GMA Network, Inc. has taken legal action against several key officers of Television and Production Exponents, Inc. (TAPE) after filing a criminal complaint for estafa with abuse of confidence involving ₱37,941,352.56 in advertising revenues.
In a statement released on May 22, GMA Network confirmed that it lodged the complaint before the Office of the City Prosecutor of Quezon City.
The complaint accuses TAPE Inc. executives of misappropriating funds that, under a 2023 Assignment Agreement, were contractually assigned to GMA Network but were allegedly diverted for TAPE Inc.’s operational use instead.
The complaint named the following respondents:
- Romeo Jalosjos, Jr. – Former President and CEO
- Romeo Jalosjos, Sr. – Chairman of the Board
- Seth Frederick “Bullet” Jalosjos – Treasurer
- Malou Choa-Fagar – Former COO, now current President and CEO
- Michaela Magtoto – Former Senior Vice President for Finance
- Zenaida Buenavista – Finance Consultant
According to GMA Network, despite “multiple formal demands,” the advertising funds collected by TAPE Inc. were not remitted as agreed, constituting a breach of trust under the terms of their financial arrangement.
GMA NETWORK STATEMENT ON ESTAFA COMPLAINT AGAINST OFFICERS OF TAPE, INC.
GMA Network, Inc. has filed a criminal complaint for estafa with abuse of confidence against officers of Television and Production Exponents, Inc. (TAPE) for the misappropriation of funds totaling… pic.twitter.com/pagajQKQZG
— GMA Integrated News (@gmanews) May 22, 2025
“The funds were instead used for TAPE’s operational expenses, in violation of the trust arrangement outlined in the agreement,” GMA said in its official statement.
The network stressed that it is “pursuing legal action to hold the responsible officers accountable and to recover the misappropriated amount.”
