Masterworks.

 

24 Oras wins at Asian Academy Creative Awards

THE GMA news show 24 Oras was named as the Grand Final Winner in the Best News Program category at the 2021 Asian Academy Creative Awards (AAAs). Besting entries from 16 Asian countries and territories, GMA Network’s flagship newscast was recognized for its Special Coverage of Typhoon Ulysses (Vamco) that struck Luzon in Nov. 2020. The GMA news teams went to severely hit areas and reported on families trapped on their rooftops. The news teams served as the lifeline to authorities for many who needed rescue and other assistance. The show’s nationwide coverage provided viewers information and public service at a time when they needed it the most. The show is anchored by Mel Tiangco, Mike Enriquez, and Vicky Morales. Held annually, the AAAs recognizes the excellence of programs and personalities that represent and promote Asian content and creativity.

 

The Itchyworms releases 2nd Christmas album

ROCK BAND The Itchyworms celebrates their 25th anniversary with the second installment of their holiday-themed album, Christmas Starts When the Bers Begin. Capturing the spirit of Pinoy Christmas, the album contains two new tracks to the original Christmas album, “Halo-Halo” and “Meri Xmas 2 U.” Written and produced by drummer and lead vocalist Jazz Nicolas, “Halo-Halo” is a festive reinforcement of the classic tradition, an upbeat tune. “Meri Xmas 2 U” is a sparkly reimagining of Pinoy Christmas carols. The 2021 AWIT Awards Winner for Best Musical Arrangement plan to add more songs to the Yuletide-themed album every year. Christmas Starts When the Bers Begin is part of the band’s celebration of its 25th year in the Philippine music industry, which follows the release of the original single “Eto Na (Ang Maliligayang Araw)” and the six-part series, Worms Upon A Time: An Itchyworms Podcast. The Itchyworms are also set to drop a mockumentary that chronicles their 25 years in the music industry at the end of the year. Christmas Starts When the Bers Begin is available on all music streaming platforms.

Sheeran, Elton collaborate on Christmas song

ED SHEERAN and Elton John ring in the festive season with their new single “Merry Christmas,” available now across all platforms. “Merry Christmas” provides the perfect dose of Christmas cheer — packed with sleigh bells, uplift-ing arrangements, and joyous harmonies, the song is topped by lyrics that add to its festive sparkle: “So kiss me under the mistletoe / Pour out the wine let’s toast and pray for December snow / I know there’s been pain this year but it’s time to let it go / Next year you never know, but for now, Merry Christmas.” During the 2021 Christmas period, Mr. Sheeran’s and Mr. John’s global record and publishing royalties from the single and profits from sales of the single will be donated equally between the Ed Sheeran Suffolk Music Foundation and The Elton John AIDS Foundation.

 

Clinton Kane releases new single

FILIPINO-Norwegian singer-songwriter Clinton Kane has released a new single, “Go to Hell,” a breakup song that finds him reeling from the dissolution of a romantic relationship. Speaking about the new track, Mr. Kane emphasizes that the song is completely different from anything that he has released in the past, and that it has a more alternative rock-leaning edge to it. “Go to Hell” is lifted off Clinton Kane’s forthcoming debut album, due out early next year via Columbia Records/Sony Music. The track is available on all digital music platforms worldwide.

 

SZA releases new single

SZA — photo cred Blair Caldwell

TOP DAWG Entertainment’s multi-platinum selling artist SZA has officially dropped her new single, “I Hate U.” Initially released on an anonymous Soundcloud account this year, the track is produced by Rob Bisel, Carter Lang, thankgod4cody, and Dylan Patrice. With soulful vocals enveloping a minimalist sonic backdrop and laid-back synths, SZA reflects on a rocky romantic relationship that seemed to have taken a toll on her emotional health. “I Hate U” is out now on all digital music platforms worldwide via TDE/RCA Records/Sony Music.

 

GigaPlay app releases first pay-per-view film

SMART’s GigaPlay App offers its first ever pay-per-view film, Love Is Color Blind, featuring the “love team” of Donny Pangilinan and Belle Mariano. Set to be released on Dec. 10, 10 a.m., on the GigaPlay app, Love is Color Blind is the first full-length feature of the on-screen couple. They play two friends who navigate the simple joys and complexities of young love. From Dec. 10 to Jan. 10, Smart subscribers may rent the film on the GigaPlay app for P199 to watch and rewatch for 48 hours. To watch, download the GigaPlay app onto a smartphone and connect to Smart mobile data.

