Philippines News Archives

ABS News

ABS ( 03/20/1995 : BW - p8 )
ABS-CBN has been appointed the exclusive agent with
exclusive rights to Steven Spielberg's "Casper - The Friendly
Ghost" in the Philippines. ABS was authorized by MCA/Universal
Merchandising, Amblin Entertainment and the Harvey Entertainment
Co. to select its licensing and promotional partners to enhance
the launch of the Spielberg movie in Manila in July.

ABS ( 03/31/1995 : BW - p17 )
ABS-CBN yesterday announced a 100% stock dividend
and a P0.50 per share cash dividend. Benpres declared a 10%
stock dividend. Aboitiz Equity also declared a 20% stock dividend.

ABS ( 03/31/1995 : PDI - pB1 )
ABS-CBN announced yesterday a 100% stock dividend
approved by the board of directors. The board also declared a
cash dividend of P0.50 per share of the capital stock to all
stockholders of record as of April 20, 1995. This will be
payable on or before May 15 this year. The firm's stockholders
meeting is set on April 26.

ABS ( 04/04/1995 : PDI - pB1 )
ABS-CBN is expected to post a net income of P975 M for
'94, a 58% rise over '93's P616 M. The rise is attributed to
several factors such as an increase in advertising rates in early
'94. Advertising revenues account for 83% of ABS-CBN revenues.
Its rate will only increase by 15% this year. The company
expects profits of the firm to reach P1 - P1.2 B this year.

ABS ( 04/21/1995 : PDI - pB4 )
ABS-CBN Corp. posted a 62.5% jump in '94 profits
to P976 M from P600.6 M in '93. Revenues increased by 26%
to P2.9 B in '94 from P2.3 B in the previous year. EPS reached
P3.76 in '94 from P2.31 the previous year. The increase in net
income was attributed to higher advertising and utilization
rates together with ongoing expansion into the movies market in
the US. The company increased its capitalization last year from
P500 M to P800 M to cover a 50% stock dividend and to finance its
expansion program.

ABS ( 04/26/1995 : BW - p14 )
ABS will announce its plans to expand the network's reach
within the country and abroad in today's annual meeting. The
firm will be launching a production center in the south this
year. This means that live broadcast via satellite of ABS-CBN
programs in Davao, Cagayan de Oro, Zamboanga and the Visayas
areas will be possible.
ABS will also explore joint ventures with strategic partners in
the Middle East and selected countries with "major concentrations
of Filipino communities." The firm also plans to intensify its
marketing of video products in the United States, Europe and Asia.

ABS ( 04/27/1995 : BW - p18 )
ABS has allocated another P500 M for its capital expenditure
aside from the P52 M reserved for its investments abroad. This
month ABS begins its distribution of Star Cinema movies through
its network of more than 600 outlets in the US and Europe. Star
Cinema is a joint venture with Regal Films. It produced 10 movies
and contributed P20 M to the company. "The production of 'high-
budget quality firms' has a greater impact on revenues when viewed
in terms of video distribution, cable airing and television
airing." Star Cinema plans to make 15 - 20 movies this year.
ABS signed a licensing and merchandising agreement with MCA,
International for the local marketing of "Casper the Movie."
ABS bought 7 provincial FM stations for P30 M. It has now 12 FM
and 4 AM provincial radio stations.

ABS ( 05/01/1995 : PDI - pB1 )
ABS-CBN earned P823.4 M in gross revenues for
the first 3 months of the year, or a 32.3% increase from the
same period in '94. Its net income went up by 15.5% to
P236.1 M this year. EPS for the first quarter reported at P0.91.
The company's operating income for the first quarter of '95 stood
at P315.7 M . ABS-CBN's first quarter assets totaled P4.046 B
while liabilities amounted to P1.207 B.

ABS ( 05/17/1995 : MB - pB2 )
ABS-CBN has created a new division to handle its
licensing and merchandising operations for bestselling intel-
ectual property such as movies, brand names and product designs.
This new division forms part of the network's expansion & diver-
sification program. The company recently made a deal with MCA
productions Inc.. Under this scheme, ABS-CBN is authorized to
negotiate for the licensing of manufacturers and distributors of
consumer goods such as shoes, clothes , toys desiring to use MCA
trademarks, logos & design. Franchising and merchandising offers
fantastic growth opportunities for ABS-CBN.

ABS ( 06/06/1995 : BW - p3 )
ABS-CBN closed at P87.50 per share at yesterday's trading
The reason for this may be that investors are waiting for the
announcement of the record date for the 100% stock dividend.
Also, the latest figures for the channel's over-all audience
share, placing ABS at the top, may have affected its share price.

ABS ( 06/06/1995 : PDI - pB1 )
The SEC is asking ABS-CBN Broadcasting Corp. to
explain why it did not declare a dividend when unappropriated
retained earnings are 100% above paid-in capital. Under the code,
a corporation must declare dividends if its retained earnings
exceed 100% of its paid-in capital stock. A corporation is
exempted from the law if the firm uses the profits for expansion
programs or is prohibited to do so under a loan agreement. ABS
has a pending application for a 100% stock dividend approved by
its stockholders last April.

ABS ( 06/14/1995 : BW - p6 )
ABS-CBN is intensifying its operations in the South to be able to
penetrate the growing radio and television market. It is setting aside
around P500 M for the expansion of its provincial operations. It is
estimated that market revenues (in the broadcasting industry) in the
South, for both Visayas and Mindanao are placed at P10 B.
ABS opened a new AM radio station - DYAB 1521, last June 12,
in Cebu and this will be the center of operations for the South
and will be broadcasted in Cagayan de Oro, Davao and Zamboanga.

ABS ( 07/11/1995 : BW - p12 )
ABS-CBN Broadcasting Corp. will be putting up eight premier movie
houses in the Rockwell Plaza in Makati. These movie houses will cater
to the A and B market including expatriates living within the area. The
movie houses will be a venue for the movie production of ABS such as
Star Cinema.
ABS has gone into the licensing for the distribution of movie-related
products such as Casper products.
Construction of the whole Rockwell project will be done in phases. A
shopping mall will be built first and later on condominiums and
townhouses.

ABS ( 07/25/1995 : BW - p8 )
The SEC approved the application of ABS-CBN's P1 B
increase in authorized capital stock. This will cover the
100% stock dividend declared by ABS last April 26. The
authorized capital stock is now P1.5 B divided into 1.5 common
shares with a par value of P1 each share.
Of the P1 B increase, 259,861,104 common shares with a par
value of P1 have been subscribed and considered fully paid
through the declaration of the 100% stock dividend.

ABS ( 08/02/1995 : BW - p8 )
ABS-CBN posted an 18% increase in net income to P565.7 M
for the first half of '95 from P479.5 M in the same period last
year. Gross revenues for the period amounted to P1.829 B, 31%
increase from last year.
ABS has opened provincial television stations in provinces such
as Cebu, Davao, Zamboanga and Cagayan de Oro.
ABS is also in the process of negotiations with a possible
broadcasting partner in the Middle East. The tie-up will
distribute ABS-CBN produced shows to the region where a large
Filipino community provide a ready market.
In the US, ABS will open several video outlets which will carry
shows produced by the company.

ABS ( 09/13/1995 : PSE )
The SEC approved the application for the additional
listing of 259,861,104 common shares of ABS-CBN Broadcasting
Corp., with a par value of P1.00 per share, to come from the
company's increase in authorized capital stock. The shares
applied for listing will cover the 100% stock dividend to
stockholders of record as of August 11, 1995.
Trading of said shares will take effect on September 14, 1995.

ABS ( 09/25/1995 : MT )
ABS-CBN Broadcasting Corp., recently concluded a new
Collective Bargaining Agreement with tne Network's Supervisors
Union in a record time of four meetings with the Management
Panel of the country's leading Network. The network president
said that the new accord fulfills their corporate commitment to
provide our employees with the most beneficial compensation pac-
kage in the industry. Others present during the signing rites
were Felipe S. Yalong, senior vice president for finance and
administration; Rolando V. Cruz, assistant general manager;
Federico M. Garcia, executive vice president and general manager;
Lopez III and Herbert Rivera, president of the supervisor's
union.

ABS ( 10/18/1995 : PDI - B9 )
ABS-CBN Broadcasting Corp. is planning to put up a UHF station by
the third quarter of next year. According to ABS president, the co.
will not link up with partners for the UHF venture, although some
officials say that ABS will probably set up a subsidiary to oversee
the proposed station.
ABS will step up its diversification into merchandising with the
establishment of stores selling gift items. Its diversification projects
are targeted to contribute 20% to net profit by 2000.

ABS ( 10/18/1995 : PDI - B9 )
Sky Vision, Corp., the country's largest provider of
cable television services is planning to go public next year.

ABS ( 10/26/1995 : MT )
ABS-CBN's licensing and merchandising arm, Star Magic Inc., will be
officially launched today with a unique licensing show at Shangri-
la's EDSA Plaza Hotel.
There will be an exhibit which will showcase Star Magic's selection of
properties and the services the new company offers. Lectures and
conferences with prospective licenses will also be held to orient those
interested in the intricacies of the licensing business.
Star Magic, Inc. is part of a series of diversification moves into related
businesses that ABS has been doing to maximize market dominance
and to serve the more diverse needs for audience and advertisers. It
takes care of the television and film properties of ABS and holds
agency rights to MCA/Universal movie properties.

ABS ( 11/13/1995 : MT )
ABS-CBN Broadcasting Corp. posted a net profit of
P931.7 M in the first nine months this year, up by 26.7% com-
pared to the P735.2 M registered in January to September 1994.
Gross revenues rose by 28.6% to P2.79 B in the third quarter
while operating income grew by 19.5% from P943.3 M last year to
P1.13 B this year. Earnings per share went up from P1.41 a year
ago to P1.79 in the second semester this year.

ABS ( 11/15/1995 : PSE )
ABS-CBN Broadcating Corp., posted a 26.7% increase in
net income for the first nine months of 1995 from the same period
last year. From January to September, ABS gained P931.7 M against
P735.2 M in the same period in 1994.
ABS registered gross revenues of P2.790 B in the third quarter of
this year, representing a 28.6% increase from the second half of
1994. The co.'s operating income grew by 19.5% from P943.3 M last
year to P1.127 B this year. Net revenues increased by 31.6%,
giving rise to an earnings per share of P1.79 for the second se-
mester of 1995, a 26.7% rise from P1.41 a year ago.

ABS ( 01/17/1996 : MT )
ABS-CBN Broadcasting Corp. posted a net income of
P1.117 B from January to November 1995, up by 24% compared to
the P899.8 M in the same period in 1994.
During the period, ABS-CBN registered gross revenues of P3.5 B,
a 28.3% percent increase from the 1994 level.

ABS ( 03/21/1996 : PDI - pB1 )
ABS-CBN Corp. will invest P1 B this year for its expansion projects.
The amount will go to provincial & international expansion and the
setting up of a UHF station, estimated to cost P650 M. The company is
also allocating P500 M to build in partnership with an unidentified US
firm. ABS will build 25 high technology movie theaters throughout the
country over the next five years through its subsidiary, Cinemagica
Inc.. ABS-CBN is currently exploring joint ventures with partners in
the Middle East to distribute its television shows and movies there for
the country's OCWs. The firm's profits rose 33% from the previous
year to P1.2 B in the year to December 1995.

ABS ( 04/11/1996 : BW - p22 )
ABS-CBN Broadcasting Corp. has announced the 50% stock
dividend and a cash dividend of P0.30 per share. ABS asst. corp.
secretary Enrique Quiazon said the dividends were approved by
the board of directors of ABS-CBN in its meeting held on March 20.
The P0.30-per-share cash dividend covers all stockholders of re-
cord of the corporation as of April 19, 1996, payable on or before
May 7, 1996. The declaration of the stock dividend, subject to
the approval of the stockholders, is equivalent to 50% of the
subscribed capital of the corporation, but eliminating fractional
shares, to all stockholders of record as of May 23 this year.

ABS ( 04/15/1996 : PDI - pB5 )
The imminent entry of Henry Sy in the board of ABS-CBN
Broadcasting Corp. is expected to boost the local network giant's
plan to diversify into other areas of the entertainment business,
particulary theater operations. A source said the Lopez family
is already anticipating Sy's entry in one of their crown jewels
after the retailing magnate apparently amassed enough proxy votes
to qualify him for one board seat. "The Lopezes see Henry Sy as
a friendly investor who could help it go into the lucrative
fields in its industry, particularly in the management of movie-
houses," the source said. ABS has revealed plans of running its
own chain of movie theaters. The source said Sy is expected to
be an ace in ABS-CBN's cards in gaining a niche in the lucrative
business tightly controlled by Chinese businessmen.

ABS ( 04/17/1996 : PDI - pB1 )
ABS-CBN Braodcasting Corp. registered a 33.7% increase
in net income for 1995. It earned P1.25 B last year compared
to 1994 profit level of P935.1 M. ABS posted gross revenue of
P3.837 B last year, or a 28.8% rise from 1994. Its operating in-
come grew by 23.1% from P1.271 B to P1.565 B. Earnings per share
stood at P2.41 or a 33.7% rise from P1.80 in 1994.
This year, ABS-CBN plans to enter the movie house business with
25 cinemas to be put up nationwide. Also scheduled to be opera-
tional by July this year is the broadcasting network's new UHF
station.

ABS ( 04/29/1996 : TBD - p2 )
ABS-CBN Broadcasting Corp. launched last week its world
wide website on the global Internet network. The launching of the
website makes ABS the the first Phil. broadcast network to join
cyberspace. And as with the network, the website aims to build on
the company's strength in excellent broadcast design.
The ABS website features in-depth information on the products and
services of the TV and Radio divisions and the affiliate companies of
the network. Net surfers will also be able to access videos of the
station ID's, logos and program plugs of ABS-CBN. Live chats with
TV personalities will also be scheduled. Another exciting feature of
the website is the E-mail portion wherein viewers can give their
feedback on ABS-CBN shows.

ABS ( 05/08/1996 : BW - p1 )
Taipan Henry Sy is expected to steal the show during
the stockholders meeting of ABS-CBN Broadcasting Corp. In-
dustry. Mr. Sy will take a seat in the 11-man board of ABS-CBN
indicating the company's grand plans for the future. The entry
of Mr. Sy in ABS-CBN is seen part of the company's plan to expand
its lucrative film production business. ABS-CBN is starting to
feel like a big fish in a small pond, so to speak. Studies have
indicated the television industry is reaching its peak and is ex-
pected to slowly slide towards a plateau in the next few years.

ABS ( 05/09/1996 : BW - p6 )
The stockholders of ABS-CBN Broadcasting Corp. yesterday
approved the entry of Henry Sy into the company's board of direc-
tors, a move which officials say will boost the firm's marketing
capabilities. Mr. Sy replaced Margarita L. Lichaoco in the 11-
man board. The rest of the board members were retained.
Company officials said Sy's entry into the board was not through
equity infusion. Mr. Lopez III said "we invited him to join the
board". He said according to Mr. Sy, the taipan bought about
20 M shares of the broadcast company.
Company officials, however, could not categorically say what type
of partnership the Lopez group and Mr. Sy will enter into. Mr.
Sy said there is nothing specific yet about the arrangement bet-
ween his company and the Lopezes .

ABS ( 05/09/1996 : MT )
ABS-CBN Broadcasting Corp. posted a 22.1% increase in
net income as of March 1996 from the same period last year. For
the first 3 months of this year, ABS gained P288.2 M compared to
P236.1 M in the 1st Q of 1995. ABS also registered gross revenues
of P940.2 M, a 14.2% increase from the same period last year.
Operating revenues grew by 18.5% from P318.6 M in 1995 to P377.4 M
for 1996. Net revenues increased by 19.2% for this period in
1996. EPS for this period is P0.55, a 22.1% increase from P0.45
a year ago. ABS outlined the thrusts of the network's expansion
plans for 1996 which will focus on 3 principal areas of growth;
the setting-up of a UHF station by Q3 of this year, the conti-
nuing expansion of its international and regional operations, and
the co.'s venture in theatrical acquisitions.

ABS ( 05/09/1996 : MT )
ABS-CBN Broadcasting Corporation led the core business
growth after the company posted record earnings. The broadcasting
company contributed 51% of BPC's total revenues for the first
3 months of 1996. BPC holds 70.99% interest in ABS. ABS continued
to expand operation in North America and increased sales of the
ABS-CBN Phone, all the discounted pre-paid phone card that allow
users to call the Philippines at rate up to 40% cheaper. ABS
likewise continued to focus on licensing and merchandising,
cinema production and distribution, theater acquisitions, video-
post production and provincial expansion.

ABS ( 05/09/1996 : MT )
Shopping mall magnate Henry Sy has formalized its entry
into ABS-CBN Broadcasting Corp. after he was elected as member of
the 11-man board of directors of the country's largest television
network. Sy, who replaced Margarita Lichauco, has total of 20 M
shares of ABS-CBN, which he accumulated through the years.
At ABS-CBN stockholders meeting yesterday, Sy said "it's a good
investment. We are looking at the entertainment business. It
will be a synergy-relationship." ABS president Eugenio Lopez III,
said he is confident that Sy would be a big asset to the company's
operations. "He is one of the successful taipans. His business
acumen helps ABS to the changing tastes of consumers. We are
looking forward to many years of fruitful alliance."
Lopez said the ABS-CBN group was the one that invited
Sy to join the broadcasting company. "He could join us in the
theater business." According to Lopez, ABS and Sy are firming
up plans for a proposed joint venture that will build 15 to 10
cinemas in the next two years. A new company will be formed to
undertake the construction of the movie theaters in major malls in
Metro Manila, Davao City, Iloilo City and Northern Luzon.
Already under construction are cinemas in Monumento Plaza in
Caloocan and Gaisano in Davao. Lopez said the theater network
alone, which is expected to cost some P500 M over the next 2 years
would also ensure the exposure of the films produced by ABS's
movie outfit, Star Cinema, as well as off-beat films distributed
locally by its subsidiary, Star-Jemah, a tie-up with Jemah Films.

ABS ( 05/09/1996 : PDI - pB1 )
Henry Sy will become a strategic partner of ABS-CBN Corp. in the
latter's bid to build a 25 to 50 moviehouses all over the country.
During ABS stockholder's meeting, Sy was elected as the newest
member of the board after the Lopez family invited him. ABS Chair
Eugenio Lopez Jr. said that Sy's business acumen would be an
asset to the network. ABS president Eugenio Lopez III said they are
planning to enter a joint venture agreement with Sy on a moviehouse
project. The firm will invest P25 M for every theater that will be built.
Lopez said some P1 B has been allotted for capital expenditures this
year, including its diversification in cinema business. He said ABS-
CBN is set to form a new subsidiary called Cinemagica Inc., which
will oversee the diversification to the movie house sector.

ABS ( 05/10/1996 : PSE )
The stockholders of ABS-CBN Broadcasting Corp. approved
the following matters:
1. Election of directors for the coming year
Eugenio Lopez Jr. Oscar M. Lopez
Manuel M. Lopez Presentation L. Psinakis
Eugenio Lopez III Benito J. Lopez
Antonio Leo T. Lagon Augusto Almeda-Lopez
Frederico M. Garcia Peter D. Garrucho
Henry Sy, Sr.
2. Approval of the 50% stock dividend.

ABS ( 06/05/1996 : BW - p10 )
ABS CBN International, a subsidiary of ABS-CBN Broad-
casting Corp., is planning to go public and list at the Nasdaq
board by 1998, Eugenio Lopez III, ABS CBN Broadcasting Corp. pre-
sident said yesterday. "We'd like to go public in the States by
1998, we'll be in Nasdaq ABS-CBN International," he said. Mr.
Lopez said ABS-CBN's public offering will allow them to raise at
least $20 M. The proceeds will be used to finance its expansion
program as well as meet needs of its mother company, ABS-CBN
Broadcasting Corp. The offering will be for secondary shares.
Although no definite number of shares has been set aside for the
offering.

ABS ( 06/11/1996 : BW - p7 )
ABS-CBN Broadcasting Corp. will be going into "Disney- type" tie-ups
initially with Avon Products Mfg., Inc. It is also currently negotiating
with Jollibee Foods Corp. and San Miguel Corp. for a similar tie-up as
part of its diversification program.
The "Disney-type" tie-ups will be similar to what The Walt Disney Co.
is currently doing under its "Creative Content" business segment.
According to the company's 1996 Q2 earnings release taken from its
site at the Internet, this segment includes the production of liveaction
and animated motion pictures for distribution to theatrical, home video
and television markets, the production and distribution of original
television programming, the licensing of the company's name, charac-
ters and other properties and distribution through its Disney Store.
In the case of the ABS-CBN/Avon tie-up, Avon will be manufacturing
its teenage line of products using ABS-CBN's "Ang TV Kids." Avon
will be utilizing its "direct selling" method and will be selling its "Ang
TV Kids" cassettes and products to its direct sellers.
For San Miguel Corp., ABS-CBN is talking with SMC's subsidiary
Coca Cola Bottlers, Phil., Inc. for a possible tie-up for a movie.
Products will be made using the characters and names of the movie.
These will be sold in the theaters and dedicated outlets.
In Jollibee, both ABS and JFC have the same thrust since both firms
are making their presence felt in other countries where there are
Filipino communities. As a starter, ABS and JFC can sell phone cards.
This tie-up will compliment both firms.

ABS ( 06/23/1996 : PSE )
The Exchange approved ABS CBN Broadcasting Corp.'s ap-
plication to list additional 259,861,104 commons shares with a
par value of P1.00 per share to cover the 50% stock dividend dec-
laration to stockholders of record as of May 23, 1996.
The listing of the said share is set for Sept. 30, 1996.

ABS ( 08/02/1996 : PSE )
ABS CBN Broadcasting Corp. announced a 19.52% increase
in net income for the company's earnings for the 1st half of this
year. For the first 6 months of 1996, the Network gained P676.10 M
compared to P565.68 M in the same period last year. ABS also
posted gross revenues of P2.101 B, at 14.85% increase from the
first half of 1995. The operating income of the Lopez-owned cor-
poration grew by 7.32% from P842.04 M in 1995 to P903.64 M in '96.
Net revenues for the company increased by 18.80% for this period
in 1996. ABS continues to maintain its dominance in the local
broadcasting scene with its top rating programs and extensive
local and international reach.

ABS ( 09/20/1996 : PSE )
ABS CBN Broadcasting Corp. informs that all stock certificates
covering the recent 50% stock dividend declaration of the Corporation
payable to all stockholders of record as of May 23, 1996 have been
issued and made available to all stockholders as of Sept. 17, 1996.

ABS ( 10/04/1996 : BW - p8 )
ABS-CBN International, an affiliate of ABS-CBN Broadcasting Corp.,
is planning to raise $30 M to $40 M from its planned initial public offering
by 1998 to finance its various expansion and diversification programs.
At present, ABS-CBN International is expanding its services not only in
the distribution of entertainment products through The Filipino Channel
here in North America but also is telecommunications and retailing.
It is also going to enter financial servicing through "Peragram" money
remittances by November or December to the Philippines as well as
freight forwarding, said Rafael L. Lopez, assistant vice-president.
"We want to be a one-stop for Filipinos... whatever their needs are,
we want to meet those needs," he said. At present, ABS-CBN
International's entry into the telecommunications industry through ABS
Telecom in April this year has grown substantially and is now the
company's "cash cow."
Mr. Lopez said they are currently servicing 700,000 to 800,000
minutes since they started and will be targeting 2 M minutes by end
of the year. Jose Ramon D. Olives, managing director and chief
operating officer, said ABS Telecom is also opening up call centers in
Europe, initially in Milan this month or November and eventually having
London as the hub. There will be 2 products - a free standing phone
card which will be operator-assisted and call center card. The cost
will be $1.50/minute.

ABS ( 10/15/1996 : BW - p6 )
ABS-CBN Telecom is expanding its operations from North
America to Europe. It has recently incorporated 2 companies in
the United Kingdom and Italy, Jose Ramon D. Olives, managing
director and COO of ABS-CBN International said. ABS-CBN Telecom
was able to enter the European telecommunications industry as it
was able to get a Global 214 accreditation from the US Federal
Communications Commission. This accreditation allows ABS to
apply with any country to set up a telecom company. About $20 M
to $30 M will initially be invested in the next 5 years for ABS-
CBN's Telecoms venture into the European market. Aside from UK
and Italy, the company is also eyeing Spain and Germany as addi-
tional markets.

ABS ( 10/18/1996 : TBD - p12 )
All Asia Securities has given ABS-CBN Broadcasting Corp. "a buy
rating," citing strong cash flows this year. The broadcast firm's
shares stayed at P27 yesterday. Analysts noted ABS was in a
position to expand operations without running to creditors. "ABS-
CBN's strong cash position minimizes the need for external funding,
which will either result in higher interest rate payments or a dilution of
their earnings per share," All Asia noted. The co.'s earnings per share
for the fiscal year 1997 has been set at P2.81. It carries a PE ratio of
10x. ABS continues to dominate the broadcasting industry. According
to recent polls, ABS has an overall audience share of about 44%.

ABS ( 10/31/1996 : BW - p6 )
ABS CBN Broadcasting Corp. remains the crown jewel as
it contributed 49.31% of total earnings. ABS posted a net income
of P1.09 B for the first 9 months of the year, up by 17.31% from
the P931.7 M recorded for the same period last year. ABS gross
revenues grew by 16.47% to P3.249 B for the 3 quarters of the
year compared with the P2.79 B gained last year. Net revenues
likewise improved by 20.25% to P2.72 B for the period in review.
ABS-CBN's total assets for the first 9 months stand at P7.7 B, up
by 53.18% from last year's level. The company said the purchase
of high technology equipment and state-of-the art post production
and editing facilities contributed to the increase in the com-
pany's assets.

ABS ( 10/31/1996 : PSE )
ABS-CBN Broadcasting Corp.'s unaudited net income for
the period ended September 30, 1996 is P1.09 B. This figure
represents a 17.31% increase from 1995's P931.7 M net income.

ABS ( 12/24/1996 : PDI - pB5 )
The collective bargaining agreement of ABS-CBN's Rank
and File Employees' Union was recently concluded with the signing
of the new agreement at the network's executive offices. Under the
new CBA, rank and file employees will receive P5,500 per month
increase in their salaries over a 3 year period plus significant
improvements in benefits. The salary increase will be implemented
as follows: P2,000 for the first year, P2,000 for the second and
another P1,500 for the third year. A signing bonus of P7,500 was also
extended. The new CBA will continue to make ABS-CBN employees
the highest paid in the industry.

ABS ( 12/27/1996 : BW - p12 )
ABS-CBN Broadcasting Corp. will be among 22 other firms
joining the public auction of the Intercontinental Broadcasting
Corp. today. Presidential Commission on Good Government Commis-
sioner Herminio Mendoza said the number of bidders for IBC 13's
privatization was trimmed down to 22 from 40 after evaluating pro-
posals submitted to the PCGG's committee on privatization. Mr.
Mendoza explained the PCGG CoP required interested buyers to sub-
mit articles of incorporation and financial statements to deter-
mine which are qualified to participate in the bidding.

ABS ( 12/27/1996 : BW - p18 )
ABS-CBN Rank and File Employees' Union recently con-
cluded a collective bargaining agreement with management. The
new CBA provides that rank-and-file employees will receive P5,500
per month increase in salaries over a 3 year period, plus improved
benefits. The salary increase will involve P2,000 for the first
year, another P2,000 for the second year and P1,500 for the 3rd
year. The CBA also provided for a P7,500 Signing Bonus.

ABS ( 01/04/1997 : PDI - pB2 )
ABS-CBN Broadcasting Corp. may be disqualified from bidding for the
assets of Intercontinental Broadcasting Corp. following concerns of a
possible monopoly in the broadcasting industry. Sources at the National
Telecommunications Commission said current laws prohibit an existing
operator of a vital service such as broadcasting from operating or taking
over another company that offers the same service. PD#576-A, which
forms part of NTC's rules & regulations, states that no person or
corporation may own, operate or manage more than 1 television or radio
station in one municipality or city. ABS has expressed its strong inte-
rest to bid for the assets of both IBC-Channel 13 and Channel 9 held by
Radio Philippines Network (RPN). The assets are expected to be placed
in the auction block within the first quarter of the year.

ABS ( 01/28/1997 : TBD - p2 )
ABS-CBN Broadcasting Corp. was again recognized as the
country's leading broadcasting company in the Far Eastern Economic
Review's annual survey of Asia's 200 leading companies. Ranking
5th overall for the 3rd year, ABS was the only broadcasting co.
to be included in the list of the Top 10 Philippine corporations.
Of the 5 leadership qualities that the Review bases its survey on,
ABS was listed in the 5 cos. for "Innovative in Responding to Cus-
tomer Needs" and "Companies that Others Emulate," - a reflection
of the network's extensive efforts in constantly improving its
products and services.

ABS ( 02/26/1997 : BW - p8 )
ABS-CBN Broadcasting Corp. said on Tuesday it has ear-
marked P50 M in 1997 for its nationwide upgrading and expansion.
The company said in a statement it will upgrade equipment in exis-
ting stations, produce more local programs and build broadcast
complexes in key provincial cities like Cotabato and Iligan in
southern Philippines and Tacloban in central Philippines. It will
inaugurate its Dagupan broadcast complex in northern Philippines
next week. The network had invested more than P30 M for this
facility, the statement said.

ABS ( 03/04/1997 : BW - p7 )
ABS-CBN Broadcasting Corp. yesterday reported P1.53 B
in earnings last year, a growth of 22.4% compared to the P1.25 B
net income the previous year. The company also said its gross
revenues climbed 16.14% to P4.46 B last year compared with P3.84 B
previously. Its net revenues also went up by 16.61% to P3.75 B.

ABS ( 03/04/1997 : PSE )
ABS-CBN Broadcasting Corp. posted gross revenues of
P4.464 B for 1996. This figure represents a 16.34% increase from
the 1995 gross of P3.837. By the end of 1996, the network earned
P1.53 B which is a 22.35% increase compared to the previous year's
net income of P1.25 B. ABS-CBN's operating income grew by 13.45%
from P1.565 B in 1995 to P1.776 B in 1996. Net revenues for the
Lopez-owned corporation also increased to P3.749 B, up by 16.61%
from the 1995 figure. The first local broadcast network to be publicly
listed, ABS-CBN has also proven its profitability to its stockholders.
Earnings per share is up to P1.96 by the end of 1996, a 22.35%
increase from P1.60 in 1995.

ABS ( 03/12/1997 : PDI - pB1 )
ABS-CBN is increasing its primetime advertising rates by 22% from
P50,000 to P60,000 for a 30-second slot. The expected increase in
revenue would be used to recover more than P500 M in capex last
year and to help finance its P2 B in investments this year. ABS would
impose the rate increase despite stiff opposition expressed by its
advertisers. The Phil. Assoc. of National Advertisers decided to cancel
"all telecast orders issued or to be issued effective Mar 10 until such
time that we resolve the current rate increase with Channel 2." ABS
president Eugenio Lopez III defended the station's move. "Our in-
crease is reasonable considering that there are more households
now that are reached by our programs particularly in the provinces
where the economy is growing very fast." He explained that the
present rates of ABS for primetime slots were based on a reach of
1.7 M households in Metro Manila. "Clearly our numbers speak for
themselves. If they will not honor our new rates then we will no longer
accept their telecast orders." Lopez added that ABS planned to impose
separate advertising rates for Metro Manila and provincial programs
despite stiff opposition from its advertisers. Under the scheme, ABS
would charge an additional fee for airing commercials in the provinces.
This was aimed at recovering expenses incurred in extending ABS
reach to the provinces. Lopez said that ABS currently reached more
than 90% of the archipelago.
"We may not be able to do the desegmentation this year because of
the opposition of advertisers but we are definitely going to do it
maybe in one year or three years."

ABS ( 03/13/1997 : PDI - pB1 )
ABS-CBN is standing pat on its counter offer of 22% increase in
advertising rates to end a row with its advertisers. The advertising
organizations are continuing their boycott, which started Monday.
Advertisers wanted ABS to reduce a planned 30% rate increase to
15% and have rejected a counter offer of a 22% rise, which went
into effect Monday.
The new rate raised the cost of a 30-second prime-time spot on
Channel 2 to as high as P93,600 while GMA Channel 7 charges
P64,500.

ABS ( 03/14/1997 : PSE )
ABS-CBN Broadcasting Corporation entered a funding agree-
ment with Banco Santander Philippines, Inc. for $377,908,000 (ap-
proximately P1 B) to partly finance the construction of the media
conglomerate's 15-storey building. The formal signing between the
2 cos. was held last march 10. The networks' new complex which is
expected to be fully completed by the end of 1998, will serve as
headquarters of ABS-CBN and some of the Lopez Group's telecommuni-
cations and entertainment companies like SkyCable, Bayantel, ABS-
CBN International, Star Cinema and Star Records and others.

ABS ( 03/17/1997 : PDI - pB2 )
ABS-CBN Broadcasting Corp. will impose separate
advertising rates for Metro Manila and provincial airtime slots
next year. The move is aimed at raising finances to support the
expansion of the company's broadcast network outside Metro Manila.
ABS officials said the "dechaining" of the airtime slots in provi-
sional areas imposed next year despite stiff opposition raised by
the Phil. Association of National Advertisers. The proposed
"dechaining" of the Metro Manila and provincial airtime slots was
supposed to be implemented this year. However, ABS acceded to
PANA's request to impose the new rates next year since it is
negotiating for a general increase in prime time advertising slots
by 22%.
ABS stressed this is disadvantageous to the network
since it has invested over P500 M last year in facilities that
will ensure the clear transmittal of broadcast signals to the
provinces. PANA has exerted pressure on ABS to postpone the
dechaining to next year by calling a boycott of member-advertisers
on the network. The boycott, however, started to break down last
week as the largest advertisers including San Miguel Corp., Wander
Philippines Inc., Kraft Foods Inc., Consolidated Foods Corp. have
agreed to pay the new prime time rates of P80,000 for a 30-second
slot from the current P50,000. The Kapisanan ng mga Broadkaster
ng Pilipinas, meanwhile, called on PANA to keep its hands off the
negotiations for new ad rates between advertisers and the
television network.

