BIZ BUZZ: ABS-TV5 silent partnership
A strategic partnership between Lopez-led ABS-CBN Corp. and Manuel Pangilinan-led TV5 last year might have been derailed by intense political pressure but the two media groups have found other ways to collaborate, albeit, quietly.
After shifting gears to become a content provider to all, ABS-CBN has been selling certain transmission equipment and land it no longer needs to TV5, which is boosting its network capabilities.
Tucked within its annual report was a mention of the sale of transmitters, antenna towers and two parcels of land in 13 tower sites to MediaQuest Holdings, the media arm of the PLDT Group that operates TV5.
ABS-CBN received an initial payment of P216 million, which would help boost the company’s resources as it builds a sustainable business centered on content production in the Philippines and for the international market.
The assets are being acquired by a legitimate business with an active franchise. The equipment will help TV5 expand given the void that was created by ABS-CBN’s absence from free television.
—Miguel R. Camus
Cathay lounge up and running
Cathay Pacific is finally welcoming guests again in its newly refurbished lounge at Ninoy Aquino International Airport Terminal 3 after three years of closure due to the pandemic.
Donald Morris, airline country manager, said it took them roughly two months to prepare the lounge for guests today. Nothing major was done but, of course, they had to make sure it was comfortable for their loyal passengers.
“It is a very happy day for me. I was here 8:30 am to make sure the lounge is up and running. It is really amazing to be here today after three years,” he told the Inquirer a day before the official opening.
But the credit goes to the team, Morris humbly said.
“It’s not me. The team has done it. They put so much effort and hard work,” he said.
The lounge has comfortable seating areas where passengers can wait for their flights. It has a big dining space adjacent to a noodle bar featuring stir-fried noodles, pork buns and shrimp dumplings.
—Tyrone Jasper C. Piad
New Fil-Chi chamber president
Cecilio Pedro, who is well-known for the Hapee toothpaste brand, was recently elected the new president of the Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII).
Pedro, described as an industrialist and a philanthropist by his peers, was elected the new head of the local business chamber last March 26, taking over the reins from SL Agritech and Sterling Paper Group of Companies CEO Henry Lim Bon Liong.
The Ateneo de Manila University-educated Pedro holds a business management degree, with a long and assorted line of awards and recognition given his business and entrepreneurial aptitude.
Aside from his business acumen, Pedro is also known for being an active member of a number of religious and socio civic groups, which include, among others, Deaf Evangelistic Alliance Foundation Inc., the Asian Theological Seminary, and the United Evangelical Churches of the Philippines.
—Alden M. Monzon INQ
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