MANILA, PHILIPPINES — Fifteen days after being forced to shut down by the National Telecommunications Commission (NTC), media giant ABS-CBN is facing a loss in revenue as well as the spectre of retrenching employees.
ABS-CBN claims it has been losing P30 million to P35 million in advertising revenue daily.
“We continue to lose a substantial amount of money every month and I’m afraid that if we cannot get back on air soon, by August, we may already have to consider beginning a retrenchment process,” ABS-CBN President and CEO Carlo Katigbak told a franchise hearing at the Senate on Tuesday.
Meanwhile, despite an urgent plea from the embattled company, Supreme Court magistrates voted unanimously to give the NTC 10 days to comment on the network’s plea for a temporary restraining order against the commission’s closure order.
Last week, the Philippine Congress approved a bill on second reading that would give ABS-CBN a temporary franchise until October 2020 while they deliberate on measures for its fresh 25-year license to operate.
The chamber then recalled the approval Monday for debates and individual amendments to avoid legal questions since the Constitution requires the approval of a bill on “separate days.”
For his part, Sen. Juan Miguel Zubiri, on Tuesday, urged fellow legislators to swiftly act on ABS-CBN’s application for a new franchise, warning that it might lose its broadcast frequencies as a result of congressional inaction.
The NTC’s cease-and-desist order shut down a total of 42 television stations, 18 FM stations, and 5 AM stations spread nationwide as of May 5, ABS-CBN’s general counsel Mario Bautista told a senate hearing.
The same order also floated the possibility that ABS-CBN might lose its TV and radio frequencies after its broadcast expired last May 4.
Last week, Kapisanan ng mga Brodkaster ng Pilipinas (KBP) President Jun Nicdao shared his view on the impact of ABS-CBN’s possible non-renewal.
The KBP aims to serve the Philippine broadcasting industry as a private association of broadcast operators, establishing its own system of self-regulation and standards for radio and television stations in the country while representing the interests of the broadcast media.
See Nidao’s full statement here
About the Author:
Jason Inocencio was once the Digital Editor of adobo magazine who still loves seeing great campaigns from all over the world. He proudly shows off his love for all kinds of geeky things, whether it be movies, TV shows, comics, sports, or trivia.