ABS ( 03/18/1997 : PSE )
ABS-CBN Broadcasting Corp. informs that its board of
directors declared a cash dividend of P0.30 per share for stock-
holders of record as of April 15, 1997, payable on or before May
15, 1997.
For purposes of the annual stockholders meeting which will be
held on April 30, 1997, the board has fixed April 7, 1997 as the
record date for stockholders who will be entitled to notice and
to attend such annual stockholders' meeting.

ABS ( 03/21/1997 : PDI - pB1 )
Television network ABS-CBN Broadcasting Corp. has
reached a compromise with angry advertisers over its increase
in primetime rates, an advertisers association said yesterday.
The compromise rate increases range from 18.6-21%, the Associa-
tion of Accredited Agencies (4As) said. Last week the Philippine
Association of National Advertisers (Pana), angered by ABS-
CBN's proposed 22% increase in rates, canceled advertising slots
from March 10. Pana said it would accept a 15% increase. Oscar
Valenzuela, 4As president said the compromise agreement was
finalized on Tuesday and the new rates vary depending on the pro-
gram's time slot and rating. Pana has accepted the new rates,
he said. An ABS-CBN official said the network had no comment as
it had agreed to let the advertisers make the announcement.

ABS ( 04/15/1997 : BW - p6 )
In an attempt to go around legal obstacles preventing the
entry of foreign investors in Benpres Holdings Corp., the firm's
board of directors has recommended the transfer of its interest
in ABS-CBN Broadcasting Corp. and SkyVision Corp. to Lopez, Inc.
The transfer, however, will not involve a change in the ownership
of 2 broadcasting companies as both BPC and Lopez, Inc. are part
of the Lopez group of companies. In a letter to the SEC, BPC
corporate secretary Enrique Quiason said the transfer of BPC's
shares in ABS and SkyVision is "in line with management's initia-
tive to enhance stockholder value by allowing foreign investors
to directly hold Benpres shares." BPC is prohibited from taking
in foreign partners because of its ownership of ABS and SkyVision,
which operates SkyCable. Under the constitution, media companies
must be 100% Filipino-owned.

ABS ( 04/30/1997 : TSTOCK )
Television network ABS-CBN said its net income for the
first quarter of the year dropped 15%. The firm said it had a
net income of P248 million in the first three months ending March
31, from P291 million in the same period last year. ABS Pres.
Eugenio Lopez III attributed the slight decline to the boycott
of the Philippine Association of National Advertisers (Pana)
in February & March this year. Pana opposed the proposed 22% in-
crease in primetime rates by 22% from P50,000 to P60,000 for a
30-second slot. The Pana decided to cancel "all telecast orders
issued or to be issued effective March 10 until such that we re-
solve the current rate increase with Channel 2." ABS later acce-
ded to Pana's request to impose new rates next year. It will im-
pose separate advertising rates for Metro Manila & provincial
airtime slots next year.
Lopez, however, stressed that despite the P40-50 M
loss in the first three months, ABS is "on track". "In the
next 2-3 months, we will make up," he said. He estimated the
firm's capital expenditure (capex) this year to amount to nearly
P1 B.

ABS ( 05/01/1997 : PDI - pB2 )
The two-month boycott staged by major advertisers led
to a 14.64% drop in ABS-CBN Broadcasting Corp.'s net income in
the first quarter. The firm's net income dropped from P291.17
million in the first quarter last year to P248.56 million in the
same period this year. ABS-CBN president Eugenio Lopez III, how-
ever, said the income drop would not set a trend until the end of
the year because advertising revenues have started to pick up
this month. "We are on track with our earnings for the year. In
April alone, we earned P40-P50 million more than last year. In
the next 3 to 4 months, we will make up for what we have lost,"
Lopez said. Members of the Philippine Association of National
Advertisers boycotted ABS-CBN after negotiations for a lower in-
crease in advertising rate broke down.
ABS-CBN initially wanted a 40% rise in advertising
rates to recoup investments of over P2 M made over the past 2
years to beef up its provincial network & improve its signals &
reach. Pana said ABS-CBN eventually compromised on an average
increase of between 15% & 16% in advertising rates for this year.
Lopez, however, said ABS-CBN planned to negotiate for a better
advertising rate package next year. Net income for the first
quarter dropped despite a 9.09% increase in gross revenues from
P940.5 million last year to P1.025 billion this year. Increased
expenses due to expansion of its network however, ate up most of
the revenues.

ABS ( 05/01/1997 : TBD - p16 )
ABS-CBN Broadcasting Corp. incurred a sharp decrease of
14.64% in its net income during the first 3 months of the year to
P248.56 M from the previous year's P291.17 M, despite a 9.09%
uptick in gross revenue to P1.025 B. For the month of March alone,
the net income of ABS dipped by 34.29% to P84.33 M against the
previous year's P129.08 M. Gross revenue slipped 5.05% to P356.52
M from 1996's P375.49 M. Consequently, earnings per share for the
first quarter of the year fell by 14.64% to P0.32 from P0.37.

ABS ( 05/02/1997 : BW - p9 )
The Court of Tax Appeals has ordered the BIR to refund ABS-CBN
P101.7 M in franchise tax payments. The court ruled that the BIR
erroneously collected the amount for the fourth quarter of 1991 to the
third quarter of 1993. ABS filed a claim for refund with the BIR on
November 25, 1993, alleging it paid a total amount of P114.45 in
franchise taxes from January 1991 to the second quarter of 1993
when in fact it was not operating under a franchise during the period.
the CTA ordered the BIR to refund the franchise tax payments since
ABS had been operating by virtue of a license issued by the NTC and
not under a franchise.

ABS ( 05/02/1997 : PSE )
ABS-CBN President Eugenio Lopez III today said the Net-
work remained on track in its targeted earnings for this year
despite a decline in revenue growth in its first 3 months of ope-
rations. He attributed the decline in earnings to the boycott
by advertisers last month. In an interview with media, Lopez said
that in the next 3-4 months, we will make up for what we have
lost." He added that the first quarter results still showed a
9.09% increase in gross revenues compared with the same period
last year. For the first 3 months of 1997, ABS-CBN registered
gross revenues of P1.025 B representing a 9.09% increase from the
same period last year. ABS also posted a net income of P248 M for
this period while operating income registered P300.57 M. Net
revenues for the Lopez-controlled corporation stands at P864.5 M,
up by 9.67% for this period in 1997. ABS-CBN's total assets grew
to P8.820 B, 57.88% higher than the 1996 first quarter level.

ABS ( 05/29/1997 : BW - p6 )
ABS-CBN Broadcasting Corp. yesterday said its subsidiary ABS-CBN
Telecom NA, Inc. was ready to enter the telecommunications market
this year. "We are now poised to offer a full range of
telecommunications services in 1997, having acquired significant
fiber-optic cable capacity across the Pacific and having finalized
agreements for switching facility in San Francisco," ABS-CBN
International vice president Rene Huergas said in a statement. The
firm is targeting the Filipino community abroad. There are an estimated
6 M Filipino contract workers overseas, of whom 2.5 M are in North
America.

ABS ( 06/16/1997 : PDI - pB1 )
ABS-CBN Broadcasting Corp. said it expects to meet earnings target
for the year despite lower net in the 1st quarter due to a row with
advertisers. "We will be back on track by August or September,"
ABS-CBN president Eugenio Lopez III told reporters on Saturday.
ABS-CBN earlier reported a 1st quarter net income of P248 M, lower
than the adjusted figure of P248 M, lower than the adjusted figure of
P291 M in the year-earlier period. It said the cancellation by
advertisers of orders in protest over a decision to raise prime time
rates hit company earnings in the first 3 months of the year.

ABS ( 06/23/1997 : PDI - pC1 )
ABS-CBN Broadcasting Corp. expects its revenues from television
operations to level within the next 5 years as income from the
subsidiaries gains higher ground. The latest company report of the
Philippine Stock Exchange shows diversification into other businesses
opened doors of opportunities for ABS. As a result, income from
subsidiaries is expected to account for between 50 to 60% of the
bottomline. "Bright prospects are in array for the company which is in
constant search for new opportunities in the local and international
markets. After it has proven its worth as a broadcasting network, it
hopes to be a full-time entertainment conglomerate," the PSE report
showed.

ABS ( 08/06/1997 : BW - p14 )
ABS-CBN Broadcasting Corp., the communications firm of the
Lopez group, yesterday reported at 12.7% increase in net income
for the first semester to P761.9 M from P676 M for the same period
last year. Its gross revenues jumped 24.42% to P2.614 B for the
first half of 1997 from the P2.101 B recorded last year. The firm's
net operating income before tax climbed 11.07% to P1.01 B for the
first 6 months of the year from P909.38 M. As of end-June this year,
ABS-CBN's total assets stood at P9.72 B, up 43.99% compared to last
year. ABS has recovered from its dismal performance in the first
quarter following a boycott staged by advertisers against the firm's
proposed increase in advertising rates.

ABS ( 08/25/1997 : PSE )
ABS-CBN Broadcasting today signed a memorandum of agreement
with Metroball Inc., managers of the Metropolitan Basketball
Association (MBA). The partnership formalized an agreement with
Metroball for ABS-CBN's exclusive television coverage of the newest
professional basketball league. The contract was signed by ABS-CBN
President Eugenio Lopez III, ABS-CBN Asst. GM Rolando Cruz &
Metroball Chairman Ramon Tuason. The newly-organized Metroball or
MBA is a nationwide professional basketball league which begins in
February 1998. Metroball will have 12 professional teams around the
country with 6 from the Visayas & Mindanao regions forming the South
Conference & another 6 teams from the Luzon & Metro Manila area for
the North Conference. A North-South robin play off system
guarantees a North-South championship every system.

ABS ( 08/26/1997 : MT - p18 )
ABS-CBN Broadcasting Corp. signed on Aug. 22, 1997 a Memorandum
of Agreement with Metropolitan Basketball Association Inc. In a
delayed disclosure received by the PSE yesterday, ABS said the
agreement gives it an "exclusive television coverage of the newest
professional basketball league." The agreement was signed by
ABS president Eugenio Lopez III, ABS-CBN assistant general manager
Rolando V. Cruz and Metroball chair Ramon Tuazon.

ABS ( 09/23/1997 : BW - p13 )
ABS-CBN Broadcasting Corp. has asked the Supreme Court anew to
uphold its P36 M, 14-film exhibition contract with Viva Productions,
Inc. In a 14-page reply, the network asked the High Court to order
Viva to sign the contract and deliver the films for local airing
over Channel 2. ABS also asked the Tribunal to order GMA Network,
Inc., formerly Republic Broadcasting System, Inc. to turn over the
profits from its previous film showings. It further sought P37 M in
damages and litigation expenses from Viva and GMA. The Court of
Appeals last November 6 dismissed ABS-CBN's suit against the 2 firms
as it ruled there was no perfected contract between Viva and
ABS-CBN. It ordered the latter to pay GMA P4.8 M in damages and
P212,000 for Viva's attorney's fees. In its plea, ABS-CBN insists
there was a perfected contract between its general manager Eugenio
Lopez III and Viva executive producer Vic del Rosario.
It also denied having harassed GMA by suing it together with
Viva before a Quezon City court in 1992. ABS-CBN noted that it
impleaded GMA as a necessary party to the case. The firm also
claimed it never acted maliciously and in bad faith in filing the
action before the lower court.

ABS ( 10/24/1997 : BW - p20 )
Starting this month, ABS-CBN Telecom, a subsidiary of ABS-CBN
International, and United Airlines will make it easier and
more cost effective for passengers in the United States to call
the Philippines. "We are pleased that United Airlines has decided
to be our partners in this ventures," said Alejandro Aquino, head
of the Telecoms Division of ABS-CBN Telecoms, North America. He
said that their goal of providing telephone services to any
Filipino going anywhere in the world can be realized by the end of
the year. The agreement formalized between ABS-CBN Telecom and
United Airlines for the latter to be the distribution arm for the
phone cards is the first time for a telecom company in the
Philippines to tie up with an international airline to distribute
this type of product.

ABS ( 11/08/1997 : TDY - p14 )
The net income of ABS-CBN Broadcasting Corp. rose 12.07% to
P1.22 B in the first 9 months of the year from the year-ago P1.09 B.
In a disclosure to the SEC, the company reported that its gross
revenues surged 26.73% to P4.12 B from January to September from
last year's P3.25 B. The company's operating income, on the other
hand, increased by 23.65% to P1.67 B from the previous year's P1.35 B
while its earnings before interest, taxes, depreciation and amortization
rose 20.92% to P2.17 B from P1.79 B. However, for the month of
October alone, the net income of ABS fell 21.47% to P144.23 M
compared with the P183.66 M recorded in the same month last year.
The company's total assets expanded by 30.81% to P10.07 B from
P7.7 B mainly due to the construction of a multistory building within
its complex in Quezon City.
The increase in the firm's assets was also traced to the continued
investments in modern broadcast equipment and facilities, regional
expansion projects and allied businesses. The company's liabilities
likewise expanded by 30.31% to P4.07 B from P3.12 B. The book value
of the company's shares went up by 31.22% to P7.70 per share from
P5.87 per share.

ABS ( 11/19/1997 : BW - p13 )
ABS-CBN Broadcasting Corp., the country's largest television
network, said it will receive a P1 B loan from 6 banks to help finance
its capital spending. The 6 were All Asia Capital & Trust Corp.,
Allied Banking Corp., Asiatrust Development Bank, China Banking Corp.,
Pilipinas Bank and Security Bank. The funds were provided by the
Export-Import Bank of Japan to state-owned Development Bank of the
Philippines, which were relent to 6 banks. ABS said it will use the
funds to finance the capital expenditures and civil works, primarily
of its new 15 story building.

ABS ( 11/19/1997 : PSE )
ABS-CBN Broadcasting Corp. entered a funding agreement with 6
banks, headed by All Asia Capital & Trust Corp, for a P1 B 3-year term
loan. The banks, which included Allied Banking Corp., Asiatrust
Development Bank, China Banking Corp., Pilipinas Bank, & Security
Bank, agreed to lend the same amount under the program of the
DBP-Export Import Bank of Japan (Eximbank). The formal signing
between the network & the banks was held yesterday, Nov.18, 1997
at the ABS executive boardroom. Present during the signing were
representatives from each bank & top executives of ABS including
Eugenio Lopez III, president; Federico Garcia, GM, & Felipe Yalong,
SVP for corporate services. Eximbank agreed to extend to the
Development Bank of the Philippines, fully untied loans which DBP
shall relend to Participating Financial Institutions which would, in turn,
provide loans for projects in the industrial sectors.
ABS will be using the P1 B loan to finance the capital expenditures,
civil works & permanent capital requirements primarily of its 15-story
building. The network's new complex, which is expected to be fully
completed by the end of 1998, will serve as headquarters of ABS &
some of the Lopez Group's telecommunications & entertainment
companies.

ABS ( 11/19/1997 : PSE )
ABS-CBN Broadcasting Corp. entered a funding agreement with 6
banks, headed by All Asia Capital & Trust Corp. for a P1 B 3-year
term loan. The banks, which include Allied Banking Corp., Asiatrust
Development Bank, China Banking Corp., Pilipinas Bank, and Security
Bank, agreed to lend the said amount under the program of the DBP-
Export Import Bank of Japan (Eximbank). The formal signing between
the network and the banks was held yesterday, November 18, at the
ABS-CBN executive boardroom. Eximbank agreed to extend to the
Development Bank of the Philippines, fully united loans which DBP
shall relend to Participating Financial Institutions, which would,
in turn, provide loans for projects in the industrial sectors. ABS-
CBN will be using the P1 B loan to finance the capital expenditures,
civil works and permanent capital requirements primarily of its
15-story building.

ABS ( 11/20/1997 : TDY - p10 )
ABS-CBN Broadcasting Corp. recently entered into a funding
agreement with six banks, headed by All Asia Capital & Trust Corp. for
a P1-B three-year term loan. The banks, which will include Allied
Banking Corp., Asiatrust Development Bank, China Banking Corp.,
Pilipinas Bank and Security Bank, agreed to lend the said amount
under the program of the DBP-Export-Import Bank of Japan
(Eximbank). Eximbank agreed to extend to the Development Bank of
the Philippines (DBP), fully untied loans which DBP shall relend to
participating financial institutions, which would, in turn, provide loans
for projects in the industrial sectors. ABS will be using the P1-B loan
to finance its capital expenditures, civil works and permanent capital
requirements primarily of its 15-story building. The network's new
complex, projected to be fully completed by the end of 1998, will serve
as headquarters of ABS and some of the Lopez Group's
Telecommunications and entertainment companies.

ABS ( 01/07/1998 : BW - p7 )
After Don Jaime Zobel de Ayala, another tycoon in Philippine business
has decided to pass on the torch of his son. Eugenio Lopez, Jr.
recently yielded the chairmanship of listed firm ABS-CBN Broadcasting
Corp. to his son, Eugenio "Gabby" Lopez III, in quiet ceremonies early
last month. The younger Lopez was president of the country's biggest
media conglomerate. ABS-CBN is scheduled to make a formal
announcement by the end of the month or in early February, the
sources said. While already anticipated, Mr. Lopez's decision to
step down from ABS-CBN is widely regarded as just the first step to
retiring from the family's vast business altogether.

ABS ( 01/08/1998 : PSE )
ABS-CBN Broadcasting Corp. informed the Exchange of the following
changes in the officers of the company:
Chairman of the Board - Eugenio Lopez III in place of Eugenio Lopez, Jr.
President - Federico Garcia in place of Eugenio Lopez III

ABS ( 02/11/1998 : PSE )
ABS-CBN Broadcasting Corp. announces the formation of a new
subsidiary called ABS-CBN Entertainment. This entry is an offshoot
of the highly successful international joint venture between ABS-
CBN Corporation, Star Cinema and Pacific Hollywood which, in 1997,
produced "Goodbye America". Aside from well-received screenings in
the Philippines, Goodbye America has been sold successfully to over
65 territories worldwide. ABS-CBN Entertainment will concentrate
on producing 2-3 English language films per year, engage in television
and other formats for international production by harnessing
Filipino talents and exposing them to international viewers and
markets. The current project of ABS-CBN Entertainment is "Legacy",
a film starring David Hasselhoff, Donita Rose, Corin Nemec,
Chin-Chin Gutierrez, Douglas O'Keeffe and Rod Steiger.

ABS ( 03/26/1998 : PSE )
ABS-CBN Broadcasting Corp. informs that its Board of Directors
declared cash dividends in the amount of P0.30 per share to stock-
holders of record as of April 15, 1998, payable on May 15, 1998.

ABS ( 04/04/1998 : PDI - pB2 )
ABS-CBN Broadcasting Corp. posted a net income of P1.744B last
year, an increase of 13.97% over 1996 figures of P1.53B, despite
a significant increase in its liabilities. ABS-CBN said in a dis-
closure to the SEC that gross revenues also rose by 26.44% from
P4.464B to P5.645B from radio and TV operations. Earnings before
interest, taxes, depreciation and amortization increased by
16.66% from P2.566B in 1996 to P2.993B last year. This is despite
a significant rise in its current liabilities which include short-
term loans by 61.72% from P1.514B to P2.450B. Total liabilities
were placed at P4.745B, a surge of 73.06% from the year-ago level
of P2.741B as ABS-CBN continues with its diversification moves.
Total assets as of Dec. 31 stood at P11.259B, up by 45.21% from
the 1996 total of P7.753B.

ABS ( 04/06/1998 : PSE )
ABS-CBN Broadcasting Corp.'s gross revenues for 1997 ending
December 31 reached P5.645 B, representing a 26.44% increase over
the P4.464 B registered in the same period in 1996. On the other
hand, net income rose 13.97% from 1996's P1.53 B to P1.744 B.
Resulting earnings per share likewise increased from P1.96 to P2.24.
Earnings before interest, taxes, depreciation and amortization
increased by 16.66% from P2.566 B in 1996 to P2.993 B in 1997. ABS
chairman and CEO Eugenio Lopez III said that the company's EBITDA is
again being highlighted because it provides a better understanding for
how the company actually performed. "All over the world,
broadcasting companies are valued on the basis of EBITDA per share.
This rewards management for minimizing their taxes. Conversely, it
prevents management from pumping up net income by altering
depreciation or amortization policies," Lopez added.
The network's total assets as of December 31 stood at P11.259 B, up
by 45.21% from the 1996 total of P7.753 B. Radio and TV operations
remain the principal activities of the network, but ABS-CBN remains
optimistic about its diversification ventures which include film
production, theater operations, recording, a UHF channel, international
telecoms, licensing and merchandising, among others.

ABS ( 05/01/1998 : TBD - p12 )
Media outfit ABS-CBN Broadcasting Corp. is expected to post at least
a 15% growth in its net income this year.
"we could get a 15% (growth) .. that's the low-end (target),"ABS-CBN
CEO Eugenio Lopez III told reporters after the stockholders' meeting
yesterday.
ABS-CBN registered a net income of P1.74B last year, up from P1.53 B
a year ago.
The company registered a sharp gain in net profit in the first quarter
at P309.55 M from P242.31 M last year. Gross revenues rose 36.2% to
P1.4 B.
"We can all see that as a business, ABS-CBN fulfills its highest
potentials in a most difficult year," ABS-CBN Pres. Federico Garcia
said. Lopez said the company earmarked P2 B for capital spending this
year, mostly for the construction of a building adjacent to its present
headquarters and the acquisition of new equipment for the broadcast
of its professional basketball league.
We are making investments in the regional arena and has also
focused on the Metropolitan Basketball Association. We believe that
basketball is a P1.5 B market that is largely untapped," said Lopez.
He also said the company planned to pay off its debt exposure, which
included a P2 B Long-term Loan and P500 M to P600 M worth of
short-term loans, through internally-generated funds.
"If the cash flow provides, we will pay off all our loans," he said.

ABS ( 05/04/1998 : BW )
ABS-CBN Broadcasting Corp. registered a 28% jump in net income in
the first quarter to P242.3 M as its advertising revenues flowed
steadily despite a rate hike. The company implemented a 15%
average increase in advertising rates starting February 1. "There
really has been a flight to quality," said Eugenio Lopez III, ABS-CBN
chairman and CEO. ABS-CBN's gross revenues surged 36.2% to
P1.4 B in the first quarter from P1.03 B in the same period in 1997. Its
earnings before interest, taxes, depreciation and amortization surged
50% to P692.6 M from P460.6 M last year. Mr. Lopez said ABS-CBN
expects its net income this year to rise by at least 15% from last
year's P1.74 B. "That will be realistic," he said. However, the
company's EBITDA is forecast to grow by around 20%.

ABS ( 05/04/1998 : PSE )
ABS-CBN Broadcasting's gross revenues for the first quarter of 1998
ending March 31 reached P1.398 B, representing a 36% increase
over the P1.026 B registered in the same period in 1997. Net income
also rose by 28% from 1997's P242.31 M to P309.55 M. Resulting
earnings per share likewise increased from P0.31 to P0.40. Earnings
before interest, taxes, depreciation and amortization went up by 50%
from P460.58 M in 1997 to P692.62 M in the present year. ABS-CBN's
gross revenues for the year ended December 31, 1997 reached
P5.645 B representing an increase of 26% over 1996's P4.464 B. Net
income for that same period rose 14% from P1.53 B in 1996 to P1.74 B
in 1997. Earnings per share also shot up from P1.96 to P2.24.
EBITDA stood at P2.993 B in 1997 representing an increase of 17%.
ABS-CBN Chairman and CEO Eugenio Lopez III said that the
company's EBITDA was again being highlighted because it provides a
better understanding of how the company actually performed.

ABS ( 08/14/1998 : TDY - p13 )
ABS-CBN Broadcasting Corp.'s net income retreated slightly due to
higher interest charges, a larger provision for taxes and the losses
posted by its subsidiaries. In a report to the Securities and Exchange
Commission (SEC). ABS-CBN chairman Eugenio Lopez III said its net
income declined 0.22% to P748.86M in the first half of the year from
the year-ago P750.48M. ABS-CBN's operating income surged 23.12%
to P1.24B in the first half from last year's P1B. Lopez said the
company's net income revenues rose 16.12% to P2.57B in the first six
months of the year from last year's P2.21B. Gross revenues
increased 19.63% to P3.13B in the first semester of the year from the
P2.61B recorded in the same period last year.

ABS ( 08/27/1998 : PSE )
ABS-CBN Broadcasting Corp. informs that on August 26, 1998, its
board of directors accepted the resignation of Mr. Antonio Leo T.
Lagon as director. The board of directors elected Mr. Alberto J.
Lopez to serve the unexpired term of Mr. Lagon.

ABS ( 09/15/1998 : PDI - pB4 )
ABS-CBN, through its foundation, has posted rapid growth in its micro
finance venture, with total loan disbursement exceeding P14 M with a
97% repayment rate in just a year from its inception. Bayan Microfi-
nance, a program of ABS-CBN Foundation Inc., reported a client base
of 791 as of July, spread out to the four areas it currently operates in
--Quezon City, Iba, Zamboanga, Bauang, La Union, and Alabat,
Quezon. Micro finance is a novel approach in credit by extending
loans to poor but hardworking micro entrepreneurs who have no
access to capital from banks, Clients are those usually engaged in
trading, services, food preparation and vending. Their businesses
may be located in their backyards or in the market. Gina Lopez,
ABS-CBN Foundation executive director, said micro finance lent new
meaning to the term "banking with the poor."
"We believe in the credit worthiness of the poor, given the right pack-
age and access to financial services. The perception toward the poor
is radically changed from being doleout recipients to being responsible
micro entrepreneurs," Lopez said. Micro finance is deemed as one of
the most effective poverty-alleviation tools being employed world-
wide. The scheme enhances the living conditions of the poor and their
capacity to provide for the needs of their families. The additional capi-
tal acquired through the loans will be used to increase productivity,
self-employment opportunity, and income of the clients. This has al-
ready been proven in the success of the Grameen Bank in Bangladesh,
Bank Rakyat of Indonesia and Bancosol of Bolivia. The ABS-CBN
Foundation piloted a micro finance program in Aug. 1993, starting
with 30 urban poor women squatting in Loyola Heights, Q.C. Con-
vinced with the success of the program, the foundation formed Bayan
Microfinance in May 1997 beginning with two branches.

ABS ( 11/17/1998 : TBD - p14 )
Lopez-owned ABS-CBN Broadcasting Corp. yesterday announced
earnings of P1.24B for the first 9 mos. of the year, representing a
2.68% increase compared to the same period last year. In a disclosure
to the SEC, the strong performance was backstopped by a revenue
growth of 18.27% to P4.87B. ABS-CBN said the revenue growth was
largely due to the continued support of viewers to the company's
innovative programming, allowing the company to deliver to advertisers
the highest rating points and audience share per peso spent on
television advertising. The company has already increased advertising
rates by 15% this year on top of the 15% that was implemented in
November 1997. Latest surveys showed that the audience share of
the broadcasting giant has grown 4% at the start of the year to 56% in
Metro Manila and 83% in the provinces.
Furthermore, ABS-CBN has been able to improve its loading rate,
increasing its non-prime advertising minutes by as much as 13.40%.
ABS-CBN has postponed most of capital expenditure program for the
year
as only P2B was allocated for the completion of the ABS-CBN center,
the improvement of the facilities in the company's UHF channels and
for the Metropolitan Basketball Association.

ABS ( 12/28/1998 : PSE )
ABS-CBN Broadcasting Corp. today purchased from Benpres Holdings
Corporation a portion of the Convertible Notes issued by Lopez, Inc.
The Convertible Notes purchased are convertible into 40,000,000
shares in ABS-CBN Broadcasting Corporation.

ABS ( 12/29/1998 : BW )
Anticipating a positive future in the broadcasting business, ABS-CBN
Broadcasting Corp. recently bought back 40 M shares from the
convertible notes of Benpres Holdings Corp. Based on the current
market value of ABS-CBN at P20 per share, the total buyback effort is
estimated to cost P800 M. The shares bought were part of Benpres'
convertible notes that can be converted into shares of the
broadcasting firm. Lopez, Inc., the parent company of ABS-CBN,
issued the said shares. A source from the company said yesterday
that Benpres will be able to book pay-per-gain with the move to sell
the convertible notes. The source added that this would also translate
in better value for company shareholders. "These are value- and
liquidity-enhancing measures for Benpres. The company probably got
the shares at a low price and decided to sell to ABS-CBN at a better
price. And ABS-CBN, realizing the positive outlook in the industry,
bought back the shares," the source said.
The buyback reduced Benpres' economic interest in ABS-CBN to
69.43% from 70.99%. Meanwhile, Benpres said it will increase its
shareholdings in Sky Vision Corp. to 62.26% from 19.78% by
purchasing additional shares of the company from Lopez, Inc. The
company said it will buy 42.48% of the latter's outstanding capital
stock. "These transactions are part of the continuing efforts of
Benpres to realize economic value in its portfolio in the near term," the
company said in a press statement. Benpres completed the transfer
of its media interests to Lopez, Inc. in April, thus paving the way for
the entry of foreign investors in the company. Under Philippine laws,
media firms must be 100%-owned by Filipinos.

ABS ( 02/01/1999 : BW )
The planned warrants issue of publicly listed ABS-CBN Broadcasting
Corp. is expected to generate P2 B to finance the company's capital
expenditure requirements this year. ABS-CBN vp for finance Prisco
B. Ponce said last Friday that proceeds from the said issuance will go
to the construction of the company's 15-storey building in Quezon
City. "The proceeds will be used for expansion, particularly for our
building. That will be our priority. We're planning to put a modern studio
in that building and this would need a lot of funding. Target completion
date will be next year," he said. In order to improve signals,
ABS-CBN's expansion plans this year also include the purchase of
new transmitters as well as the improvement of existing ones.
Moreover, the management is also planning to put up additional three
to four provincial stations, Mr. Ponce said.

ABS ( 02/22/1999 : PSE )
ABS-CBN Broadcasting Corporation purchased from Benpres Holdings
Corporation (Benpres) last December 28, 1998, a portion of the
Convertible Notes and Non-Convertible Notes issued by Lopez, Inc. at
a total purchase price of P800,000,000. The Convertible Notes
purchased are convertible into 40,000,000 shares in ABS-CBN
Broadcasting. With this purchase and in the event that ABS-CBN
decides to convert the convertible notes. ABS-CBN will effectively
buy back its own shares at a price of P20.00 per share, which is
equivalent to the stock market price of the shares at the time of
purchase. The notes purchased have a face value of P654,940,892.
The buy back was undertaken because ABS-CBN believes that its
shares are undervalued at the current market price. Given ABS-CBN
healthy balance sheet and relatively low debt-to-equity ratio of
less than 1.0 times, the buyback is not expected to have a
substantial impact on the Company's current operations.

ABS ( 03/25/1999 : PSE )
The Board of Directors of ABS-CBN Broadcasting Corporation today
declared a cash dividend of forty centavos (P0.40) per share to
stockholders of record as of April 15, 1999 payable on May 14, 1999.
The Board also scheduled the annual stockholders meeting to be held
on Monday, May 3, 1999. Stockholders as of April 5, 1999 shall be
entitled to attend and vote at the stockholders meeting.
Cash = P0.40 per share
Ex-cash = April 8, 1999
Record Date = April 15, 1999
Date Payable = May 14, 1999

ABS ( 03/30/1999 : AFX )
ABS-CBN Broadcasting Corp said it does not know the identity of the
buyer of shares worth 1.23 B pesos sold in several block deals at the
exchange. The block sales involved 58.7 M shares. "We still don't
know who the buyer was. We will probably know in the next three to
four days," a company spokesperson said. ABS-CBN closed up 2.25
at 24.75 pesos.

ABS ( 03/30/1999 : BW )
State-owned pension fund Social Security System has reportedly
bought 50 M shares in listed broadcasting firm ABS-CBN Broadcasting
Corp. yesterday for P1.22 B. Industry sources told BusinessWorld
that the seller was retail taipan Henry Sy, Sr. The business tycoon
holds 14.1 M shares in the broadcasting firm equivalent to 1.8% of the
outstanding capital stock of ABS-CBN. Sources, however, said Mr.
Sy might also have holdings in other companies which have interests
in ABS-CBN. The 50 M shares, equivalent to 6.67% of the company's
outstanding capital stock, were sold in 12 block sales. Majority of the
sale, totalling 37.5 M, was transacted by Orion while the remaining
12.5 M was brokered by Worldsec. Prices ranged from P22.50 to
P25.50 per share. ABS-CBN officials as well as representative of Mr.
Sy were unavailable for comment. The company's media relations
department said they are not issuing an official statement since the
company is not directly involved in the transaction.
SSS assistant vp for investments Edgar Solilapsi, on the other hand,
said he is not privy to the transaction. Sources said the pension fund
may be increasing its stake in the company which stands at 9.31 M, or
1.194%, as of December last year. The sale would increase SSS'
shares in ABS-CBN to 59.31 M shares making it the second largest
shareholder. Other shareholders include PCD Nominee (75.33%),
Marc Asset Holdings (2.32%) and Sysmart Corp. (2.11%).

ABS ( 03/31/1999 : AFX )
ABS-CBN Broadcasting Corp said the Social Security System has
nominated SSS president Carlos Arellano for the company's board of
directors for this year. SSS currently does not occupy a seat on the
ABS-CBN board. "We received a letter dated March 30, 1999 from the
Social Security System nominating Mr. Carlos Arellano for the 1999
Board of Directors of the company," ABS-CBN said in a notice to the
Philippine Stock Exchange. ABS-CBN, however, said it cannot confirm
if SSS was the buyer of the 50 M shares worth 1.22 B pesos sold
last March 29. "As of this morning, our transfer agent Securities
Transfer Services Inc has not received any request for transfer of
the said shares," it said. At 11:48 am, ABS-CBN was down 0.25
pesos at 24.75 on 517,900 shares.

