ABS-CBN president and CEO Carlo Katigbak on Monday countered the charge that the broadcast giant skirted the ban on foreign ownership of mass media by issuing Philippine depositary receipts (PDRs) to foreigners, pointing out that its chief competitor GMA Network did the same thing with no trouble from the government. ADVERTISEMENT“Other media companies — including GMA Network—have issued PDRs through their holding companies. Appearing at a joint House hearing, Katigbak argued that issuing PDRs did not circumvent provisions in the 1987 Constitution prohibiting foreigners from owning media companies. “PDRs do not result in foreign ownership of ABS-CBN. Katigbak added that the Securities and Exchange Commission (SEC) approved the network’s issuance of PDRs on Oct. 4, 1999.

Source: Philippine Daily Inquirer June 01, 2020 20:48 UTC