InSites by: Josephine J. Codilla, PhD
The Senate will soon finally approve House Bill No. 6505, which seeks to extend the franchise of Intercontinental Broadcasting Corporation (IBC-13) for an additional 25 years. This renewal not only strengthens the network’s operational foundation but also sets the stage for its eventual privatization. IBC-13, once owned by Roberto S. Benedicto and later sequestered by the Corazon Aquino administration, has long struggled with financial instability and mismanagement. With the franchise renewal on the horizon, however, the network is poised for modernization and a significant increase in market value.
Senator Raffy Tulfo, the bill’s sponsor in the Senate, said that the renewal could propel IBC-13’s valuation from its current estimates—P500 million according to the Commission on Audit (COA) and P1.1 billion by third-party appraisers—to as much as P3 billion.
With the franchise renewal now nearing third reading approval in the Senate, IBC-13 stands in a stronger position to be sold at a much higher value—potentially as high as P3 billion. This increase would significantly benefit the government and relieve it of the financial responsibilities tied to the network.
A key part of the network’s transformation under its current management has been the resolution of long-unpaid retirement benefits for 164 former employees. Led by Atty. Jimmy Policarpio, the Officer-in-Charge of IBC-13, the network has successfully disbursed over P500 million in retirement benefits to retirees who had been waiting since 1992. This long-standing issue, which had caused significant financial and emotional strain, was finally addressed. The leadership of Atty. Policarpio has helped restore confidence in IBC-13’s management and ensured that the network’s future is grounded in responsible governance.
