Business

Jun Neri: ABS-CBN franchise denial the ‘new tokhang’

Bank of the Philippine Islands lead economist Emilio “Jun” Neri joined millions of Filipinos who were disappointed over the denial of ABS-CBN’s franchise bid.

Neri likened the franchise rejection to the Duterte administration’s notoriously brutal war on drugs.

“The latest version of Tokhang has been released right in the middle of a pandemic, record unemployment and the worst recession since WWII. Who’s next?,” Neri said.

With the rejection of the network’s franchise renewal application, thousands of Kapamilya employees could lose their jobs.

ABS-CBN has 11,000 permanent and freelance contract workers.

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