ABS ( 03/31/1999 : PSE )
ABS-CBN Broadcasting Corp. would like to clarify and confirm a news
article which appeared in the March 30, 1999 issue of the Manila
Times entitled "50 M shares of ABS-CBN sold for P 1B". As of this
morning, our transfer agent, Securities Transfer Services, Inc., has
not received any requests for transfer of the said shares, Since the
Company merely relies on its stock and transfer books for such
transfers, the Company cannot confirm or clarify the news article at
this point until a transfer is actually made in its books. We, however,
received a letter dated March 30, 1999 from the Social Security
System nominating Mr. Carlos A. Arellano for the 1999 Board of
Directors of the Company.

ABS ( 04/05/1999 : BW )
The government wants the Supreme Court to reverse the decision of
the Court of Appeals granting a television network P101.6 M in
franchise tax refund. The Office of the Solicitor General asked the
High Tribunal last week to set aside the January ruling of the appellate
court ordering the Bureau of Internal Revenue to return to ABS-CBN
Broadcasting Corp. the amount, representing franchise taxes it paid
for the fourth quarter of 1991 to the third quarter of 1993.
Solicitor-General Ricardo Galvez claimed that contrary to the findings
of both the CA and the Court of Tax Appeals, the government
correctly taxed Lopez-owned firm for its operation during the disputed
years. ABS-CBN is a franchise grantee allowed to operate and
maintain radio and television stations and broadcast programs through
its airwaves.

ABS ( 04/13/1999 : AFX )
ABS-CBN Broadcasting Corp said its audited 1998 net profit amounted
to 1.74 B pesos on net airtime revenue of 5.45 B pesos. In a report
to the stock exchange, ABS-CBN said its 1998 operating income
reached 2.56 B pesos while operating expense stood at 3.91 B. The
company did not give comparative figures. At 11:31 am, ABS-CBN was
up 0.50 at 25.50 pesos.

ABS ( 04/13/1999 : PSE )
(amounts in thousands)
Airtime revenues - net 5,454,614
Net sales and services 1,021,786
6,476,400
Operating expenses 3,914,514
Income from operations 2,561,886
Other income (expenses) 70,480
Income before income tax and
minority interest 2,632,366
Provision for income tax 904,133
Income before minority interest 1,728,233
Minority interest 16,667
Net income 1,744,900

ABS ( 05/03/1999 : PSE )
1st Quarter earnings
The President, Mr. Federico M. Garcia, at the annual stockholders
meeting held on May 3, 1999, announced that the first quarter income
of ABC-CBN increased by 28% from the same period last year. He
said that: Sustaining the momentum of its outstanding performance in
television broadcasting last year and reaping the benefits of its
investments in related entertainment businesses, ABS-CBN
Broadcasting generated at a net income of P429.4 M for the quarter
ended March 31, 1999, a 28.4% increase from the same period last
year. Airtime revenues increased 20.0% to P1.71 B. As the company,
sustained by the continuously strong ratings and audience share of its
phenomenally successful shows, increased both its advertising rates
and minutes. ABS-CBN's operating income increased at a more
modest rate of 15.4% to P692.2 M. At the end of the quarter, despite the
reprogramming efforts of its competitors, ABS-CBN's average audience
share was still higher than all its other free TV competitor combined.

ABS ( 05/03/1999 : PSE )
Election of Directors
At the annual stockholders meeting, the following were elected as
directors for the ensuing year:
Mr. Augusto Almeda Lopez Mr. Eugenio Lopez III
Mr. Carlos A. Arellano Mr. Fernando Lopez III
Mr. Federico M. Garcia Mr. Manuel M. Lopez
Mr. Peter D. Garrucho, Jr. Mr. Oscar M. Lopez
Mr. Alberto J. Lopez Mrs. Presentacion L. Psinakis
Mr. Eugenio Lopez, Jr.

ABS ( 05/04/1999 : TDY )
Publicly listed television and radio giant ABS-CBN Broadcasting Corp.
is spending P2 B for its capital expenditures this year to bolster its
stronghold in the local TV and radio industry. This developed as the
company announced that it expects its net income to hit P1.9 B this
year, or 9.09% higher than last year's P1.74 B. Lopez said the budget
will be financed by internally generated funds and bank borrowings.
The company plans to raise P1.5 B through the issuance of a long-term
commercial paper to bankroll its expansion program. ABS-CBN reported
that its net income went up 28.4% to P429.4 M in Q1 of the year while
its airtime revenues increased 20% to 1.71 B. Its earnings per share
increased 35.3 % to P0.58 per share. ABS-CBN president Federico
Garcia said the income and the revenue increase was brought about by
sustaining the momentum of its outstanding performance in TV
broadcasting last year and related business. Garcia reported that its
operating income went up by 15.4% to P692.2 M due to original and
innovative programming.

ABS ( 06/17/1999 : TDY )
LOPEZ Inc., the flagship company of the Lopez clan, yesterday spent
P1.95 billion to beef up its shareholdings in television and radio
giant ABS-CBN Broadcasting Corp. Some 64.94 million shares of
ABS-CBN were crossed at P30 per share for a total consideration of
P1.95 billion.The transaction was handled by PCCI Securities. The shares
that changed hands represented an 8.34 percent stake in the broad-
casting leader. Sources noted that the Lopezes recently earned
billions of pesos from the sale of its 38 percent stake in Philippine
Commercial International Bank (PCIBank) to a consortium led by
Equitable Banking Corp. of banker George Go. With yesterdays
transaction, the shareholdings of Lopez Inc. in ABS-CBN was increased
to 77.77 percent from the previous 69.43 percent. It will be recalled that
the Lopez-owned Benpres holding company transferred its 71 percent
interest in ABS-CBN and 20 percent stake in SkyCable in ABS-CBN to
Lopez Inc. Its shareholdings were exchanged for convertible and
non-convertible notes which can in turn be exchanged for ABS-CBN
shares.The Philippine Constitution requires media entities to be 100
percent Filipino-owned. The holdings of Benpres in ABS-CBN and
SkyCable effectively prevented foreigners from directly owning its
shares.But with the recent transfer of shares to Lopez Inc., foreign
investors can now purchase Benpres shares. A portion of the notes
with underlying shares of 40 million ABS-CBN shares were acquired by
ABS-CBN from Benpres for a total consideration of P800 million last
December.

ABS ( 08/02/1999 : AFX )
ABS-CBN Broadcasting Corp plans to raise at least P1.5 B through
long-term loans to finance its capital spending for this year, a company
official said. The official said management is currently assessing
proposals from various groups offering to handle the fund-raising
venture. Some of the recommendations, submitted separately by groups
led by All Asia Capital and PCI Capital Corp, involved a three-year
commercial paper issue. Other proposals involved syndicated loans, the
official added. "We're still evaluating all the proposals. Hopefully
(management can arrive at a decision) within this week." Proceeds from
the loan will be used to finance the construction of additional facilities
located at the ABS-CBN compound in Quezon City, the official said.

ABS ( 08/02/1999 : BW )
Publicly listed ABS-CBN Broadcasting Corp. plans to issue warrants
within the next two months to raise P1.5 B to finance debt payment
and expansion requirements. All AsiaCapital has been tapped to be lead
underwriter. Preparations are under way for the offering set on the
fourth quarter of the year, a source said. Proceeds from the issuance
will go to priority projects such as the construction of the 15-storey
building in Quezon City. The structure --which will house ABS-CBN's
"modern" studios -- is scheduled for completion next year. A portion
of the sale proceeds will also be set aside to pay for short-term loans
which has amounted to P900 M as of last year. Earlier, ABS-CBN
reported a 28% jump in its first-quarter income to P429.4 M due to
increased advertising rates. Its airtime earnings rose 20% to P1.71 B
as its claims to have audience share higher than other television
networks combined. It expects full-year income to hit P1.9 B this year, up
from an actual net income of P17 B last year.

ABS ( 08/13/1999 : AFX )
ABS-CBN Broadcasting Corp first half results:
Net profit - 898.21 M pesos vs 748.86 M
Revenue - 3.75 B pesos vs 3.11 B
EPS - 1.21 pesos vs 0.96
In a statement, it said operating profit rose to 1.37 B pesos from
1.18 B, while operating expenses increased to 2.22 B pesos from 1.82B.
Other expenses grew to P46.15 M from 20.98 M. ABS-CBN second
quarter results:
Net profit - 468.78 M pesos vs 414.31 M
Revenue - 2.03 B pesos vs 1.69 B
EBITDA - 939.61 M pesos vs 869.13 M
EPS - 0.63 pesos vs 0.53
Operating profit rose to 688.65 M pesos from 615.11 M, while operating
expenses increased to 1.23 B pesos from 938.72 M. Interest expense
rose to 39.94 M pesos from 18.72 M after current liabilities grew to 4.9 B
pesos at end-June from 3.2 B at end-1998. ABS-CBN closed down 0.50
at 38.0 pesos on 74,500 shares.

ABS ( 08/13/1999 : AFX )
Lopez Inc will be divesting about 20 % of its controlling equity in
ABS-CBN Broadcasting Corp through a covered warrants issue, a
senior official of Benpres Holdings Corp said. Lopez, along with its
various affiliates, own 86 % of ABS-CBN. "(The divestment) will be
done through a covered warrants offer. Lopez Inc will make an
offering to foreign investors," the official said. Jardine Fleming
and ING Baring were hired as joint lead underwriters of the issue
involving about 120-150 M shares, he added. "A special purpose
company will be created. It will serve as the trustee for the shares.
We have yet to finalize the details." A roadshow, scheduled in the last
week of September, will be done in key countries, including Singapore,
Hong Kong, Los Angeles, New York and London. "Everything will be
completed by the middle of October," the official said. Based on today's
closing price of ABS-CBN at 38 pesos, proceeds from the issue will
reach P4.56-5.7 B which the Lopez group will use both for debt
repayment and investment in its various businesses, he said. Benpres
is also owned by the Lopez group. ABS-CBN closed down 0.50 at
38.0 pesos on 74,500 shares.

ABS ( 08/16/1999 : PSE )
(In Thousands)
Airtime Revenues 3,077,905
Net Sales And
Services 514,042
Operating Expenses 2,217,925
Income From
Operations 1,374,022
Net Income 898,212

ABS ( 08/17/1999 : BW )
Benpres Holdings Corp. (BPC) plans to sell to foreign investors as
much as 20% of its majority stake in ABS-CBN Broadcasting Corp. (ABS)
through a derivative instrument to skirt the constitutional prohibition
against foreign ownership of mass media. ABS sources said BPC --
which owns 86% of the broadcasting firm -- is in the "final stages" of
negotiations with several investment banks to handle the prospective
sale which will raise funds for BPC as well as improve the valuation
of the broadcasting company. Based on Asian standards, ABS is still
considered undervalued. Under the setup being considered, the foreign
investors will earn from their investments but would not be allowed
voting and management rights in ABS. The 1987 Constitution limits to
only Filipino citizens the ownership and management of mass media
outfits. There is talk in the market that the Lopezes would want to
rechannel some of their funds to subsidiaries in need of investments,
from the more established companies. This, however, could not be
independently confirmed. At present, the Lopez group is at the helm of
ABS, followed by the government pension fund SSS which got a board
seat through shares acquired from shopping mall tycoon Henry Sy for
P1.2bn early this year. BPC intends to maintain at least a 67% hold on the
broadcasting giant. Meanwhile, ABS reported a 20% improvement in its
net income to P898mn for the first six months of 1999, from P749mn in
the corresponding period a year ago, largely due to a 15% increase in
advertising rates as well as a 5% hike in advertising volumes. Airtime
revenues -- both television and radio -- increased P3.75bn, up 21% from
P3.1bn in 1998. Operating expenses -- which include production costs,
salaries, depreciation and amortization -- also increased by 22% to
P2.2bn from P1.8bn.

ABS ( 08/27/1999 : AFX )
ABS-CBN Corp said a special purpose corporation to be renamed
ABS-CBN Holdings Corp has filed an application with the stock exchange
for the listing of Philippine Depository Receipts over ABS-CBN common
shares. Jardine Fleming, hired by Lopez Inc as underwriter for its planned
partial divestment in ABS-CBN, earlier sought the Securities and
Exchange Commission's approval for the proposed issue of PDRs.

ABS ( 08/27/1999 : BW )
Listed broadcasting firm ABS-CBN Broadcasting Corp. is expected to
proceed with its planned warrants offering in October to fund ex-
pansion requirements. An industry source said the size of the
offering remains undetermined although it has been earlier reported
that ABS-CBN is hoping to raise 1.5 B Philippine pesos (PhP) (US$38
M at PhP39.758:US$1) to finance debt repayment and expansion. "The
offering will push through before the end of the year and we're
looking at October," the source said. ABS-CBN officials refused to
comment on the planned offering. At the stock market, shares of ABS
bucked the stock market's fall as it gained 3.65% to close at
PhP42.50 a piece. A total of PhP54.38-M (US$1.4 M) worth of shares
changed hands yesterday. Lopez Inc. -- the controlling shareholder of
ABS-CBN -- earlier said it plans to enhance shareholder value through
the launch of an equity linked issue involving its shares in ABS-CBN.
Lopez, Inc. holds 78% of ABS-CBN. "The proposed structure will
effectively allow foreign participation in the company's growth and a
re-rating of ABS-CBN shares closer to its regional broadcasting and
media peers. The issue will likewise heighten the profile of ABS-CBN as
a world-class media and broadcasting company," Benpres Holdings
Corp. said in its first half financial report. BPC is the holding company of
the Lopez family. While the terms of the offering have yet to be ironed
out, the source said it would be similar to the warrants offering done by
food firm Jollibee Foods Corp. (JFC). In 1997, JFC offered warrants -- a
form of investment product which give the holder the right to subscribe to
the unissued capital stock of a corporation or to purchase issued
shares in the future. Under the scheme, registered JFC shareholders
were allowed to participate by selling a portion of their shares --
equivalent to five shares for every 10 shares held -- to a 50% owned
JFC subsidiary.

ABS ( 08/27/1999 : PSE )
In reply to the Exchange's query regarding a news article entitled
"ABS-CBN to proceed with warrants offering" published in the August
27, 1999 issue of the Business World which reported that ABS-CBN
Broadcasting Corp. ("ABS") is expected to proceed with its planned
warrants offering in October to fund expansion plans, ABS, in a letter
to the Exchange, clarified that:
" x x x this is to confirm that yesterday, August 26, 1999, a special
purpose vehicle to be renamed ABS-CBN Holdings Corporation filed an
application for listing of Philippine Depositary Receipts over common
shares of ABS-CBN Broadcasting Corporation with the Exchange. x x
x in connection with this application, ABS-CBN Broadcasting
Corporation is not aware of any other issuance by any other entity of
warrants or similar instrument referred to in the article x x x."

ABS ( 08/31/1999 : STAR )
Media giant ABS-CBN Broadcasting Corp. (ABS) plans to tap the debt
market anew to launch a multi-billion peso expansion program geared
toward solidifying its dominance in the broadcasting industry. Last
year, ABS raised P800mn through the issuance of three-year commercial
papers (CPs) underwritten by local investment house All AsiaCapital
and Trust Corp. and is bent on floating P1.5bn more worth of long-term
CPs before the year ends. Its latest program in the drawing board is
the proposed issuance of the first-of-its-kind Philippine Depository
Receipts (PDR), a debt instrument similar to warrants but which has
more flexible redemption features. ABS, the flagship firm of the
Lopez-owned Benpres Holdings Corp., has written the PSE that it has
established a special purpose corporate vehicle --ABS-CBN Holdings
Corp. -- to list the PDRs on top of the company's common shares
presently traded at the PSE. The ABS PDR issuance will be handled by
US-based fund manager Jardine Fleming, which has applied for clearance
with the SEC. "The purpose of this new instrument is to make available a
security which is not subject to any restriction whether arising out of
nationality or otherwise to investors who are prevented from owning
shares in the corporation," Jardine Fleming managing director Danilo
Feliciano told the SEC. Slated by October this year, the company still has
not divulged details on how much the PDR offering will raise.

ABS ( 09/17/1999 : BW )
Listed firm ABS-CBN Broadcasting Corp. expects to obtain the SEC's
approval for its planned $200mn Philippine Depository Receipts (PDR)
offer today, industry sources said. The firm expects to earn as much
as P1.5bn (US$37mn at PhP40.081:US$1) from the offering, proceeds
of which will be used for debt repayment as well as fund the broadcast
firm's ongoing expansion program. PDRs are debt instruments considered
to be more flexible than warrants. This allows foreigners to invest in
certain sectors where foreign ownership is restricted. In this case,
ABS-CBN, being a broadcasting outfit, is prohibited under the
Philippine Constitution to take foreign investors. PDRs yield the same
benefits as the regular stocks except that holders are not entitled to
any voting right. The transaction will consist of two separate offerings.
Under the international offer, up to 132mn PDRs will be offered for
sale by principal shareholder Lopez, Inc. A company source said the PDR
is needed to push up the value of ABS-CBN which has been lagging
behind regional counterparts in terms of enterprise value.

ABS ( 09/23/1999 : PSE )
Further to Circular No. 2375-99 dated September 22, 1999, please be
informed that the commission of brokers who shall submit the
ABS-CBN shares held by their clients during the Exchange Offer to
Jardine Fleming Exchange Capital Securities, Inc. or JFECSI (the
Exchange Agent) shall be computed as follows:
Number of shares to be exchanged into PDRs x PDR value x 0.4%
The value of the PDR will be determined on pricing date.

ABS ( 09/28/1999 : PSE )
Star Cinema Productions, Inc., a 45% owned affiliate of ABS-CBN
Broadcasting Corp., believes the local movie industry will experience
unprecedented growth with the proposed reduction of the amusement
tax from 30% to 15% of gross ticket sales. Star Cinema chief finance
officer Beverly Fernandez expects the tax cut to be approved by the
Congress next year. "That means 15% more revenues for Star Cinema.
Producers can definitely use the tax break to invest in new equipment,
better technology and more films. We also welcome the revival of the FRB
(Film Ratings Board) which gives incentives to high quality movies. Star
Cinema is known for its quality movies and this is the reason we have not
joined the bold bandwagon that has overtaken the industry this entire
year," Fernandez says. Since it began operations in 1993, Star Cinema
has consistently produced family-oriented feature films, making over 100
movies over the last five years. Fernandez says Star Cinema is likely to
release a total of 22 movies this year and around the same number in
2000. "Our objective is to increase our share of the total market. Foreign
films still grab some 52% of the movie-going public while local outfits
share the remaining 48%. We may go into experimental films next year,
and try for FRB incentives. But by experimental, we don't mean all out
bold ventures, maybe we will tackle more daring subjects," she stressed.

ABS ( 09/29/1999 : AFX )
ABS-CBN Broadcasting Corp shares were lower in midmorning trade on
technical factors and investor caution ahead of its scheduled three-day
suspension starting tomorrow, dealers said. The suspension until Oct 4
is in line with the pricing of its Philippine Depository Receipts (PDR) offer.
At 11:07 am, ABS-CBN was down 0.50 pesos at 47.0 on 884,700
shares valued at 41.73 M pesos. The composite index was up 7.03
points at 2,077.46 on 4.8 B shares worth 1.6 B pesos. Gonzalo Bongolan
of PCCI Securities Brokers said ABS-CBN has had a good run-up lately
and its fall may have been triggered by technical factors. He added the
fall may also be attributed to investor caution ahead of the pricing of its
PDR scheduled tentatively for today. Other analysts said they expect the
pressure on ABS-CBN to be temporary. Ricardo Lorayes of Unicapital
Securities said investors are speculating that the PDRs will be priced at
50 pesos per share, at par with its underlying shares. Lorayes added the
firm is getting a warm reception from foreign investors for its PDRs.
"Based on the feedback that we are getting, it is fairly well-received. This
means that ABS-CBN is fundamentally attractive to investors," he said.

ABS ( 09/29/1999 : AFX )
ABS-CBN Broadcasting Corp said ABS-CBN International Inc is planning
to launch "The Filipino Channel" service in Asia starting in Australia and
Japan in the fourth quarter. In a notice to the Philippine Stock Exchange,
ABS-CBN said the plan, following the success of the same service in
the U.S., is intended to respond to demand from Filipino expatriates in the
Asia Pacific. The operations will be launched in Australia in October and
in Japan in December. The company plans to expand operations in the
Middle East in the first quarter of next year. At 10:02 am, ABS-CBN was
unchanged at 47.50 pesos on 227,400 shares.

ABS ( 09/29/1999 : BW )
Share prices of broadcasting firm ABS-CBN Broadcasting Corp. (ABS) at
the stock market were locked below P50 as industry observers note this
is the expected price by which the company's planned debt instrument
offering will be sold. Industry observers said that they expect the
broadcasting firm to raise more than P6bn once foreign investors fully
subscribe to its planned issuance of Philippine Deposit Receipts (PDRs)
at P50 apiece. This amount, however, is below the underwriters' initial
estimate of P13.6bn revenue generation. A PDR is a type of investment
instrument which will entitle the holder to the delivery or sale of one
ABS-CBN common share and to certain economic benefits relating to the
common share. A total of 272 mn PDRs will be listed on the PSE next
month for this purpose. Of the total offering, 132mn PDRs are being
offered to foreign investors while the balance of 140mn will allow local
investors which hold common shares to convert their holdings into PDRs.
To promote the PDRs in the international market, a book-building exercise
is being held by two issue managers -- British-owned Jardine Fleming
Securities Ltd. and Dutch bank affiliate ING Baring Securities. The
book-build began last September 20 and will be completed on
September 29, London time (September 30, Philippine time). The
book-building exercise allows investors to avail of a particular
investment instrument by bidding for the price. The demand for the
instrument will help determine the price by which the shares will be
sold. To allow for the conversion of common ABS shares into PDRs,
trading of ABS will be suspended on September 30, October 1 and 4.
An analyst at a foreign brokerage firm said ABS is seen to fetch a
final price of P50 based on preliminary indications of the book-build.

ABS ( 09/29/1999 : PSE )
Following the success of its premium service, The Filipino Channel (TFC),
in the US, ABS-CBN International, Inc. (ABS-CBNI) is planning to launch a
separate Asian TFC service, starting with Australia and Japan. ABS-CBNI
distributes television programs of ABS-CBN Broadcasting Corp. abroad.
The programs are delivered through direct-to-home (DTH) satellite
systems, cable television system and blocked time on television stations.
As of June 1999, ABS-CBNI had over 50,000 subscribers in the US. Of
these, 35,000 subscriber to TFC by cable and 15,000 subscribed to DTH
satellite services. ABS-CBNI also has about 12,000 DTH satellite
subscribers in the Middle East. TFC consists mainly of Filipino programs
shown on ABS-CBN Channel 2. DTH subscribers receive, in addition to
TFC, the Pinoy Blockbuster Channel (PBC) which airs Filipino movies and
Sarimanok Network News (SNN), the only 24-hour news network that
covers all events of national significance from all Philippine regions. In
planning the Asian TFC, ABS-CBNI aims to respond to the demand from
Filipino expatriates in the Asia Pacific. There are approximately 120,000
Filipino migrants and contract workers in Australia and some 250,000
Filipinos in Japan. ABS-CBNI is set to launch operations in Australia in
October and in Japan in December. The service will carry the same
three-channel bundle (TFC, SNN and PBC) mirrored out of ABS-CBNI's
North American signal.

ABS ( 10/01/1999 : AFX )
ABS-CBN Broadcasting Corp has set the offer price of its Philippine
Depository Receipts at 46.0 pesos following a book-building exercise,
the Philippine Stock Exchange said in a circular. The company will list 272
M PDRs on Oct 7. Trading of ABS-CBN shares is suspended until Oct 4.

ABS ( 10/01/1999 : BW )
Newly created corporate vehicle ABS-CBN Holdings Corp. (ABSHC) is
set to offer its Philippine Deposit Receipts (PDRs) to the public on
October 7 despite below-expectation prices. The PDR -- a type of
investment instrument -- will entitle the holder to one common share
in publicly held media firm ABS-CBN Broadcasting Corp. (ABS). Once
listed on the PSE, the initial price for the PDRs will be priced at
P46 each, the final price by which foreign investors bought the shares
after the international book-build was completed yesterday. This is
below ABS' last closing price at P47.50 per share. At this amount, the
Lopez group will be able to raise P6.072bn from the foreign offering
of 132mn shares. The amount will be used to pay off short-term debt
estimated to reach P2bn. Proceeds from the international book-build
will be divided as follows: 80mn PDRs or P3.68bn to ABSHC; 40mn or
P18.4bn to ABS; and 12mn or P552mn to Benpres Holdgs Corp. (BHC).
Stock market analysts also noted that the price of the PDR came below
market expectations of P50 per share. A total of 140mn PDRs were
offered to domestic ABS shareholders. The period by which these
shareholders could exchange their common ABS shares into PDRs will
expire today. Should all these shareholders (equivalent to 140mn)
choose to shift to PDRs, the amount of shares that can be traded after
the offering would be pegged at P12.5bn at P46 a PDR. ABSHC is the
special purpose vehicle acting in behalf of certain shareholders in
ABS for the offering of PDR. ABSHC is fully owned by Lopez, Inc., the
holding company of the Lopez family and by its directors. Of the total
272mn PDR offering, 132mn PDRs are being offered to foreign investors
while the balance of 140mn will allow local investors which hold
common shares to convert their holdings into PDRs. The offer size has
yet to be determined depending on whether all local ABS shareholders
choose to convert their shares into PDRs.

ABS ( 10/05/1999 : AFX )
ABS-CBN Broadcasting Corp said its UHF channel Studio 23 expects its
net profit for the third quarter to reach 15 M pesos. In a statement, it said
Studio 23's revenues were higher due to better programming and positive
perception of advertisers. In the first half, Studio 23 posted net profit of
25.8 M pesos, from a loss of 75.2 M for 1998.

ABS ( 10/05/1999 : AFX )
ABS-CBN Broadcasting Corp said the block sales of its 95 M shares
were ordered by holders exchanging the underlying issues for Philippine
Depository Receipts. "These are transactions giving domestic investors
a chance to convert their ABS-CBN shares for ABS-CBN PDRs," a
company spokesperson said. The 95 M shares of ABS-CBN were traded
in two separate block sales for 4.37 B pesos, or 46 pesos each. The
deals, in tranches of 25 M shares and 70 M shares, were executed by
ING Barings and Jardine Fleming, respectively. The listing of ABS-CBN
PDRs is set on Oct 7.

ABS ( 10/05/1999 : BW )
Broadcasting giant ABS-CBN Broadcasting Corp. plans to increase
and restructure its advertising rate scheme as the Lopez-owned firm
feels "its advertising rates and its share of total television advertising
revenues are not commensurate with the size of its viewing audience."
In documents filed with the SEC, ABS-CBN said although it charges rates
that are typically higher than that of its competitors, "the company's rates
relative to its ratings are significantly lower than that of any of its
competitors." "The company is seeking to increase its advertising rates in
order to narrow the gap which has historically existed between its
audience share and its advertising rates," ABS-CBN said. The media firm
is also considering an advertising rate scheme that would make ad rates
relative to the areas where the advertisements are aired. Allowing
regional stations to air advertisements separately and charging a
separate rate for each major region will reflect more accurately the size
and demographic quality of the viewing audience thus improve the firm's
revenues and margins. ABS-CBN derives most of its revenues from
selling advertising time on its TV and radio broadcasts. During the first
quarter, ABS-CBN had consolidated net revenues of P6.48mn and
P3.59mn, respectively. Net airtime revenues were P5.45mn and P3.08mn,
respectively, accounting for 84.2% and 85.7% of the total. ABS-CBN said
that with the economy's upturn, advertising budgets of local firms are
seen to improve, thus, allow it to increase its revenues and margins by
"exploiting its extensive regional signal coverage, its dominance in
program ratings and its increasing reach of more affluent audiences
through Studio 23."

ABS ( 10/05/1999 : PSE )
Studio 23, the UHF channel affiliate of ABS-CBN Broadcasting
Corporation ("ABS"), posted profits of P25.8 M in the first half of the
year, a turnaround from the full-year loss of P75.2 M incurred in 1998.
Manuel Quiogue, Studio 23 managing director, expects an even more
robust performance toward yearend as the unit estimates a net
income of at least P15 M for the third quarter alone. He attributes the
year’s record revenues to better programming, acceptance by its
target viewers and positive perception of advertisers. Studio 23
broadcasts all English language programs through a nationwide
network of UHF stations. In a survey conducted by Trends, Studio 23
emerged as the number one channel among the AB socioeconomic
group and also among the ABC 12 to 24 age group. In terms of image
among the ABC respondents, the station was second only to
ABS-CBN Channel 2 under "most exciting" and in the category "hip and
cool".
The industry perceives Studio 23 as a trailblazing channel owing
to its innovative concepts, flexibility and introduction of new, high
quality products both in terms of programs and advertising
opportunities. The station has also improved its signal quality
tremendously. It owns and operates 26 broadcasting stations
throughout the Philippines. "Due to our continuing investments in better
facilities and transmission equipment, Studio 23 now has a signal that
is as crystal clear as anyone else's in Mega Manila. Mega Manila is
not just Metro Manila but includes the surrounding provinces such
as Bulacan, Pampanga, Cavite, Rizal Laguna and Batangas," Quiogue
says. He adds that UHF channel now has the third most extensive
reach nationwide, behind only ABS-CBN Channel 2 and GMA 7.

ABS ( 10/07/1999 : AFX )
ABS-CBN Broadcasting Corp's Philippine Depository Receipts were
trading below their offer price on listing amid lacklustre interest from
foreign players, dealers said. At 10:12 am, ABS-CBN's PDRs were
trading at 44.50 pesos on volume of 731,200 mln shares, compared with
an offer price of 46.0. The composite index was up 7.93 points at
2,065.46 on volume 1.6 bln shares worth 1.7 bln pesos. "I guess the
foreign investors are not as interested in the company," Gerald Baldivia
of ATR Kim-Eng Securities said. "I myself think the issue is undervalued
right now. Maybe the foreign community has to be convinced of the
company's competitive strength," he said. He said ABS-CBN's underlying
shares and PDRs should be seen as long-term investments. "ABS-CBN
is a solid and good stock." Lopez said ABS-CBN plans to raise its
advertising rates in February next year. "That's an annual event. Every
February rates are increased. It's something that has been going on for
years and we will continue to follow it, he said. He did not say by how
much rates will be increased. He said ABS-CBN plans to use the
proceeds from the issue of Philippine Depository Receipts to pay down
debt and fund capital spending. Benpres Holdings Corp and Lopez Inc
Group raised about 6 bln pesos from the PDR issue, of which 1.84 bln
pesos went to ABS-CBN, or 40 mln PDRs out of the total issuance. "We
will use the proceeds to pay down short-term debts and fund capital
expenditures. I think 80% will be for reduction of debts," Lopez said. The
PDRs are an instrument devised to allow foreigners to own shares in
media company ABS- CBN. While they may own the shares, however,
foreign investors will have no voting rights.

ABS ( 10/07/1999 : BW )
Newly created corporate vehicle ABS-CBN Holdings Corp. (ABSHC)
will list 207mn Philippine Deposit Receipts (PDRs) today even as
analysts are concerned it would come head on with investors' hefty
appetite for speculative stocks. PDR is a type of investment instrument,
which will entitle the holder to one common share in listed media giant
ABS-CBN Broadcasting Corp. It will also be available to foreign investors
although foreigners could not convert these into common ABS-CBN
shares. Foreign ownership of media companies is restricted by the
Philippine Constitution. Foreign investors could, however, trade these
shares at the stock market. An analyst at a local brokerage firm said local
reception may be weak on the PDRs at a time when attention is centered
on speculative third-line companies instead of blue chips. Analysts said
at PhP46 per PDR -- the initial price by which this new instrument will be
traded at the stock market -- investors may bite into the new shares
which is lower than the price of ABS-CBN at PhP47.50 before its shares
were suspended to accommodate the conversion into PDR. But the bait
may not be too well received considering the price difference is small
between the PDR and the ABS-CBN shares. At the close of the stock
market yesterday, ABS was unchanged at PhP45 per share. The PSE
yesterday said it has approved the listing of up to 272 million PDRs. Of
these, 207.16 million will be listed and traded under the stock symbol
"ABSP." The new instrument will be classified under warrants and
deposit receipts. As this developed, a total of 247.67 million ABS-CBN
shares were sold in the market on Tuesday at PhP46 per share. Sources
privy to the PDR issuance said the shares are being heldby ABSHC.

ABS ( 10/11/1999 : BW )
Lopez-led ABS-CBN Broadcasting Corp. would soon allow competitors in
the cable industry to subscribe to ABS-CBN News Channel (ANC) -- the
company's new 24-hour news and current events channel on cable
television. To begin with, the company said it is in "serious talks" with
arch rival Home Cable, Inc. of Metro Pacific Corp. which have expressed
interest to subscribe in ANC. "We are now engaged in serious talks with
Home Cable. They are very much interested (with the partnership)
because they also expect to achieve 90% penetration in the cable
industry," ANC managing director Jake Maderazo said. This developed as
ANC, formerly Sarimanok News Network, said it will formally re-launch
next month with several new programs, a larger workforce and P120mn
in fresh capital "to respond to the growing demand" of the cable market.
ANC will also have its "soft" debut today with the comeback of The
World Tonight, ABS-CBN Channel 2's former English news program
which airs in the evening. ANC is a joint venture project of ABS-CBN
Corp. and subsidiary Sky Vision Corp. through a 51%:49% ownership
stake. started last April, the company is earning as much as P8mn a
month largely from advertisements as well as indirect earnings from
subscription. "Recent surveys show a steady jump in cable viewership
in all demographics. The trend now is for 24-hour broadcasts. Young
audiences today are trying to get away from appointed newscasts.
They want to get the news of their own choice at their own time," Mr.
Maderazo said. ANC will broadcast 10-minute hourly newsbreaks for 24
hours and will be prime cast with the return of The World Tonight.

