BIZ BUZZ: Purisima rallies behind ABS-CBN mission
Former Finance Secretary Cesar Purisima was one of the board advisors who signed last week a statement of support for broadcast giant ABS-CBN Broadcasting Corp., underscoring his belief in what it continues to stand for as an institution and the value that it creates for the viewing public.
“ABS-CBN is more than a media company, it is an institution that has served Philippine democracy and the Filipino people for generations—a mission that remains vital and very much alive,” said the statement that was also signed by fellow advisors Antonio Periquet, Cynthia Del Castillo, Charo Santos-Consio, Federico Garcia, Salvador Tirona and directors Randolf David, Emmanuel de Dios, Rafael Lopez, Honorio Poblador and Martin Lopez.
ABS-CBN, as should be well known by now, has been unfortunately caught in the middle of a battle for control of the Lopez family holding company, with one branch led by Federico “Piki” Lopez disputing against three other branches led by his cousin Eugenio “Gabby” Lopez III, the longtime head of ABS-CBN Corp.
Purisima told Biz Buzz, however, that he is not there to favor one side over another and does not intend to get involved in any shareholder dispute.
“For clarity, I have not taken and do not intend to take sides. My focus remains objectively assessing ABS-CBN’s challenges, including its poor financial performance and the need to address both sides of the profit/loss equation,” said Purisima.
“The road ahead, especially to profitability, will not be easy, and I do not underestimate the challenges,” he added.
That said, he firmly believes that ABS-CBN is more than just a media company and that its mission endures.
“It is this legacy, together with the people who are trying to carry it forward, that I am expressing support for,” Purisima said.
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