ABS-CBN releases statement on alleged PR attacks, retirement benefits issue
- ABS-CBN released an official statement addressing allegations about its retirement fund and financial health
- The company denied claims of preferential treatment and clarified issues surrounding employee benefits
- It emphasized its commitment to employees, especially after the 2020 franchise loss
- ABS-CBN also described the controversy as part of a family dispute and vowed to defend itself against misinformation
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Media giant ABS-CBN has issued a strongly worded official statement addressing recent allegations concerning its retirement fund, financial standing, and internal decisions, amid what it described as ongoing “PR attacks.”
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According to the company, the circulating reports are part of a broader internal family dispute over the future of the organization, and not purely motivated by concern for employee welfare as claimed.
“There have been continued PR attacks against ABS-CBN as part of a family dispute over the company’s future. The latest PR article purports to be motivated by a concern about employee welfare by discussing the retirement fund.”
ABS-CBN clarified that internal discussions among its board of directors included proposals that could have significantly affected the company’s operations, including shutting it down. However, the majority of the board opposed such measures and instead supported sustaining the company to protect its stakeholders.
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“Records show that one of our directors proposed shutting down ABS-CBN without so much as discussing how it would meet its obligations to its people. Records also show that the majority of the directors strongly argued for continued financial support for ABS-CBN rather than liquidation to address the welfare of the company’s employees and retirees, as well as its other stakeholders.”
The company also addressed concerns about its pension fund, explaining that the decline was largely due to payouts made to thousands of employees who were retrenched following the loss of its franchise in 2020.
“Contrary to what the article claims, the largest decline in ABS-CBN’s pension fund was due to payouts to close to 6,000 employees who were retrenched as a result of the franchise loss. This is proof of ABS-CBN’s commitment to fully meet all its obligations to its employees.”
ABS-CBN acknowledged that it has faced financial difficulties in recent years but stressed that it has been making steady progress in recovery, with continued support from its leadership.
“From ABS-CBN’s perspective, we acknowledge that, following the loss of our franchise in 2020, we have experienced challenging financial years but have shown steady, consistent improvement. Our Board of Directors and the rest of the Lopez family have commended the company’s progress and emphasized its existence as important to the country.”
The network also pushed back against allegations that certain individuals received preferential treatment in retirement payouts, calling these claims misleading and false.
“There are repeated lies that 68 individuals ‘received preferred treatment’ in the payout of their retirement benefits, designed to sow intrigue among employees. These have been clearly explained to the full ABS-CBN board and to its Compensation Committee. The majority of these individuals are retirees who have received only partial or no retirement benefits, despite already retiring. They have agreed to voluntarily wait until ABS-CBN’s financial position improves before receiving full payment. They did not get preferential treatment. In fact, they deferred receipt of payment so that the thousands of employees who were separated from the company received their separation pay in full.”
The company further denied claims that a P2 billion capital infusion would be used to settle retirement obligations, saying this has been refuted by nearly all board members.
“The remaining unpaid retirement obligation issue was raised with the ABS-CBN board late last November. Repeated allegations that a P2 billion capital infusion would be used to pay out retirement benefits are also false. This has been refuted by all the Board of Directors members except one.”
ABS-CBN emphasized that the controversy has unfairly affected employees and supporters who have worked to sustain the company through difficult times.
“These continued public PR attacks against ABS-CBN are a disservice to the employees who have fought so hard to keep ABS-CBN alive, and to the public that has supported ABS-CBN throughout all its trials.”
The company also reaffirmed its heritage and guiding principles, citing the leadership of its founders and the values that continue to shape its direction.
“ABS-CBN has been fortunate to have been founded by Kapitan Geny Lopez. We were blessed to have spent time under his leadership and that of his son, Gabby. That leadership continues today through our Chairman, Mark Lopez. Each generation has remained true to the values and mission of our founder. It was Kapitan Geny who said, ‘Our reason for being is and always will be to be in the Service of the Filipino.’
In Kapitan Geny’s own words: ‘Profit alone is not enough reason to go into business. But if we serve our people, then I think that our growth and success will follow. If we take care of our people, they will take care of us. That’s the kind of culture a company should have.’”
Finally, ABS-CBN stressed that while the issue stems from a family matter, it will not hesitate to address false claims publicly when necessary.
“This is a family dispute and should remain so. We also believe it should not be fought in public. However, ABS-CBN will not shy away from defending itself and any untruths leveled against it.”
The statement comes as the company continues to navigate its post-franchise landscape while maintaining operations across various platforms and reaffirming its commitment to employees and audiences.
In a previous report, Robi Domingo revisited the Pinoy Big Brother house ahead of its relocation, accompanied by his wife Maiqui Pineda. During the visit, he reunited with staff and reflected on the show’s lasting impact. He shared how emotional it was to walk through the iconic house one last time, recognizing how many lives it has transformed over the years.
Earlier, Gretchen Fullido shared a heartfelt tribute to the ABS-CBN Tower, posting photos of Kapamilya stars and employees gathered at the network’s compound. In her caption, she honored the significance of the Millennium Transmitter and expressed how difficult it was to say goodbye to such an iconic symbol of Philippine broadcasting.
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