ABS ( 10/25/1999 : PSE )
The Exchange approved on September 8,1999, subject to the either
actual issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRS"). In this connection,
please be advised that the Company's PDR agent has received notice
from ABS-CBN shareholder for the exchange of 5,000 ABS-CBN shares
to 5,000 PDRs. In view thereof, the listing of the 5,000 PDRs is set for
Tuesday, October 26,1999. This brings the number of PDRs listed arising
from the exchange of 207,164,639 ABS-CBN shares to a total of
207,164,639 PDRs. The designated PDR Agent is hereby authorized to
record and register in its books the above number of shares.

ABS ( 10/27/1999 : PSE )
The Exchange approved on September 8, 1999, subject to either actual
issuances or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ('the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received notice
form ABS-CBN shareholder for the exchange of 425,000 ABS-CBN
shares to 425,000 PDRs. In view thereof, the listing of the 425,000
PDRs is set for Thursday, October 28, 1999. This brings the number of
PDRs listed arising from the exchange of 207,589,639 ABS-CBN
shares to a total of 207,589,639 PDRs. The designated PDR Agent is
hereby authorized to record and register in its books the above
number of PDRs.

ABS ( 11/10/1999 : AFX )
ABS-CBN Broadcasting Corp three months to Sept 30 results:
Net profit - 522.3 M pesos vs 484.4 M
Revenue - 2.04 B pesos vs 1.68 B
EPS - 0.71 pesos vs 0.62
In a statement, it said gross airtime revenue rose to 2.07 B pesos from
1.74 B. Operating expenses, including production cost, salaries,
amortisation of program rights and depreciation, grew to 1.28 B pesos
from 958 M, Other expenses, including commissions and marketing
costs, went up to 358.8 M pesos from 308.8 M.
ABS-CBN nine months to Sept 30 results:
Net profit - 1.42 B pesos vs 1.23 B
Revenue - 5.63 B pesos vs 4.68 B
EPS - 1.92 pesos vs 1.58
Gross airtime revenue increased to 5.8 B pesos from 4.8 B, while
operating expenses went up to 3.5 B pesos from 2.8 B. ABS-CBN closed
unchanged at 44.50 pesos.

ABS ( 11/11/1999 : PSE )
The Exchange approved on September 8, 1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,0000 Philippine Deposit Receipts ("PDRs"). In tins connection,
please be advised that the Company's PDR agent has received notice
from ABS-CBN shareholder for the exchange of 250,000 ABS-CBN
shares to 250,000 PDRs. In view thereof, the listing of the 250,000 PDRs
is set for Friday, November 12, 1999. This brings the number of PDRs
listed arising from the exchange of 207,839,639 ABS-CBN shares to a
total of 207,839,639 PDRs. The designated PDR Agent is hereby
authorized to record and register in its books the above number of PDRs.

ABS ( 11/12/1999 : PSE )
In Thousands
Airtime Revenues 4,791,237
Net Sales And Services 844,511
5,635,748
Operating Expenses 3,495,863
Income From Operations 2,139,885
Other Income (Expenses) (45,160)
Income Before Income
Tax And Minority Interest 2,094,725
Provision For Income Tax 680,997
Income Before Minority
Interest 1,413,728
Minority Interest 6,786
Net Income 1,420,514
Net Income 1,420,514
Unappropriated Retained
Earnings At The Beginning
Of Period 1,753,030
Cash Dividends (311,834)
Unappropriated Retained
Earnings At End Of Period 2,861,710
EBITDA 2,914,856
Earnings Per Share 1.92

ABS ( 11/12/1999 : STAR )
ABS-CBN Broadcasting Corp. the country's largest media broadcasting
group, sustained its double-digit revenue and income growth, posting
consolidated net revenues of P5.6 B and a net income of P1.4 B during
the first three quarters. In its disclosure statement to the Securities and
Exchange Commission (SEC), ABS-CBN reported a 20 pct increase in its
consolidated net revenues, raking in P5.6 B from January to March this
year from P4.853 B during the same period last year. On the other hand,
its net income increased by 15.2 pct to P1.4 B from P1.233 B the previous
year. The company's gross airtime revenues went up by 9.9 percent to
P5.8 B P4.683 B during the same period in 1998, due to higher advertising
rates and minutes. It garnered an average audience share of 44 percent
in Metro Manila, more than all over the VHF and UHF channels combined.
The firm reported that net sales and services grew 20.6 pct to $844 M
from P699 M in the previous year. This was attributed to higher
subscription revenues of ABS-CBN International as well as increased
record sales of Star Records, two of its subsidiaries. BS-CBN said that
excluding the one-time provision for doubtful accounts expensed in June,
consolidated operating expenses increased 19.4 pct generally in line with
revenue growth. With the provision, consolidated operating expenses
grew 25.9 pct and resulted in income from operations of P2.1 B, or an
increase of 12.2 pct. At the same time, equitized net income from affiliated
companies continued to contribute positively to the bottom line, led by the
strong performance of Studio 23, whose year-to-date revenues
registered a 75.4 pct increase from the previous year.

ABS ( 11/19/1999 : PSE )
The Exchange approved on September 8, 1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received notice
from ABS-CBN shareholder for the exchange of 475,700 ABS-CBN
shares to 475,700 PDRs. In view thereof, the listing of the 475,700 PDRs
is set for Monday, November 22, 1999. This brings the number of PDRs
listed arising from the exchange of 208,315,339 ABS-CBN shares to a
total of 208,315,339 PDRs. The designated PDR agent is hereby
authorized to record and register in its books the above number of PDRs.

ABS ( 12/02/1999 : PSE )
The Exchange approved on September 8, 1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received notice
from ABS-CBN shareholder for the exchange of 1,583,786 ABS-CBN
shares to 1,583,786 PDRs. In view thereof, the listing of the 1,583,786
PDRs is set for Friday, December 3, 1999. This brings the number of
PDRs listed arising from the exchange of 209,899,125 ABS-CBN shares
to a total of 209,899,125 PDRs. The designated PDR Agent is hereby
authorized to record and register in its books the above number of PDRs.

ABS ( 12/07/1999 : PSE )
The Exchange approved on September 8, 1999, subject to either actual
issuance or exercise of PDRs, the listing and application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
lease be advised that the Company's PDR agent has received notice from
ABS-CBN shareholder for the exchange of 100,000 ABS-CBN shares to
100,000 PDRs. In view thereof, the listing of the 100,000 PDRs is set for
Wednesday, December 8, 1999. This brings the number of PDRs listed
arising from the exchange of 209,999,125 ABS-CBN shares to a total of
209,999,125 PDRs. The designated PDR Agent is hereby authorized to
record and register in its books the above number of PDRs.

ABS ( 12/10/1999 : PSE )
The Exchange approved on September 8, 1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received notice
from ABS-CBN shareholder for the exchange of 100,000 ABS-CBN
shares to 100,000 PDRs. In view thereof, the listing of the 100,000 PDRs
is set for Monday, December 13, 1999. This brings the number of PDRs
listed arising from the exchange of 210,099,125 ABS-CBN shares to a
total of 210,099,125 PDRs. The designated PDR Agent is hereby
authorized to record and register in its books the above number of PDRs.

ABS ( 12/15/1999 : PSE )
The Exchange approved on September 8, 1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received notice
from ABS-CBN shareholder for the exchange of 467,481 ABS-CBN
shares to 467,481 PDRs. In view thereof, the listing of the 467,481
PDRs is set for Thursday, December 16, 1999. This brings the number
of PDRs listed arising from the exchange of 210,566,606 ABS-CBN
shares to a total of 210,566,606 PDRs. The designated PDR Agent is
hereby authorized to record and register in its books the above
number of PDRs.

ABS ( 12/17/1999 : PSE )
The exchange approved on September 8, 1999 subject to either actual
issuance or exercise of PDR's the listing application of ABS-CBN
HOLDINGS CORPROATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDR's"). In this connection,
please be advised that the Company's PDR agent has received notice
from ABS-CBN shareholders for the exchange of 469,300 ABS-CBN
shares to 469,300 PDR's. In view thereof, the listing of the 469,300 PDRs
is set for Monday, December 20, 1999. This brings the number of PDRs
listed arising from the exchange of 211,035,906 ABS-CBN shares to a
total of 211,035,906 PDRs. The designated PDR agent is hereby
authorized to record and register in its books the above number of PDRs.

ABS ( 12/22/1999 : AFX )
ABS-CBN Broadcasting Corp shares were higher amid speculation that
the company is bidding for an exclusive broadcast of nationwide
basketball games, where substantial advertising revenues are expected
to be generated, dealers said. They said the company's fundamental
strength is also supporting the stock's rise. At 10:37 ABS-CBN was
up 2.50 pesos, or 5.05 pct, at 52.0 on 473,200 shares. The composite
index was up 17.66 points at 2,052.63 on 4.9 B shares worth 953.4 M
pesos. Gonzalo Bongolan of PCCI Securities & Brokers said speculation
that the company is vying for an exclusive contract to broadcast
Philippine Basketball Association games generated interest on the
issue. Bongolan said investors believe the company will acquire the
contract, given its financial capability. The broadcast company's wide
market reach will attract substantial advertising, seen rising further even
if the company raises its rates, Astro del Castillo of A+A Securities said.
Del Castillo also cited the company's fundamentals. "ABS-CBN is one
of the local companies with a healthy P/E ratio. It has always been
included in the portfolio of fund managers," he said. He said the
broadcast company's international operations are also doing well,
boosting expectations of stronger earnings for this year and 2000.
He said he sees further upside on the stock, albeit minimal, based on
technical factors.

ABS ( 12/24/1999 : PSE )
The Exchange approved on September 8, 1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received notice
from ABS-CBN shareholder for the exchange of 200,000 ABS-CBN
shares to 200,000 PDRs. In view thereof, the listing of the 200,000 PDRs
is set for Monday, December 27, 1999. This brings the number of PDRs
listed arising from the exchange of 211,235,906 ABS-CBN shares to a
total of 211,235,906 PDRs. The designated PDR Agent is hereby
authorized to record and register in its books the above number of PDRs.

ABS ( 12/28/1999 : PSE )
The Exchange approved on September 8, 1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received notice
from ABS-CBN shareholder for the exchange of 540,000 ABS-CBN
shares to 540,000 PDRs. In view thereof, the listing of the 540,000 PDRs
is set for Wednesday, December 29, 1999. This brings the number of
PDRs listed arising from the exchange of 211,775,906 ABS-CBN shares
to a total of 211,775,906 PDRs. The designated PDR Agent is hereby
authorized to record and register in its books the above number of PDRs.

ABS ( 01/03/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received notice
from ABS-CBN shareholder for the exchange of 215,000 ABS-CBN
shares to 215,000 PDRs. In view thereof, the listing of the 215,000
PDRs is set for Tuesday, January 4, 2000. this brings the number of
PDRs listed arising from the exchange of 211,990,906 ABS-CBN
shares to a total of 211,990,906 PDRs. The designated PDR Agent is
hereby authorized to record and register in its books the above
number of PDRs.

ABS ( 01/04/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received notice
from ABS-CBN shareholder for the exchange of 386,400 ABS-CBN
shares to 386,400 PDRs. In view thereof, the listing of the 386,400
PDRs is set for Wednesday, January 5, 2000. This brings the number
of PDRs listed arising from the exchange of 212,377,306 ABS-CBN
shares to a total of 212,377,306 PDRs. The designated PDR Agent is
hereby authorized to record and register in its books the number of
PDRs.

ABS ( 01/11/2000 : AFX )
ABS-CBN Broadcasting Corp share prices were sharply higher in
mid-morning trade amid expectations of continuing strong earnings
for this year, dealers said. They said the stock may have also been
favourably affected by the announcement of the merger between
America Online Inc and Time Warner, as investors look at media
companies possibly linking up with internet companies. At 11:00 am,
ABS-CBN was up 2.50 pesos or 4.81 pct at 54.50 on 102,900 shares.
The composite index was down 15.0 points at 2,127.25 on 3.7 B
shares worth 1.2 B pesos. Helen Alvarez of All Asia Capital said the
rise in ABS-CBN may partly be attributable to an expected increase in
revenue with the anticipated rise in advertising spending. Analysts
have said this expectation stems from the liberalisation of the retail
sector and expected higher advertising demand. "The higher
advertising profits will boost its bottomline," she said. In the first nine
months of 199, ABS-CBN reported that its net profit rose to 522.3 mln
pesos from 484.4 mln in the comparative period. James Lago of
Wellex Global Equities said the buying interest on U.S. internet and
media stocks after the AOL-Time Warner merger agreement spilled
over to the local media stock. "Ours being a small market, ABS-CBN is
catching a flu from that AOL-Time Warner announcement," Lago said,
noting that the rise on ABS-CBN should not be surprising considering
that it is one of the country's largest media companies. ABS-CBN's
move to allow foreigners to own stakes in the company via its
Philippine Depository Receipts is, in the long-term, seen paving the
way for foreign internet companies to bid for possible tie-ups, Alvarez
of All Asia said. Analysts said the rise in the broadcast firm's share
price may also be partly technical, being left out in the rise in a number
of fundamentally sound stocks last year.

ABS ( 01/13/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). in this connection,
please be advised that the Company's PDR agent has received notices
from ABS-CBN shareholders for the exchange of 223,800 ABS-CBN
shares to 223,800 PDRs. In view thereof, the listing of the 223,800
PDRs is set for Friday, January 14, 2000. This brings the number of
PDRs listed arising from the exchange of 212,601,106 ABS-CBN
shares to a total of 212,601,106 PDRs. The designated PDR Agent is
hereby authorized to record and register in its books the number of
PDRs.

ABS ( 01/14/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received notices
from ABS-CBN shareholders for the exchange of 205,000 ABS-CBN
shares to 205,000 PDRs. In view thereof, the listing of the 205,000
PDRs is set for Monday, January 17, 2000. This brings the number of
PDRs listed arising from the exchange of 212,806,106 ABS-CBN
shares to a total of 212,806,106 PDRs. The designated PDR Agent is
hereby authorized to record and register in its books the above
number of PDRs.

ABS ( 01/20/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from ABS-CBN shareholders for the exchange of
710,000 ABS-CBN shares to 710,000 PDRs. In view thereof, the listing
of the 710,000 PDRs is set for Friday, January 21, 2000. This brings
the number of PDRs listed arising from the exchange of 213,516,106
ABS-CBN shares to a total of 213,516,106 PDRs. The designated PDR
Agent is hereby authorized to record and register in ties books the
above number of PDRs.

ABS ( 01/21/2000 : PSE )
The Exchange approved on September 8, 1999, subject to the actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from ABS-CBN shareholders for the exchange of 289,800
ABS-CBN shares to 289,800 PDRs. In view thereof, the listing of the
289,800 PDRs is set for Monday, January 24, 2000. This brings the
number of PDRs listed arising from the exchange of 213,805,906
ABS-CBN shares to a total of 213,805,906 PDRs. The designated PDR
Agent is hereby authorized to record and register in its books the
above number of PDRs.

ABS ( 01/25/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received notices
from ABS-CBN shareholders for the exchange of 75,000 ABS-CBN
shares to 75,000 PDRs. In view thereof, the listing of the 75,000 PDRs
is set for Wednesday, January 26, 2000. This brings the number of
PDRs listed arising from the exchange of 213,880,906 ABS-CBN
shares to a total 213,880,906 PDRs. The designated PDR Agent is
hereby authorized to record and register in its books the above
number of PDRs.

ABS ( 01/26/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received notices
from ABS-CBN shareholders for the exchange of 70,000 ABS-CBN
shares to 70,000 PDRs. In view thereof, the listing of the 70,000 PDRs
is set for Thursday, January 27, 2000. This brings the number of PDRs
listed arising from the exchange of 213,950,906 ABS-CBN shares to
a total of 213,950,906 PDRs. The designated PDR Agent is hereby
authorized to record and register in its books the above number of
PDRs.

ABS ( 01/26/2000 : PSE )
The Exchange approved on September 8,1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
Holdings Corporation ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from ABS-CBN shareholders for the exchange of 50,000
ABS-CBN shares to 50,000 PDRs. In view thereof, the listing of the
50,000 PDRs is set for Thursday, January 27,2000. This brings the
number of PDRs listed arising from the exchange of 214,000,906
ABS-CBN shares to a total of 214,000,906 PDRs. The designated PDR
Agent is hereby authorized to record and register in its books the
above number of PDRs.

ABS ( 01/28/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from ABS-CBN shareholders for the exchange of
115,000 ABS-CBN shares to 115,000 PDRs. In view thereof, the listing
of the 115,000 PDRs is set for Monday, January 31, 2000. This brings
the number of PDRs listed arising from the exchange of 214,115,906
ABS-CBN shares to a total of 214,115,906 PDRs. The designated PDR
Agent is hereby authorized to record and register in its books the
above number of PDRs.

ABS ( 01/31/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received notices
from ABS-CBN shareholders for the exchange of 239,000 ABS-CBN
shares to 239,000 PDRs. In view thereof, the listing of the 239,000
PDRs is set for Tuesday, February 1, 2000. This brings the number of
PDRs listed arising from the exchange of 214,354,906 ABS-CBN
shares to a total of 214,354,906 PDRs. The designated PDR Agent is
hereby authorized to record and register in its books the above
number of PDRs.

ABS ( 02/08/2000 : PSE )
The Exchange approved on September 8, 1999. subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from ABS-CBN shareholders for the exchange of
80,000 ABS-CBN shares to 80,000 PDRs. In view thereof, the listing
of the 80,000 PDRs is set for Wednesday, February 9, 2000. This
brings the number of PDRs listed arising from the exchange of
214,484,906 ABS-CBN shares to a total of 214,484,906 PDRs. The
designated PDR Agent is hereby authorized to record and register in
its books the above number of PDRs.

ABS ( 02/09/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from ABS-CBN shareholders for the exchange of
40,000 ABS-CBN shares to 40,000 PDRs. In view thereof, the listing
of the 40,000 PDRs is set for Thursday, February 10, 2000. This
brings the number of PDRs listed arising from the exchange of
214,524,906 ABS-CBN shares to a total of 214,524,906 PDRs. The
designated PDR Agent is hereby authorized to record and register in
its books the above number of PDRs.

ABS ( 02/14/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from ABS-CBN shareholders for the exchange of
82,000 ABS-CBN shares to 82,000 PDRs. In view thereof, the listing
of the 82,000 PDRs is set for Monday, February 14, 2000. This bring
the number of PDRs listed arising from the exchange of 214,606,906
ABS-CBN shares to a total of 214,606,906 PDRs. The designated PDR
Agent is hereby authorized to record and register in its books the
above number of PDRs.

ABS ( 02/15/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from ABS-CBN shareholders for the exchange of
38,000 ABS-CBN shares to 38,000 PDRs. In view thereof, the listing
of the 38,000 PDRs is set for Wednesday, February 16, 2000. This
brings the number of PDRs listed arising from the exchange of
214,644,906 ABS-CBN shares to a total of 214,644,906 PDRs. The
designated PDR Agent is hereby authorized to record and register in
its books the above number of PDRs.

ABS ( 02/17/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from ABS-CBN shareholders for the exchange of
258,000 ABS-CBN shares to 258,000 PDRs. In view thereof, the listing
of the 258,000 PDRs is set for Friday, February 18, 2000. This brings
the number of PDRs listed arising from the exchange of 214,962,906
ABS-CBN shares to a total of 214,962,906 PDRs. Th designated PDR
Agent is hereby authorized to record and register in its books the
above number of PDRs.

ABS ( 02/22/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from ABS-CBN shareholders for the exchange of
210,000 ABS-CBN shares to 210,000 PDRs. In view thereof, the listing
of the 210,000 PDRs is set for Wednesday, February 23, 2000. This
brings the number of PDRs listed arising from the exchange of
215,734,706 ABS-CBN shares to a total of 215,734,706 PDRs. The
designated PDr Agent is hereby authorized to record and register in
its books the above number of PDRs.

ABS ( 02/24/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts "(PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from ABS-CBN shareholders for the exchange of
70,000 ABS-CBN shares to 70,000 PDRs. In view thereof, the listing
of the 70,000 PDRs is set for Monday, February 28, 2000. This brings
the number of PDRs listed arising from the exchange of 215,804,706
ABS-CBN shares to a total of 215,804,706 PDRs. The designated PDR
Agent is hereby authorized to record and register in its books the
above number of PDRs.

ABS ( 02/28/2000 : PSE )
Income 521,279,295
Income Before Provision
For Income tax And Share
Profit Of An Associated
Company 244,064,315
Share In Profit Of Associated
Company 823,341
Income Before Taxation 244,887,656
Taxation (65,426,074)
Income After Taxation 179,461,582
Minority Interest (22,016,182)
Net Income 157,445,400
Retained Profit Brought
Forward 83,798,580
Dividends (167,567,367)
Retained Profit Carried Forward 73,676,613
Earnings Per Share 0.80

ABS ( 03/03/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from ABS-CBN shareholders for the exchange of
122,800 ABS-CBN shares to 122,800 PDRs. In view thereof, the listing
of the 122,800 PDRs is set for Friday, March 3, 2000. This brings the
number of PDRs listed arising from the exchange of 216,132,506
ABS-CBN shares to a total of 216,132,506 PDRs. The designated PDR
Agent is hereby authorized to record and register in its books the
above number of PDRs.

ABS ( 03/03/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from ABS-CBN shareholders for the exchange of
248,700 ABS-CBN shares to 248,700 PDRs. In view thereof, the listing
of the 248,700 PDRs is set for Monday, March 6, 2000. This brings the
number of PDRs listed arising from the exchange of 216,381,206
ABS-CBN shares to a total of 216,381,206 PDRs. The designated PDR
Agent is hereby authorized to record and register in its books the
above number of PDRs.

ABS ( 03/06/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from ABS-CBN shareholders for the exchange of
60,000 ABS-CBN shares to 60,000 PDRs. In view thereof, the listing
of the 60,000 PDRs is set for Tuesday, March 7, 2000. This brings the
number of PDRs listed arising from the exchange of 216,441,206
ABS-CBN shares to a total of 216,441,206 PDRs. The designated PDR
Agent is hereby authorized to record and register in its books the
above number of PDRs.

ABS ( 03/13/2000 : BW )
When everybody was looking at Associated Broadcasting Co. (ABC-
5) and GMA Network, Inc. (GMA-7) as likely acquisition targets, Hong
Kong-based First Pacific could pull in a surprise and buy a stake in
another media organization. First Pacific has reportedly been in talks
with media conglomerate Lopez Group to discuss the possibility of
buying into the latter's broadcasting business under ABS-CBN
Broadcasting Corp. First Pacific has been on the lookout for media
companies to provide content for telecommunications giant
22.8%-owned PLDT. A well-placed source told BusinessWorld that
First Pacific Co. Ltd. president Anthony Salim recently met with
ABS-CBN chairman and CEO Eugenio L. Lopez III for a possible
alliance in PLDT's efforts toward convergence. First Pacific is said to
be exploring several options to buy into ABS-CBN. Among them is for
First Pacific to purchase 20% of the "functionally merged firm" formed
by the Lopez group to elude Constitutional limitations barring foreign
ownership on media companies. The Lopezes recently announced
plans of merging BayanTel and Sky Vision Corp. under one company
for easier coordination with ABS-CBN. A second option is for First
Pacific chairman and concurrent PLDT president and CEO Manuel V.
Pangilinan to buy into ABS-CBN on a personal capacity. Mr. Pangilinan
is widely known for his patriotic beliefs. Another means for
investment is for First Pacific to buy into Lopez holding company
Benpres. The source was quick to point out that the talks are still on
early stages, and nothing is final as yet. Earlier, it was reported to be
negotiating with GMA-7 and ABC-5 as possible content providers.
PLDT, however, appears to have second thoughts on the two media
firms which ranked second and third next to ABS-CBN. Sources also
said the telecom firm was turned off by the two media firms'
ballooning debts. The Lopez Group said the parties merely talked
about the possibility of co-producing the television firm's local
programs in other markets such as Indonesia and Malaysia. Mr.
Chanco said ABS-CBN is looking at tapping Indovision, the Salim
Group's television station in Indonesia, as partner. Indovision has a
joint venture with News Corp. Ltd. unit, Star TV (Satellite Television
Asian Region Ltd.).

ABS ( 03/14/2000 : BW )
Telecommunications industry analysts see the First Pacific group
paying a premium price if plans for an alliance with broadcast leader
ABS-CBN proceed as planned. The proposed alliance is in line with
telecom giant Philippine Long Distance Telephone Co.'s (PLDT)
initiatives toward convergence. First Pacific owns 28% of PLDT.
"There are some obstacles if PLDT is allowed to invest in ABS-CBN
especially considering the Lopez group also has convergence
strategies of their own," said ATR-Kim Eng Securities, Inc. assistant
vice-president and deputy head for research Richard Tan. He added
PLDT would have to pay a peak price for the content that will be
provided by ABS-CBN. "Perhaps it will depend on the offer PLDT will
make for the broadcast firm. ABS-CBN is a market leader. There could
be an exchange in telecom assets but all we can do is speculate at
this point," Mr. Tan told BusinessWorld. First Pacific was earlier
reported to have joined the search for content providers. PLDT -- in
spite of its strength on the infrastructure side -- has a weakness in
terms of content which, in turn, is the Lopez group's strength through
ABS-CBN. Orion-Squire Capital, Inc. vice-president for research Cillete
I. Liboro said talks on partnership for content between competitors
may be an impetus for the global trend for multibillion-dollar
mega-deals such as the recently reported AOL-Time Warner merger.
"The AOL-Time Warner deal can be one of the factors such that the
industry will have to gravitate toward the convergence trend," said
Ms. Liboro. She added the First Pacific group will have a hard time
convincing the Lopezes to share ABS-CBN. "But if the price is right,
there will be no Problem. First Pacific will have to pay a significant
premium for that partnership," said Ms. Liboro. It has been reported
that PLDT through Mediaquest Holdings, Inc., was looking at GMA
Network, Inc. (GMA 7) and Associated Broadcasting Co. (ABC-5) as
possible content providers. Mediaquest is the firm formed by PLDT to
handle media acquisitions and to provide content for the infrastructure
of the PLDT group. The news has been consistently denied. Sources,
however, said the telecom firm was turned off by ballooning debts of
ABC-5 and GMA-7. The source added that compared with the content
provided by ABS-CBN, the two firms pale in comparison. While the
Lopez camp admitted the visit by First Pacific president Anthony Salim
at ABS-CBN last week, they said the two parties merely talked about
co-producing the television firm's local programs for other markets
such as Indonesia and Malaysia.

ABS ( 03/14/2000 : PSE )
The Exchange approved on September 8, 1999, subject to the either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from ABS-CBN shareholders for the exchange of
45,000 ABS-CBN shares to 45,000 PDRs. In view thereof, the listing
of the 45,000 PDRs is set for Wednesday, March 15, 2000. This
brings the number of PDRs listed arising from the exchange of
216,486,206 ABS-CBN shares to a total of 216,486,206 PDRs. The
designated PDR Agent is hereby authorized to record and register in
its books the above number of PDRs.

ABS ( 03/24/2000 : PSE )
This has reference to the news article entitled "First Pacific, ABS-CBN
in talks for buy-in deal?" published in the 13 March 2000 issue of the
Business World. The article reported that First Pacific Co. Ltd. has
reportedly been in talks with media conglomerate Lopez Group to
discuss the possibility of buying into the latter’s broadcasting
business under ABS-CBN Broadcasting Corp. (ABS). First Pacific has
been on the look-out for media companies to provide content for
telecommunications giant 22.8%-owned Philippine Long Distance
Telephone Co.(PLDT). In its letter, ABS stated that: “xxx Although the
news article itself appears to be merely speculative, we nevertheless
would like to reiterate that ABS-CBN Broadcasting Corporation
(ABS-CBN is not aware of any talks between First Pacific Co. Ltd.
(First Pacific) and the Lopez Group concerning the possibility of First
Pacific buying into ABS-CBN. As has been our practice in the past
and as a policy that we intend to maintain in the future, we will be
informing the investing public and the Exchange if any matter arises
that will have a significant impact on the operations and financial
performance of the company. xxx"

ABS ( 03/29/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders and the PDR
holders for the exchange of 84,500 ABS-CBN shares to 84,500 PDRs
and the exercise of 9,800 PDRs to 9,800 ABS-CBN common shares of
stock. In view thereof, the listing of the 84,500 PDRs and the reduction
by 9,800 PDRs from the listed PDRs shall take effect on Thursday,
March 30, 2000. This brings the number of PDRs listed arising from the
exchange of 84,500 ABS-CBN shares and the exercise of 9,800
PDRs to a total of 216,560,906 PDRs. The designated PDR Agent is
hereby authorized to record and register in its books the additional
84,500 PDRs, to cancel the 9,800 PDRs and to issue the
corresponding 9,800 ABS-CBN common shares in favor of the
exercising PDR holder.

ABS ( 03/30/2000 : AFX )
ABS-CBN Broadcasting Corp said its board of directors has
earmarked 1.5 B pesos from its retained earnings last year for
expansion and upgrading of facilities. It gave no other details on its
expansion plans. The company also said in a statement that its board
approved a 0.50 peso per share cash dividend to all shareholders on
record as of April 14, to be paid on or before May 12. The ex-cash
date is April 10.

ABS ( 03/30/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPROATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDR's"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
133,000 ABS-CBN shares to 133,000 PDRs. In view thereof, the listing
of the 133,000 PDRs is set on Friday, March 31, 2000. This brings the
number of PDRs listed arising from the exchange of 133,000
ABS-CBN shares to a total of 216,693,906 PDRs. The designated PDR
Agent is hereby authorized to record and register in its books the
additional 133,000 PDRs.

ABS ( 03/30/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-SBN shareholders for the exchange of
90,400 ABS-CBN shares to 90,400 PDRs. In view thereof, the listing
of the 90,400 PDRs is set on Friday, March 31, 2000. This brings the
number of PDRs listed arising from the exchange of 216,784,306
ABS-CBN shares to a total of 216,784,306 PDRs. The designated PDR
Agent is hereby authorized to record and register in its books the
additional 90,400 PDRs.

ABS ( 03/30/2000 : PSE )
The Board of Directors today declared a cash dividend of fifty
centavos (P0.50) per share to all stockholders of record as of April
14, 2000. The cash dividends are payable on or before May 12, 2000.
The Board of Directors also appropriated One Billion Five Hundred
Million Pesos (P1,500,000,000.00) from its retained earnings as of
December 31, 1999 for expansion and upgrading of facilities. The
details of the said cash dividend are as follows:
CASH DIVIDEND:
CASH = P0.50 per share
EX-CASH = April 10, 2000
RECORD DATE = April 14, 2000
DATE PAYABLE = On or before May 12, 2000

ABS ( 03/31/2000 : STAR )
Media giant ABS-CBN Broadcasting Corp. has allotted P1.5 billion for
the expansion and upgrading of its facilities, including the capacity
boosting of its multi-media subsidiaries. The project is set to be
completed this year. Meanwhile, the company's board of directors
declared a cash dividend of 50 centavos per share -- estimated to
amount to P390 million -- for stockholders on record as of April 14, to
be paid on May 12. ABS-CBN stocks closed P1 higher yesterday at
P57.50 per share. The P1.5-billion capital outlay, to be taken from the
company's retained earnings last year, will be used to complete the
building works and upgrading of the studio facilities at the main
compound in Mother Ignacia and in the adjoining former Jusmag
compound which now houses the cable channel ABS-CBN News
Channel. The country's dominant media entity operates the flagship
VHF station Channel 2; leading UHF channel Studio 23; cable channel
ABS-CBN News Channel (formerly SNN); online news provider
ABS-CBN Online; radio stations DZMM (AM) and DWRR (FM); film
outfit Star Cinema; and recording studio Star Records. ABS-CBN is the
main revenue contributor among the Lopez-owned Benpres group
with about 45 percent of total revenues. In 1998, ABS-CBN earned
P1.7 billion from its operations and is expected to add up 15 percent in
profit growth last year. Its earnings growth has been mainly driven by
the continued surge in advertising revenues, growing by 18 percent
to 20 percent annually.

ABS ( 04/03/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
170,000 ABS-CBN shares to 170,000 PDRs. In view thereof, the listing
of the 170,000 PDRs is set for Tuesday, April 4, 2000. This brings the
number of PDRs listed arising from the exchange of 216,954,306
ABS-CBN shares to a total of 216,954,306 PDRs. The designated PDr
Agent is hereby authorized to record and register in its books the
above number of PDRs.

ABS ( 04/05/2000 : AFX )
Abs-Cbn shares were flat in midmorning trade after the company's
1999 net profit results proved to be slightly higher or at least within
most expectations, dealers said. They said the stock was also
weighed down by the broad market's lacklustre performance.
ABS-CBN earlier reported net profit for 1999 reached 2.003 B pesos
on revenue of 6.48 B pesos. At 10:52 am, ABS-CBN was flat at 58.50
pesos on 21,775 shares. The composite index was down 11.45
points at 1,671.08 on 1.5 B shares worth 1.1 B pesos. "The
company's 1999 net profit was slightly above our expectation, by
about 10 M pesos. There is no disappointment there," an analyst with
a domestic securities firm said. He said the general weakness of
the market, however, has been preventing the issue from going up.
The outlook for ABS-CBN for this year is positive, with increased
advertisement and higher advertising rates seen boosting the
company's revenues by at least 15 pct from a year earlier.
Additionally, the Internet business boom is seen contributing to the
company's overall growth. Mark Securities Corp chief strategist
Manny Cruz said ABS-CBN's 1999 net profit, which was within
expectation, could grow 15 pct this year. "ABS-CBN produces 90 pct
of free tv shows and it creates synergies with other businesses,"
Cruz said. "Advertising will continue to command a hefty revenue for
ABS-CBN," he said. He said the company may pursue a partnership
with local and foreign companies in the cable and Internet business.

