Business

Too big to fail? ABS-CBN could default on its P30B loans if it shuts down – Recto

Senator Ralph Recto warned that ABS-CBN Broadcasting Corp.’s 11,000 employees won’t be the only casualties in Congress’ failure to renew its franchise which expires on March 2020.

Senator Ralph Recto warned that ABS-CBN Broadcasting Corp.’s 11,000 employees won’t be the only casualties in Congress’ failure to renew its franchise which expires on March 2020.

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Recto said ABS-CBN has P30 billion in outstanding loans owed to some of the biggest banks in the country and its closure could lead to a domino effect in the financial system.

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“Malaki ang utang ng ABS-CBN sa mga bangko. You have to be operating to be able to pay these obligations with the banks. Maraming mga depositor, hindi ho ba? Kapag hindi nakabayand ang ABS-CBN, magkakaproblema din ang ilang mga bangko,” said Recto in a Senate hearing.

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He said other sectors to be affected by ABS-CBN’s closure would be its 8,000 shareholders and estimated 70 million viewers.

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Should ABS-CBN lose its franchise, the TV giant has the option to continue airing its content on block time with other networks such as TV 5 of PLDT-Smart and Channel 24 of Brother Eddie Villanueva or it could go fully digital and air its shows online.

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