Senate President Pro Tempore Ralph Recto has filed a bill that seeks to renew the franchise granted to media giant ABS-CBN Broadcasting Corp. for another 25 years.
ABS-CBN is racing against time to get its legislative franchise renewed to keep operating. Its franchise is set to expire on March 30, 2020.
In the proposed bill , Recto recognized ABS-CBN as “the country’s largest entertainment and media conglomerate in terms of revenue, operating income, net income, assets, equity, market captalization and number of employees.
“Despite the growing popularity of social media, television still remaiins as a preferred mass medium in our provinces and other far-flung areas,” Recto said.
“ABS-CBN has remained steadfast in its commitment to reach out to as many Filipinos as possible by delivering their quality core programs closer to our countrymen by taking advantage of emerging broadcast technologies,” he added.
Last month, Nueva Ecija Rep. Micaela S. Violago filed a similar bill at the House of Representatives.