ABS-CBN lays off 200 workers

MANILA, Philippines — Up to 200 media workers will be entering the holiday season without a job, as ABS-CBN Corp. undertakes another round of retrenchment to keep finances afloat.

In a statement yesterday, ABS-CBN said the company laid off 200 workers, covering roughly seven percent of its labor force, in another round of cost-cutting measures.

ABS-CBN said the decision has been reached in the face of a tougher economy, dragged by price hikes arising from the geopolitical conflict in the Middle East.

The company is also feeling the pang of rising inflation, which hit a three-year high of 7.2 percent in April.

Similarly, the slower-than-projected economic growth is pushing advertisers to cut their spending costs, ABS-CBN said.

“After careful review, we have made the difficult decision to implement a retrenchment program to keep ABS-CBN on strong financial footing,” the company said.

ABS-CBN spiraled into financial decline in 2020 when lawmakers denied the company a fresh franchise, forcing it out of free TV.