ABS ( 04/05/2000 : AFX )
ABS-CBN Broadcasting Corp reported a net profit of 2.003 B pesos
in 1999 from revenue of 6.48 B pesos. Operating expenses totaled
4.8 B pesos and income from operations 2.87 B. Net sales and
service totaled 1.19 B. Other income stood at 101.17 M pesos.
Basic earnings per ABS-CBN share was 2.68 pesos, it said. It gave
no comparative figures.

ABS ( 04/07/2000 : PSE )
The exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
166,000 ABS-CBN shares to 166,000 PDRs. In view thereof, the listing
of the 166,000 PDRs is set for Friday, April 10, 2000. This brings the
number of PDRs listed arising from the exchange of 217,120,306
ABS-CBN shares to a total of 217,120,306 PDRs. The designated PDR
Agent is hereby authorized to record and register in its books the
above number of PDRs.

ABS ( 04/26/2000 : PSE )
(Amounts In Thousands)
Net Airtime Revenues 6,482,596
Net Sales And Services 1,186,625
Operating Expenses 4,800,259
Income From Operations 2,868,962
Other Income (Expenses) 101,167
Income Before Income Tax
And Minority Interest 2,970,129
Provision For Income Tax 991,204
Income Before Minority
Interest 1,978,925
Minority Interest 24,190
Net Income 2,003,115
Basic Earnings Per Share 2.68

ABS ( 04/27/2000 : AFX )
ABS-CBN Broadcasting Corp plans to develop a 20-hectare lot, in the
mould of Universal Studios in Hollywood, to strengthen its production
capability, company president and chief operating officer Federico
Garcia said. "We are building something like Universal Studios," Garcia
told reporters. "We don't have a figure yet but we intend to do it next
year," he said. The facility will probably be located south of Manila and
consist of 4-5 huge studios, he said. ABS-CBN chairman and chief
executive officer Eugenio Lopez III said the project will boost the
company's production capability. "Our production capacities in
ABS-CBN do not meet our production requirements. So we are putting
up a backlot that will house our shows," he said. ABS-CBN closed
down 1.50 pesos at 49.00.

ABS ( 04/27/2000 : AFX )
ABS-CBN Broadcasting Corp posted a net profit of 418.7 M pesos in
the first quarter, against 429.4 mln a year earlier, the company said in
a report to shareholders. ABS-CBN said while its gross airtime
revenue for the January-March period rose to 1.8 B pesos from 1.7 B
a year earlier, its net profit was dragged lower by higher operating
expenses. No other details were disclosed.

ABS ( 04/28/2000 : BW )
ABS-CBN Broadcasting Corp. is considering the establishment of an
integrated studio complex similar to the Universal Studios in the US for
its property in Ortigas. In an interview following the company's
stockholders' meeting yesterday, ABS-CBN chairman and chief
executive officer Eugenio L. Lopez III said the broadcasting firm will
look at the area as possible location of the planned 10- to 15-hectare
back lot that will be used as additional production space. "We'll look at
it. I think Rockwell has a plan for that (Ortigas property)," he said.
Rockwell Land Corp. is the real estate arm of the Lopez group. It is
currently engaged in the development of the 15.5-hectare Rockwell
Center which consists of a retail complex, residential condominiums,
office towers, a sports and recreation club and the new site of the
Ateneo Professional Schools of Business and Law. "Our production
capabilities here in ABS is not anymore sufficient to cover our
production requirement. The idea is to have a back lot close by that
will house our future production requirements. There's over 16 shows
a day that is being produced. If we have a back lot, all these shows
can be produced in the studios. We need the production space, we
don't have enough studios," he said. The company, however, will not
limit its options to the Ortigas complex as the management is still
scouting for other possible areas within Metro Manila. ABS-CBN
expects to arrive at a decision before the end of the year.
Construction works on the project is expected to be completed within
six months. "What we're looking at is something like what Universal
(Studios) has done and Fox (Studios). They were able to combine
their back lot operations with the real estate development plate. Fox
(Studios) has a back lot combined with the commercial mall. Universal
has done the same thing, they have a theme park. What we want to
create is a back lot that has already all the facades for all the various
settings and then the typical things to shoot like airport lobbies," he
said. The development of the new studio complex will be handled
jointly by ABS-CBN and Rockwell. The company chairman added that
if the management decides to include a theme park in the area,
ABS-CBN will entertain interested foreign groups as partners. The
studio will also feature a commercial mall and other real estate
establishments. Mr. Lopez said the project will provide a new revenue
stream for the company. Last year, ABS-CBN generated P2bn
(US$48.4 million at PhP41.278:US$1) in net income, higher than the
P1.74bn ($42 million) registered year-on-year.

ABS ( 04/28/2000 : PSE )
At the stockholders meeting held this morning, the following
stockholders were elected as directors for the ensuing year 2000 to
2001:
Federico M. Garcia Manuel M. Lopez
Peter D. Garrucho Oscar M. Lopez
Alberto J. Lopez Federico R. Lopez
Augusto Almeda Lopez Roberto de Ocampo
Eugenio Lopez III Presentacion L. Psinakis
Fernando H. Lopez III
The President and Chief Operating Officer, Mr. Federico M. Garcia,
also reported on the first quarter results of the Company for 2000. He
said that:
"During the first quarter of the year, which saw industry advertising
minutes decline approximately 5.3% in a generally sluggish economic
environment, ABS-CBN Broadcasting Corp. (ABS-CBN) demonstrated
its financial resilience by posting gross airtime revenues of P1.8 B, a
6.3% increase over the same period last year." "The increase was
driven by higher advertising rates as ABS-CBN continued to dominate
the ratings, attaining an average audience share of 46.1% in Metro
Manila in the month of March, more than all other free-to-air television
stations combined." "Net income, however, was essentially flat,
amounting to P418.7 M or a 2.5% decline over the same period last
year. The decline was primarily due to higher operating expenses,
which increased 26.6%, mainly due to higher employee costs and
talent fees, in line with the company's employee retention plan
implemented in the second half of 1999." "On the other hand, the
decline in operating income was tempered by higher interest income,
and the continuously improving performance of the company's
subsidiaries and affiliates, led by Amcara Broadcasting Network Inc.
or Studio 23." "Following its stellar performance in 1999, Studio 23
continued to lead its chosen market niche, growing its advertising
minutes 19% over the same period last year. Star Cinema enjoyed a
blockbuster first quarter, releasing the smash hits Minsan Minahal Kita
and Tunay na Tunay. ABS-CBN International and Star Records,
likewise, contributed positively to the bottom line." "ABS-CBN continued
to keep a very strong balance sheet, maintaining a debt-to-equity ratio
of 62% on total assets of P16.9 B."

ABS ( 05/04/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exercise of
463,500 PDRs to 463,500 ABS-CBN common shares. In view thereof,
the reduction by 463,500 PDRs from the listed PDRs shall take effect
on Friday, May 5, 2000. This brings the number of PDRs listed arising
from the exercise of 463,500 PDRs to a total of 217,276,106 PDRs.
The designated PDR Agent is hereby authorized to cancel in its books
the above number of PDRs, and to issue the corresponding ABS-CBN
common shares in favor of the exercising PDR holder.

ABS ( 05/08/2000 : AFX )
ABS-CBN Interactive Inc, the internet content provider unit of
ABS-CBN Broascasting Corp, is planning to list on the Philippine stock
exchange this year, the Philippine Daily Inquirer said, citing sources.
The sources said ING Barings is one of the investment houses bidding
to underwrite the initial public offering of ABS-CBN Interactive slated
for the last quarter of the year. No other details were disclosed.

ABS ( 05/10/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders and the PDR
holders for the exchange of 4,000 ABS-CBN shares with 4,000 PDRs
and the exercise of rights equivalent to 30,000 PDRs, for the issuance
of 30,000 ABS-CBN common shares of stock. In view thereof, the
listing of the 4,000 PDRs and the reduction by 30,000 PDRs from the
listed PDRs shall take effect on Thursday, May 11, 2000. This brings
the number od PDRs listed arising from the exchange of 4,000
ABS-CBN shares and the exercise of 30,000 PDRs to a total of
217,250,106 PDRs. The designated PDR Agent is hereby authorized to
record and register in its books the additional 4,000 PDRs, to cancel in
its books the 30,000 PDRs and to issue the corresponding 30,000
ABS-CBN common shares in favor of the exercising PDR holder.

ABS ( 05/15/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing aplication of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
14,100 ABS-CBN common shares to 14,100 PDRs. In view thereof,
the listing of the 14,100 PDRs is set on Tuesday, May 16, 2000. This
brings the number of PDRs listed arising from the exchange of 14,100
ABS-CBN shares to a total of 217,264,206 PDRs. The designated PDR
Agent is hereby authorized to record and register in its books the
above-mentioned number of PDRs.

ABS ( 05/17/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
50,000 ABS-CBN common shares with 50,000 PDRs. In view thereof,
the listing of the 50,000 PDRs as represented by PDR Certificate No.
493 is set on Thursday, May 18, 2000. This brings the number of
PDRs listed arising from the exchange of 50,000 ABS-CBN shares to
a total of 217,314,206 PDRs. The designated PDR Agent is hereby
authorized to record and register in its books the above-mentioned
number of PDRs.

ABS ( 05/23/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exercise of
rights equivalent to 12,300 PDRs for the issuance of 12,300 ABS-CBN
common shares of stock. In view thereof, the reduction by 12, 300
PDRs as represented by PDR Certificate No. 512 from the listed PDRs
shall take effect on Wednesday, May 24, 2000. This brings the
number of PDRs listed arising from the exercise of 12,300 PDRs to a
total of 217,301,906 PDRs. The designated PDR Agent is hereby
authorized to cancel in its books the above number of PDRs, and to
issue the corresponding ABS-CBN common shares in favor of the
exercising PDR holder.

ABS ( 05/26/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs") In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders and the PDR
holders for the exchange of 3,100 ABS-CBN shares with 3,100 PDRs
and the exercise of rights equivalent to 20,000 PDRs for the issuance
of 20,000 ABS-CBN common shares of stock. In view thereof, the
listing of the 3,100 PDRs and the reduction by 20,000 PDRs from the
listed PDRs shall take effect on Monday, May 29, 2000. This brings the
number of PDRs listed arising from the exchange of 3,100 ABS-CBN
shares and the exercise of 20,000 PDRs to a total of 217,285,006
PDRs. The designated PDR Agent is hereby authorized to record and
register in its books the additional 3,100 PDRs, to cancel in its books
the 20,000 and to issue the corresponding 20,000 ABS-CBN common
shares in favor of the exercising PDR holder.

ABS ( 06/01/2000 : BW )
Listed broadcasting firm ABS-CBN Boradcasting Corp. is considering
"decoupling" advertising rates this year to improve earnings which
have significantly gone down last year due to huge cost and
expenses. A company official told BusinessWorld yesterday that the
Lopez-led management has started negotiations with advertisers for
the possibility of implementing the decoupling which is seen to pull up
ad revenues by as much as 20%. Decoupling involves splitting
advertising rates between the Metro Manila area and other regional
channels. Currently, the company receives payment on ad placements
intended for the Metro Manila audience even if ads are broadcasted
nationwide. "We're still working with the advertisers on how it will be
done. It's very difficult to implement because it's dependent on a good
economy. But if we are able to implement decoupling, it would
translate to 20% gain on revenues for ABS," the source said. The
de-coupling will enable ABS-CBN to realign cost against income
generated. The Lopez firm expects net income to reach 2.3 B
Philippine pesos (PhP) (US$53.92 M at PhP42.649:US$1) by end-2000
owing to the anticipated 16% surge in advertising revenues.

ABS ( 06/02/2000 : PSE )
Further to Circular for Brokers No. 858-2000 dated March 30, 2000,
pertaining to the cash dividend declared by ABS-CBN Broadcasting
Corporation ("ABS") in the amount of P0.50 per share (with a record
date of April 14, 2000 and a payment date of May 17, 2000),
ABS-CBN Holdings Corporation ("ABSP") informed the Exchange that
from the amount received by ABSP as cash dividends from ABS's
aforesaid dividend declaration, the total amount of P2,321,924.28 has
been deducted as operating expenses of the Corporation in the
preceeding year and operating expenses for the succeeding year.
The amount remaining in excess of the above requirements has been
distributed pro rata based on the 217,359,806 PDRs outstanding as of
April 14, 2000 or P0.4893 per PDR for a total of 106,357,978.72.
The details of the said cash dividend are as follows:
CASH DIVIDEND:
CASH = P0.4893/PDR
EX-CASH = April 10, 2000
RECORD DATE = April 14, 2000

ABS ( 06/05/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exercise of
rights equivalent to 45,000 PDRs for the issuance of 45,000 ABS-CBN
common shares of stock. In view thereof, the reduction by 45,000
PDRs as represented by PDR Certificate Nos. 534 and 539 from the
listed PDRs shall take effect on Tuesday, June 6, 2000. This brings the
number of PDRs listed arising from the exercise of 45,000 PDRs to a
total of 217,240,006 PDRs. The designated PDR Agent is hereby
authorized to cancel in its books the above number of PDRs, and to
issue the corresponding ABS_CBN common shares in favor of the
exercising PDR holder.

ABS ( 06/09/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exercise of
rights equivalent to 38,000 PDRs for the issuance of 38,000 ABS-CBN
common shares of stock. In view thereof, the reduction by 38,000
PDRs as represented by PDR Certificate No. 543 from the listed PDRs
shall take effect on Friday, June 9, 2000. This brings the number of
PDRs listed arising from the exercise of 38,000 PDRs to a total of
217,202,006 PDRs. The designated PDR Agent is hereby authorized to
cancel in its books the above number of PDRs, and to issue the
corresponding ABS-CBN common shares in favor of the exercising
PDR holder.

ABS ( 06/28/2000 : AFX )
ABS-CBN Broadcasting Corp shares were sharply higher in
midmorning trade on the expansion of its online unit, supported by
sustained foreign investor interest, dealers said. At 11:00 am,
ABS-CBN was up 2.0 pesos or 4.0 pct at 51.0 on volume of 97,
300 shares. The composite index was down 4.13 points at 1,525.24
on 277.3 M sharse worth 312.1 M pesos. Astro del Castillo of A&A
Securities Inc said buying interest in ABS-CBN may have been
triggered by the firm's expansion plans for its online unit. "The
company is aggressively expanding its online subsidiary, and it is
believed to be in talks with telecom companies for a possible tie-up,"
Del Castillo said, noting that ABS-CBN can well provide content for
telecom firms moving into convergence. ABS-CBN Interactive Inc, the
internet content provider unit of ABS-CBN, is reportedly planning to list
on the Philippine Stock Exchange this year, a move seen further
fuelling the group's growth. Del Castillo said other investors are
probably also cashing in on the company's move to strengthen the
operations of its provincial stations. "That translates to more
advertising revenues," he said, adding that he expects the company
to post good earnings growth in the succeeding quarters despite the
lingering effects of the Asian crisis. An analyst with a local securities
firm said the advance of ABS-CBN shares may be attributed to "the
entry of foreign investors in the media stock." The analyst said that
ABS-CBN's tangible value is around 45-50 pesos apiece, and in a
good market should rise to 70-75 pesos. He said the stock is currently
trading at around 2.0-2.5 times its book value.

ABS ( 07/03/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shares with 198,042 PDRs and
the exercise of rights equivalent to 111,200 PDRs for the issuance of
111,200 ABS-CBN common shares of stock. In view thereof, the
listing of the 198,042 PDRs (as represented by PDR Nos. 572,576 and
585) and the reduction by 111,200 PDRs (as represented by PDR Nos.
565,566 578 and 583) from the listed PDRs shall take effect on
Tuesday, July 4, 2000. This brings the number of PDRs listed arising
from the exchange of 198,042 ABS-CBN shares and the exercise of
111,200 PDRs to a total of 217,288,848 PDRs. The designated PDR
Agent is hereby authorized to record and register in its books the
additional 198,042 PDRs, to cancel in its books the 111,200 PDRs and
to issue the corresponding 111,200 ABS-CBN common shares in
favor of the exercising PDR holders.

ABS ( 07/06/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
86,300 ABS-CBN shares to a total of 217,375,148 PDRs. The
designated PDR Agent is hereby authorized to record and register in
its books the above-mentioned number of PDRs.

ABS ( 07/07/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices form the ABS-CBN shareholders for the exchange of
65,000 ABS-CBN common shares with 65,000 PDRs. In view thereof,
the listing of the 65,000 PDRs as represented by PDR Certificate Nos.
588 and 590 is set on Monday, July 10, 2000. this brings the number
of PDRs listed arising from the exchange of 65,000 ABS-CBN shares
to a total of 217,440,148 PDRs. The designated PDR Agent is hereby
authorized to record and register in its books the above-mentioned
number of PDRs.

ABS ( 07/11/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
135,575 ABS-CBN common shares with 135,575 PDRs. In view
thereof, the listing of the 135,575 PDRs as represented by PDR
Certificate Nos. 591,592 and 593 is set on Wednesday, July 12, 2000.
This brings the number of PDRs listed arising from the exchange of
135,575 ABS-CBN shares to a total of 217,575,723 PDRs. The
designated PDR Agent is hereby authorized to record and register in
its books the above-mentioned number of PDRs.

ABS ( 07/14/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
107,800 ABS-CBN common shares with 107,800 PDRs. In view
thereof, the listing of the 107,800 PDRs as represented by PDR
Certificate Bos. 594 and 599 is set on Monday, July 17, 2000. This
brings the number of PDRs listed arising from the exchange of
107,800 ABS-CBN shares to a total of 217,683,523 PDRs. The
designated PDR Agent is hereby authorized to record and register in
its books the above-mentioned number of PDRs.

ABS ( 07/17/2000 : AFX )
ABS-CBN Broadcasting Corp said airtime revenue in the first six
months was about 4.0 B pesos, which would represent a rise of
about 15 pct from a year earlier. Vice-president for sales and
marketing Nicanor Gabunada Jr said growth in airtime revenue was
on track for the company to meet the 7.5 B-peso target for the year.
First half airtime sales were helped by aggressive marketing, which
overcame a 10 pct contraction in the industry's airtime placements, he
said. Gabunada said television accounted for about 80 pct of airtime
revenue, with the rest from the company's radio, print, and website
subsidiaries. "We are increasing our market share...we now have 79
pct. Even if times are bad and other networks are trying to increase
their own market share, our creative selling and packaging allow us to
meet our targets," Gabunada said. Gabunada said ABS-CBN usually
relies on the second half to deliver 55-60 pct of the year's total sales.

ABS ( 07/18/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
64,000 ABS-CBN common shares with 64,000 PDRs. In view thereof,
the listing of the 64,000 PDRs as represented by PDR Certificate Nos.
600 and 601 is set on Wednesday, July 19, 2000. This brings the
number of PDRs listed arising from the exchange of 64,000 ABS-CBN
shares to a total of 217,747,523 PDRs. The designated PDR Agent is
hereby authorized to record and register in its books the
above-mentioned number of PDRs.

ABS ( 07/19/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
30,000 ABS-CBN common shares with 30,000 PDRs. In view thereof,
the listing of the 30,000 PDRs as represented by PDR Certificate No.
604 is set on Thursday, July 20, 2000. This brings the number of PDRs
listed arising from the exchange of 30,000 ABS-CBN shares to a total
of 217,777,523 PDRs. The designated PDR Agent is hereby authorized
to record and register in its books the above-mentioned number of
PDRs.

ABS ( 07/19/2000 : PSE )
This has reference to the news article captioned "ABS-CBN posts
P4B in earnings" published in the 18 July 2000 issue of the Philippine
Daily Inquirer which reported that ABS-CBN Broadcasting Corporation
(ABS) has posted around PhP4 B in airtime revenue for the first half
of the year, representing a 15-percent growth from year-ago level. In
a press briefing, ABS Vice President Nicanor Gabunada, Jr. said the
15-percent sales growth was achieved despite a 10-percent
contraction in the industry's airtime placements. ABS, in its letter,
clarified that:
"This statement is being issued in connection with several articles that
appeared in yesterday's newspapers, including the Philippine Daily
Inquirer, the Philippine Star, and the Manila Standard, concerning
ABS-CBN Broadcasting Corporation's (ABS-CBN) revenues for the
first half of the year 2000. In particular, this statement would like to
clarify that ABS-CBN's consolidated gross revenues for the first half
of the year amounted to about PhP4.9 B, or an increase of
approximately 15% to 16% over the same period last year. The
amount mentioned in the articles, which quoted an ABS-CBN source,
only pertains to the company's commercial airtime revenues, and did
not include airtime revenues from sports, government, and other
sources. Likewise, revenues from subsidiaries such as ABS-CBN
International and Star Records were not included. Nevertheless, the
message of the articles, particularly ABS-CBN's robust performance
during the second quarter of the year, is correct. Due to the strong
performance of the core business, and the outstanding achievements
of the subsidiaries mentioned above, as well as affiliates Studio 23
and Star Cinema, ABS-CBN generated a net income of approximately
PhP1.0 B for the first half of the year, or a growth of about 15.1%
over the same period last year. Complete details, including the
consolidated financial statements of the company, will be released
within the statutory deadline for end of quarter reporting."

ABS ( 07/20/2000 : AFX )
ABS-CBN Broadcasting Corp said it posted a net profit of 1.0 B pesos
in the first six months, up 15 pct from a year earlier, on revenue of 4.9
B. ABS-CBN said in a statement the increase in net profit was "due to
the strong performance of the core business and the outstanding
achievements of the subsidiaries, as well as affiliates Studio 23 and
Star Cinema."

ABS ( 07/20/2000 : PDI )
ABS-CBN Broadcasting Corp. reported yesterday P1 B in net income
in the first half of the year, higher by 15 percent from the year-earlier
period. In a disclosure, the country's largest broadcasting network
said its earnings grew "due to the strong performance of the core
business and the outstanding achievements of the subsidiaries, as
well as affiliates Studio 23 and Star Cinema." ABS-CBN vice president
for finance Randolph Estrellado said the company's gross revenues in
the first six months of the year amounted to some P4.9 B. He clarified
the P4 B in estimated airtime sales earlier given only pertained to
ABS-CBN's commercial airtime revenues and excluded airtime
revenues from sports, government and other sources. Also,
revenues from subsidiaries like ABS-CBN International and Star
Records were excluded. The network usually chalks up 55 to 60
percent of its revenues during the second half of each year.
ABS-CBN chalked up some P2 B in net income last year. In a news
briefing earlier, ABS-CBN vice president Nicanor Gabunada Jr. said
the 15-percent sales growth in airtime revenues, which was on track
with the company's target this year, was achieved despite a
10-percent contraction in the industry's airtime placements. He said
ABS-CBN was able to buck the trend in airtime sales due to its
aggressive marketing strategy. "We are increasing our own market
share. We now have a 79-percent market share. Even if times are
bad and other networks are trying to increase their own market
share, our creative selling/packaging allow us to meet our targets,"
Gabunada said.

ABS ( 07/26/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
84,600 ABS-CBN common shares with 84,600 PDRs. In view thereof,
the listing of the 84,600 PDRs as represented by PDR Certificate Nos.
608, 609, 610 and 612 is set on Thursday, July 27, 2000. This brings
the number of PDRs listed arising from the exchange of 84,600
ABS-CBN shares to a total of 217,862,123 PDRs. The designated PDR
Agent is hereby authorized to record and register in its books the
above-mentioned number of PDRs.

ABS ( 08/02/2000 : AFX )
ABS-CBN Broadcasting Corp has signed an agreement to acquire
majority control in online auction firm PinoyAuctions.com,
PinoyAuctions managing partner Tonito Payumo said. Quoted in the
the Philippine Daily Inquirer, he said ABS-CBN will acquire 51 pct stake
in the firm at an undisclosed price. "For us, the buy-in is a positive
development as it allows us to tap into ABS-CBN's content, being the
country's largest TV and radio broadcasting company, as well as its
nationwide network coverage," Payumo said.

ABS ( 08/03/2000 : BW )
ABS-CBN Interactive, the Internet arm of ABS-CBN Broadcasting
Corp., has purchased a 51% stake into local auction site
PinoyAuctions.com. In a joint statement released yesterday, both
companies said they signed a memorandum of agreement last July 29
allowing ABS-CBN to purchase shares from PinoyAuctions.com
subject to specific terms and conditions. The sale price was not
revealed. In an e-mail interview, PinoyAuctions.com managing partner
and co-founder Antonio S. Payumo told BusinessWorld despite the
majority buy-in, ABS-CBN will give PinoyAuctions.com autonomy in the
decision-making. "We will also be getting support not only from
ABS-CBN Interactive but from the other Benpres subsidiaries as well,"
he added. PinoyAuctions.com founder and managing director Teddy
Manotoc said, "We are confident in being able to meet the conditions
specified in our agreement and look forward to our partnership with
ABS-CBN Interactive." PinoyAuctions.com is an online auction site
patterned after the United States' eBay. It was founded by four
entrepreneurs who have experienced working in corporations and
starting up their own innovative ventures. ABS-CBN Interactive is a
wholly owned subsidiary of ABS-CBN Broadcasting Corp., a member
of listed firm Benpres Holdings Corp. (Benpres) and manager of
PinoyCentral.com, a web portal. The Lopez family-owned Benpres
group has stakes in media, telecommunications and utilities. On
acquiring stakes in PinoyAuctions.com, ABS-CBN Interactive
managing director Carlo L. Katigbak said: "We believe that online
auctions have tremendous potential in the Philippine marketplace and
has a good fit with the overall growth plan of PinoyCentral.com." Mr.
Payumo said that the buy-in will benefit both the company and its
customers. The investment is expected to enhance
PinoyAuctions.com's shareholder value tremendously, he said. With
the Lopez-owned company as a strategic investor, this buy-in would
command a better valuation when PinoyAuctions.com exits via initial
public offering, he added. Mr. Payumo also said that with the Benpres
Group's strategy to converge other subsidiaries around ABS-CBN,
potential opportunities can be derived from this strategy.

ABS ( 08/15/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exercise of
rights equivalent to 77,100 PDRs for the issuance of 77,100 ABS-CBN
common shares of stock. In view thereof, the reduction by 77,100
PDRs as represented by PDR Certificate Nos. 622, 625 & 631 from the
listed PDRs shall take effect on Wednesday, August 16, 2000. this
brings the number of PDRs listed arising from the exercise of 77,100
PDRs a total of 217,785,023 PDRs. The designated PDR Agent is
hereby authorized to cancel in its books the above number of PDRs,
and to issue the corresponding ABS-CBN common shares in favor of
the exercising PDR holder.

ABS ( 08/23/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
24,920 ABS-CBN common shares with 24,920 PDRs. In view thereof,
the listing of the 24,920 PDRs as represented by PDR Certificate Nos.
633 & 634 is set on Thursday, August 24, 2000. This brings the
number of PDRs listed arising from the exchange of 24,920 ABS-CBN
shares to a total of 217,809,943 PDRs. The designated Agent is
hereby authorized to record and register in its books the
above-mentioned number of PDRs.

ABS ( 08/28/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
21,900 ABS-CBN common shares with 21,900 PDRs. In view thereof,
the listing of the 21,900 PDRs as represented by PDR Certificate No.
639 is set on Tuesday, August 29, 2000. This brings the number of
PDRs listed arising from the exchange of 21,900 ABS-CBN shares to
a total of 217,831,843 PDRs. The designated PDR Agent is hereby
authorized to record and register in its books the above-mentioned
number of PDRs.

ABS ( 08/31/2000 : PSE )
At the Board of Directors meeting held today, Mr. Fernando Lopez III
resigned as a director and the Board of Directors elected Mr. Manuel
Lopez, Jr. to serve the unexpired term of Mr. Fernando Lopez III as
director.

ABS ( 09/06/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
5,000 ABS-CBN shares to a total of 217,854,443 PDRs. The
designated PDR Agent is hereby authorized to record and register in
its books the above-mentioned number of PDRs.

ABS ( 09/12/2000 : PSE )
The Exchange approved on September 8, 1999, subject to wither
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
8,900 ABS-CBN common shares with 8,900 PDRs. In view thereof,
the listing of the 8,900 PDRs as represented by PDR Certificate No.
650 is set on Wednesday, September 13, 2000. This brings the
number of PDRs listed arising from the exchange of 8,900 ABS-CBN
shares to a total of 217,863,343 PDRs. The designated PDR Agent is
hereby authorized to record and register in its books the
above-mentioned number of PDRs.

ABS ( 10/02/2000 : PSE )
Please be advised that the Philippine central Depository, Inc. has
resigned as the Security Agent for the PDRs and that the Corporation
has appointed Metropolitan Bank and Trust Company as the
successor Security Agent under substantially the same terms. Under
the terms of the PDRs, the obligations of the Corporation to deliver the
ABS-CBN Broadcasting Corporation shares covered by the PDRs are
secured by a pledge of the shares in favor of a Security Agent. The
shares remain to be lodged with the Philippine Central Depository, Inc.
under a sub-account under the custody of the new Security Agent.
The rights of the PDR holder and the obligations of the Corporation to
the PDR holders are not affected by this change of Security Agent.
The transition will be seamless and will not affect transactions of the
PDRs or the underlying shares.

ABS ( 10/03/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from ABS-CBN shareholders and the PDR holders
for the exchange of 9,400 ABS-CBN common shares with 9,400 PDRs
and the exercise of rights equivalent to 3,000 PDRs for the issuance
of 3,000 ABS-CBN common shares of stock. In view thereof, the
listing of the 9,400 PDRs (as represented by PDR No. 659) and the
reduction by 3,000 PDRs (as represented by PDR No. 660) from the
listed PDRs shall take effect on Wednesday, October 4, 2000. This
brings the number of PDRs listed arising from the exchange of 9,400
ABS-CBN shares and the exercise of 3,000 PDRs to a total of
217,869,743 PDRs. The designated PDR Agent is hereby authorized to
record and register in its books the additional 9,400 PDRs, to cancel in
its books the 3,000 PDRs and to issue the corresponding 3,000
ABS-CBN common shares in favor of the exercising PDR holders.

ABS ( 10/17/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exercise of
rights equivalent to 13,700 PDRs for the issuance of 13,700 ABS-CBN
common shares of stock. In view thereof, the reduction by 13, 700
PDRs as represented by PDR Certificate No. 674 from the listed PDRs
shall take effect on Wednesday, October 18, 2000. This brings the
number of PDRs listed arising from the exercise of 13,700 PDRs to a
total of 217,856,043 PDRs. The designated PDR Agent is hereby
authorized to cancel in its books the above number of PDRs, and to
issue the corresponding ABS-CBN common shares in favor of the
exercising PDR holder.

ABS ( 10/23/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDR's"). In this
connection, please be advised that the Company's PCR agent has
received notices from the ABS-CBN shareholders for the exchange of
35,800 ABS-CBN common shares with 35,800 PDRs. In view thereof,
the listing of the 35,800 PDR as represented by PDR Certificate Nos.
688 & 689 is set on Tuesday, October 24, 2000. this brings the
number of PDRs listed arising from the exchange of 35,800 ABS-CBN
shares to a total of 217,891,843 PDRs. The designated PDR Agent is
hereby authorized to record and register in its books the
above-mentioned number of PDRs.

ABS ( 11/10/2000 : AFX )
ABS-CBN Broadcasting Corp three months to September results:
Net profit - 614.4 M pesos vs 522.3 M
Airtime revenue - 2.73 B pesos vs 2.07 B
Net sales - 487.66 M vs 330.47 M
Nine months to September results:
Net profit - 1.65 B pesos vs 1.42 B
Airtime revenue - 6.93 B pesos vs 5.82 B
Net sales - 1.32 B pesos vs 844.51 M

ABS ( 11/10/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders and the PDR
holders for the exchange of 75,000 ABS-CBN common shares with
75,000 PDRs and the exercise of rights equivalent to 37,400 PDRs for
the issuance of 37,400 ABS-CBN common shares of stock. In view
thereof, the listing of the 75,000 PDRs (as represented by PDR Nos.
692, 693 & 698) and the reduction by 37,400 PDRs (as represented
by PDR No. 694) from the listed PDRs shall take effect on Monday,
November 13, 2000. Thus brings the number of PDRs listed arising
from the exchange of 75,000 ABS-CBN shares and the exercise of
37,400 PDRs to a total of 217,929,443 PDRs. The designated PDR
Agent is hereby authorized to record and register in its books the
additional 75,000 PDRs, to cancel in its books the 37,400 PDRs and to
issue the corresponding 37,400 ABS-CBN common shares in favor of
the exercising PDR holders.

ABS ( 11/13/2000 : AFX )
ABS-CBN Broadcasting Corp and Philippine Long Distance Telephone
Co are in exploratory talks for a possible merger, the Philippine Daily
Inquirer reported, quoting a source. The paper said the talks were
spearheaded by ABS-CBN chairman Eugenio Lopez III and PLDT
chairman Manuel Pangilinan. The source said the top-level merger
discussions between Lopez and Pangilinan have been expanded from
telecommunications to include media. Based on the preliminary talks,
Lopez would relinquish control of Bayan Telecommunications Holdings
Inc to PLDT while Pangilinan would gave up his hold on his stake in
television station GMA-7.

