Senator Joel Villanueva admitted on Tuesday, July 14, that he was not convinced that the rejection of ABS-CBN's franchise bid was a victory against oligarchy in the country.
Senator Joel Villanueva admitted on Tuesday, July 14, that he was not convinced that the rejection of ABS-CBN’s franchise bid was a victory against oligarchy in the country.
“To some people who want to equate the non-renewal of ABS-CBN to dismantling of oligarchy, is inaccurate. It has more negative effects to the economy and the business climate,” Villanueva said in a text message. Villanueva admitted he was also “not sure [that] there is significant change in oligarchs dominating the economy in the past decades”, adding that current institutional and legal policies continue to allow the few to control the market.
Senate President Pro Tempore Ralph Recto, for his part, said businesses that contribute to the country’s growth and at the same time has strong social responsibility programs should be commended.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Vilma Santos says ready for 'consequences' of vote for ABS-CBN franchise
Read more »
GMA shares jump 10% as ABS-CBN denied of franchiseGMA Network gains almost P2.1 billion in market capitalization. Meanwhile, the Philippine Stock Exchange suspends trading of ABS-CBN shares.
Read more »
Industry Statement on ABS-CBN Franchise Renewal - Google Drive
Read more »
ABS-CBN shares on trading halt after House denies new franchise application
Read more »
Robredo sees ‘pushback’ from Filipinos over ABS-CBN franchise denialMANILA, Philippines — The denial by the House of Representatives of ABS-CBN&039;s franchise application is far from over as Vice President Leni Robredo sees a “pushback” from Filipinos over the
Read more »
Sectoral groups vow to remember how House panel voted on ABS-CBN franchise“The people will hold them responsible for any resulting layoffs, any denial or limitation in information, and any attacks to press freedom and expression resulting from this shutdown,” Concerned Artists of the Philippines said.
Read more »