 

Netflix’s new animé Bubble

BUBBLE, a new animé feature directed by Tetsuro Araki and animated by WIT Studio — known for the hugely popular Attack on Titan animé — will premiere worldwide on April 28, 2022 on Netflix. The film takes place in an alter-nate Tokyo where the laws of gravity have been broken due to bubbles that manipulate this force of nature. It features a screenplay by Gen Urobuchi (Puella Magi Madoka Magica), character designs by Takeshi Obata (Death Note) and music by Hiroyuki Sawano (Promare). Actors lending their voices to the characters are Jun Shison, Mamoru Miyano, Yuki Kaji, and Tasuku Hatanaka. For more information, visit www.netflix.com/bubble.

Air Philippines’ franchise approval gains Senate support

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AIR PHILIPPINES Corp. on Thursday received a Senate body’s full support for the approval of its franchise for another 25 years after it defended its capacity to perform and the safety of its flights amid the pandemic.

“I will recommend to my colleagues in the body the approval of your franchise,” said Senator Mary Grace Natividad S. Poe-Llamanzares, who chairs the public services committee, during a hearing. “If anything, you need all the support you can get from the government to be able to continue operations.”

The committee deliberated on House Bill 10442 or the act renewing for another 25 years the franchise granted to Air Philippines, formerly known as Airphil Express, which is under PAL Holdings, Inc.

Air Philippines President and Chief Executive Officer Bonifacio U. Sam said that throughout the pandemic, the country’s second-largest domestic carrier has been bringing thousands of overseas Filipino workers back to their home province.

The airline has also transported needed medical supplies such as personal protective equipment and vaccines to their destinations.

Currently, the company has 770 employees while supporting 1,600 jobs in related industries.

The market share of Air Philippines is about 24%, with 32 destinations from different hubs in Manila, Clark, Cebu and Davao. As for international destinations, Mr. Sam said the airline flies to secondary cities in China, Hong Kong and other regional destinations.

In 2019, about seven million passengers were accommodated by the airline to various points of the country. The pandemic reduced the carrier’s flights by 80% in passenger load from 2019 to 2020, said Civil Aeronautics Board (CAB) Chief Hearing Officer Maria Elben Sl Moro.

Nevertheless, she said that it continued to comply with CAB regulations and was previously issued a certificate of good standing.

Mr. Sam said Air Philippines had reduced its capacity by about 70% as a result of the pandemic. Even then, it hired service providers in its different stations to ensure cleaning and disinfection can be done in less than 15 minutes before the next set of passengers enter the plane.

Ms. Poe said the airlines deserved to have its franchise renewed. “We need more stakeholders in the airline industry especially now.”

Meanwhile, the senator called out the Bureau of Internal Revenue (BIR) for not providing information on whether franchise applicants have been fulfilling their responsibility with the agency, specifically if they have been diligently paying their taxes on time and in full.

She said the agency’s lack of preparation would cause delays in the evaluation of applications for the 16 telecommunications and 12 broadcast companies, aside from the airline.

“Before we give a franchise to a company, we have to make sure that they have no liabilities,” she said. “As much as possible, we would like to finish our committee reports and hopefully take them up on the floor next week.”

The Senate will adjourn for its Christmas break beginning Dec. 18 until Jan. 16 next year. — Alyssa Nicole O. Tan

Peter Dinklage leads new remake of French classic in Cyrano

Peter Dinklage in Game of Thrones (2011)

LONDON — Game of Thrones actor Peter Dinklage takes the lead role in musical drama Cyrano, a new movie adaptation of the classic French story, which had its UK premiere on Tuesday.

Adapted from a theater production written by his wife Erica Schmidt, Mr. Dinklage reprises his 2018 stage role of the swordsman with a gift for words, who struggles to declare his feelings to the woman he loves because of his perceived unattractive appearance.

The film is the latest remake of Edmond Rostand’s 1897 play Cyrano de Bergerac, in which the titular character helps newcomer Christian pen love letters to Roxanne, the object of both men’s affection.

One big change Ms. Schmidt made from the original play was getting rid of Cyrano’s large nose, which she said was her first way into the piece.

“I just thought, what if he never said what it is that he feels is unlovable about himself physically? What if it was just in whatever the audience imagined?” Ms. Schmidt said.

Mr. Dinklage said the change was one of several elements that initially attracted him to the role.

“So much of the story is about a guy who’s insecure because of the nose. And when you take the nose away, it makes it a bit more universal in terms of everybody can sort of relate to,” he said.

