Government to push sale of IBC-13 despite TRO

The government will push through with its plan to sell its 100 percent stake in IBC Channel 13 despite a temporary restraining order (TRO) issued against the TV station, Finance Secretary Jose T. Pardo said yesterday.

"The Presidential Commission on Good Government (PCGG), which is the dispositive institution for the IBC 13 shares, is not covered by the TRO," Pardo said, adding that "the government can go ahead with its plan to sell its 100 percent stake in the TV station."

Government hopes to raise P3.9 billion from the sale of its shares in IBC 13 to help finance its budget deficit which is expected to balloon to P120 billion next year.

While Pardo claims that government can go ahead with the sale since the PCGG itself is not covered by the TRO, a former IBC 13 official is set to question the sale by PCGG.

Jose Jalandoni, who used to head the TV station, is reportedly set to file a contempt of court case against the PCGG if it decides to go ahead with the sale of its shares in IBC 13.

Jalandoni and his group are claiming a 20 percent stake in the TV station and would thus be prejudiced if government goes ahead and sells the entire 100 percent.

The PCGG sequestered IBC 13 from former Ambassador Roberto Benedicto who was a close crony of former President Ferdinand Marcos.

Companies which have expressed interest in acquiring the TV station are the Philippine Long Distance Telephone Co., which plans to integrate it with its other telecommunications facilities, and the Ayala group of companies.

The Ayalas are trying to get a foothold in the media industry.

IBC 13 is among the few assets that the government is eyeing for disposition next year to raise revenues. Government is also planning to sell its stake in the Manila Electric Co. (Meralco). – Marianne Go