"Lopezes are ‘oligarchs who bend the law to protect, grow their fortunes’ - House Speaker Cayetano

There was a message that sent, after the killing of their bid for a new franchise with a vote of 70-11 it was a devastating blow to the country’s biggest media entity.

The sad reality of not having a renewed 25 year legislative franchise is a pill tough to swallow, they should not look further whom to blame-but themselves.

This is the message House Speaker Alan Peter Cayetano want the Lopez family to know after the denial of their franchise.

House Speaker Alan Peter Cayetano
(photo credit to owner)

“As to the oligarchs, like the owners of ABSCBN, whose historical institutional DNA is programmed to protect and grow their fortunes by controlling and abusing the system, they also deprive the country of billions in much needed funds by skirting and bending the law. Many times in connivance with the political elite,” said Cayetano.

“We simply put an end to the privilege of one family in using a public resource to protect and promote their private interests…Can anyone who is familiar with Philippine history and politics have the same doubts when it comes to the network’s owners? Or that they leveraged the influence of the network to gain access to favored government contracts?”

The Congressional hearing was able to unearth the very intricate and sophisticated tax avoidance scheme ABS-CBN was implementing, which surprised everyone.

The House Speaker cited a very glaring example, GMA Network paid P3.13 billion in taxes from 2017 to 2019 versus the P563 million total taxes paid by the much bigger ABS-CBN during the same period.

“This makes it crystal clear that something has gone terribly wrong with the system…Their methods for avoiding taxes in the billions of pesos may appear ‘legal’, but how can you argue that putting that much money in the pockets of one family, instead of having it benefit the millions of Filipinos who desperately need it, is in any way right or moral?” said Cayetano.

What can you say about this?

Share us your thoughts by simply leaving on the comment section below. For more news updates, feel free to visit our site often.

Stay updated with today's relevant news and trends by hitting the LIKE button.

Thanks for dropping by and reading this post.

Report from Bilyonaryo

Disclaimer: Contributed articles does not reflect the view of THE PH CHRONICLES. This website cannot guarantee the legitimacy of some of the information contributed to us. You may do additional research if you find some information doubtful. No part of this article maybe reproduced without permission from this website.