MANILA, Philippines - TV5 Network Inc. is expected to wipe out its losses by 2019 as it continues its strategy of producing its own content, businessman and TV5 chairman Manuel V. Pangilinan said.
In an interview yesterday, Pangilinan said the broadcasting firm has seen an improvement in its financial performance with losses showing a downward trend in 2016.
“At management level, Coach (Vincent) Chot (Reyes) has done a good job in reducing those losses, which will dramatically decline in 2017,” he said.
“We’ll reduce the debts this year and 2018, such that 2019 it would be debt free,” Pangilinan said.
Reyes took over TV5 as president and chief executive officer last Oct.1 and implemented a manpower reduction program. He also modified the network’s program lineup by producing its own content.
Early this year, Reyes said TV5 was looking at trimming its net loss by 67 percent in 2017.
In adjusting its content production, the network will expand its sports content and produce entertainment shows, Pangilinan said.
“It’s a more selective kind of programming. I think it’s the only way for TV5 to compete and number 2 is that, viewing habits for video are slowly changing so we want to move in that direction rather than stay with the legacy where we’re not competitive with ABS and GMA,” he said.
“The whole content strategy has been thought through and I think we have a very good content strategy moving forward on the video side of our group,” Pangilinan added.
TV5 is owned by MediaQuest Holdings Inc., the multimedia arm of PLDT Inc.