Senate adopts reso allowing sale, transfer of Romualdez-owned broadcast network

The Senate on Monday, May 30, 2022, adopted a resolution allowing the sale, transfer or assignment of a broadcasting network franchise established by Rep. Martin Romualdez. Adopted was Senate Concurrent Resolution No. 19, introduced by Majority Leader Juan Miguel "Migz" F. Zubiri, which approved the sale, transfer, or assignment of the controlling interest in Philippine Collective Media Corporation to Golden Peregrine Holdings Inc. PCMC was founded in 2008 by Romualdez and got its franchise on November 14, 2009. Initially, its broadcast operations was limited to Eastern Visayas region. In the 2010s, PCMC launched 3 stations in Tacloban: AM station DYBR (discontinued in 2013 following the aftermath of Typhoon Yolanda), FM station DYDR, and the first local independent TV station PRTV. On December 21, 2020, by virtue of Republic Act No. 11508, the franchise granted to the PCMC was amended to include the operation of a digital television system and to expand its operations throughout the Philippines. The resolution stated that the PCMC "intends to provide wider coverage, improve its broadcast stations and production facilities, install state-of-the-art equipment, and increase public service air time for news, public affairs, education and entertainment programs in English and various Philippine dialects." "Pursuant to such commitment for the improvement and development of PCMC as a responsible and progressive broadcast network, it has accepted the offer of Golden Peregrine Holdings Inc. (GPHI) to acquire interests in capital stock of PCMC," the resolution stated. "Resolved, by the Senate, the House concurring, in compliance with the aforesaid provisions, to approve the sale, transfer, or assignment of the controlling interest in Philippine Collective Media Corporation to Golden Peregrine Holdings Inc.," it further stated.