The House of Representatives has passed on second reading a proposal to renew the legislative franchise of the International Broadcasting Corporation, more popularly known as IBC-13, for another 25 years.
House Bill No.6505 was approved via simple voice vote during plenary session Wednesday afternoon, Jan. 25.
“Without a franchise, IBC would have been forced to wind down. Whatever assets it has left will be sold to pay its liabilities, since it’s in negative equity position. The franchise creates a premium for valuing the IBC, should we ever decide to privatize the broadcaster,” Salceda said in a statement after the bill’s second-reading passage.
Under HB No.6505, the grantee will be required to provide adequate public service time equivalent to a maximum aggregate of 10 percent of the paid advertisements, to enable it to inform the population on important public issues and assist in the performance of the functions of public information and education.
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