A majority of the board of directors and advisors of ABS-CBN Corp. issued a formal expression of support for the current leadership team, affirming their confidence in Chief Executive Officer Carlo Katigbak’s ability to return the former broadcast giant to profitability.

The statement was signed by directors Emmanuel de Dios, Rafael Lopez, and Martin Lopez, independent directors Randolf David and Honorio Poblador, as well as advisors Charo Santos-Concio, Federico Garcia, Salvador Tirona, Antonio Periquet, Cynthia Del Castillo, and Cesar Purisima. Katigbak did not sign, and Federico R. Lopez is also not a signatory.

The signatories said they believe in ABS-CBN as an institution and the value it creates for the viewing public.

“Notwithstanding the loss of its broadcast franchise, we believe in its qualities as a content provider, allowing it to pivot its business model and return to profitability. We back the leadership team headed by CEO Carlo Katigbak and are confident in its ability to execute its recovery plan,” they said.

They also noted that ABS-CBN is more than a media company since it is an institution that has served Philippine democracy and the Filipino people for generations — “a mission that remains vital and very much alive.”

“We are committed to its employees, its artists and journalists, and the public it continues to serve,” they said.

This statement follows a claim made by the company that its records show that one of its directors proposed shutting down ABS-CBN “without so much as discussing how it would meet its obligations to its people.”

“Records also show that the majority of the directors strongly argued for continued financial support for ABS-CBN rather than liquidation to address the welfare of the company’s employees and retirees, as well as its other stakeholders,” it added.

The firm acknowledged that, following the loss of our franchise in 2020, it has experienced challenging financial years but has shown steady, consistent improvement.

“Our Board of Directors and the rest of the Lopez family have commended the company's progress and emphasized its existence as important to the country,” it noted.