ABS-CBN Corporation may consider beginning the retrenchment process of its workers if it fails to resume operations by August.
ABS-CBN President and CEO Carlos Katigbak disclosed this to senators on Tuesday during the Senate hearing on the various pending bills regarding the network’s franchise, which is led by Senate public services committee vice chair Sen. Sherwin Gatchalian.
“We continue to lose a substantial amount of money every month and I’m afraid that if we cannot get back on air soon by August, we may already have to consider beginning a retrenchment process,” Katigbak said. “We commit that we will continue doing whatever we can to take care of our employees. To continuously better their compensation as the business improves which is very difficult for us to have that discussion, I hope you understand given the fact that we are facing two very significant business challenges,” Katigbak said.
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