MANILA, Philippines — The Intercontinental Broadcasting Corp. (IBC-13) is facing privatization despite legal obstacles, the Governance Commission for Government-owned and Controlled Corporations (GCG) said.
In a state news report, GCG chairman Cesar Villanueva said IBC-13 is one of six government-owned and controlled corporations (GOCCs) recommended for privatization.
”In fact, we had a summit two weeks ago with PCOO (Presidential Communications Operations Office), DBP (Development Bank of the Philippines) and IBC-13 board. They come to a manner by which we’ll able to privatize it despite of the fact that there are legal obstacles."
Sen. Francis "Chiz" Escudero, Senate finance committee chairperson, inquired about the network's privatization during a Senate budget hearing “because we will be appropriating money for IBC-13 to pay, by way of subsidy to GOCC, for the unpaid SSS, GSIS and some employees’ benefits.”
Villanueva said the number of GOCCs will be further reduced next year, trimming down its number from 157 to 88.
”Our aim is we’re hoping by the next year we would be down to 88 well-run GOCCs that can be the cornerstone, hopefully of being able to promote a sovereign well fund by which the government can move forward,” Villanueva said.
Villanueva said that from 157 GOCCs in 2011, the number of companies covered by GCG has been reduced to 116.
IBC-13 faces privatization
Image derived from stock photo by William Hook/CC BY-SA