ABS-CBN on Thursday pushed back against claims of financial mismanagement and plans for liquidation, saying company records show its leadership prioritized sustaining operations and meeting obligations to employees and stakeholders following the loss of its franchise.
In a statement, the company said proposals to shut down the network were not adopted, with most directors instead backing continued financial support.
ABS-CBN also disputed claims about the decline of its pension fund, saying this was largely due to payouts to nearly 6,000 retrenched employees, which it cited as proof of its commitment to fulfill its obligations.
“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,” it said in a statement.
“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,” it added.
Criticisms against the company undermine employees’ efforts to keep the network operating and the public support it continues to receive, ABS-CBN said.
“These continued public PR attacks against ABS-CBN are a disservice to the employees who have fought so hard to keep ABS-CBN alive, and to the public that has supported ABS-CBN throughout all its trials,” it wrote.
ABS-CBN also invoked founder Kapitan Geny Lopez’s people-first philosophy, saying business success follows when a company prioritizes its people over profit.
“In Kapitan Geny’s own words: ‘Profit alone is not enough reason to go into business. But if we serve our people, then I think that our growth and success will follow. If we take care of our people, they will take care of us. That's the kind of culture a company should have,’” it said.
