Lopez Holdings


Remarks of Carlo L. Katigbak, president and CEO, at the ABS-CBN Corporation Annual Stockholders’ Meeting on July 29, 2021
Held via https://conveneagm.com/ph/abscbn_asm2021

 ABS-CBN Annual Shareholders Meeting
The President’s Report
29 July 2021

Magandang umaga mga Kapamilya:

The ultimate test of a company’s values is in what it chooses to do when things are at their worst.  Last year was one of the most difficult years in our history, and yet it was also an opportunity to demonstrate our genuine passion for public service.

At the start of 2020, ABS-CBN supported relief efforts for families affected by the Taal eruption through Tulong Tulong sa Taal – distributing 30,000 relief bags across the various evacuation centers. As the COVID 19 pandemic spread, ABS-CBN launched Pantawid ng Pag-ibig in March, working with local government units, our advertisers, and our viewers to provide food and essential goods to our Kapamilyas, serving nearly one million families.  Despite the loss of our franchises in ABS-CBN and Sky, we continued to find ways to help the country.

Many students are now able to attend classes via TV and the internet through SKY's partnership with the Department of Education.   SKY worked hand in hand with key DepEd Divisions in regional areas, giving schools all over the country access to DepEd shows over cable.

The Knowledge Channel launched the “School at Home” campaign in August of 2020, by airing lessons in Filipino, Math, Science, and English, giving children the opportunity to start learning ahead of the opening of classes.

Public service has always been at the heart of ABS-CBN.  It is what inspires us to do the work that we do.  It is what creates a very special relationship between the company and our audiences.  It is a legacy that has been handed down to us from generation to generation.  And it is what gives us purpose today.  That amidst all the challenges and problems we face, there is a reason for us to persevere and find ways to continue serving the Filipino.

Much of our strength and courage to continue with our mission stems from the goodness that we find in those that have kept faith in us:

From you, our shareholders, in choosing to journey with us to better times.
From our advertisers who have committed to stand by us—especially those that have assured us that true partners are there for each other in times of difficulty
From our industry partners who have generously shared platforms that allow us to continue reaching our audiences
From our banks who have bravely given us the resources to pursue our work
From our stars for selflessly standing by us in our time of need, and for choosing to help us even if more lucrative opportunities exist elsewhere
From our employees who have made great financial and emotional sacrifices, and who continue to work tirelessly despite the uncertainty and the pandemic
And most of all, from our audiences, for continuing to believe in us.

In return, and in gratitude for all the support, we at ABS-CBN reiterate our commitment to public service.  Andito kami para sa inyo.  We will deliver the news that matters to you, in a way that is fair and balanced, but also honest and brave.

We will produce the shows that families have come to love for the hope, inspiration and joy that they bring to your homes.

We will continue to be present to those that need our help and support through the ABS-CBN Foundation and the Knowledge Channel Foundation.
We may not have the same resources we used to have, but the passion of our people to serve continues to burn even more brightly.

In 2020, our revenues dropped to P21.4 billion, and we registered a net loss of P13.5 billion.  These numbers are symbols of the pain that we are going through.  Despite the bleak financial performance last year, we are optimistic that better times will come.  The economy will improve, our audiences will return, and the bets we’ve made on our digital and international businesses will pay off.

Already, we have made some progress on our digital initiatives:

  • iWantTFC now has 4 million monthly active viewers.
  • We are among the top Youtube channels in the world with 16 billion views
  • ABSCBN.com reached 2.5 million daily users keeping it as one of the country’s largest websites.
  • And, our movies and TV series are now available globally on Netflix, iFlix and PopTV.

Gabby Lopez used to tell us that profit is like air.  You need it to survive, but it’s not why you live.  We are working hard to deliver better cash flows and profitability for ABS-CBN.  We are committed to delivering fair returns to the people that have invested in us.  But in the process, we will never lose sight of our reason for being.

I stand proudly today with every Kapamilya who has faith in our future.  Our resolve is undaunted.  ABS-CBN will, for this generation and for many more, continue to be in the Service of the Filipino.

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Lopez Holdings Corporation 
16/F North Tower, Rockwell Business Center Sheridan, Sheridan St. corner United St., 1550 Bgy. Highway Hills, Mandaluyong City, Philippines

  • Trunkline: (632) 8878 0000
  • Fax: (632) 8878 0000 ext 2009