House panel wants mass media, broadcast firms to submit their PDRs
MANILA, Philippines — The chairperson of the House committee on good government and public accountability is seeking copies of Philippine Depositary Receipts (PDRs) issued by major mass media and broadcasting companies in the country amid its inquiry on ABS-CBN’s alleged violation of its franchise.
Bulacan Rep. Jose Antonio Sy-Alvarado, who chairs the said committee, said that these can be used to see if mass media and broadcasting companies have the same PDRs.
“Nais ng komiteng ito na makita lahat ng mga PDRs ng mga mass media and broadcasting companies na nabigyan na (ng prangkisa) —formerly nabigyan na—or mag-aapply pa lang dito sa joint committee na ito, lalong-lalo na ang mga major broadcasting stations natin,” Sy-Alvarado said.
(This committee wants to see all the PDRs of mass media and broadcasting companies that have been granted franchise or will be applying for franchise before this joint committee, especially our major broadcasting stations.)
“Sana bago yung susunod na hearing ay makuha natin at mapag-compare natin kung pare-parehas ba ang laman ng kanilang mga PDRs,” he added.
(Hopefully before our next hearing we can get copies so that we can compare if the contents of the PDRs are the same.)
Sy-Alvarado then ordered the committee’s secretary to “secure copies of all PDRs of all major broadcasting and mass media companies in the country that will apply or otherwise applied then given franchise by this committee.”
The order came as the House committee on legislative franchises and the committee on good government and public accountability jointly tackle issues faced by ABS-CBN in its bid for a 25-year franchise.
Critics claim that ABS-CBN’s issuance of PDRs to foreign nationals violated the requirement for mass media companies to have 100 percent Filipino ownership and management.
But Albay Rep. Edcel Lagman said that PDRs do not dilute 100 percent Filipino ownership of mass media firms, saying PDR holders do not enjoy voting rights and full beneficial ownership.
“The issuer of the PDRs retains the voting rights since PDRs are mere instruments of investment, not evidence of corporate ownership,” Lagman said in a statement.
