ABS-CBN management has cleared the issue about the supposed salary increase of its executive in 2021 despite losing hardly due to the network’s shutdown.
In one of its articles, Bilyonaryo.com insinuated that ABS-CBN’s top 5 executives were given salary raises of at least six percent to 146.13 million pesos from 138.38 million pesos in 2020.
The article named President and CEO Carlo Katigbak, Global COO Aldrin Cerrado, Head of TV Production Laurent Dyogi, Content Production Dead Deo Endrinal, and COO and Head of TV Broadcast Cory Vidanes as recipients of the salary increase.
The article also reported a 1.5% salary increase for other top management employees which translates to 1.029 billion from P1.014 billion in the past year.
While the article can clearly raise eyebrows given the fact that ABS-CBN reported a huge loss of 2020 due to the network shutdown, it came out to be a hoax.
In its follow-up article, Bilyonaryo carried ABS-CBN’s explanation with regards to their salaries.
ABS-CBN clarified that there has been no salary increase for top executives since 2019.
Some of the top executives opted to have pay-cut or reduced salaries in 2019 and 2020 which explained the seeming increase in the network’s salary expenses for 2021 because they again received their actual salaries on that year.
“All salaries have been substantially down since 2019. This year, there are officers who opted for a reduced pay cut, which explains the slight increase as compared to 2020. But nobody received an increase vs 2019 salaries,” ABS-CBN explained.
“ABS-CBN has not raised the salaries of its senior management since 2019. In fact, the senior management, including its president and CEO Carlo Katigbak and COO of broadcast Cory Vidanes, continues to voluntarily accept a substantially reduced salary,” ABS-CBN added.
ABS-CBN has reported more than 400% net loss in 2020 at 13.5 billion pesos. Consolidated revenue is also down by 50% at 21.4 billion.
ABS-CBN 2020 results:
Losses +400% to P13.53B, revenues -50% to P21.42B due to Duterte admin shutdown of free-to-air broadcasts.
ABS paid P1.1B in separation benefits to employees. Company cut over 4,500 jobs, including 2,674 regular employees. @InquirerBiz
— Miguel R. Camus (@miguelrcamusINQ) June 8, 2021
With ABS-CBN bleeding financially it was forced to lay off more than 4,500 employees including 2674 regular employees.
