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Inside Philippine politics & beyond

If ‘PDRs’ are unconstitutional, why did Duterte sign the law renewing GMA Network’s franchise even though it has ‘PDRs’ patterned after ABS-CBN’s?

February 26, 2020

By Raissa Robles

Solicitor-General Jose Calida has made it very, very clear that Philippine Depositary Receipts or PDRs are bad for media companies.

PDRs are financial instruments sold to local and foreign investors by ABS-CBN through a separate company called ABS-CBN Holdings Corp. When ABS-CBN gives out dividends, ABS-CBN Holdings obtains part of the dividends, which are then distributed to the PDR holders, minus a management fee.

Calida said ABS-CBN’s use of PDRs violates the Constitution which requires media companies to be 100% Filipino-owned. He warned that “criminal liability is also imposed on those who violate foreign equity restrictions and evade nationalisation laws of the Philippines through various modes of proxy arrangement, making it appear as legal, but the entirety of the arrangement is to accomplish a transaction not allowed under Philippine laws”. To read the rest, please click on this link.

Tagged With: 1987 Constitution, ABS-CBN, GMA Network, PDRs, Philippine President Rodrigo Duterte, Solicitor General Jose Calida

First they came for the Socialists, and I did not speak out— Because I was not a Socialist Then they came fof the Trade Unionists, and I did not out speak out— Because I was not a Trade Unionist. Then they came for the Jews, and I did not speak out— Because I was not a Jew. Then they came for me— And there was no one left to speak for me. —Martin Niemöller (1892-1984)

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