“I felt that it was really important to tell a story about human connection in a world where we seem to be more and more disconnected,” said director Joe Wright. “And then the pandemic happened, and we were even more disconnected. So, I felt now is definitely the time to tell this story.” Mr. Wright is known for films such as Pride & Prejudice and Atonement.

Hillbilly Elegy actor Haley Bennett plays Roxanne while The Trial of the Chicago 7 actor Kelvin Harrison, Jr. portrays Christian. Reuters

DMW completes its first building in Makati City

dmwai.com/

D.M. Wenceslao and Associates, Inc. (DMW) has inaugurated its five-story mixed-use building located along Jupiter Street in Makati City, the company told the exchange on Thursday.

58 Jupiter Commercial Building will bring in over 2,000 square meters (sq.m.) of gross leasable area (GLA) to the market.

“58 Jupiter is our first constructed-commercial asset in Makati City,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said.

The new commercial building will have a vertical garden, rain harvesting planters, and operable pivoted windows. It will cater to food and other retailers.

The 22,000-sq.m. 58 Jupiter increased DMW’s total building leasing space to 162,000 sq.m.

“The completion of 58 Jupiter further advances our diversification efforts,” Mr. Wenceslao said.

The company said it plans to pursue projects where it sees “pockets of opportunities.”

“Last year, we purchased a property in Legazpi, Makati, where we envision to build an upscale residential condominium,” Mr. Wenceslao said.

DMW said it is experienced in planning, design, and execution. The listed company is the master developer and owner of 107.5-hectare Aseana City, which is located along Manila Bay.

“We bring these internal capabilities and extensive experience from developing our Aseana City assets into locations outside of Aseana,” Mr. Wenceslao said.

On Thursday, DMW shares at the local bourse declined 0.29% or two centavos to close at P6.90 apiece. — Keren Concepcion G. Valmonte

Our stories through songs

By Michelle Soliman, Reporter

VIDEO REVIEW
Still
Directed by Treb Monteras II
Viu

WHEN things are uncertain during a pandemic, being stranded anywhere but home may seem like the least ideal situation.

In Still, an eight-episode musical narrative series, estranged friends Sab (played by Gab Pangilinan) and Laura (Julie Anne San Jose) have reunited Balay’s annual Daloy Himig music camp (the place looks so clean and cozy) and are slowly catching up when the lockdown is imposed, the music camp is canceled, and they find themselves stranded.

The first episode introduces the audience to the rest of the characters: Iggy (Mike Shimamoto), Tugs (Abe Autea), and Leigh (Lance Reblando), camp head Nikolas (Christian Bautista), and Balay owner Annette (Bituin Escalante). It is also established that they have been already stranded at Balay for almost a month, prompting desperation among some of the participants to leave.

Still — directed by Treb Monteras II, created by Pat Valera, in collaboration with Giancarlo Abrahan, and Nicco Manalo — premiered on Viu on Nov. 12. New episodes premiere on a Friday at 8 p.m. (with a 32-hour window to screen the episode), and will run until Dec. 31.

The show is halfway through its run.

From the second to the third episode, the characters’ relationships build along with their motivation to go home. Uncertainties about their survival, the future, and what is the point of carrying on, are brought up.

When restrictions ease in the fourth episode, some campers are given the opportunity to leave through the drawing of lots. The characters then face the choice of leave the companionship they have built behind or move on.

The series features simple but quirky animation of objects that flash during some dialogue. In the first episode, screenshots of news headlines about the coronavirus disease 2019 (COVID-19) virus and lockdowns are used to in-dicate the passage of time. In the second episode, images of guitar chords appear onscreen while some of the characters are learning the song “Mundo Umikot Ka” as if to encourage the audience to sing along.

The show’s original songs, written by Nica Del Rosario, Matthew Chang, and Mike Shimamoto, are very timely reflections on the current situation. The show’s theme, “Still,” has a nostalgic 1990s feel. Among all the songs per-formed in the four episodes, “Mundo Umikot Ka” stood out the most to me. It speaks about how, despite how things have stopped, our lives carry on. The original songs stand alone as singles even if the listener is unaware of their place in the show. The songs’ messages are also relatable sans the pandemic context.

With Sab and Laura’s backgrounds highlighted in the first half of the series, their characters represent two kinds of people.

Sab grew up to pursue a different path from her passion for music. When she visits Balay to do research for her thesis, she not only reunites with a friend but rekindles her love for music. She represents those whose regular rou-tines were disrupted by the pandemic, and as a result find themselves rekindling an old hobby or passion, or for some, developing a new one.

