IBC 13 files for rehab, seeks investors

Philippine Daily Inquirer 11 Dec 2009 By Paolo G. Montecillo

STATE-RUN INTERCONTINENTAL BROADcasting Corp. is seeking the entry of new investors to bring life back into the 34-yearold television station.

The operator of sequestered TV station IBC 13 yesterday said it had filed a petition for rehabilitation before the Quezon City Regional Trial Court Branch 93.

This was done to “ensure the unhampered operations and focus the government-controlled network’s goal in achieving its rightful place in the radio-TV broadcasting business in the shortest possible time,” IBC president and chief executive officer Jose B. Javier said.

The search for investors revived plans, which were earlier shelved by the current administration, to privatize IBC.

There were no other details given in the statement.

Javier said the recent acquisition by the group of Manuel V. Pangilinan, chair of Philippine Long Distance Telephone Co., of Prime Media Programming’s TV-5 revived interest in the country’s broadcasting sector.

The industry has been described as a virtual duopoly given the dominance of the Lopez-led ABS-CBN Broadcasting andGMANetwork Inc.

IBC operates several TV stations in key parts of the country. Aside from its IBC TV 13 in Metro Manila, the company also runs IBC TV 6 in Baguio City and the Mountain Province, IBC TV 13 in Laoag City, IBC TV 12 in Iloilo, IBC TV 13 in Cebu City and in Davao CIty, and IBC TV 10 in Cagayan de Oro City.

The network also operates radio stations dyBQ in Iloilo, dyJJ in Roxas City and dyRG in Kalibo. A joint venture with a local cable company will also see the operations of a tourist-oriented FM station in Boracay soon, the company said.

IBC 13 reached its peak when it became the No. 1 television station from 1977 to 1988, broadcasting a variety of programs that were socially relevant, entertaining, informative and commercially viable.

“IBC 13 occupies one of the most desirable locations in Metro Manila. Located in Broadcast City in Capitol Hills, Quezon City, IBC 13’s 4.1hectare lot has room for expansion or other projects that investors would likelywant to explore,” Javier said.

IBC was set up by the Benedicto Group of Companies of the late Marcos crony Roberto Benedicto in 1975.

The TV station was sequestered by the government after the fall of the Marcos administration more than two decades ago.

In 1992, the company became wholly owned by the state following a compromise between the then Presidential Commission on Good Government and Benedicto for the sale of the firm’s shares.