
AS the Senate moves closer to finalizing the approval of House Bill No. 6505, which seeks to renew the franchise of Intercontinental Broadcasting Corporation (IBC-13) for another 25 years, one of the most significant accomplishments of the network’s current management emerged during the interpellations of the measure in the Senate. It is the long-overdue payment of retirement benefits to 164 former employees.
For decades, IBC-13 faced financial instability, leading to a range of operational and legal issues. Most notable is the non-payment of retirement benefits to employees who had retired as far back as 1992. The failure to settle these entitlements left many former employees in financial distress. Some waited for decades to receive what was owed to them. Sadly, some retirees passed away before they could enjoy the benefits they had long been promised, leaving their families to bear the burden.
Under the leadership of Atty. Jimmy Policarpio, Officer-in-Charge of IBC-13, the network’s management, took decisive action to rectify this injustice. Over P500 million was allocated to fully settle the retirement benefits of these 164 retirees. This long-awaited payment has brought immense relief to the affected employees and their families and ended years of uncertainty and financial struggle. For those who had been waiting for over 30 years, this payout represents not only financial stability but also a sense of closure.
This development comes at a critical juncture as the renewal of IBC-13’s franchise nears approval in the Senate. The renewed franchise will allow the network not only to modernize its operations and enhance its infrastructure but also potentially boost its market value significantly. The Commission on Audit currently values IBC-13 at P500 million, but third-party assessments estimate that the network’s worth could rise to as high as P3 billion following modernization. The franchise renewal and subsequent improvements could pave the way for the eventual privatization of IBC-13 and could provide a substantial financial return for the government.
Senator Raffy Tulfo, the sponsor of the bill, emphasized the importance of the franchise renewal. He said that it not only strengthens IBC-13’s operations but also addresses past financial obligations, particularly the retirement benefits issue. This achievement under Atty. Policarpio’s leadership has restored confidence in the network’s ability to manage its responsibilities effectively and ethically.
Congratulations to Atty. Jimmy Policarpio and his team.