Push Admin

Article (news)

SEC: No case filed vs ABS-CBN PDRs

Christian Esguerra, ABS-CBN News

MANILA--A Securities and Exchange Commission (SEC) official on Thursday said ABS-CBN Holdings Corp did not violate its regulations when it issued Philippine Deposit Receipts (PDRs), which are under scrutiny as the country&#x27;s largest media and entertainment network seeks congressional approval for a new operating franchise.But the question on whether the sale of these financial instruments to foreigners violates the rule on 100-percent Filipino ownership in mass media is still up for the Supreme Court to decide, said SEC Commissioner Ephyro Luis Amatong.&quot;As far as we are concerned... wala pa kaming basehan para sabihin na nag-violate sila ng regulations namin,&quot; he told a joint congressional committee.(As far as we are concerned... we don&#x27;t have any basis yet to say that they violated our regulations.)&quot;We are not aware of any violation. No complaint has been filed with us.&quot;Solicitor General Jose Calida earlier raised ABS-CBN&#x27;s alleged PDR violation in its Supreme Court petition to revoke its previous 25-year broadcast franchise. The National Telecommunications Commission shut down the network on May 5, the day after the franchise expired despite a pending application for a new one, which had been pending in Congress since 2014.Scrutiny of PDRs issued by ABS-CBN Holdings Corp over alleged constitutional violation has raised concern that it may also hit other broadcast companies, which sold similar investment instruments.Amatong said ABS-CBN and GMA-7 PDRs appeared to be almost &quot;word for word.&quot;Asked if ABS-CBN was acting in good faith when its holding company offered PDRs following existing regulations, he replied: &quot;I would say both ABS-CBN and GMA-7.&quot;Cong. Jose Sy-Alvarado, chair of the House Committee on Public Accountability, on Thursday said other broadcast companies which issued PDRs should also be scrutinized for possible violations.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/06/11/20/house-panel-to-probe-all-broadcast-media-issued-pdrs">House panel to probe all broadcast media-issued PDRs</a></li></ul>Responding to Agusan Del Norte Rep. Lawrence Fortun, Amatong said the SEC has not received any report that ABS-CBN violated the law by allowing a foreign holder of its PDR to convert it into common shares.ABS-CBN President and CEO Carlo Katigbak said the company was willing to &quot;modify or alter&quot; its PDRs should government disqualify these financial instruments &quot;equally across the entire media industry.&quot;&quot;We acted in good faith by going to the SEC to secure approval before offering it to the public, and at the time, the SEC agreed that the instrument was legal,&quot; he said.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/06/11/20/abs-cbn-can-buy-back-pdrs-if-ordered-along-with-rivals-ceo">ABS-CBN can buy back PDRs if ordered, along with rivals: CEO</a></li></ul><div>news.abs-cbn.com is the general news website of ABS-CBN Corp. </div>

A Securities and Exchange Commission official on Thursday said ABS-CBN Holdings Corp. did not violate its regulations when it issued Philippine Deposit Receipts (PDRs), which are under scrutiny as the country's largest media network seeks congressional approval for new operating franchise.

A Securities and Exchange Commission official on Thursday said ABS-CBN Holdings Corp. did not violate its regulations when it issued Philippine Deposit Receipts (PDRs), which are under scrutiny as the country's largest media network seeks congressional approval for new operating franchise.

SEC: No case filed vs ABS-CBN PDRs

News

Entertainment

Lifestyle

Sports

Metro.Style

More

Traffic

Manila

Horoscope

News

SEC: No case filed vs ABS-CBN PDRs

Christian Esguerra,

ABS-CBN News

Published Jun 11, 2020 06:26 PM PHT

|

Updated Jun 11, 2020 08:17 PM PHT

Read More:

ABS-CBN franchise

Securities and Exchange Commission

SEC

PDR

Philippine Deposit Receipts

GMA-7 PDR

Lawrence Fortun

Ephyro Luis Amatong

ABS-CBN PDRs

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

AI Policy

Terms of Service

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.