ABS-CBN pushed back on Wednesday against what it said as continued public relations attacks linked to an internal family dispute over the company’s future.
In a statement, the company said a recent article raising concerns about employee welfare and its retirement fund was misleading. It cited internal records showing that one board member had proposed shutting down the company without detailing how obligations to employees would be met. In contrast, the majority of directors supported continued financial backing instead of liquidation to protect workers, retirees, and other stakeholders.
The company also disputed claims about a decline in its pension fund, explaining that the drop was largely due to payouts to nearly 6,000 employees who were retrenched following the loss of its broadcast franchise in 2020. ABS-CBN said this demonstrated its commitment to fulfilling employee obligations.
Addressing allegations that 68 individuals received preferential treatment in retirement payouts, the company said these claims were false. It clarified that most of those individuals are retirees who have received only partial or no benefits and have agreed to defer full payment until the company’s financial position improves, allowing separated employees to receive full separation pay first.
ABS-CBN further denied claims that a proposed ₱2 billion capital infusion would be used to settle retirement obligations, noting that this had been rejected by all but one board member.
The company acknowledged financial challenges following the franchise loss but said it has shown steady improvement. It added that its board and members of the Lopez family continue to support the company and its role in the country.
ABS-CBN criticized the ongoing public dispute, saying it undermines employees and public supporters. While describing the issue as a private family matter, the company said it would continue to respond to what it called false allegations.