In the series, Sab’s voiceover introspections about the challenges and purpose of life hit hard — some viewers may find themselves agreeing and saying, “That’s me” in their head.

Laura, on the other hand, may seem stubborn at first, but her attitude is due to a lost opportunity that she has clung to and wanted badly. She represents those who were set to pursue goals that which were shattered during the pandemic. It is through her that we understand the difficulty of looking at the bright side.

It is interesting to watch the dynamics of the big names in music and television blending with the talents from the live theater scene in the series. It would be great to see more original content today with performing artists across various fields.

After four episodes, the story lives up to the duality of its title which may mean either being motionless and continuing progression. I look forward to the upcoming episodes and get to know more about the other characters (and see their solo performances), as well as, hopefully, becoming invested in each of them.

Older episodes are still available for viewing. New episodes of Still premier every Friday at 8 p.m. until Dec. 31. Both older and new episodes are accessible within 32 hours (from Fridays at 8 p.m. to Sundays at 8 a.m.). Tickets (P599) are available at https://ticket2me.net/e/33588/still-a-viu-original-musical-narrative-series-exclusive-previu. The series’ original soundtrack is available on Spotify, Apple Music, Deezer, and Tidal via Still: A Viu Original Musical Narrative Series.

Term deposit rates end mixed on inflation, rejected bids for bonds

YIELDS ON THE central bank’s term deposits ended mixed on Thursday as inflation eased and after the government rejected bids for its offer of Treasury bonds (T-bonds) on Tuesday.

Demand for the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) amounted to P479.591 billion on Thursday, surpassing the P430-billion offer as well as the P467.818 billion in tenders logged in the previous week’s auction.

Broken down, bids for the six-day term deposits amounted to P175.622 billion, higher than the P160 billion auctioned off by the central bank but lower than the P181.141 billion in tenders last week, which was for a seven-day tenor.

Banks asked for yields ranging from 1.7% to 1.9%, a narrower margin compared with the 1.71% to 2.19% band a week ago. This caused the average rate of the papers to slip by 0.13 basis point (bp) to 1.7586% from 1.7599% previously.

Meanwhile, the 13-day papers fetched bids worth P303.969 billion, well above the P270-billion offering and also beating the P286.677 billion in tenders last week for a 14-day tenor.

Accepted yields for the 13-day deposits ranged from 1.75% to 2%, tighter than the 1.745% to 2.19% band recorded on Dec. 1. This caused the average rate of the 13-day papers to inch up by 0.15 bp to 1.8241% from 1.8226% in the prior auction.

The term deposit tenors were adjusted in view of the holiday on Wednesday in commemoration of the Feast of the Immaculate Conception of Mary.

The BSP has not auctioned 28-day term deposits for more than a year to give way to its weekly offering of bills with the same tenor.

The central bank uses the TDF and its short-term securities to gather excess liquidity in the financial system and guide market rates.

Yields on the term deposits were mixed as inflation eased to a four-month low in November, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The consumer price index stood at 4.2% last month, slower than the 4.6% in November mainly due to easing food inflation.

However, headline inflation remained above the BSP’s 2-4% target and was faster than the 4% median estimate of 18 analysts in a BusinessWorld poll held last week.

Another factor that caused mixed yield movements was the government’s rejection of all bids for its offer of 10-year T-bonds on Tuesday, Mr. Ricafort added.

The Bureau of the Treasury did not accept any bids for its offer of P20 billion in reissued T-bonds, which have a remaining life of nine years and seven months. The papers attracted P42.44 billion in demand, lower than the P55.37 billion seen the last time the series was sold on Nov. 9.

National Treasurer Rosalia V. de Leon cited high rates for the rejection. — L.W.T. Noble

WB flags job quality issues as labor market recovers

THE labor force continues to face pandemic-related challenges including the disproportionate impact of the public health crisis across gender lines and the urban-rural divide, the World Bank (WB) said.

The bank added that the government needs to mitigate the long-term impact of school closures on human capital.

“(The pandemic) has forced learning losses on school-going children, especially those with inadequate access to remote learning. And for children from low-income families, it has added the effects of long-lasting impairment to human capital, which could reduce their productivity when they grow up,” World Bank Country Director for Brunei, Malaysia, Thailand, and Philippines Ndiame Diop said in an online briefing Thursday.

World Bank Senior Economist Kevin C. Chua said the labor market improved as reflected in increased labor force participation, although the challenges related to job quality persist.

