The Office of the Solicitor General’s filing of a quo warranto case against ABS-CBN on alleged violations of its franchise appears to be an effort to shut down ABS-CBN to the serious prejudice of millions of Filipinos who rely on the network for news, entertainment and public service.
These allegations cited by the Office of the Solicitor General in his press statement are without merit.
ABS-CBN complies with all pertinent laws governing its franchise and has secured all necessary government and regulatory approvals for its business operations.
(1) All our broadcast offerings, including KBO, have received the necessary government and regulatory approvals and are not prohibited by our franchise.
(2) ABS-CBN Holdings’ Philippine Deposit Receipts or PDRs were evaluated and approved by the Securities and Exchange Commission and the Philippine Stock Exchange prior to its public offering.[]
These are the same instruments used by other broadcast companies to raise capital for the improvement of services.
(3) The ownership of ABS-CBN in ABS-CBN Convergence was undertaken under the same law and structures that have been utilized by other telecommunications companies. These are transfers that are approved under the Public Telecommunications Policy Act and are fully compliant with law.
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