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ABS-CBN has met with several PR attacks in the recent days over the reported decline in their employees’ pension fund, which led to one of their directors to propose shutting down the network.
But, ABS-CBN has said in a statement today, April 15, that the decline in their pension fund was due to the franchise loss in 2020 which led to retrenchment of close to 6,000 employees.
Nevertheless, they said they have shown steady, consistent improvement in the recent years, a proof of their commitment to fully meet all its obligations to its employees.
“The continued 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.”
ABS-CBN denied that 68 individuals “received preferred treatment”, as this is only designed to sow intrigue. This has been clearly explained to their full board and Compensation committee.
They said they have made consensus with the concerned individuals, such as the retirees who agreed for partial or no retirement benefits, and others who agreed to voluntarily wait until their financial position improves.
They have also denied the P2-billion capital infusion to pay the retirement benefits, as has been refuted by their Board of Directors.
The Kapamilya Network reminisced the words of their founder Kapitan Geny Lopez and they remain true to his words: “Our reason for being is and always will be to be in the Service of the Filipino.”
“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.”
Source: ABS-CBN
