By Kenneth Christiane L. Basilio, Reporter
A HOUSE of Representatives committee may start discussing proposals seeking to provide media company ABS-CBN Corp. with a fresh 25-year franchise by next week, a congressman said on Thursday.
Para帽aque Rep. Gus S. Tambunting, who heads the House legislative franchises panel, said they will 鈥渟crutinize鈥 the measures seeking to give ABS-CBN a new franchise to operate, four years after lawmakers denied its initial franchise renewal application.
鈥淚鈥檓 trying to set a meeting next week,鈥 Mr. Tambunting told 大象传媒. 鈥淚鈥檓 still waiting for the documents, but I already asked the committee secretary for them.鈥
The prospects of providing ABS-CBN a new franchise gained attention in early January after Albay Rep. Jose Ma. Clemente S. Salceda filed the latest measure to allow the media giant to operate radio and television broadcasting stations.
Five bills seeking to provide ABS-CBN with a new franchise have been filed since 2022.
The House legislative franchises panel would likely discuss the measures next week, said Mr. Tambunting. 鈥淭here鈥檚 no approval, we鈥檒l only discuss it.鈥
He said lawmakers would look at the 鈥渇easibility鈥 of providing ABS-CBN a new franchise. He did not elaborate.
鈥淲e have to look at the feasibility of the whole thing, that鈥檚 what we need to do.鈥
ABS-CBN was forced to halt its broadcast operations in May 2022 after ex-president Rodrigo R. Duterte鈥檚 allies in Congress denied its franchise renewal application owing to alleged tax issues and violations of its original franchise terms.
鈥淭he stock price may experience volatility, with sharp increases and potential pullbacks, as traders react to news updates from the hearings,鈥 Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said in a Viber message.
He said trading activity will likely surge as short-term traders aim to make a profit on the potential outcomes of the hearing.
鈥淎ny indications of opposition or delays in the legislative process could temper investor enthusiasm and lead to short-term selloffs,鈥 he said. 鈥淪peculative trading might dominate next week, with spikes in both buying and selling activity.鈥
April Lynn Lee-Tan, chief equity strategist at COL Financial Group, Inc., said via Viber: 鈥淚t might have a positive impact like before.鈥
ABS-CBN shares retreated by 2.22% or P0.11 to P4.84 apiece on Thursday.
