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CEO Felipe L. Gozon declares GMA Network as ‘debt-free’

“But despite this temporary financial setbacks, I am pleased to say that your company is debt-free as of end-March 2020,” Gozon declared.

Last July 17, 2020, Chairman and CEO Felipe L. Gozon declared that GMA Network debt-free as of the end of March 2020. Gozon added that GMA Network was free of any obligations.

After having their operations hindered by COVID-19, Gozon said that the Network is resuming its regular programming.

During the GMA Network’s annual stockholders meeting, Gozon said the company’s top line declined by 7% to P3.5 billion and its net income was lower by 19% to P583 million in the first quarter of 2020 “because of COVID-19” and the absence of election-related inflows during the period as compared to last year.

“But despite this temporary financial setbacks, I am pleased to say that your company is debt-free as of end-March 2020,” Gozon declared.

“I repeat, your company is debt-free as of end-March 2020. And this demonstrates our ability to balance ratings growth with sound financials,” he added.

“In terms of our priorities, there is no major change. We just have to comply with the restrictions and conditions imposed on us. We have not wavered on what we want to do, on the moment we are going to be able to do that you can be sure that we will pursue our plans and priorities,” Gozon said.

The Chairman said that one of their Network’s best assets is taking care of their employees as one of their core values. Amid the challenging times, the company ensured that “no one will be left behind.”

Gozon cited specific moves that the company has done to ensure their worker’s safety and ensure financial sustainability among workers by providing several options that their employees could choose from while worker under GMA’s care. “In line with that, we took care of them during this difficult period, particularly in the initial stages when there was total lack of transportation and some areas were even locked down or totally quarantined,” he said.

“So we devised a system for those who can work from home, were allowed to work from home. And those who need to work in the office, we offered shuttle transportation services. Because the cafeteria was locked down, there was no canteen, we have to provide them with meals and hazard pay,” Gozon added.

Employees who cannot work from home as well as cannot work in the office were asked to take sick leaves and vacation leaves in advance.

“For those who cannot take vacation leaves and sick leaves, we gave them cash advances to tide them over the difficult times,” Gozon said.

“Nobody was left behind that is the meaning of walang iwanan,” he said.


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