ABS-CBN CLEARS ISSUES ON LOPEZ FAMILY DISPUTE

In a statement sent yesterday to media outlets, ABS-CBN cleared up the “continued PR attacks against ABS-CBN as part of a family dispute over the company’s future.”

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“The latest PR article purports to be motivated by a concern about employee welfare by discussing the retirement fund. Records show that one of our directors proposed shutting down ABS-CBN without so much as discussing how it would meet its obligations to its people. Records also show that the majority of the directors strongly argued for continued financial support for ABS-CBN rather than liquidation to address the welfare of the company’s employees and retirees, as well as its other stakeholders.”

The statement added, “Contrary to what the article claims, the largest decline in ABS-CBN’s pension fund was due to payouts to close to 6,000 employees who were retrenched as a result of the franchise loss. This is proof of ABS-CBN’s commitment to fully meet all its obligations to its employees. From ABS-CBN’s perspective, we acknowledge that, following the loss of our franchise in 2020, we have experienced challenging financial years but have shown steady, consistent improvement.”