NTC requires clearances for ABS-CBN, TV5 deal

The National Telecommunications Commission (NTC) requires ABS-CBN and TV5 to obtain clearances from relevant government agencies before approving their proposed investment deal.

This requirement stems from a Memorandum Order issued on June 23, which stipulates that companies entering into commercial contracts must have no outstanding obligations to national and local governments.

The NTC seeks proof from both ABS-CBN and TV5 that they have no pending liabilities with entities such as the Bureau of Internal Revenue (BIR), the Bureau of Customs, and local government units.

NTC Commissioner Gamaliel Cordoba stated that the commission will also require clearances from the Security and Exchange Commission.

He added that the NTC will issue its clearance only after confirming that there are no pending payments or administrative cases against the franchise holders.

The deal in question involves ABS-CBN acquiring a 35 percent stake in TV5.