Just a little bit of history about ABS-CBN. When President Marcos declared Martial Law in 1972, the government sequestered ABS-CBN.
Fourteen years later, Marcos was ousted by the 1986 People Power revolt and Cory Aquino became President. Ninoy Aquino’s widow handed back ABS-CBN and other Lopez-owned companies to the Lopezes. I am not going to dwell on this but you can check the link here if you wish to know more from the perspective of the Lopezes. [Wikipedia]
However, if you ask Jay Sonza, the government or the Filipino people is the real owner of ABS-CBN. “GOBYERNO o Taong Bayan ang tunay na may-ari. And therefore maaring hilitin itong muli ng gobyerno anytime soon.”
How did this happen? Well, story has it, the Lopez-owned ABS-CBN took a loan from foreign bank to the tune of $600M. When the Lopez-owned ABS-CBN defaulted its foreign loan, the government paid in ABS-CBN’s behalf. Why? When ABS-CBN borrowed money from the foreign institution, the Marcos government acted as the sovereign guarantee.
In other words, as Sonza asserted from the start, the PH government or the Filipino people is the legit owner of the network.
And as the real owner, the government can take ownership of the Kapamilya network anytime soon unless the Lopez family presents proof they paid the Cory government equivalent to the payment made by the Marcos government to ABS-CBN’s creditor.
You may read Sonza’s original FB post below.
What is the legal basis and is there a legal instrument or document on the re-acquisition of ABS-CBN from the government of the Philippines in 1986 to the Lopez Family.
Technically, the government (People of the Philippines) is the legitimate owner of the network when it took possession of the network, after the original owners, the Lopez Family failed to meet their loan obligations in the 70s.
Because the borrowings of more than a half a billion dollars (US$600M) were guaranteed by the state, government paid for the loans and confiscated the assets and frequencies of the network in 1972.
Kasi kung walang patunay na nagbayad ang mga Lopez sa gobyerno ng kanilang inutang o tinabla na lang at sukat ng gobyerno ang kanilang loan…
GOBYERNO o Taong Bayan ang tunay na may-ari. And therefore maaring hilitin itong muli ng gobyerno anytime soon.
Source: Jay Sonza