ABS-CBN continues to grow its content business, with its shows, films, music, and events reaching more people across platforms in the Philippines and around the world. We are in the process of re-building and re-creating ABS-CBN towards a new future as a global storytelling company.
The new investments are a vote of confidence in the future of the company and will help ABS in our journey towards recovery and new successes.
However, it has been a difficult year for the content industry. The Middle East conflict, high inflation, and low economic growth have led to weaker advertising and consumer spending. These events have affected our recovery efforts and we expect these challenges to continue.
After careful review, we have made the difficult decision to implement a retrenchment program to keep ABS-CBN on strong financial footing. The program will cover around 200 people or 7% of the company’s workforce. We know this will deeply affect our employees and their families, and we intend to manage this the way we have always done—with compassion for our Kapamilya.
We are truly grateful to all our Kapamilyas for their dedication, passion, and service to the company and the Filipino people.