TV5 management announces lay-off of 700 employees, reveals TV channel is losing around ₱7 million each month

TV5’s acting president Chot Reyes announced that the TV station "is laying off some 700 employees, as it continues to suffer financial losses."

The report quoted Chot Reyes, who explained, "For the past 4 years, we are shelling out ₱7 million a month for our operating expense... Unfortunately, walang revenue po na pumapasok (there’s no incoming revenue) because we are not producing any more shows, except Aksyon Evening Edition and Aksyon Final Edition."

The report noted that TV5 is "a Major television channel, which is now partly owned by MediaQuest Holdings/Cignal TV, Inc. and MVP Group of Companies ." The report also revealed that "the ABC-5 employees’ union is mulling the possibility of filing a case before the Department of Labor and Employment (DOLE) over the mass lay-offs."

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