GMA sues TAPE for P37.9 million fund misuse

MANILA, Philippines — Broadcast giant GMA Network Inc. has filed a complaint for estafa against TAPE Inc., led by the Jalosjos father and son, for allegedly misappropriating nearly P38 million in ad revenue.

The case against officers of TAPE was filed before the Quezon City prosecutor’s office.

The complaint stemmed from the respondents’ alleged failure to remit to GMA P37.94 in advertising revenue collected from clients.

TAPE chairman Romeo Jalosjos Sr. and his namesake, who used to be president and chief executive officer, were named respondents.

GMA also wants to hold accountable TAPE executives Set Frederick Jalosjos, Malou Choa-Fagar, Michaela Magtoto and Zenaida Buenavista.

The network cited that in an agreement signed with TAPE in 2023, these funds were contractually assigned to GMA.

Despite multiple demands to TAPE, GMA said the advertising revenues were not transferred to the network as stipulated in the agreement.

Instead, the funds were allegedly diverted to cover TAPE’s operational expenses, which GMA said is a violation of the trust arrangement in the contract.

The network said it is pursuing legal action to hold the TAPE officers accountable and recover the misappropriated amount.

TAPE used to be the producer of the popular noontime show “Eat Bulaga!” before losing the program to its original hosts Tito Sotto, Vic Sotto and Joey de Leon after a legal dispute.

In 2023, the Intellectual Property Office of the Philippines denied TAPE’s trademark registration of “Eat Bulaga!” — Christine Boton