ABS-CBN is pleading before the Supreme Court for it to issue a restraining order against the cease and desist order by the NTC as it has been losing P30 million to P35 million mainly in advertising revenues every day. | T2TupasINQ
During this period, the television network said it would be suffering “severe financial hemorrhage.”
ABS-CBN’s financial constraints could also affect the government, as it is one of the largest taxpayers in the country, contributing up to P70.5 billion between 2003 and 2020. The high court is expected to tackle the petition filed by ABS-CBN, which seeks to invalidate the CDO issued by the NTC on the ground, among others, “that it was issued in contravention of the intent and desire of Congress to allow the continued broadcasting operation of the company pending the renewal of its franchise.”
While the measure is still being heard by the legislative branch, the network said the high court should consider the “irreparable damage” that the CDO was causing and issue a restraining order.The House of Representatives failed to act on the bills pushing for the 25- year renewal of the ABS-CBN franchise, which lapsed last May 4.
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