Process to pave way for RPN 9 privatization almost complete, says exec
MANILA, Philippines – The process that will pave the way for the privatization of government-sequestered RPN 9 is almost complete, with the government now holding only 20.8 percent equity from the station, Presidential Communications Operations Office Secretary Sonny Coloma said.
Coloma, who guested at 990AM’s “Tapatan” with Jay Sonza and Den Macaranas on Friday said the privatization office of the Department of Finance (DoF) has its hands full in disposing of the remaining government shares in the network.
The privatization council is headed by Finance Secretary Cesar Purisima while other agency members of the council include the National Economic and Development Authority, Department of Trade and Industry, and the Privatization Management Office.
Coloma said the privatization program for RPN 9 and IBC 13, another government sequestered television station, would be done as soon as possible through competitive bidding.
RPN 9 and IBC 13 were sequestered after the late President Corazon Aquino, mother of incumbent Benigno Aquino III, assumed the presidency in 1986 by ousting predecessor Ferdinand Marcos. The networks were put in auction that year.
“The President wants to dispose of them as soon as possible but only one after the other. He wants to dispose first RPN 9 before IBC 13,” Coloma said.
He said the two networks have to be disposed because the government was only mandated to operate one broadcast network and that would be People’s Television 4 (PTV4).
Solar Entertainment owns 34 percent of RPN 9, which was acquired through debt equity conversion in exchange for the amount the company spent for network operations.
In 2010, 32 percent was given to Far East Manages and Investors Inc. of Roberto Benedicto upon orders of the Supreme Court while the remaining 14 percent were divided among private stock holders.
After completely disposing of RPN 9, Coloma said only then could they proceed with disposing of IBC 13.
990AM interview (part 2): Presidential Communications Operations Office Secretary Sonny Coloma
