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PNoy OKs privatization of IBC-13

ABS-CBN News

MANILA - President Aquino has given the approval for the privatization of state-owned Intercontinental Broadcasting Corp. (IBC-13).In a statement, the Governance Commission for Government-owned and -controlled corporations (GCG) said the television network will be privatized and its price tag is set at a minimum P1.98 billion.&quot;The privatization of IBC-13 will be done through public bidding with an estimated floor price of P1.977 billion,&quot; GCG said.&quot;A committee composed of representatives from GCG, the Presidential Communications Operations Office (PCOO), and IBC-13 shall implement and conduct the said process,&quot; it added.No timetable has been given.IBC-13 is in financial distress. It incurred an average net loss of P45.26 million from 2010 to 2014, and received operational subsidies amounting to P23.56 million in 2015.The privatization of IBC-13 rationalizes the state&#x27;s portfolio in the communications sector in view of the overlap with PTV-4.The GCG said proceeds from the sale of IBC-13 will be used to fund the needed P5 billion capital infusion into PTV-4, as mandated by the PTV Revitalization Act.Aside from IBC-13 and PTV-4, the government also has a minority share in Radio Philippines Network (RPN-9).

MANILA - President Aquino has given the approval for the privatization of state-owned Intercontinental Broadcasting Corp. (IBC-13).