ABS-CBN Corporation has received the provisional authority to carry on with its operations after the expiration of its legislative franchise.
This development comes after the House Committee on Legislative Franchises had sent a letter to the National Telecommunication Commission (NTC).
Palawan representative Franz Alvarez is the chair of the panel. He penned the note addressed to NTC Commissioner Gamaliel Cordoba.
Alvarez urged the NTC official to give ABS-CBN Corporation a provisional authority to continue operating until May 4, 2020.
He stated in his letter that this date is until such time that the Philippine Congress or House of Representatives had already made a decision.
The latter is regarding the franchise renewal application of the media giant.
The panel of the House of Representatives also urged the NTC to grant similar provisional authority to ABS-CBN Corporation’s affiliate firms and subsidiaries.
They are Sky Cable Corporation, ABS-CBN Convergence, Incorporated, and Amcara Broadcasting Network, Incorporated.
In line with this event, Alvarez relayed that his committee has begun deliberating on the application for franchise renewal of ABS-CBN Corporation.
He cited that his group has asked the involved entities to submit their position papers.
This event takes place following the past inaction of the House committee on the bills that are seeking the continuation of the broadcasting giant’s franchise.
Philippine daily newspaper The Philippine Star reported that there are 12 pending bills filed at the lower chamber of the Philippine Congress.
All of them are seeking to resume the legislative permit of ABS-CBN Corporation.
Franklin Drilon is the minority leader in the Philippine Senate. On Wednesday, he submitted a concurrent resolution.
By definition, a concurrent resolution does not possess the force of law if it gets approved by the country’s president and Congress.
This feature is because it just expresses the formal opinions of the members of the legislative branch of the government on a particular matter.
The resolution that Drilon submitted expresses the feeling of the Philippine Congress. This sense indicated that the government should allow ABS-CBN Corporation to operate.
Drilon’s resolution adheres to the terms of the present authorization. It takes effect until the 18th Congress issues its final decision on the media firm’s franchise renewal.
Furthermore, the Filipino politician’s concurrent resolution aims for the NTC to give ABS-CBN Corporation the proper temporary authority to operate.
On Wednesday, February 26, 2020, ABS-CBN Corporation (PSE: ABS) closed at P23.00. Today, February 27, as of 10:05 AM, its last trade price is at P23.90.
It indicates the company’s stock going up 0.90, or 3.91 percent. The total value reached P25,972,835.00.
Meanwhile, the 52-week high of ABS-CBN Corporation is at P24.85. The Philippine Stock Exchange (PSE) recorded its 52-week low at P14.80.
As for the ABS-CBN Holdings Corporation (PSE: ABSP), it closed yesterday, February 26, at P17.62.
As of today, February 27, its last trade price as of 10:06 AM is at P19.20, up 1.58 or 8.97 percent.
The PSE recorded the 52-week high of ABSP as P21.00. Meanwhile, its 52-week low is at 13.52.
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