House 'ready to decide' on ABSCBNfranchise by August
MANILA - Speaker Alan Peter Cayetano on Tuesday said the House of Representatives would be "ready to decide" on a new 25-year franchise for ABS-CBN Corp. by August, the same month that the network said it might "consider" retrenchment of its 11,000-strong workforce.
"They will not stop until they are finished so that no one can say we’re stopping the process or dragging our feet," he told ABS-CBN News. House Committee on Legislative Franchises chair Franz Alvarez said the franchise hearing is set on May 26, 9:30 a.m. ABS-CBN said it has been losing P30-35 million in advertising revenues daily since regulators forced it off air last May 5, a day after its franchise expired.
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