Socioeconomic Planning Secretary Ernesto Pernia recently gave his insights regarding the impacts to the Philippine society and economy of the possible non-renewal of the legislative franchise of ABS-CBN Corporation.
He said that the Lopez-led network is appreciated and patronized by plenty of the country’s citizens, as per the news posted online by The Philippine Star, an English-language print and digital newspaper in the Philippines.
Therefore, ceasing the operations of ABS-CBN through not renewing its license to operate will adversely affect the public, Pernia said.
The chief economic adviser of President Rodrigo Duterte affirmed that, from an economic viewpoint, terminating the Quezon City-based media and entertainment company would also make it difficult to foster competition and promote diversity in the Philippine economy.
Pernia, who is also the current Director-General of the National Economic and Development Authority, pointed out that, as an economist, progressive ideas, greater diversity, and more openness are auspicious, and these ideals are advanced by ABS-CBN.
Without the Philippine entertainment and media firm, he pointed out that investor confidence would be negatively impacted due to the situation being a direct government intrusion on a business organization that produces services much wanted by the people.
Pernia added that this repercussion is also due to the fact that investors are well aware that ABS-CBN is very famous.
Philippine media organizations have denounced the threat of the non-renewal of the popular network’s franchise as an assault on press freedom.
Moreover, labor organizations have sought Congress to renew the license to operate of ABS-CBN to salvage 11,000 jobs.
Pernia said that the issue involving ABS-CBN is political nature. He described it as a complex matter because thousands of jobs that the network has created are involved.
Pernia added that the wide-reaching public benefit of the network’s operations would have comprehensive repercussions to various members of the society, from senators and congressmen to the masses because these people all derive advantages from the local media behemoth.
Meanwhile, as of last week, the House Committee on Legislative Franchises has still not scheduled hearings on the bills for the franchise renewal of the media and entertainment company.
On February 14, 2020, the ABS-CBN Corporation (PSE:ABS) closed at P17.14 per share. This trade price presents an increment by 0.24 or 1.42 percent.
The value of the publicly listed company reached P12,528,500.00, according to the data posted online by The Philippine Stock Exchange, the national stock exchange of the Philippines.
The 52-week high of ABS-CBN is at P23.20, while its 52-week low is at P14.80.
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