ABS-CBN, the largest TV network in the Philippines, may consider retrenchment of employees if it continues being off the air.
“We continue to lose a substantial amount of money every month and I’m afraid that if we cannot get back on air soon, by August, we may already have to consider beginning a retrenchment process,” ABS-CBN CEO and President Carlo Katigbak told senators.
Katigbak expressed his disappointment about losing ABS-CBN employees, especially during the COVID-19. However, the media network could not fully commit to hold its employees after the shutdown due to financial difficulties.
“But unfortunately, we cannot make that commitment open-ended because we are also limited by financial constraints,” he said.
ABS-CBN claimed it loses P30-35 million every single day after the National Telecommunications Commission (NTC) issued a cease and desist order.