MANILA, Philippines – SAGIP Party List Rep. Rodante Marcoleta has urged the Philippine Competition Commission (PCC) to investigate the reported joint venture between ABS-CBN and TV5.
|Rep. Rodante Marcoleta has sought a new investigation against ABS-CBN. This time, for the reported joint venture with TV5 | Photo Courtesy: Facebook/ Rep. Rodante Marcoleta|
In an interview on Wednesday, August 10, Marcoleta said a probe is necessary to look into possible legal implications of the reported ‘merger.’ According to Marcoleta, PCC should probe if the merger would lead to a possible monopoly in the broadcast media industry.
Marcoleta explained, “TV 5 malaki yan, pagkatapos ABS-CBN, mamomonopolize ang industry dito. Wala bang say dito ang Philippine Competition Commission? Hindi naman ganun, kaya nga tayo naglatag ng ganitong agency para tingnan ang lahat ng kapakanan ng mga apektadong sektor. Magiging monopoly ito kung tutuusin mo diba?”
Aside from the PCC, Marcoleta also called out the National Telecommunications Commission (NTC) and the Bureau of Internal Revenue (BIR) to look into their evidence of alleged violations made by ABS-CBN.
Earlier, business tycoon Manuel V. Pangilinan (MVP) revealed that they are now in the “closing stages” of a joint venture between ABS-CBN Corporation and TV5.
“We have been having discussions with them for over a year. But it is fair to characterize it as we’re in the closing stages,” said Pangilinan.
Pangilinan revealed that the joint venture will allow TV5 to own 65% while the remaining 35% will go to the Lopez’s of ABS-CBN.
Meanwhile, Atty. Johannes Bernabe from the PCC reminded the media firms to practice due diligence with their planned joint venture. He asked that both parties comply with the Philippine Competition Act so they can avoid sanctions and penalties.
The Philippine Competition Act promotes and protects the competitive market. It prohibits anti-competitive mergers and acquisitions that could result in a monopoly or the abuse of a dominant market position.
— Sally, The Summit Express