ABS ( 11/13/2000 : STAR )
ABS-CBN Broadcasting Corp. chair Eugenio Lopez III and Philippine
Long Distance Telephone Co. chair Manuel Pangilinan are in the midst
of exploratory talks for a possible merger of their media and
telecommunication interests. The looming alliance between the
country’s dominant media conglomerate and fixed-line and mobile
phone operator is expected to spawn virtual monopolies in
broadcasting (ABS-CBN Broadcasting Corp. and GMA Network Inc.),
fixed landlines (Bayan Telecommunications and PLDT) and cable
television (Sky Cable and Home Cable). A well-placed source told the
INQUIRER that top-level merger discussions between Lopez and
Pangilinan have been expanded from telecommunications (PLDT
wants to acquire Bayantel’s landlines) to include media-–free TV and
cable TV--with PLDT’s reported buy-in into GMA. Based on their
preliminary talks, Lopez would relinquish control of Bayantel to PLDT
while Pangilinan would abdicate his hold on GMA to ABS-CBN.
Although both parties have an option to buy each other out, the
source said Lopez and Pangilinan were leaning toward retaining a
minority stake in the amalgamated media and telecommunication
concerns. This move dovetails with the convergence strategy of
ABS-CBN and PLDT in the new economy where content is as crucial
as the medium. The INQUIRER reported in August that PLDT has
conducted a due diligence on Bayantel after the Lopez group
announced that it wanted out of its bleeding local exchange business.
PLDT was keen on Bayantel’s fixed-line business in Metro Manila,
General Santos City and Davao City. PLDT would also absorb
Bayantel’s loss-making Express Telecommunications Inc., which
would beef up its interests in mobile phone (Smart Communications
and Pilipino Telephone Corp.). Interestingly, the GMA group holds a
13-percent stake in Extelcom. The source said PLDT’s rumored
takeover of GMA, which persists despite repeated denials by
management, has opened a new dimension to the discussions
between Lopez and Pangilinan (talks have reportedly slowed down
due to differences on how much the Bayantel shares are worth). The
source noted that the GMA deal has made it more compelling for
Lopez and Pangilinan to forge ahead in the new economy as allies
rather than enemies by further cementing their imposing stake in media
and telecommunications.

ABS ( 11/14/2000 : PSE )
This statements is being issued in connection with the news article
entitled "ABS-CBN, PLDT explore big telecom-media merger" published
in the November 13, 2000 issue of the Philippine Daily Inquirer. In
reference to the said news article, ABS-CBN Broadcasting
Corporation denies that there are any discussions done between the
company and PLDT regarding the possible merger of its respective
media and telecommunications interests. As has been their practice in
the past and as a policy they intend to maintain in the future, they will
be informing the investing public and the exchange if any matter
arises that will have a significant impact on operations and financial
performance of the company.

ABS ( 11/15/2000 : AFX )
A cross sale of ABS-CBN Broadcasting Corp shares totalling 53.56 M
worth 2.731 B pesos was transacted at the Philippine Stock
Exchange near the close of trade, data from the PSE showed. The
shares were sold at an average of 50.9994 pesos apiece. No other
details were disclosed but market analysts said the shares crossed
were not enough to acquire a board seat.

ABS ( 11/15/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
148,700 ABS-CBN common shares with 148,700 PDRs. In view
thereof, the listing of the 148,700 PDRs as represented by PDR
Certificate Nos. 699 & 700 is set on Thursday, November 16, 2000.
This brings the number of PDRs listed arising from the exchange of
148,700 ABS-CBN shares to a total of 218,078,143 PDRs. The
designated PDR Agent is hereby authorized to record and register in
its books the above-mentioned number of PDRs.

ABS ( 11/15/2000 : PSE )
ABS-CBN Broadcasting Corp has no knowledge of the buyer which
purchased 53.56 M common ABS-CBN shares in cross transactions
in the stock market today, company vice president for finance
Randolph Estrellado said. PSE data showed that 53.56 M shares in
ABS-CBN worth 2.73 B pesos were sold in several cross
transactions at the closing bell, fuelling speculation among traders that
the buyer was Philippine Long Distance Telephone Co. PLDT has
previously said it may tie up with ABS-CBN to acquire content
services for its internet ventures. The selling brokers were affiliated
to the Lopez family, owners of ABS-CBN, which recently confirmed
the existence of exploratory talks with PLDT on a possible merger of
their cable television and fixed line services. Asked if the Lopez family
sold ABS-CBN shares in a cross sale, Estrellado said: "As far as
ABS-CBN is concerned we are not aware of the transaction."
Estrellado said the company does not yet know if PLDT was the buyer
of the shares transacted in today's trades, which are equivalent to a
7.0 pct stake in the company. "We don't know yet who the parties
involved are. I guess in the next couple of days we will know," he
said. Ray Espinosa, managing director for e-PLDT, the internet and
media arm of the telecommunications giant, said the company did not
buy ABS-CBN shares today. "We're not buying ABS-CBN shares. I'm
certain of that. If we were (buying shares) we would have had to
disclose," he said, adding PLDT, which is owned by First Pacific Co
Ltd, would not be able to subscribe to ABS-CBN shares because of
the ban on foreign ownership of the media. Espinosa said talks are on
going with ABS-CBN's parent company, Benpres Holdings Corp, on a
possible alliance of telecommunications and cable businesses, but not
broadcast businesses.

ABS ( 11/16/2000 : PDI )
A cross sale involving some P3 B worth of ABS-CBN
Broadcasting Corp. shares yesterday fueled talks that
telecommunications giant Philippine Long Distance Telephone Co. was
accumulating stocks of the television and radio operator. Some 53.98
M ABS-CBN shares were crossed at the Philippine Stock Exchange
representing 7 percent of the company’s total issued shares of
779.58 M. The cross sale was handled by ATR Kim Eng Securities
and PCCI Securities Brokers Corp. Sources familiar with the
transaction said the sale was not related to PLDT. On Tuesday, PLDT
confirmed it was holding talks with the Lopez group, majority owner
of ABS-CBN, for a business tie-up with Bayan Telecommunications
Holdings Corp. and SkyCable. The statement came following reports
that PLDT and the Lopez group were negotiating to merge their
telecommunication and broadcasting units. PLDT was reported to
have acquired a majority stake in GMA-7, the country’s No. 2
television network, and wanted to swap shares to gain control of
ABS-CBN. PLDT denied it bought into GMA-7 but confirmed it was
holdings talks with Benpres Holdings Corp., investment unit of the
Lopez group, on a possible business tie-up with BayanTel and
SkyCable. A source privy to yesterday’s cross sale said the P3-B
transaction represented a conversion of some ABS-CBN common
shares to ABS-CBN Philippine Depository Receipts. Any unit of the
Lopez group could have done the conversion or other block investors
like state-controlled pension fund Social Security System, other
sources suggested. ABS-CBN did not give any official statement on
the transaction. PDRs are certificates issued by a Philippine bank and
traded in the Philippines as domestic shares. The certificates
represent the number of foreign securities the Philippine bank holds in
the country of origin. PDRs can be multiples of the original shares.
Since PDRs function like preferred shares, it is more attractive to
invest in these instruments instead of common shares when the
investment situation is expected to improve. One source said PDRs
allow more flexibility in raising funds as foreigners can be tapped to
invest in such instruments. ABS-CBN cornered the bulk of yesterday’s
total, accounting for 74.72 percent of all transactions. Its shares rose
50 centavos to close at P50.

ABS ( 11/17/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company') to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders and the PDR
holders for the exchange of 53,921,857 ABS-CBN common shares
with 53,921,857 PDRs and the exercise of rights equivalent to
889,000 PDRs for the issuance of 889,000 ABS-CBN common shares
of stock. In view thereof, the listing of the 53,921,857 PDRs (as
represented by PDR No, 720) and the reduction by 889,000 PDRs (as
represented by PDR Nos. 701, 707, 708 and 709) from listed PDRs
shall take effect on Monday, November 20, 2000. This brings the
number of PDRs listed arising from the exchange of 53,921,857
ABS-CBN shares and the exercise of 889,000 PDRs to a total of
271,111,000 PDRs. The designated PDR Agent is hereby authorized to
record and register in its books the additional 53,921,857 PDRs, to
cancel in its books the 889,000 PDRs and to issue the corresponding
889,000 ABS-CBN common shares in favor of the exercising PDR
holders.

ABS ( 11/22/2000 : PSE )
The Exchange approved September 8, 1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from the ABS-CBN shareholders for the exercise of rights
equivalent to 282,900 PDRs for the issuance of 282,900 ABS-CBN
common shares of stock. In view thereof, the reduction by 282,900
PDRs as represented by PDR Certificate Nos. 712 & 714 from the
listed PDR shall take effect on Thursday, November 23, 2000. This
brings the number of PDRs listed arising from the exercise of 282,900
PDRs to a total of 270,828,100 PDRs. The designated PDR Agent is
hereby authorized to cancel in its books the above number of PDRs,
and to issue the corresponding ABS-CBN common shares in favor of
the exercising PDR holder.

ABS ( 11/27/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exercise of
rights equivalent to 276,100 PDRs for the issuance 276,100 ABS-CBN
common shares of stock. In view thereof, the reduction by 276,100
PDRs as represented by PDR Certificate Nos. 715 & 723 from the
listed PDRs shall take effect on Monday, November 27, 2000. This
brings the number of PDRs listed arising from the exercise of 276,100
PDRs to a total of 270,552,000 PDRs. The designated PDR Agent is
hereby authorized to cancel in its books the above number of PDRs,
and to issue the corresponding ABS-CBN common shares in favor of
the exercising PDR holder.

ABS ( 12/01/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exercise of
rights equivalent to 322,000 PDRs for the issuance of 322,000
ABS-CBN common shares of stock. In view thereof, the reduction by
322,000 PDRs as represented by PDR Certificate Nos. 717, 722,,726,
725, 728 & 730 from the listed PDRs shall take effect on Monday,
December 4, 2000. This brings the number of PDRs listed arising from
the exercise of 322,000 PDRs to a total of 270,230,000 PDRs. The
designated PDR Agent is hereby authorized to cancel in its books the
above number of PDRs, and to issue the corresponding ABS-CBN
common shares in favor of the exercising PDR holder.

ABS ( 12/07/2000 : AFX )
ABS-CBN Broadcasting Corp is planning to implement cost-cutting
measures next year, which may include an early retirement plan
for employees, a company source told BusinessWorld.
BusinessWorld said the move is part of the overall cost-cutting
strategy being undertaken by the Lopez family's group of companies.
"We're implementing a lot of shared services in terms of financial
management so there are redundant positions," an official told
BusinessWorld, adding the retrenchment will not be "massive." The
official said some personnel may be transferred to other departments,
or undergo training for other skills next year.

ABS ( 12/08/2000 : AFX )
ABS-CBN Broadcasting Corp expects 15 pct year-on-year net profit
growth this year, vice president for finance Randy Estrellado said.
"We feel at this point we'll still be able to do 15 pct growth for year
2000, and 2001 is something we're working on," Estrellado said in a
television interview. ABS-CBN reported a net profit of 2.003 B pesos
in 1999. Estrellado said ABS-CBN was looking to for lower capital
expenditure next year of 2.5 B pesos, in line with the general
economic environment and the expansion of the company's media
network which was almost completed this year. "Basically most of the
major capital expenditures have been done this year. As everyone
knows the economic prospects are fairly iffy at this point", he said. If
necessary, the group will "just slow down the digitalisation of our
content," he added. ABS-CBN group includes movie outfit Star
Cinema, TV units Studio 23, ABS-CBN Channel 2 and The Filipino
Channel, Star Records and post-production company Road Runner.
"ABS (2) continues to do well, and other subsidiaries have
contributed to the bottomline. ABS-CBN International has almost
100,000 subscribers worldwide, Star Cinema had a good year, Studio
23 is on its second year of profitability, Star Records and Road
Runner will make money this year," Estrellado said.

ABS ( 12/13/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exercise of
rights equivalent to 999,000 PDRs for the issuance of 99,000
ABS-CBN common shares of stock. In view thereof, the reduction by
999,000 PDRs as represented by PDR Certificate Nos. 736, 743, 737,
734, 744, 746, 748, 749, 751, 752, 758, 757, 755, 762, 760 & 761 from
the listed PDRs shall take effect on Wednesday, December 13, 2000.
This brings the number of PDR Agent is hereby authorized to cancel in
its books the above number of PDRs, and to issue the corresponding
ABS-CBN common shares in favor of the exercising PDR holder.

ABS ( 12/13/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exercise of
rights equivalent to 610,000 PDRs for the issuance of 610,000
ABS-CBN common shares of stock. In view thereof, the reduction by
610,000 PDRs as represented by PDR Certificate Nos. 764, 765, 767,
768, 771, 770, 776, 777, 778 & 780 from the listed PDRs shall take
effect on Thursday, December 14, 2000. This brings the number of
PDRs listed arising from the exercise of 610,000 PDRs to a total of
268,62,000 PDRs. The designated PDR Agent is hereby authorized to
cancel in its books the above number of PDRs, and to issue the
corresponding ABS-CBN common shares in favor of the exercising
PDR holder.

ABS ( 12/19/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exercise of
rights equivalent to 180,000 PDRs for the issuance of 180,000
ABS-CBN common shares of stock. In view thereof, the reduction by
180,000 PDRs as represented by PDR Certificate Nos. 781, 784 & 783
from the listed PDRs shall take effect on Wednesday, December 20,
2000. This brings the number of PDRs listed arising from the exercise
of 180,000 PDRs to a total of 268,441,000 PDRs. The designated PDR
Agent is hereby authorized to cancel in its books the above number of
PDRs, and to issue the corresponding ABS-CBN common shares in
favor of the exercising PDR holder.

ABS ( 12/27/2000 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices form the ABS-CBN shareholders for the exercise of
rights equivalent to 561,200 PDRs for the issuance of 561,200
ABS-CBN common shares of stock. In view thereof, the reduction by
561,200 PDRs as represented by PDR Certificate Nos. 772, 786, 787,
792, 794, 790, 797, 796, 799, 800, 802, 803 & 804 from the listed
PDRs shall take effect on Thursday, December 28, 2000. This brings
the number of PDRs listed arising from the exercise of 561,200 PDRs
to a total of 267,879,800 PDRs. The designated PDR Agent is hereby
authorized to cancel in its books the above number of PDRs, and to
issue the corresponding ABS-CBN common shares in favor of the
exercising PDR holder.

ABS ( 01/10/2001 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exercise of
rights equivalent to 45,500 PDRs for the issuance of 45,500 ABS-CBN
common shares of stock. In view thereof, the reduction by 45,500
PDRs as represented by PDR Certificate Nos. 809 & 811 from the
listed PDRs shall take effect on Thursday, January 11, 2001. This
brings the number of PDRs listed arising from the exercise of 45,500
PDRs to a total of 267,834,300 PDRs. The designated PDR Agent is
hereby authorized to cancel in its books the above number of PDRs,
and to issue the corresponding ABS-CBN common shares in favor of
the exercising PDR holder.

ABS ( 01/11/2001 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exercise of
rights equivalent to 108,200 PDRs for the issuance of 108,200
ABS-CBN common shares of stock. In view thereof, the reduction by
108,200 PDRs as represented by PDR Certificate Nos. 818,822 & 822
from the listed PDRs shall take effect on Friday, January 12, 2001. The
brings the number of PDRs listed arising form the exercise of 108,200
PDRs to a total of 267,726,100 PDRs. The designated PDR Agent is
hereby authorized to cancel in its books the above number of PDRs,
and to issue the corresponding ABS-CBN common shares in favor of
the exercising PDR holder.

ABS ( 01/19/2001 : AFX )
ING Barings said it sees upside in selected Philippine stocks, including
PLDT, SM Prime Holdings and ABS-CBN, assuming a prompt resolution
of the ongoing crisis. ING said the "next couple of weeks will be
crucial in determining the outlook for the rest of the year" for the
Philippine market. "If people power swells to a critical level, the political
uncertainty could be resolved earlier and (the country can) avoid a
more difficult economic environment for the rest of the year," ING said
in a statement. Its target for PLDT is at 1,100 pesos against today's
close of 865, SM Prime at 6.90 against today's close of 5.40, and ABS
at 58 pesos against today's close of 44.50.

ABS ( 01/29/2001 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
40,000 ABS-CBN common shares with 40,000 PDRs. In view thereof,
the listing of the 40,000 PDRs as represented by PDR Certificate Nos.
826 is set on Tuesday, January 30, 2001. This brings the number of
PDRs listed arising from the exchange of 40,000 ABS-CBN shares to
a total of 267,766,100 PDRs. The designated PDR Agent is hereby
authorized to record and register in its books the above-mentioned of
PDRs.

ABS ( 01/30/2001 : AFX )
The Exchange approved on September 8, 1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received notices
from the ABS-CBN shareholders for the exercise of rights equivalents
to 139,000 PDRs for the issuance of 139,000 ABS-CBN common
shares of stock. In view thereof, the reduction by 139,000 PDRs as
represented by PDR Certificate Nos. 834 & 835 from the listed PDRs
shall take effect on Wednesday, January 31, 2001. This brings the
number of PDRs listed arising from the exercise of 139,000 PDRs to a
total of 267,627,100 PDRs. The designated PDR Agent is hereby
authorized to cancel in its books the above number of PDRs, and to
issue the corresponding ABS-CBN common shares in favor of the
exercising PDR holder.

ABS ( 02/02/2001 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exercise of
rights equivalent to 147,000 PDRs for the issuance of 147,000
ABS-CBN common shares of stock. In view thereof, the reduction by
147,000 PDRs as represented by PDR Certificate Nos. 838, 837 & 840
from listed PDRs shall take effect on Monday, February 5, 2001. This
brings the number of PDRs listed arising from the exercise of 147,000
PDRs to a total of 267,480,100 PDRs. The designated PDR Agent is
hereby authorized to cancel in its books the above number of PDRs,
and to issue the corresponding ABS-CBN common shares in favor of
the exercising PDR holder.

ABS ( 02/06/2001 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exercise of
rights equivalent to 218,900 PDRs for the issuance of 218,900
ABS-CBN common shares of stock. In view thereof, the reduction by
218,000 PDRs as represented by PDR Certificate Nos. 844 & 842 from
the listed PDRs shall take effect on Wednesday, February 7, 2001.
This brings the number of PDRs listed arising from the exercise of
218,900 PDRs to a total of 267,261,200 PDRs. The designated PDR
Agent is hereby authorized to cancel in its books the above number of
PDRs, and to issue the corresponding ABS-CBN common shares in
favor of the exercising PDR holder.

ABS ( 02/12/2001 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exercise of
rights equivalent to 218,500 PDRs for the issuance of 218,500
ABS-CBN common shares of stock. In view thereof, the reduction by
218,500 PDRs as represented by PDR Certificate Nos. 851, 843 & 850
from the listed PDRs shall take effect on Tuesday, February 13, 2001.
This brings the number of PDRs listed arising from the exercise of
218,500 PDRs to a total of 267,042,700 PDRs. The designated PDR
Agent is hereby authorized to cancel in its books the above number of
PDRs, and to issue the corresponding ABS-CBN common shares in
favor of the exercising PDR holder.

ABS ( 02/21/2001 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exercise of
rights equivalent to 11,700 PDRs for the issuance of 11,700 ABS-CBN
common shares of stock. In view thereof, the reduction by 11. 700
PDRs as represented by PDR Certificate Nos. 854 & 856 from the
listed PDRs shall take effect on Tuesday, February 20, 2001. This
brings the number of PDRs listed arising from the exercise of 11,700
PDRs to a total of 267,031,000 PDRs. The designated PDR Agent is
hereby authorized to cancel in its books the above number of PDRs,
and to issue the corresponding ABS-CBN common shares in favor of
the exercising PDR holder.

ABS ( 03/05/2001 : AFX )
ABS-CBN Holdings Corp said it will list an additional 255,500 Philippine
Deposit Receipts (PDRs) tomorrow. ABS-CBN Holdings said this will
bring the total number of its listed PDRs to 267,286,500. In 1999, the
stock exchange approved the company's application to list a maximum
of 272 M PDRs. ABS-CBN Holdings closed up 1.0 peso at 47 on
volume of 249,100 shares.

ABS ( 03/05/2001 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
255,500 ABS-CBN common shares with 255,500 PDRs. In view
thereof, the listing of the 255,500 PDR Certificate Nos. 897, 899 & 900
is set on Tuesday, March 6, 2001. This brings the number of PDRs
listed arising from the exchange of 255,500 ABS-CBN shares to a
total of 267,286,500 PDRs. The designated PDG Agent is hereby
authorized to record and register in its books the above-mentioned
number of PDRs.

ABS ( 03/23/2001 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection , please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exercise of
rights equivalent to 10,000 PDRs for the issuance of 10,000 ABS-CBN
common shares of stock. In view thereof, the reduction by 10,000
PDRs as represented by PDR Certificate Nos. 909 from the listed PDRs
shall take effect on Monday, March 26, 2001. This brings the number
of PDRs listed arising from the exercise of 10,000 PDRs to a total of
267,296,500 PDRs. The designated PDR Agent is hereby authorized to
cancel in its books the above number of PDRs, and to issue the
corresponding ABS-CBN common shares in favor of the exercising
PDR holder.

ABS ( 03/29/2001 : AFX )
ABS-CBN Broadcasting Corp said its board has approved a budget of
2.3 B pesos for capital expenditure this year, to be taken from last
year's unrestricted retained earnings. ABS-CBN told the stock
exchange its board also agreed to pay shareholders as of April 25 a
0.60 peso per share cash dividend on or before May 25. The ex-cash
date was set for April 20. The board also set the company's AGM for
May 24.

ABS ( 03/29/2001 : AFX )
ABS-CBN Broadcasting Corp expects double-digit growth in revenues
this year, chief financial officer Randy Estrellado said. "We are looking
at revenue growth in the double digit numbers basically in line with the
projected growth in ads spent over the year," Estrellado told
ABS-CBN News. Asked on whether television advertisement
spending related to the May local and congressional elections will help
boost ABS-CBN's revenues, Estrellado said: "Not so much (that of its
station) Channel 2 as we are practically fully loaded. "Any political
advertising will just be displacing existing advertisers. At the very
least, political ad spending will probably benefit our regional television
and radio stations." Estrellado said that he would like to clarify the
statement made earlier about capital expenditure for this year. He said
ABS-CBN plans capital expenditure of 3.5 B pesos for 2001 which 2.3
B will be sourced from retained earnings last year. The rest will be
funded through internally generated cash and new borrowings. In the
earlier statement, the company gave its 2001 capex at 2.3 B pesos.
Estrellado said of the total capital expenditure budget, 1.5 B pesos
will be used for normal maintenance while 1.0 B will complete three
new digital studios being built behind its present complex. At present,
ABS-CBN has 13 studios in Metro Manila and 12 in the provinces.
Estrellado added that 500 M peos will be used for the "digitalisation of
our content" and another 500 M will help fund expansion in the Middle
East. He said plans for ABS-CBN to build a theme park will be pursued
next year. At 10:28 am, ABS-CBN was unchanged at 42 pesos.

ABS ( 03/29/2001 : PSE )
ABS-CBN Broadcasting Corporation (ABS) advised the Exchange,
through SEC Form 11-C, that at the Board of Directors meeting held on
28 March 2001, the Board declared a cash dividend of sixty centavos
(PhP0.60) per share to stockholders of record as of 25 April 2001
payable on or before 25 May 2001. The Board also approved the
appropriation of Two Billion Three Hundred Million Pesos
(PhP2,300,000,000.00) from the unrestricted retained earnings of the
Corporation as of 31 December 2000 for capital expenditures of the
Corporation for the year 2001. The Board also authorized the
postponement of the annual stockholders' meeting to 24 May 2001.
The details of the said cash dividend are as follows:
CASH DIVIDEND
CASH - PhP0.60 per share
EX-CASH - 20 April 2001
RECORD DATE - 25 April 2001
DATE PAYABLE - on or before 25 May 2001

ABS ( 04/02/2001 : AFX )
ABS CBN Broadcasting Corp 2000 results:
Net profit - 2.261 B pesos vs 2.003 B
Operating Revenue - 9.319 B pesos vs 7.669 B
Operating Expenses - 6.079 B pesos vs 4.800 B
Operating Income - 3.239 B pesos vs 2.868 B
EPS - 2.94 pesos vs 2.68 pesos
ABS-CBN said its revenue from broadcast operations grew 18 pct
year-on-year to 9.240 B pesos, mainly due to higher advertising rates.
Net sales increased to 1.763 B pesos, up 49 pct from 1999.
Production costs rose 25 pct to 1.710 B pesos, but the company said
this was because of increased efforts to improve station
programming. ABS-CBN said it was planning to control expenses
going forward by digitalising content and implementing shared
services among its subsidiaries. The company said its net debt to
equity ratio stood at 47 pct at the end of 2000, against total
consolidated assets of 21.037 B pesos.

ABS ( 04/17/2001 : AFX )
The Lopez family is considering selling up to 8 pct of their 59 pct
holding in ABS-CBN Broadcasting Corp to raise money for the
debt-burdened Benpres Holdings Corp, the Philippine Daily Inquirer
reported, quoting a source. The source said this was the only liquid
asset the Lopezes could sell at acceptable rates to help relieve
Benpres' financial problems.

ABS ( 04/18/2001 : AFX )
ABS-CBN Broadcasting Corp said it has not issued any advances or
loans to parent firm Benpres Holdings Corp to fund the latter's
financial obligations. "Moreover, it has been a practice of the company
and the members of the Lopez group of companies to deal with its
parent company, affiliates and subsidiaries on an arms-length basis,"
ABS-CBN said.

ABS ( 04/18/2001 : PSE )
( Amounts In Thousands )
Airtime Revenues 7,555,479
Net Sales And Services 1,763,046
Operating Expenses 6,079,117
Income From Operations 3,239,408
Other Income ( Expenses ) 88,305
Income Before Income Tax 3,327,713
Provision For Income Tax 1,066,504
Net Income 2,261,209
Basic Earnings Per Share 2.238
Diluted Earnings Per Share 2.937

ABS ( 04/18/2001 : PSE )
This statement is being issued in connection with the PSE inquiry
concerning ABS-CBN Broadcasting Corp.'s (ABS-CBN) recent share
price decline. The company understands that the decline has been
brought about by speculations on ABS-CBN's advancing of funds to
Benpres Holdings Corporation (Benpres), its beneficial owner, to
finance its funding requirements. In this regard, ABS-CBN would like
to categorically state that the company has not issued any advances
(or loans) to Benpres to fund its obligations. Moreover, it has been a
practice of the company, and the members of the Lopez Group of
Companies, to deal with its parent company, affiliates, and
subsidiaries on an arms-length basis. As has been the company's
practice in the past and as a policy the company intends to maintain in
the future, the company will be informing the investing public and the
exchange if any matter arises that will have a significant impact on the
operations and financial performance of the company.

ABS ( 04/20/2001 : AFX )
ABS-CBN Broadcasting Corp said advances to parent Benpres
Holdings Corp totalling 1.7 B pesos in 1999 and 1.74 B for 2000
were used for the broadcast company's affiliates. ABS-CBN issued
the statement to the exchange following talk in the market that
Benpres borrowed funds from the company to help boost the
financials of its debt-ridden water and telecommunications
subsidiaries. "The company would like to clarify that the 1.7 B and
1.74 B ... are actually composed of mostly advances to direct affiliates
Amcara Broadcasting Network Inc, and Star Cinema Productions Inc,
and ABS-CBN's 9.9 pct investment in Sky Vision which the company
has held since 1999," ABS-CBN said in the statement to the
exchange.

ABS ( 04/20/2001 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange
30,000 ABS-CBN common shares with 30,000 PDRs. In view thereof,
the listing of the 30,000 PDRs as represented by PDR Certificate No.
918 is set on Monday, April 23, 2001. This brings the number of PDRs
listed arising from the exchange of 30,000 ABS-CBN shares to a total
of 267,326,500 PDRs. The designated PDR Agent is hereby authorized
to record and register in its books the above-mentioned number of
PDRs.

ABS ( 04/20/2001 : PSE )
This is with reference to a news article entitled "Lopezes eye sale of
part of ABS-CBN" published in the April 18, 2001 issue of their
Philippine Daily Inquirer. The article reported that "The Lopez group is
seriously considering to trim its holdings in its flagship company,
ABS-CBN Broadcasting Corp., to raise cash for its financially troubled
investment arm Benpres Holdings Corp...While the company decllined
to comment on the impending reduction on the Lopezes' share in
ABS-CBN, officials denied that they were diverting part of ABS-CBN's
cash flow to Benpres Holdings, which led to a sell-off of Lopez socks
yesterday. While ABS-CBN maintained that advances to Benpres from
ABS-CBN fell to P1.7 B last year from P1.79 B the previous year, it did
not reveal advances made during the first quarter this year." ABS, in
its letter, clarified that:
"x x x In reference to the said news article, the company would like to
clarify that the Php1.7 B and Php1.74 B for the year end 1999 and
2000, respectively, mentioned in the article as 'advances to Benpres
from ABS-CBN', are actually composed of mostly advances to direct
affiliates Amcara Broadcasting Network, Inc. and Star Cinema
Productions, Inc., and ABS-CBN's 9.9% investment in Sky Vision
which the company has held since 1999."

ABS ( 04/23/2001 : AFX )
ABS-CBN Broadcasting Corp said it will repurchase up to 10 M
common shares or Philippine Depositary Receipts which it will use
for the company's stock option plan for employees. At the same time,
the broadcast company said it was undertaking the move because its
stock was undervalued. "Given the recent share price decline,
ABS-CBN believes that its share prices are undervalued and not
reflective of the company's strong fundamentals, and dominant
position in its industry," it said in a statement to the exchange.

ABS ( 04/23/2001 : PSE )
ABS-CBN Broadcasting Corporation (ABS-CBN) would like to
announce to the exchange its plan to buy-back a portion of its
common shares or its equivalent in Philippine Depository Receipts
(PDRs). The Company plans to acquire up to 10 M shares or PDRs,
which will be used for the employees stock option plan. Given the
recent share price decline, ABS-CBN believes that its share prices
are undervalued and not reflective of the Company's strong
fundamentals, and dominant position in its industry.

ABS ( 05/11/2001 : AFX )
ABS-CBN Broadcasting Corp reported three months to March net
profit of 420.17 M pesos on revenue of 2.34 B pesos. It said airtime
revenue for the period reached 1.71 B pesos. Operating expenses
totalled 1.65 B pesos while operating income was at 684.16 M.
Earnings per share was 0.55 pesos. The company gave no
comparative figures. Last year, it reported a first quarter net profit of
418.7 M pesos on airtime revenue of 1.8 B pesos. ABS-CBN closed
up 1.00 at 41.00 pesos.

ABS ( 05/11/2001 : PSE )
(In thousands, except per share amounts)
Airtime revenues P 1,710,377
Net Sales and Services 625,938
Total 2,336,315
Operating Expenses 1,652,152
Income from Operations 684,163
Other income (expenses) (65,521)
Income before income tax and
minority interest 618,642
Net Income 420,169
Unappropriated retained
earnings at the beginning
of the period 2,300,000
Unappropraited retained
earnings at end of period 2,425,898
Earnings per share 0.55

ABS ( 05/15/2001 : PSE )
(In Thousands, except per share amounts)
Airtime Revenues 1,710,377
Net Sales and Services 625,938
Total 2,336,315
Operating Expenses 1,652,152
Income from Operations 684,163
Other Income (Expenses) (65,521)
Income before income tax and
minority interest 618,642
Net Income 420,169
Unappropriated retained earnings
at the beginning of period 2,300,000
Unappropriated retained earnings
at end of period 2,425,898
Earnings per share 0.55

ABS ( 05/16/2001 : BW )
Despite higher airtime revenues, net income of ABS-CBN
Broadcasting Corp.and its subsidiaries barely grew at 420.169 M
Philippine pesos (PhP50.321=$1) for the first quarter from PhP418.657
M in the same period last year, unaudited consolidated income
statement showed. Higher expenses offset the increase in revenues
and the "robust performance" of the television was slightly dampened
by declines registered by radio and sports revenues. TV-VHF
accounts for 90% of the airtime revenues while radio and sports
collectively account for about 5% of total airtime revenues. During the
first quarter, airtime revenues totaled PhP2.115 B, up 17.43% from
last year. "This was mainly driven by higher revenues from TV-VHF
(Channel 2) and the consolidation of Studio 23. Airtime revenues from
TV-VHF which account for about 90% of total airtime revenues
maintained its healthy pace growing 15% year-on-year, as the
company continued to dominate ratings during the period, garnering an
average audience share of 44% in Mega Manila, more than all of its
free-to-air competitors combined," the publicly listed firm said in its
report. Operating expenses, on the other hand, was 26.3% higher at
PhP1.652 B from PhP1.308 B year-on-year. Nevertheless, earnings
before income tax, depreciation and amortization (Ebitda) jumped
26.3% to PhP1.009 B from PhP799.013 M in the first quarter last year.
As of end-March, total consolidated assets stood at PhP22.22 B, up
5.6% from PhP21.04 B as of end-2000. The company said majority of
the increase in assets was due to the increase in property and
equipment, which grew by PhP780 M from yearend 2000 on a net
basis. Major capex items for the period included the acquisition of
broadcast equipment and the continuing construction of the
company's new broadcast.

ABS ( 05/16/2001 : PSE )
This has reference to Circular for Brokers No. 784-2001 dated April 4,
2001 pertaining to the cash dividends to be distributed by ABS-CBN
Holdings Corporation ("ABSP" or the "Corporation"). ABSP provided
the Exchange, through SEC Form 17-C dated May 15, 2001, an update
on the aforementioned cash dividend, as follows:
"Based on the audited financial statements of the Corporation as of
December 31, 2000, the cash amount per PDR shall be P0.5924. As
earlier disclosed on March 28, 2001, the record date for PDR holders
who are entitled to receive cash amounts representing dividends
received from ABS-CBN Broadcasting Corporation, less administrative
expenses for the year 2000, is April 25, 2001. The said cash
amounts will be paid and distributed by the Corporation within three
banking days from actual receipt by the Corporation of the dividends
but not later than three banking days from May 25, 2001."
CASH DIVIDEND (UPDATE)
CASH - P0.5924 per PDR
EX-CASH - April 20, 2001
RECORD DATE - April 25, 2001
DATE PAYABLE - May 25, 2001

ABS ( 05/24/2001 : AFX )
ABS-CBN Broadcasting Corp will seek to expand its international
coverage and produce shows for overseas prime time to ensure
continued revenue growth, company chairman Eugenio Lopez III said.
"It's expansive but it's also defensive," Lopez told reporters after the
company's AGM. "We are looking to expand abroad because we feel
that in terms of mainstream programming, we have outgrown our
ability to continue to fund our growth rate in the local markets. We are
looking at the ASEAN region, to grow beyond just the domestic
markets." He said ABS-CBN is exploring "ways to get our content into
prime time" overseas, adding shows produced for a limited market are
not profitable for the company. "I need a much larger audience so I
can continually improve production lines. That's a key issue," Lopez
said. He said this can be done through its current partnerships with
television broadcasters or by taking a stake in some stations in the
ASEAN region. On the other hand, ABS-CBN International -- which
provides direct-to-home and cable programming for Australia, Japan
and North America -- is expected to contribute 15-16 pct to the
company's revenue this year, from 12 pct in 2000. Lopez said
ABS-CBN International currently adds 2,000 subscribers per month,
and will be making inroads into Canada within the year. Going
forward, ABS-CBN should benefit from the niche markets created by
its varied content platforms in television, publishing, cable, and the
Internet, Lopez said. "Our future growth is going to come primarily
from the niche markets created by its varied content platforms in
television, publishing, cable, and the Internet, Lopez said. "Our future
growth is going to come primarily from the niche markets -- the
upscale market serviced by cable and publishing, the youth primarily
serviced by Studio 23 and the Internet and the broad mainstream
served by Channel 2," he said. At 11:55 am, ABS-CBN was trading up
1.00 at 42 pesos.

