TV 5 to complete new media center next year

MANILA, Philippines – Broadcast outfit TV5 expects to finally complete the construction of its media center by September next year, its top executive said.

“The first tenants will occupy it by February, then everybody else will come in some time in September next year,” TV5 president and CEO Noel Lorenzana said.

The firm started the construction of the state-of-the-art media center in Mandaluyong back in 2011 and hoped it would be finished as early as 2013.

However, Lorenzana said restricted cash flow in the earlier years of construction caused the delay in the completion.

“It’s all about managing the cash flow. Obviously, now, we’re in a better position so we’re actually able to provide funding for that,” he said.

At present, TV5’s news department is already occupying opened parts of the Mandaluyong media center.

Lorenzana said once the construction is finally completed, Cignal TV, Philex Mining Corp., and even Voyager Innovations Inc. would all be occupying the building.

TV5 and Cignal TV are both owned by Mediaquest Holdings, a unit of the Beneficial Trust Fund of the Philippine Long Distance Telephone Co. Voyager, meanwhile, is a unit of Smart Communications, which is the mobile arm of PLDT.

First Pacific Co. Ltd, which has a stake in PLDT, is among the biggest shareholders in Philex Mining.

TV5 expects to break even by 2017 as ratings in its shows continue to improve, Lorenzana said.