“In September, the share of part-time workers remains higher than pre-pandemic level, while the share of wage and salary workers employees remains lower than before the pandemic,” Mr. Chua said.

The Philippine Statistics Authority estimated unemployment in October at 7.4% from 8.9% in September. This represents 3.504 million jobless, down from 4.255 million in September.

However, the underemployment rate — or the proportion of employees that are still looking for more work or longer working hours — rose to 16.1% in October from 14.2% in the prior month. This is equivalent to 7.044 million workers, up from 6.183 million.

To support the recovery of the job market, policy should focus on resuming economic activity, said Yoonyoung Cho, a senior economist at the Social Protection and Jobs Global Practice at the World Bank.

Ms. Cho noted that some industries are more severely affected by job losses.

“Female young urban workers were relatively more affected by the pandemic compared with their male or their rural counterparts,” she said.

The uneven impact of job losses is also reflected in the decline in wage employment, while self-employment and unpaid family work increased, she added.

In the long run, the government and other stakeholders should also resolve challenges related to business competitiveness and worker productivity and protection, Ms. Cho said.

“We once again highlight the importance of human capital investment, in particular, ensuring a strong early start in helping institutions recover the lost learning (opportunities) from the school closures and distance learning. Ensuring the inclusion of the vulnerable population in the opportunities will be absolutely critical,” she said.

Earlier this week, the World Bank raised its growth forecast for the Philippines to 5.3% from 4.3%, citing a better-than-expected third quarter performance. — Luz Wendy T. Noble

Smart 5G deployment gets support from US agency

SMART Communications, Inc. on Thursday said the US Trade and Development Agency (USTDA) will support its fifth-generation (5G) deployment in the country through a training assistance.

The USTDA “awarded a grant” for training to Smart, the wireless arm of PLDT, Inc., to advance its plan “to expand 5G services to 96% of the country’s population,” the telco said in an e-mailed statement.

The US agency made the award to support the telco’s investment in equipment and services from Cisco Systems, Inc.

The training grant is expected to help the company in providing better cloud-based products and services to its customers throughout the Philippines.

“This grant builds on previous USTDA assistance that is advancing PLDT and Smart’s efforts to modernize the company’s national fiberoptic network and prepare the Philippines for the transition to 5G,” Smart said.

USTDA said it is committed to supporting “cutting-edge” information and communications technology infrastructure in the country.

“[The project] will strengthen digital connectivity and bring faster, higher quality, and more affordable digital services to the people of the Philippines,” USTDA Acting Director Vinai Thummalapally said.

Alfredo S. Panlilio, president and chief executive officer of PLDT and Smart, said: “A well-trained technical team is vital to the success of our overall digital transformation, which will enable us to elevate the experience of our customers.”

“Our people must be trained and prepared to make full use of the power of these transformative new technologies,” he added.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Factory output’s recovery streak continues in October

THE COUNTRY’S factory output expanded for the seventh straight month, albeit at a slower pace in October, the Philippine Statistics Authority (PSA) reported on Thursday. Read the full story.

Few Europeans want a return to 9-5 at office after pandemic

BERLIN — Only 14% of European workers want to return to the office 9-5, and more than half say they have become more productive as a result of working from home, which has boomed amid coronavirus disease 2019 (COVID-19) lockdowns and restrictions, a survey showed Thursday.

But “hybrid working” — a mix of working at home and at the office — also has its downside, with over a quarter of respondents feeling like they work all hours or into the night, according to the survey commissioned by Samsung Electronics and the consultancy The Future Laboratory.

The survey of 14,000 people across Europe also indicated that 83% of workers were seeking more support from their employers to help balance their work and home lives.

About 12% of employed people in the European Union usually worked from home in 2020, up from around 5% before the pandemic, according to data from Eurostat.

“With presenteeism now an outdated concept, employers need to think carefully about how they meet the demands of modern hybrid living,” Benjamin Braun, vice-president for Samsung Europe, said in a statement.

Two-thirds of Europeans said they had made — or were planning — home improvements to make hybrid living easier, for example by creating office spaces at home, while 41% had decided to move house.

In the survey by the world’s largest memory chip and smartphone maker, 51% said technology was helping them set boundaries, for example, by using mobile alarms or time management applications.

“We are likely to see tech stepping in to monitor our mental health and happiness as much as our physical health, with smart devices becoming our wellbeing assistants,” said Meik Wiking, chief executive of Denmark’s Happiness Research Institute, which is collaborating with Samsung on the future of work. — Reuters