ABS ( 05/25/2001 : BW )
In light of stiffer competition both in the domestic and foreign markets,
Lopez-led ABS-CBN Broadcasting Corp. is embarking on an
aggressive international expansion binge with plans to acquire
television stations within the ASEAN region. In an interview following
the company's stockholders meeting yesterday, chairman and chief
executive officer Eugenio Lopez III said the broadcast firm is confident
it has the capacity to go international after establishing a strong
foothold in the Philippine market. "We are looking to expand abroad
because we feel that in terms of mainstream programming, we have
pretty much outgrown our ability to continue to fund our growth rate in
the local market. So we are looking at the ASEAN region to grow
beyond just the domestic market," he said. ABS-CBN is currently in the
process of studying the viability of investing in a number of TV
stations operating in Indonesia, Malaysia, and Thailand. Mr. Lopez said
the management is targeting to close at least one deal within the year.
While not disclosing how much the company will be spending for the
international expansion, the ABS-CBN official said the acquisition cost
will depend on a number of factors. "We're looking at the funding to do
this, it depends on how big the acquisition is going to be. I think the
key in investing in ASEAN countries is (having stakes in) stations. It's
expansive but it's also defensive from the point of view that we have
to be concerned about the fact that the Spanish soaps are very
successful and they cater to half a billion Latin Americans. We're just
producing programs to 70 million Filipinos and we believe we can
produce the same kind of production values that the Latin Americans
soaps can," he said. Mr. Lopez said the company feels it will not be
able to generate profits that will commensurate to its production
values if it will focus operations in the Philippines. Aside from taking
minority interest in regional stations, he said the company is likewise
finding ways to bring its local programs to foreign audience. "We have
a pretty good sense of who the players are, what the situation is, and
when the opportunity arises we will move. We feel that our dramas
are comparable to dramas produced anywhere in the world, and that
our soaps can travel throughout Asia. We feel that when it comes to
the TV business, we understand that our business is a little bit better
than many players in the region. And if we can bring to play what we
have been able to successfully do in the Philippines to other countries,
better for us," he said.

ABS ( 05/25/2001 : PSE )
The Company would like to inform the PSE that at the stockholders
meeting held this morning, the following stockholders were elected as
directors for the ensuing year 2001 to 2002:
Federico M. Garcia Manuel L. Lopez, Jr.
Peter D. Garrucho Oscar M. Lopez
Alberto J. Lopez Federico R. Lopez
Augusto Almeda Lopez Roberto de Ocampo
Eugenio Lopez III Presentacion L. Psinakis
Manuel M. Lopez

ABS ( 05/28/2001 : PSE )
This is with reference to a news article entitled "ABS-CBN plans to
acquire ASEAN television stations" published in the May 25, 2001
issue of the Business World. The article reported that ABS-CBN
Broadcasting Corp. ("ABS") is embarking on an aggressive
international expansion binge with plans to acquire television stations
within the Association of Southeast Asian Nations (ASEAN) region.
ABS is currently in the process of studying the viability of investment
in a number of TV stations operating in Indonesia, Malaysia and
Thailand. ABS, in its letter, stated that:
"x x x the company would like to confirm that we are in the process of
studying our option to expand in the region through investment in TV
stations in Indonesia, Malaysia and Thailand. No final decision has
been made regarding this matter. x x x"

ABS ( 06/04/2001 : PDI )
ABS-CBN Broadcasting Corp., the Lopez group’s flagship company,
said Friday it would buy back shares that its parent firm, Benpres
Holdings Corp., was set to unload. The company said this move
should help ease Benpres’ debt problems. Benpres is set to sell an
8-percent stake in ABS-CBN, the country’s No. 1 broadcasting firm. It
hopes to earn some $40 M to $50 M from the sale, money that it plans
to use to retire maturing debts within the next two years. In an
interview, ABS-CBN chair and chief executive Eugenio Lopez III said
ABS-CBN would itself buy “some of that (8 percent).” Analysts said
ABS-CBN’s plan to buy back its shares was meant to help Benpres
without diluting its equity structure. It would also help ABS-CBN prop
up its own share price, they said. Benpres is currently short on cash
because of the financial problems of two of its units, Bayan
Telecommunications Inc. and Maynilad Water Services Inc. The debts
of these two companies, mostly dollar-denominated, have ballooned
because of the peso’s sharp depreciation against other currencies.
BayanTel owes about $500 M while Maynilad has about $800 M in
debts. Lopez earlier announced that ABS-CBN would buy back over
P1 B worth of its own shares from the open market because the
company felt its share price was significantly undervalued. “The
market is not rewarding us for the kind of performance that we’ve
had, so we’re looking seriously at a stock buyback, which will benefit
all the remaining stockholders. As you can see, our debt-equity is
really under-leveraged. Many times, foreign investors feel that our
debt-equity structure can be improved, and a significant stock
buyback is one option we’re seriously studying,” Lopez said during
ABS-CBN’s stockholders meeting. ABS-CBN has a market
capitalization of $569 M, of which around $336 M, or 59 percent, is
held by its parent firm, Benpres. Benpres will retain majority control of
ABS-CBN after it unloads 8 percent of its holdings in the broadcasting
firm. Benpres is targeting to conclude a rehabilitation plan for
BayanTel this year. Lopez said any plan to trim down the
telecommunication firm’s debts would depend on the approval of this
plan. “It will have to be after the BayanTel restructuring. I think the
restructuring is not going to drag on until next year. We have high
hopes that it will be done this year,” he said.

ABS ( 06/05/2001 : AFX )
ABS-CBN Broadcasting Corp said its board has approved a plan to
buy back 10 M common shares or the equivalent in Philippine
Depositary Receipts for its employee stock option plan. The company
said the amount of shares that will be bought back represents 1.3 pct
of its total outstanding shares. The purchase will be done in the stock
market, it said. "Any additional share buy back in excess of the
approved amount is still being contemplated by the board in
consideration of what is best for all shareholders," ABS-CBN told the
stock exchange. ABS-CBN issued the statement in response to a
newspaper report that the broadcast firm plans to acquire part of
parent Benpres Holdings Corp's stake in ABS-CBN to help Benpres
trim its debts. ABS-CBN closed flat at 38.00 pesos.

ABS ( 06/05/2001 : AFX )
ABS-CBN Broadcasting Corp said its unit ABS-CBN Interactive Inc has
signed a memorandum of agreement with Yapster E-Trade Inc for an
information swap. "ABS-CBN will provide Yapster with breaking
news and will in turn receive Yapster's research and commentaries,"
ABS-CBN told the stock exchange. At 10:34 am, ABS-CBN was down
0.50 at 37.50 pesos.

ABS ( 06/05/2001 : PSE )
This is with reference to a news article entitled "ABS-CBN ties up
with Yapster" published in the June 4, 2001 issue of the Manila
Bulletin. The article reported that "ABS-CBN recently signed a
partnership with Yapster e-Trade, Inc. for an information swap.
2TradeAsia.com's (Yapster e-Trade's website) financial news and
research can now be viewed through abs-cbnnews.com and
PinoyCentral.com, while ABS-CBN's updated news headline will be
available on 2TradeAsia.com." ABS, in its letter, stated that:
"x x x we would like to confirm that ABS-CBN Broadcasting Corp.
through its wholly owned subsidiary ABS-CBN Interactive, Inc.,
signed a memorandum of agreement with Yapster e-Trade, Inc. for an
information swap. ABS-CBN will provide Yapster with breaking news
and will in turn receive Yapster's research and commentaries.

ABS ( 06/06/2001 : PSE )
This is with reference to a news article entitled "ABS-CBN ties up
with Yapster" published in the June 4, 2001 issue of the Manila
Bulletin. The article reported that "ABS-CBN recently signed a
partnership with Yapster e-Trade, Inc. for an information swap.
2TradeAsia. com's (Yapster e-Trade's website) financial news and
research can now be viewed through abs-cbnnews.com and
PinoyCentral.com, while ABS-CBN's updated news headlines will be
available on 2TradeAsia.com." ABS, in its letter, stated that:
"x x x we would like to confirm that ABS-CBN Broadcasting Corp.
through its wholly owned subsidiary ABS-CBN Interactive, Inc.,
signed a memorandum of agreement with Yapster e-Trade, Inc. for an
information swap. ABS-CBN will provide Yapster with breaking news
and will in turn receive Yapster's research and commentaries."

ABS ( 06/06/2001 : PSE )
This is with reference to a news article entitled "ABS-CBN to help bail
out Benpres" published in the june 4, 2001 issue of the Business
World. The article reported that "ABS-CBN Broadcasting Corp. will
help bail out its mother firm, Benpres Holdings Corp., by acquiring a
protion of Benpres' almost 60% stake in the broadcast network. By
asking ABS-CBN to buy its 8.0% stake in the radio and television
company, Benpres of the wealthy Lopez family hopes to raise
between $40 M and $50 M (or PB to P2.5 B) that will be used to pay
off some debts becoming due. ABS-CBN chairman and chief
executive officer Eugenio Lopez III told reporters on the sidelines of
the network's stockholders meeting last week that ABS-CBN
management is interested in purchasing what Benpres plans to sell.
'Some of that (shares) will be bought by ABS-CBN through a buy
back,' Mr. Lopez said. If the sale goes ahead, the acquisition of
Benpres' 8.0% stake will form part of ABS-CBN's planned buyback
program this year." ABS-CBN Broadcasting Corporation ("ABS"), in a
letter to the Exchange dated June 5, 2001, explained that:
"x x x The company would like to clarify that the amount of stock
buy-back approved by its Board of Directors x x x is only up to 10 M
common shares or its equivalent in Philippine Depository Receipts
(PDR's) for the employee stock option plan. Any additional share
buy-back in excess of the approved amount is still being contemplated
by the Board in consideration of what is best for all shareholders. the
amount of approved buy-back represents about 1.3% of ABS-CBN's
total outstanding shares, and not the whole 8% as mentioned in the
news article. Further, the share buy-back will be purchased by the
company through the stock market. As has been our practice in the
past and a policy we intend to maintain in the future, we will be
informing the investing public and the exchange if any matter arises
that will have a significant impact on the operations and financial
performance of the company.

ABS ( 06/22/2001 : AFX )
The Philippine Stock Exchange said 15.739 M Philippine Depositary
Receipts of ABS-CBN Broadcasting Corp were sold through several
cross deals at an average price of 41.2419 pesos each, or a total of
649.114 M pesos. The bulk of the crosses were done by Jardine
Fleming Exchange Capital Securities Inc. No other details were given.
ABS-CBN PDRs closed 1.00 peso higher at 41.00. ABS-CBN shares
were up 0.50 at 40.50.

ABS ( 07/11/2001 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
17,600 ABS_CBN common shares with 17,600 PDRs. In view thereof,
the listing of the 17,600 PDRs as represented by PDR Certificate No.
963 is set on Thursday, July 12, 2001. This brings the number of PDRs
listed arising from the exchange of 17,600 ABS-CBN shares to a total
of 267,344,100 PDRs. The designated PDR Agent is hereby authorized
to record and register in its books the above-mentioned number of
PDRs.

ABS ( 07/24/2001 : BW )
The regional slump in the television business is threatening to affect
the 12% full year advertising revenue growth target of local media
giant ABS-CBN Broadcasting Corp. of the Lopez Group of Companies.
The region-wide slowdown is likewise seen to impact on the
company's planned international expansion since almost all regional
media firms are undergoing restructuring. "The company said it might
not achieve the 12% advertising revenue target because of the
slowdown. After May, there were no more political ads to rely on to
pull up revenues. So we see this likewise affecting profit growth
which ABS said will fall in the single-digit level," an analyst from a
foreign brokerage house told BusinessWorld. ABS-CBN director for
investor relations Oliver Calma said the management is in talks with
the company's sales personnel to discuss the numbers. As of the first
three months, ABS-CBN generated 420.17 M Philippine pesos
(US$7.87 M at PhP53.387=$1) in net income. Last year, the company
achieved PhP9.24 M gross airtime revenues from broadcast
operations, or 18% higher year-on-year. Analysts, however, are
expecting earnings to grow significantly in the second quarter after
political ads poured in due to the May elections. But without the
earnings from the political ads, the analyst said ABS-CBN is back to
the problem of low advertising revenues as most companies are
cutting down on costs to survive the current economic slowdown. As
to the company's full-year income, the analyst said the market is still
seeing no dramatic change in year-end figures from PhP2.26 B. The
management will also have to shell out funds to finance capital
expenditure requirements this year amounting to PhP3.5 B. Of this
amount, at least PhP2.3 B will be sourced from ABS-CBN's retained
earnings while some PhP1.2 B will come from local borrowings. The
bulk of the program expenditures will be used for the maintenance of
broadcast equipment amounting to PhP1.5 B. At least PhP1 B will also
go to complete the company's new headquarters in Quezon City
(central Metro Manila). The media firm will also be spending PhP500 M
each for the digitalization of its library and for capital requirements of
wholly owned ABS-CBN International. The broadcasting firm has also
announced plans of embarking on an aggressive international
expansion binge through the purchase of television stations within the
Association of Southeast Asian Nation (ASEAN) region.

ABS ( 08/09/2001 : AFX )
Benpres Holdings Corp unit ABS-CBN Broadcasting Corp said higher
depreciation and interest charges weighed on its interim net profit for
the six months to June, which fell 13 pct year-on-year to 900.88 M
pesos. In a statement, ABS-CBN said depreciation costs rose 47 pct
to 455 M pesos compared with year-ago levels as broadcast
equipment acquired late last year began depreciation during the
period. The company said growth in its airtime revenue was largely
driven by the sustained healthy performance of its free-to-air
television station Channel 2, with 86 pct of the total airtime revenue
coming from the channel. But this growth was dampened by declines
in its radio broadcasting and sports programming, it said. "The weak
performance of these segments of the company's revenue base was
largely due to to the general decline in niche advertising sales...as
advertisers concentrate more on dominant mass market advertising
media such as Channel 2 during poor economic conditions," it said.
Net sales and services amounted to 1.271 bln pesos in the first half,
compared with 832.16 M a year earlier, with the bulk of the increase
delivered by ABS-CBN International which generated revenues of 916
M pesos, up 59 pct from a year earlier, it said. ABS-CBN
International's customer base stood at 116,602 cable and
direct-to-home video subscribers in North America, Middle East and
Asia Pacific, it said. ABS-CBN closed 0.50 peso lower at 37.50.

ABS ( 08/13/2001 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
87,400 ABS-CBN common shares with 87,400 PDRs. In view thereof,
the listing of the 87,400 PDRs as represented by PDR Certificate NOs.
990 & 991 is set on Tuesday, August 14, 2001. This brings the
number of PDRs listed arising from the exchange of 87,400 ABS-CBN
shares to a total of 267,431,500 PDRs.

ABS ( 08/29/2001 : AFX )
ABS-CBN Broadcasting Corp said its board approved the issuance of
up to 1.5 B pesos worth of notes and up to 1.5 B pesos worth of
bonds to qualified holders. No other details were given. At 10.41 am,
ABS-CBN was unchanged at 34.00 pesos.

ABS ( 08/29/2001 : PSE )
This is to notify the Exchange that the Board of Directors of ABS-CBN
Broadcasting Corporation (ABS-CBN) duly authorized the issuance of
up to Php1.5 B worth of Notes and up to Php1.5 B worth of Bonds to
qualified holders.

ABS ( 08/30/2001 : PDI )
ABS-CBN Broadcasting Corp. is raising three B pesos (58.6 M
dollars) in fresh financing to beef up its infrastructure and face stiffer
competition with the entry of telecom giant Philippine Long Distance
Telephone Co. (PLDT) into rival GMA Network Inc. In a disclosure to
the Philippine Stock Exchange Wednesday, ABS-CBN vice president
Randolph Estrellado said the company’s board had approved the
issuance of new debt papers. Half of the issuance will consist of
notes or short-term IOUs while the rest will consist of bonds to be
sold to qualified holders, usually institutional investors. At least one
B pesos of the proceeds from the offerings will be used to
augment the company’s 3.5-B-peso budget for capital expenditure
this year while the rest is for future expansion activities. Among the
company’s future plans is to tap offshore markets for its television
programs such as soap operas. The strategy is to buy into foreign
broadcasting stations within the Southeast Asian region in order to
export these programs. The 3.5-B-peso capital program for this
year is one B pesos or 40 percent higher than the budget last
year. All of the company’s 2.3 B pesos in profits last year had
already been budgeted as part of the program. A big portion of the
budget is for building infrastructure to make sure that ABS-CBN, the
flagship company of the Lopez group, would be digitally ready.
ABS-CBN is also constructing a new ABS-CBN complex within the
company compound in order to house three new fully digital studios
and more office space. Likewise part of the expansion plan is to
strengthen ABS-CBN’s subsidiaries, particularly Studio 23 which
caters to the upper scale audience. ABS-CBN believes it has enough
leeway to borrow because it is under-leveraged, with a 40-percent
net debt-to-equity ratio. With PLDT buying into GMA 7, analysts expect
ABS-CBN to work harder to maintain its leadership and cope with the
race toward convergence. The PLDT group, which is controlled by
Hong Kong-based conglomerate First Pacific Co. Ltd., has entered the
broadcasting business in order to provide the content for its initiatives
toward convergence, or the eventual fusion of telecommunications,
broadcast and Internet services.

ABS ( 09/03/2001 : AFX )
ABS-CBN Broadcasting Corp said it plans to issue up to 3 B pesos
worth of notes and bonds in three tranches each to raise capital and
fund capital expenditures. In a statement to the stock exchange,
ABS-CBN said the initial amount of the notes will be 1 B pesos, to be
issued in a 5 year and 1 day fixed rate tranche, a 7 year fixed rate
tranche, and a five year and 1 day floating rate tranche. The bonds,
also worth 1 B pesos initially, will be broken down into 5 year fixed
and floating rate tranches and a 7-year fixed rate tranche. The
company said it has the option to increase the amount of the notes
and bonds to 1.5 B pesos each. The notes will be exchangeable for
the bonds while the 7-year fixed rate bonds will be issued in
exchange of the notes. ABS-CBN said the applicable spread on the
rates will be determined shortly before the issue of the instruments.
At 11.26 am, ABS-CBN was flat at 33.00 pesos.

ABS ( 09/03/2001 : PSE )
This is with reference to Circular for Brokers No. 2193-2001 dated
August 29,2001 pertaining to ABS-CBN Broadcasting Corporation's
("ABS") issuance of up to Php1.5 B worth of Notes and up to Php 1.5
B worth of Bonds to qualified holders. ABS, in its letter dated August
30, 2001, provided the Exchange the following additional information in
connection with the aforementioned matter:
"x x x
Reason for the issuance : To raise capital
Proceeds of funds : To finance various capital expenditures
and permanent working capital
Principal amount of the issue : Exchangeable Notes (to be
exchangeable to Bonds) Php1.0 B with an option to increase up to
Php1.5 B to be issued in three (3) tranches as follows:
5-years and 1 day Fixed Rate
7-year Fixed rate
5-years and 1 day Floating Rate
The final allocation per tranche will be determined prior to the signing
of the Exchangeable Notes Facility Agreement.
Bonds: Php1.0 B with an option to Php1.5B, broken down into three
series as follows:
ABS[06]FR (5-year floater)
ABS[06]FX (5-year fixed)
ABS[08]FX (7-year fixed)*
* The 7-year Bonds shall solely be issued in exchange of the Notes.
Interest Rate : The Floating Interest Rate shall be based
on an applicable Base Rate plus a spread. The final spread shall be
determined prior to the signing of the Exchangeable Notes Facility
Agreement (in the case of the Exchangeable Notes) and prior to
Public Issue Date (in the case of the Bonds)
The Fixed Interest Rate shall be a fixed rate per annum which shall
provide a yield-to-maturity equal to the relevant Benchmark Yield for
Fixed Rate Treasury Notes ("FXTN") plus an applicable spread.
Terms of payment : Principal repayment: Principal will be
redeemed at par on their respective maturities of 5 years plus 1 day,
and 7 years.
Interest payment: Interest shall be payable quarterly in arrears,
computed based on the outstanding balance, with payments
commencing at the end of the first quarter from Issue Date.

ABS ( 09/10/2001 : PSE )
The Exchange approved on September 8,1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from the ABS-CBN shareholders for the exercise of rights
equivalent to 13,700 PDRs for the issuance of 13,700 ABS-CBN
common shares of stock. In view thereof, the reduction by 13,700
PDRs as represented by PDR Certificate No. 1001 from the listed
PDRs shall take effect on Tuesday, September 11, 2001. This brings
the number of PDRs listed arising from the exercise of 13,700 PDRs to
a total of 267,417,800 PDRs. The designated PDR Agent is hereby
authorized to cancel in its books the above number of PDRs, and to
issue the corresponding ABS-CBN common shares in favor of the
exercising PDR holder.

ABS ( 09/19/2001 : PSE )
The Exchange approved on September 8,1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from the ABS-CBN shareholders for the exercise of rights
equivalent to 8,400 PDRs for the issuance of 8,400 ABS-CBN
common shares of stock. In view thereof, the reduction by 8,400
PDRs as represented by PDR Certificate No. 1011 from the listed
PDRs shall take effect on Tuesday, September 20, 2001. This brings
the number of PDRs listed arising from the exercise of 8,400 PDRs to
a total of 267,409,400 PDRs. The designated PDR Agent is hereby
authorized to cancel in its books the above number of PDRs, and to
issue the corresponding ABS-CBN common shares in favor of the
exercising PDR holder.

ABS ( 10/08/2001 : PSE )
The Exchange approved on September 8,1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from the ABS-CBN shareholders for the exercise of rights
equivalent to 48,000 PDRs for the issuance of 48,000 ABS-CBN
common shares of stock. In view thereof, the reduction by 48,000
PDRs as represented by PDR Certificate No. 1015 from the listed
PDRs shall take effect on Tuesday, October 09, 2001. This brings
the number of PDRs listed arising from the exercise of 48,000 PDRs to
a total of 267,361,400 PDRs. The designated PDR Agent is hereby
authorized to cancel in its books the above number of PDRs, and to
issue the corresponding ABS-CBN common shares in favor of the
exercising PDR holder.

ABS ( 10/09/2001 : PSE )
Further to Circular for Brokers No. 1349-2001 dated May 25, 2001,
pertaining to the result of the Annual Stockholders' Meeting of
ABS-CBN Broadcasting Corporation ("ABS" or the "Corporation") held
on May 24, 2001, ABS advised the Exchange that during the said
meeting, the following persons were elected as independent
directors:
1. Roberto de Ocampo
2. Alberto J. Lopez

ABS ( 10/19/2001 : AFX )
ABS-CBN Broadcasting Corp said it has deferred its planned 3.0 B
peso bond issue due to the poor market conditions, BusinessWorld
reported, quoting chief financial officer Randolph Estrellado.
Estrellado said the offering, previously intended for the 2001-2002
funding requirements, was moved to an indeterminate date in 2002.
"Nothing is definite yet because market conditions don't dictate that
we push through with the fundraising. We're also cutting down on
capex since we're preparing for a tough time next year because of
the economic conditions," he said. Estrellado said ABS-CBN has cut
its expenses to 2.5 B pesos from 3 B due to the deferment of the
bonds.

ABS ( 10/22/2001 : PSE )
This is with reference to the news article entitled "ABS-CBN defers
P2 B bond float due to poor economic conditions" published in the
October 19, 2001 issue of the BusinessWorld. The article reported
that "Lopez-led ABS-CBN Broadcasting Corp. has temporarily
deferred its P2 B debt paper issuance slated this year due to
prevailing poor market conditions. In an interview, ABS-CBN vice
president and chief financial officer Randolph T. Estrellado said the
cash-raising program, previously intended to fund 2001-02 capital
expenditure requirements, was moved to an indefinite dare in 2002.
..." ABS-CBN Broadcasting Corporation ("ABS"), in its letter dated
October 19, 2001, stated that: "... In reference to the said news
article, the company would like to confirm that we have postponed to
2002 the issuance of our P2 B bonds due to poor market conditions.
No final date has been set regarding this matter. We shall inform the
public once a final date for issuance has been settled upon. ..."

ABS ( 10/24/2001 : AFX )
ABS-CBN Broadcasting Corp said it is in exploratory talks to identify
possible business opportunities in Indonesia. In a disclosure to the
stock exchange, ABS-CBN said it is considering potential opportunities
in "sale of programming, strategic partnership and other investment
possibilities." ABS-CBN reiterated that it has been studying options to
expand in the region through investments in television stations in
Indonesia, Malaysia and Thailand. The company issued the statement
in reaction to a BusinessWorld report that it is considering acquiring a
49 pct stake in PT Indosiar Visual Mandiri. A Jakarta newspaper
reported yesterday that the Indonesian Bank Restructuring Agency
has short-listed ABS-CBN to be among seven investors that can bid
for a stake in PT Indosiar.

ABS ( 10/24/2001 : PSE )
This is with reference to the news article entitled "ABS-CBN in talks
with Indosiar of Indonesia to buy 49% stake" published in the October
23, 2001 issue of the BusinessWorld. The article reported that "... The
Philippines' largest media firm, ABS-CBN Broadcasting Corp., said
yesterday it was in 'initial talks' for a possible investment in Indonesian
television broadcaster PT Indosiar Visual Mandiri. But ABS-CBN
declined to say if it was among bidders for a 49% stake in
state-controlled Indosiar following earlier comments by the arranger of
the sale, Trimegah Sekuritas, that at least one foreign investor had
been short-listed. ... 'I wouldn't like to discuss any detail regarding
how those discussions are going or in what stage (they are at) ... but
let me just say it's still initial,' Oliver Calma, ABS-CBN director for
financial analysis and investor relations said ... 'I think we will
probably have something definite around the later part of this year or
early next year.' ..." ABS-CBN Broadcasting Corporation ("ABS"), in its
letter dated October 23, 2001, stated that: "As stated in a previous
disclosure we made to the Exchange dated May 25, 2001, we are in
the 'process of studying our options to expand in the region through
investments in TV stations in Indonesia, Malaysia and Thailand'. ... we
would like to clarify that the initial talks are primarily exploratory in
nature. The talks are meant to identify possible business opportunities
for ABS-CBN in Indonesia, including the sale of programming, strategic
partnership and other investment possibilities. ..."

ABS ( 10/29/2001 : PDI )
ABS-CBN Broadcasting Corp. is studying the possibility of using
"program placements" to shore up its revenues in view of an
advertising slump. Program placements, or subtle advertising, means
indirectly promoting a product or a service by using a company's
products bearing its logo, trademark or brand name as props in a
program--a bottle of San Miguel Corp. in a TV sitcom, for instance. In
an interview, company investor relations officer Oliver Calma told the
INQUIRER that program placements was "an option we're looking at
every year." The country's No. 1 broadcasting firm is studying how
viable these can be and is looking to television companies in the United
States for guidance, Calma said. "It's a matter of raising revenues
without necessarily sacrificing the quality of our programs," he said.
Calma said ABS-CBN would decided on whether to use program
placements next month. Using program placements to shore up
revenues is not new to the broadcasting world, Calma said. He said
when The Coca-Cola Co. bought a stake in Columbia Pictures, the
Coke logo would regularly appear in certain shows. Analysts have
warned that the weak domestic economy, aggravated by a global
recession induced by the Sept. 11 terrorist attacks in New York and
Washington, will weigh heavily on advertising spending in the next
two years. This, in turn, will hit the bottom line of media companies like
ABS-CBN. Calma said ABS-CBN was also cautiously approaching
plans to raise its advertising rates if only to compensate for flat
advertising minutes. The company is looking at a lower rate increase
of around 10 percent next year as against the usual 15-percent
annual hike, he said. Apart from its own slow financial take, ABS-CBN
has also seen a decline in the revenues of its UHF subsidiary, Studio
23, as advertisers have found it more beneficial to focus on the
broader audience of VHF station Channel 2. Channel 2 is expected to
continue seeing a 10-percent growth in revenues this year, while
Studio 23 is expected to post a 20-percent slowdown. Last week,
ABS CBN announced that it was holding talks for a possible
investment in an Indonesian television company as part of its strategy
to generate more revenues by exporting certain TV programs to
markets abroad. The company also had to defer earlier the issuance
of 3 billion pesos in debt papers for its infrastructure needs. Half of
the issuance was supposed to be comprised of short-term IOUs while
the rest would have been bonds to be sold to qualified holders,
usually institutional investors.

ABS ( 11/05/2001 : PSE )
The Exchange approved on September 8,1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from the ABS-CBN shareholders and the PDR holders for the
exchange of 11,300 ABS-CBN common shares with 11,300 PDRs
and the exercise of rights equivalent to 21,100 PDRs for the issuance
of 21,100 ABS-CBN common shares of stock. In view thereof, the
listing of the 11,300 PDRs (as represented by PDR Certificate No.
1022) and the reduction by 21,100 PDRs (as represented by PDR Nos.
1020) from the listed PDRs shall take effect on Tuesday, November 6,
2001. This brings the number of PDRs listed arising from the exchange
of 11,300 ABS-CBN shares and the exercise of 21,100 PDRs to a
total of 267,351,600 PDRs. The designated PDR Agent is hereby
authorized to record and register in its books the additional 11,300
PDRs, to cancel in its books the 21,100 PDRs and to issue the
corresponding 21,100 ABS-CBN common shares in favor of the
exercising PDR holders.

ABS ( 11/12/2001 : AFX )
ABS-CBN Broadcasting Corp three months to September results -
Net revenue - 2.862 B pesos vs 2.728 B
Opg expenses - 2.083 B pesos vs 1.791 B
Opg income - 778.386 M pesos vs 936.966 M
EBITDA - 1.207 B pesos vs 1.303 B
Net profit - 435.519 M pesos vs 614.097 M
EPS - 0.57 peso vs 0.80
Nine months to September results -
Net revenue - 8.010 B pesos vs 6.975 B
Opg expenses - 5.813 B pesos vs 4.727 B
Opg income - 2.196 B pesos vs 2.247 B
EBITDA - 3.391 B pesos vs 3.263 B
Net profit - 1.336 B pesos vs 1.648 B
EPS - 1.74 pesos vs 2.14 pesos
ABS-CBN closed down 1.50 pesos at 24.

ABS ( 11/12/2001 : BW )
Media giant ABS-CBN Broadcasting Corp. is expected to suffer a
huge earnings decline of as much as 21% by end-2001 as the
company struggles to meet higher cost of business and at the same
time, improve operations of its subsidiaries. Local brokerage firm
Philippine Equity Partners, Inc. (PEP) said it is downgrading its full-year
net earnings forecast for the Lopez-led television firm to only 1.83 B
Philippine pesos (US$35.34 M at PhP51.786=$1) from the PhP2.26 B
posted last year. PEP vice-president for research Alfred Dy said the
investment house is likewise scaling down its income expectations for
ABS-CBN in 2002 by 30% to PhP1.867 B. "For (this year), earnings
downgrade is due to the cost of doing business like production costs,
salaries and wages (which) is growing much faster than expected as
ABS-CBN continues to defend its 45% audience share and 35% ad
minutes share," he said. The analyst added that outside of ABS-CBN's
VHF-TV (Channel 2) operations, other businesses have not been
delivering as expected. "For 2002, we are now looking at a no growth
scenario for ad minutes and ad rates in contrast to our initial
assumptions of 5% growth in ad minutes and 15% growth in ad rates.
We believe that our new set of assumptions are warranted given the
current global political and economic situation," Mr. Dy said. ABS-CBN
will join other blue-chip stocks that are expected to suffer lower 2001
earnings despite their resiliency in previous years.

ABS ( 11/13/2001 : PSE )
The Exchange approved on September 8,1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from the ABS-CBN shareholders for the exchange of 85,000
ABS-CBN common shares with 85,000 PDRs. In view thereof, the
listing of 85,000 PDRs as represented by PDR Certificate No. 1028 and
1029 is set on Wednesday, November 14, 2001. This brings
the number of PDRs listed arising from the exchange of 85,000
ABS-CBN shares to a total of 267,436,600 PDRs. The designated PDR
Agent is hereby authorized to record and register in its books the
above number of PDRs.

ABS ( 12/21/2001 : PSE )
ABS-CBN Broadcasting Corporation is gearing up for tough times as
advertising minutes are forecast to remain weak in 2002. Industry
advertising minutes fell up to 15% last October and November versus
the same months in 2000. The fourth quarter is traditionally the season
for the highest ad revenues. Ad minutes have been steadily declining
since July this year. The recent decline was attributed to a general
weakness in consumer demand that forced its advertisers,
particularly in the packaged goods industry, to cut their media
expenses. Total media industry value is expected to shrink by as
much as 30% this year. To remain competitive in a markedly changed
business environment, ABS-CBN plans to cut cash operating
expenses by 15% or as much as P500 M in 2002. The measure
involves reducing manpower by about 3% initially, reducing
production expenses and exploring other efficiencies particularly in
the production side of its operations. ABS-CBN and subsidiaries
employ the largest workforce in the broadcasting and entertainment
industry of over 5,000 regular staff and talents. Some of ABS-CBN's
major talents have also agreed to a decrease in their effective fees as
a means to help the network weather uncertainties next year.
ABS-CBN will also limit capital expenditures to P1B next year. The
company expects that it will depend largely on internally generated
cash to support operations next year.

