Filipino director, writer, and actor Joey Reyes posted his thoughts via Facebook on the closure of ABS-CBN.
Direk Joey highlighted the impact of the network’s shutdown, retrenchment, and closure on the economy and the entertainment industry.
According to Direk Joey, the representatives who voted against the renewal of ABS-CBN’s franchise did not realize that the network’s closure has caused a significant change in the landscape of free TV, advertising, and other ancillary businesses, and industries.
“What ‘they’ do not realize is that the closure of ABS-CBN does not only mean the end of a network but a major change in the landscape of free tv, advertising, and other ancillary businesses & industries,” said Direk Joey.
He also noted that the closure has implications on the economy and free entertainment.
“The implications to the economy and the very structure of free entertainment are now undergoing this drastic shift that can obliterate the model of accessible entertainment as we knew it before,” Direk Joey noted.
https://www.facebook.com/joey.reyes/posts/10160044983623154
ABS-CBN had a significant impact on the Philippines’ economy with the network’s portion of advertising and its tax contribution in 17 years.
According to Ricardo Tan, ABS-CBN Group Chief Financial Officer, ABS-CBN, as a group, contributed P71.5 billion to the Phillippine economy from 2003 to 2019. It is excluding the individual tax contribution that both employees and celebrities pay yearly.
https://www.facebook.com/LionhearTV/photos/a.216082585077503/3664255100260217
According to ABS-CBN News Reporter and Business Journalist Warren de Guzman, without ABS-CBN, local networks won’t be encouraged to provide incentives to their employees through healthy competition.
He also noted that without ABS-CBN, journalists are now more vulnerable to corruption.
“Without a franchise, ABS-CBN can no longer do this. Without competition from ABS-CBN, other local networks will have less incentive to pay their own journalists and employees well. Without fair wages, journalists are more vulnerable to corruption,” De Guzman said on his Twitter account.