ABS ( 12/26/2001 : BW )
ABS-CBN Broadcasting Corp. is now inclined to pursue partnerships
than pursue planned acquisitions in its move to go international
following an announcement to implement belt-tightening measures
next year. In an interview, ABS-CBN vice-president and chief financial
officer Randolph T. Estrellado told BusinessWorld the Lopez-owned
broadcast firm is still keen on exploring regional markets although it
would have to keep options open given the continued decline in
advertising revenues. "It really depends on the opportunity that
becomes available. Of course our preference is a partnership that
relies more on our broadcasting expertise," he said. Mr. Estrellado
added that the company is still exploring ventures such as selling local
programs abroad or co-producing with foreign television players to
establish ABS-CBN's presence in the regional arena. An analyst from
a local brokerage firm said partnerships and co-productions would be
cheaper since these will not require substantial investments. Last
week, the company announced that it is cutting down on operating
expenses by 15%, or as much as 500 M Philippine pesos (PhP), next
year since advertising minutes are still seen to remain on the low side.
The cost-cutting program would involve retrenching some of
ABS-CBN's work force, reducing production expenses and "exploring
other efficiencies," particularly in the production side of operations.
The company currently employs a total of 5,000 regular staff and
talents and targets to lay off 3% of the work force initially. It added
that major talents have already agreed to cuts in effective fees to help
the television firm survive further economic difficulties. Capital
expenditures will also be limited to PhP1 B ($19.55 M at
PhP51.153=$1), mainly from internally generated funds. Mr. Estrellado
said next year's capex will primarily be limited to maintenance and
replacement of old broadcasting equipment. Earlier, the company has
already scaled down cash spending this year to only PhP2.5 B from
the original PhP3 B due to the deferment of its PhP2-B debt paper
issuance slated this year. The cash-raising program, previously
intended to fund 2001-2002 capex requirements, was moved to an
indefinite date. The debt papers will consist of PhP1.5-B convertible
notes and PhP1.5-B bonds to be issued to qualified investors. The
unfavorable business climate has taken its toll on the company's
nine-month net earnings which plunged by 19% to PhP1.33 B.

ABS ( 12/26/2001 : BW )
Higher interest expenses pulled down the company's net income for
the period as total debts grew to PhP6 B from only PhP4.9 B. This,
despite the 4% increase in EBITDA (earnings before interest, tax,
amortization and depreciation) to PhP3.39 B and the 15% hike in
consolidated net revenues to PhP8.01 B. Consolidated operating
income also fell by 2% to PhP2.19 B after operating expenses grew
by 23% PhP5.81 B. ABS-CBN International and the consolidation of
Studio 23 in the first semester also affected subsidiary related costs.
Cost of sales and services from expenses of the international
business increased by 42% to PhP1.04 B. Production costs likewise
grew by 16% to PhP1.62 B due to higher expenses from new original
programs launched. Production costs represent ABS-CBN's biggest
cost component. Salaries and employee benefits totalled PhP1.14 B, or
23% higher, due to the growth in employee costs among subsidiaries.
The analyst said the cost reduction measures, plus ABS-CBN's
dwindling earnings, will undoubtedly impact on its international
expansion if it will stick to the original plan of acquiring foreign
television stations. The company has started studying the viability of
investing in a number of broadcasting stations operating in Indonesia,
Malaysia and Thailand. It was targeting to seal at least one deal within
the year but nothing has been finalized. The management was
reported to be in initial talks for a possible 49% buy-in in Indonesian
broadcaster PT Indosiar Visual Mandiri. ABS-CBN programs are
already available in countries like Japan, Australia, Middle East, the US
and Guam through The Filipino Channel. The company said plans are
underway to offer programs to audiences in Canada and Europe.

ABS ( 01/02/2002 : PSE )
The Exchange approved on September 8,1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from the ABS-CBN shareholders for the exercise of rights
equivalent to 100,000 PDRs for the issuance of 100,000 ABS-CBN
common shares of stock. In view thereof, the reduction by 100,000
PDRs as represented by PDR Certificate No. 1041 from the listed
PDRs shall take effect on Thursday, January 03, 2002. This brings
the number of PDRs listed arising from the exercise of 100,000 PDRs
to a total of 267,336,600 PDRs. The designated PDR Agent is hereby
authorized to cancel in its books the above number of PDRs, and to
issue the corresponding ABS-CBN common shares in favor of the
exercising PDR holder.

ABS ( 01/07/2002 : PSE )
The Exchange approved on September 8,1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from the ABS-CBN shareholders for the exercise of rights
equivalent to 100,000 PDRs for the issuance of 100,000 ABS-CBN
common shares of stock. In view thereof, the reduction by 100,000
PDRs as represented by PDR Certificate No. 1047 and 1054 from the
listed PDRs shall take effect on Tuesday, January 08, 2002. This
brings the number of PDRs listed arising from the exercise of 100,000
PDRs to a total of 267,236,600 PDRs. The designated PDR Agent is
hereby authorized to cancel in its books the above number of PDRs,
and to issue the corresponding ABS-CBN common shares in favor of
the exercising PDR holder.

ABS ( 01/09/2002 : BW )
Lopez-led media firm ABS-CBN Broadcasting Corp. has notified the
Department of Labor and Employment (DoLE) of the company's
planned redundancy program. A well-placed source told
BusinessWorld the company sought the approval of the labor agency
on the retrenchment program as early as last month which is allegedly
being questioned by ABS-CBN employees. The source also said the
management met with regular employees who will be directly affected
by the retrenchment program last Friday to explain ABS-CBN's
ongoing cost-reduction approach to the prevailing economic
slowdown. The source claimed the employees did not oppose the
plan although various concerns were raised during the meeting. "The
union has already talked to the management where they aired their
concerns and the management explained the reasons why we're
doing it. Until now they haven't written us a formal notice that they will
be holding a strike," the source said. Rumors of ABS-CBN employees
planning to strike to oppose the retrenchments have circulated over
the weekend. The source said members of two employee
organizations -- the rank-and-file union and the supervisors' union --
have agreed to help the management come up with their own
cost-cutting measures to keep operations afloat despite the crisis.
Some 150 employees will be covered in the redundancy programs
working for the parent company, news subsidiary ABS-CBN News
Channel, Star Cinema, and ABS-CBN Interactive. BusinessWorld
learned the television firm submitted separate notices for every
affected department. The source said only regular employees are
included in the program although talents may also be affected as the
company plans to cut down on programs. "We have already started
cutting down the length of the programs so talents tied to those
programs will definitely be affected," the source said. Aside from the
150 regular workers that will be laid off, ABS-CBN will file separate
notices for less than 100 more employees. ABS-CBN currently
employs a total of 5,000 regular staff and talents. Official comment
from the ABS-CBN management was unavailable as of press time.
Late last month, the country's leading television company announced
that it is cutting down on operating expenses by 15%, or as much as
500 M Philippine pesos (PhP), next year due to the gloomy forecast for
advertising minutes.

ABS ( 01/09/2002 : BW )
The cost-cutting program would involve laying off some of the
company's work force, reducing production expenses and exploring
other efficiencies particularly in the production side of operations.
ABS-CBN targets to lay off 3% of the work force initially. It added that
major talents have agreed to cuts in effective fees. The company is
also limiting its capital expenditures (capex) to PhP1 B ($19.37 M at
PhP51.637=$1) to be sourced from internally generated funds. Capex
for this year will also be primarily limited to maintenance and
replacement of old broadcasting equipment. As of the first nine
months of 2001, the media firm's net earnings slipped by 19% to
PhP1.33 B due to higher interest expenses on debts amounting to
PhP6 B. Consolidated operating income also fell by 2% to PhP2.19 B.

ABS ( 01/11/2002 : PSE )
The Exchange approved on September 8,1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from the ABS-CBN shareholders for the exercise of rights
equivalent to 460,000 PDRs for the issuance of 460,000 ABS-CBN
common shares of stock. In view thereof, the reduction by 460,000
PDRs as represented by PDR Certificate No. 1053 and 1056 from the
listed PDRs shall take effect on Monday, January 14, 2002. This
brings the number of PDRs listed arising from the exercise of 460,000
PDRs to a total of 266,776,600 PDRs. The designated PDR Agent is
hereby authorized to cancel in its books the above number of PDRs,
and to issue the corresponding ABS-CBN common shares in favor of
the exercising PDR holder.

ABS ( 01/18/2002 : AFX )
ABS-CBN Broadcasting Corp's two labor unions are protesting
management's efforts to cut costs, BusinessWorld reported, quoting
sources in the company. ABS-CBN plans to retrench about 150
employees under its cost-cutting plan. These include employees for
the parent, and units ABS-CBN News Channel, Star Cinema and
ABS-CBN Interactive. "We're still going through meetings. There's no
notice yet they will stage a strike. The management is negotiating with
them each and every item that they raised and hopefully they can
come up with a compromise," an official said.

ABS ( 01/29/2002 : PSE )
The Exchange approved on September 8,1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from the ABS-CBN shareholders for the exchange of 56,000
ABS-CBN common shares with 56,000 PDRs. In view thereof, the
listing of the 56,000 PDRs (as represented by PDR Certificate No.
1063) is set on Wednesday, January 30, 2002. This brings the number
of PDRs listed arising from the exchange of 56,000 ABS-CBN shares
to a total of 266,832,600 PDRs.

ABS ( 01/31/2002 : PSE )
The Exchange approved on September 8,1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from the ABS-CBN shareholders for the exchange of 142,300
ABS-CBN common shares with 142,300 PDRs. In view thereof, the
listing of the 142,300 PDRs (as represented by PDR Certificate No.
1065 and 1068) is set on Friday, February 1, 2002. This brings the
number of PDRs listed arising from the exchange of 142,300
ABS-CBN shares to a total of 266,974,900 PDRs.

ABS ( 02/04/2002 : PSE )
The Exchange approved on September 8,1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from the ABS-CBN shareholders for the exchange of 613,000
ABS-CBN common shares with 613,000 PDRs. In view thereof, the
listing of the 613,000 PDRs (as represented by PDR Certificate Nos.
1069, 1070 and 1071) is set on Tuesday, February 5, 2002. This
brings the number of PDRs listed arising from the exchange of
613,000 ABS-CBN shares to a total of 267,587,900 PDRs.

ABS ( 02/07/2002 : PSE )
The Exchange approved on September 8,1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from the ABS-CBN shareholders for the exchange of 240,000
ABS-CBN common shares with 240,000 PDRs. In view thereof, the
listing of the 240,000 PDRs (as represented by PDR Certificate Nos.
1072 and 1073) is set on Friday, February 8, 2002. This
brings the number of PDRs listed arising from the exchange of
240,000 ABS-CBN shares to a total of 267,827,900 PDRs.

ABS ( 02/11/2002 : PSE )
The Exchange approved on September 8,1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from the ABS-CBN shareholders for the exchange of 154,000
ABS-CBN common shares with 154,000 PDRs. In view thereof, the
listing of the 154,000 PDRs (as represented by PDR Certificate Nos.
1075 and 1076) is set on Tuesday, February 12, 2002. This
brings the number of PDRs listed arising from the exchange of
154,000 ABS-CBN shares to a total of 267,981,900 PDRs.

ABS ( 02/12/2002 : AFX )
ABS-CBN Broadcasting Corp's net profit in 2001 is likely to have fallen
around 30 pct from the year earlier profit of 2.261 B pesos due to a
slowdown in advertising revenue, the company's vice president
for finance Randolph Estrellado said. "As indicated in the earlier
releases, we did have a bad fourth quarter which affected our
earnings for the full year," he said in a local television interview.
Asked to confirm whether ABS-CBN's net profit in 2001 is expected to
fall by 30 pct from the 2000 level, Estrellado replied: "That's within the
range." Estrellado said the network expects a flat net profit growth
this year, with companies still cautious about spending on advertising.
ABS-CBN reported that in the nine months to September, airtime
revenues amounted to 7.496 B pesos. "If we talk to a lot of agencies,
we are still maintaining our share of ad spending, but the ad buying
has gone down," he said. "For 2002, we're projecting flat revenue
compared to last year. January for instance was relatively flat," he
said, but gave no figures. Estrellado said the depreciation costs for
ABS-CBN's studio and equipment are also additional charges which
will weigh on its 2002 bottom line. He said ABS-CBN is trying to
overcome the drop in advertising revenue "by implementing a lot of
measures that will cut our cash operating expenses by around 13
pct." "However, there are additional expenditures such as
depreciation on our new studios and equipment...that's why bottom
line will still be flat," he said. But Estrellado said ABS-CBN will have no
problems settling a 500 M peso term loan maturing this March. The
five-year term loan was acquired to finance the expansion of
ABS-CBN's broadcasting facilities. "We're building up the cash (to pay
for the loan)," he said, adding that the company has enough cashflow
for maturing obligations with an average EBITDA of 4 B pesos
annually. "There is enough (cash), as long as we are able to maintain
control of capex there should be no trouble in paying down
obligations." Estrellado said ABS-CBN has maintained a net interest
bearing debt to equity ratio of about 52 pct. He said debt amounts to
6.7 B pesos while equity stands at 12.5 B. ABS-CBN will maintain
capital spending at a minimum this year, at 1 B pesos, against the
annual average capex of 2.5 B pesos over the last three years,
Estrellado said. He said the capex will be confined to maintenance of
existing facilities and equipment. ABS-CBN closed 0.50 peso lower at
31.

ABS ( 02/12/2002 : BW )
Net earnings of media firm ABS-CBN Broadcasting Corp. are expected
to fall by almost 29% in 2001 after advertising revenues declined by
10% in the latter part of the year. Philippine Equity Partners, Inc.
vice-president for research Alfred Dy said net income is projected to
dip by 29.2% to 1.6 B Philippine pesos (US$31.19 M at PhP51.299=$1)
compared with PhP2.26 B posted in 2000. Earnings before interest,
tax, depreciation and amortization (EBITDA) will also decrease to
PhP3.9 B. "The management informed us that ad revenues were
down 10% year-on-year in Novermber and December 2001. As such,
ABS-CBN is expecting (2001) net profits to come in at PhP1.6 B," he
said. Mr. Dy added that this year's net income and EBITDA are also
seen to remain flat as major advertisers of the Lopez-led firm are not
yet keen on going full blast in their advertising with the continuing glut
in the economy. The company was previously targeting ad revenues
to grow by 12% for the year. "Given the still weak ad revenues plus
increasing competition in the TV business, it remains to be seen
whether ABS-CBN can attain its 2002 net earnings forecast," he
added. The company's main sources of revenues, airtime revenues
and sales and services, for 2001 are estimated to amount to PhP8.54
B and PhP2.01 B, respectively. Total revenues, however, will be
higher by 13.2% to PhP10.55 B. But higher costs and expenses,
projected at PhP4.07 B, will likely pull down revenues during the
period. The media company's total expenses increased by 33.9% from
PhP3.04 B year-on-year. As of the first nine months of last year,
ABS-CBN's net earnings were already down by 19% to PhP1.33 B
due to higher interest expense. Airtime revenues increased 8% to
PhP7.496 B from a year ago.

ABS ( 02/18/2002 : PSE )
This has reference to the news article entitled "ABS-CBN income
down 29%" published in the February 13, 2002 issue of The Manila
Times. The article reported that "ABS-CBN Broadcasting Corporation
said profit probably dropped by a third last year, in line with analysts'
expectations. ABS-CBN CFO Randolph Estrellado said the 29% drop is
'within the range.' A 29% drop would mean ABS-CBN earned P1.6 B
last year, the lowest since 1996, when the company posted net
income of P1.5 B." ABS-CBN Broadcasting Corporation, in its letter,
stated that: "…this is to clarify that ABS-CBN Broadcasting
Corporation has not yet disclosed the financial results of its
operations for the year 2001. Traditionally, ABS-CBN waits for the
completion of the financial audit of its consolidated operations prior to
the disclosure of its results to the public. We expect to complete the
audit by the last week of March and will disclose the results
immediately thereafter. The article in question may have been referring
to the recently published earnings estimate for ABS-CBN made by a
local brokerage. In response to a question made by a TV interviewer
about that estimate, we also explained that we have not yet released
our results for the year, but that the particular analyst's estimate was
within the range of most other analysts' expectations. …"

ABS ( 02/21/2002 : AFX )
ABS-CBN Broadcasting Corp's Philippine Depositary Receipts were
lower in afternoon trade on a technical correction after recent gains,
dealers said. At 1.54 pm, ABS-CBN PDRs were down 1.50 pesos or
4.62 pct at 31 on volume of 795,900 shares. The composite index fell
9.67 points at 1,443.50. "It's one of the clear victims of profit taking,"
Citiseconline.com analyst Mark Alan Canizares said. He said the
stock's decline is not likely linked to the company's expectations that
earnings would be flat this year amid still weak advertising revenues.
"Most investors have factored in the company's statement that it's not
forecasting robust growth in earnings this year, and I don't think
there's any other development that can warrant such decline in the
stock apart from technical correction." ABS-CBN vice president for
finance Randolph Estrellado earlier said net profit last year is
estimated to have fallen by around 30 pct from 2.261 bln pesos in
2000 due to a slowdown in advertising revenue. He said net profit
growth this year will likely come in flat. A dealer with a foreign
brokerage said the correction in the stock was overdue considering
that it has risen about 35 pct since the year started. "Fundamentally,
the remaining overhang on the company is what happens to Benpres
Holdings and whether ABS-CBN will be affected," he said, referring to
the financial troubles of the parent firm. He said ABS-CBN remains a
favourite issue, with a potential upturn in the economy this year seen
to bode well for the company. "They might pull a positive surprise this
year especially if the business environment becomes more confident.
Normally, there's a strong correlation between the performance of the
economy and ad expenses."

ABS ( 03/06/2002 : PSE )
The board of directors this afternoon fixed March 15, 2002 as the
record date of stockholders entitled to attend, and vote at, the annual
stockholders meeting on April 25, 2002.

ABS ( 03/14/2002 : PSE )
The Exchange approved on September 8,1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from the ABS-CBN shareholders for the exchange of 25,000
ABS-CBN common shares with 25,000 PDRs. In view thereof, the
listing of the 25,000 PDRs (as represented by PDR Certificate No.
1089) is set on Friday, March 15, 2002. This brings the number of
PDRs listed arising from the exchange of 25,000 ABS-CBN shares to
a total of 268,041,900 PDRs.

ABS ( 03/21/2002 : PSE )
Please be advised that the annual stockholders' meeting will be held
on April 25, 2002, at 8:00 am, at the Studio 1, ABS-CBN Broadcast
Center, Quezon City.

ABS ( 03/22/2002 : PSE )
The Exchange approved on September 8,1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from the ABS-CBN shareholders for the exchange of 420,000
ABS-CBN common shares with 420,000 PDRs. In view thereof, the
listing of the 420,000 PDRs (as represented by PDR Certificate No.
1090, 1091, 1092 and 1095) is set on Monday, March 25, 2002. This
brings the number of PDRs listed arising from the exchange of
420,000 ABS-CBN shares to a total of 268,461,900 PDRs.

ABS ( 03/26/2002 : AFX )
ABS-CBN Broadcasting Corp said net profit fell 34.4 pct in 2001 after
expenses outpaced revenue. ABS-CBN said net profit fell to 1.483 B
pesos in 2001 from 2.261 B a year earlier. This is below most
analysts' expectations of 1.757-2.273 B based on an AFX-ASIA poll.
In a statement, the company said airtime revenue, which rose 5.4 pct,
came largely from its TV-VHF operations although these were offset
by the drop in revenues in its radio and sports programming
businesses. While Channel 2 implemented a 15 pct rate card increase,
ABS-CBN said advertising minutes declined 10.5 pct from the previous
year. ABS-CBN said operating expenses of the parent company grew
15.3 pct to 4.51 B pesos while expenses of subsidiaries rose over 40
pct to 3.05 B. "The increase in operating expenses was largely due to
the increase in production costs," which make up 41.3 pct of total
operating expenses. Production costs, excluding depreciation
expense, grew 28.3 pct to 3.12 B pesos. Cost of sales and services
excluding depreciation and amortization expenses rose 28.7 pct to
1.031 B pesos, driven by the costs of ABS-CBN International.
Depreciation and amortization costs rose 59.7 pct to 1.083 B pesos
following the purchase of new broadcast equipment and the
completion of the firm's new broadcast complex last year. Net interest
expense also rose to 629 M pesos from 45 M a year ago due to higher
financing costs for capex requirements. "The increase in financing
costs is also due to discontinuing the capitalization of interest from
long-term borrowings used to finance the construction of the new
broadcast complex," it said. Consolidated EBITDA amounted to 4.585
bln pesos from 4.412 B the previous year.

ABS ( 03/27/2002 : PSE )
(Amounts in Thousands, except Per Share Amounts)
Airtime Revenues P 8,104,632
Net Sales and Services 10,512,474
Operating Expenses 7,560,666
Income From Operations 2,951,808
Other Income (Expenses) (585,112)
Income Before Income Tax 2,366,696
Provision For Income Tax 882,869
Net Income 1,483,827
Basic Earnings Per Share 1.928
Diluted Earnings Per Share 1.928

ABS ( 03/27/2002 : PSE )
ABS-CBN Broadcasting Corporation registered a 5.4% year-on-year
growth in airtime revenues to Php9,741 M. Net sales and services, on
the other hand, grew 36.6% to Php2,408 M fromPhp1,763 M in 2000
due mainly from the continued robust revenue growth of the
company's international subsidiary and the additional revenue
contribution from new subsidiary Creative Programs, Inc. As a result,
consolidated net revenues in 2001 amounted to Php10,512 M
increasing by 12.8% from Php9,319 the previous year. However,
consolidated income from operations declined 8.9% to Php2,952 M
from Php3,239 M in 2000 as operating expenses grew faster than
consolidated net revenues. Consolidated operating expenses grew
24.4% to Php7,561 M due mainly to higher production and depreciation
costs, and other subsidiary related expenses. Net income declined
34.4% to Php1,484 M as financing charges increased further
dampening earnings in 2001. Nonetheless, consolidated earnings
before interest, taxes, depreciation and amortization amounted to
Php4,585 M, recording a 3.9% growth from Php4,412 M in 2000.

ABS ( 04/02/2002 : PSE )
The Exchange approved on September 8,1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from the ABS-CBN shareholders for the exchange of 20,000
ABS-CBN common shares with 20,000 PDRs. In view thereof, the
listing of the 20,000 PDRs (as represented by PDR Certificate No.
1096) is set on Wednesday, April 3, 2002. This brings the number of
PDRs listed arising from the exchange of 20,000 ABS-CBN shares to
a total of 268,481,900 PDRs.

ABS ( 04/04/2002 : PSE )
The Exchange approved on September 8,1999, subject to either actual
issuance or exercise of PDRs, the listing application of ABS-CBN
HOLDINGS CORPORATION ("the Company") to list a maximum of
272,000,000 Philippine Deposit Receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from the ABS-CBN shareholders for the exchange of 210,000
ABS-CBN common shares with 210,000 PDRs. In view thereof, the
listing of the 210,000 PDRs (as represented by PDR Certificate No.
1097, 1100 and 1101) is set on Thursday, April 4, 2002. This brings
the number of PDRs listed arising from the exchange of 210,000
ABS-CBN shares to a total of 268,691,900 PDRs.

ABS ( 04/16/2002 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
200,000 ABS-CBN common shares to 200,000 PDRs. In view thereof,
the listing of the 200,000 PDRs (as represented by PDR Certificate
Nos. 1102, 1103, 1104 and 1105) is set on Wednesday, April 17,
2002. This brings the number of PDRs listed arising from the exchange
of 200,000 ABS-CBN shares to a total of 268,891,900 PDRs.

ABS ( 04/25/2002 : AFX )
ABS-CBN Broadcasting Corp said its first quarter net profit fell 99 pct
year-on-year to 3.82 M pesos, due to a 22 pct drop in airtime revenue
to 1.64 B pesos. ABS-CBN said in a statement released at its AGM
that EBITDA for the period was 689 M year's levels. Net sales and
services increased 12 pct to 687 M pesos, but operating income was
down 84 pct at 110 M pesos.

ABS ( 04/25/2002 : PSE )
ABS-CBN Broadcasting Corporation registered net income of Php3.82
M in 1Q 2002, resulting to a 99% year-on-year decline. The drop in net
income was mainly due to the decline in airtime revenues as well as
the increase in depreciation costs, interest charges and, the
occurence of other one-time and new cost items during the period.
Airtime revenues amounted to Php1.64 B declining by 22% in the 1q
2002. The decline in advertising minutes brought about by the
softening of industry advertising spending, coupled by the absence of
government revenues and political advertising which were present in
1Q 2001 contributed to the decline in airtime revenues. Commencing
this year, ABS-CBN stopped airing government ads paid via tax
credits, since the company already has sufficient tax credits to
address its importation requirements. On a same base comparison, or
without the impact of government and political ads airtime revenues
would have declined by about 18%. Despite the decline in airtime
revenues, ABS-CBN maintained its dominance of the Philippine
broadcasting industry with an average audience share and ratings of
44% and 18% respectively, more than all of its free-to-air competitors
combined. Net sales and service increased 12% to P687 M from P614
M in 2001. The growth in net sales and services was primarily
attributable to the company's new subsidiary Creative Programs, Inc.
Consequently, consolidated net revenues declined 11% from 1Q 2001
levels to P2.06 B. Operating income declined further to P110 M or an
84% drop from the previous year as operating expenses increased
by 18% to P1.95 B. The growth in operating expenses was mainly
brought about by higher depreciation and, other non-recurring and
new cost items during the period. Depreciation costs increased by
65% to Php338 M largely due to the depreciation of the company's
new broadcast complex, which commenced operation in 3Q 2001.
Employee cost registered a growth of 36% of P484 M as one-time
redundancy costs incurred during the period and higher employee
costs from subsidiaries fueled the increase. Excluding non-recurring
redundancy costs and employee costs of newly consolidated
subsidiaries, total employee costs would have grown by a lower rate
of 16% in the 1Q 2002.

ABS ( 04/25/2002 : PSE )
Production costs registered flat growth during the period to P448 M
benefiting from the cost cutting measures implemented with the
cancellation of several shows, and replacing them with low cost but
still high rating programs. Amortization of program rights increased by
5% to 118 M, brought about by costs from new subsidiaries Creative
Programs, Inc. and Sky Films, as parent company and Studio 23
program rights costs actually declined. General and administrative
expenses grew by 2% in the 1Q 2002 to Php256 M, mainly from new
costs items such as the operating costs of the new broadcast
complex and higher franchise taxes. Excluding the impact of these
new costs items GAEX should have actually declined by about 6%.
Cost of sales and services increased by 10% to P309 M likewise
brought about by the costs from new subsidiaries, primarily Creative
Programs, Inc., and Sky Films. Net income further dropped as interest
expenses increased to P195 M in 1Q 2002 from P74 M in the previous
year. The increase in interest expense was largely due to the
discounting capitalization of interest from long-term borrowings used
to finance the construction of the company's new broadcast complex.
The increase in interest expense was to some extent compensated
by the increase in miscellaneous income which increased by more
than eight-fold to P117 M mainly from to text or SMS based revenues
from the company's highly rated game show Game KNB?, among
other shows. While EBITDA dropped 32% to P689 M from P1.01 B in
1Q 2001, due primarily to the decline in airtime revenues.

ABS ( 04/28/2002 : AFX )
ABS-CBN Broadcasting Corp said it will upgrade its technology in
order to cut production costs and make inroads into the Asian
markets, with the company planning to spend 1 B pesos this year on
capital expenditure. The capex was reduced from last year's
expenditure of 2.5 B pesos due to weak airtime revenues, it said.
The company plans to fully operate a digital control booth, deploy a
new digital satellite electronic news gathering van, launch a
newsroom automation system that would streamline the operations of
its departments, and boost post-production technology. "Investing in
the latest technology is part of ABS-CBN's thrust to create efficiency
in its operations not only to maintain its dominance locally but also to
establish a foothold in the global entertainment market," a company
statement said.

ABS ( 04/29/2002 : PSE )
This is with reference to the news article entitled "ABS-CBN plans
firm listing in Singapore" published in the April 26, 2002 issue of the
BW. The article reported that "Broadcasting network ABS-CBN will
incorporate a new subsidiary, ABS-CBN Global Holdings, Inc., by the
second quarter, for listing at the Singapore bourse. ABS-CBN
chairman and ceo Eugenio Lopez III yesterday said the subsidiary will
serve as the holding company for the firm's international operations.
Some P1 B in investment abroad will be infused into the new
company, he said, and up to 40% of its shares will be offered at the
Singapore Stock Exchange in 12 to 18 months. 'There is no new
money involved in Global since were just putting existing international
businesses into Global Holdings,' Mr. Lopez said during the ABS-CBN
stockholders meeting yesterday. ..." ABS-CBN Broadcasting
Corporation, in its letter dated April 26, 2002, stated that: "...ABS-CBN
Broadcasting Corporation confirms that the company has incorporated
a new subsidiary ABS-CBN Global Holdings, Inc., registered in the
Cayman Islands. The new subsidiary will serve as the holding
company for ABS-CBN's international businesses. While the company
plans to eventually list this new subsidiary in one of the major foreign
equity exchanges, no definite schedule of the listing, or terms thereof,
has been established. As has been our practice in the past and as a
policy we intend to maintain in the future, we will be informing the
investing public and the exchange if any matter arises that will have a
significant impact on the operations and financial performance of the
company."

ABS ( 04/30/2002 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
140,000 ABS-CBN common shares to 140,000 PDRs. In view thereof,
the listing of the 140,000 PDRs (as represented by PDR Certificate
Nos. 1112 and 1113) is set on Thursday, May 2, 2002. This brings the
number of PDRs listed arising from the exchange of 140,000
ABS-CBN shares to a total of 269,031,900 PDRs.

ABS ( 04/30/2002 : PSE )
At the stockholders' meeting held this morning April 24, 2002, the
following stockholders were elected as directors for the ensuing year
2002 to 2003:
Federico M. Garcia
Peter D. Garrucho
Alberto J. Lopez
Augusto Almeda Lopez
Eugenio Lopez III
Manuel M. Lopez
Oscar M. Lopez
Federico R. Lopez
Roberto De Ocampo
Presentacion L. Psinakis
Messrs. Roberto De Ocampo and Alberto J. Lopez are independent
directors.

ABS ( 05/13/2002 : AFX )
Lopez-owned broadcasting network ABS-CBN Broadcasting
Corporation is reportedly planning to shut down some of its
subsidiaries this year to be able to survive the economic crunch.
BusinessWorld learned that as part of the company's cost-cutting
measures, the broadcasting giant will need to close a number of its
subsidiaries after these subsidiaries failed to meet their respective
first-quarter income targets for the year. An industry source said it
was not clear yet which subsidiaries will be removed but only said
these are the companies that failed to post targeted growths for the
quarter. "All the subsidiaries except for one did not meet their
first-quarter income targets," said the source. Another source
confirmed that only ABS-CBN Interactive, the Internet arm of the
company went beyond its first quarter income target. "ABS-CBN
Interactive earned some PhP15 M ($301,586 at PhP49.737=$1) for the
quarter, much higher than its PhP3-M target," the source told
BusinessWorld. In the company's stockholders meeting last month,
ABS-CBN chairman and CEO Eugenio L. Lopez III said the company
has found a new source of income through its text or short message
service-based revenues. He said the company is expected to earn
some PhP500 M in text-based revenues this year. The company's text
or SMS-based revenues are mostly through the programs of
ABS-CBN Interactive. ABS-CBN officials were not immediately
available for comment. Analysts, however, said this news did not
come as a surprise given ABS-CBN's present fiscal health. "I would
not be surprised. It's normal for any company to close subsidiaries
which are not profitable," said Grace Cerdenia of 2TradeAsia.com.
While she was not sure which subsidiaries will be axed, Ms. Cerdenia
said that only a few subsidiaries are profitable including Star Cinema
and ABS-CBN International. Aside from Star Cinema and ABS-CBN
International, the company's other subsidiaries include UHF television
units Studio 23, ABS-CBN Channel 2, The Filipino Channel, Star
Records, set-designing and production outfit Creative Creatures, Inc,
and post-production company Road Runner. Another analyst at a local
brokerage firm also said that given the company's first-quarter net
income performance, it was necessary to continue to implement
cost-cutting measures.

ABS ( 05/13/2002 : AFX )
Some PhP40 M in net loss in January-February was offset by only
PhP44 M in net income in March. Company officials attributed this to a
decline in advertising minutes caused by the softening of advertising
spending translated into airtime revenues of only PhP1.64 B for the
first quarter, down 22% year on year. If the plan to close some
subsidiaries pushes through, it is not clear yet if the parent firm will be
absorbing the employees of the said companies. ABS-CBN
vice-president for finance Randolph T. Estrellado had earlier said the
firm has no further plans to lay off more workers this year, even if it
continues to suffer from a decline in advertising revenues. It is not
clear as well as how this plan to close some of its subsidiaries will
impact on ABS-CBN's previous plan to incorporate a new subsidiary,
ABS-CBN Global Holdings Inc., by the second quarter. Mr. Lopez, who
made the announcement during last month's stockholders' meeting
said the subsidiary will serve as the holding company for the firm's
international operations. Some PhP1 B in investments abroad will be
infused into the new company, he said, and up to 40% of its shares
will be offered at the Singapore Stock Exchange in 12 to 18 months.
"There is no new money involved in Global since we're just putting
existing international businesses into Global Holdings," Mr. Lopez said.

ABS ( 05/23/2002 : AFX )
Employees of ABS-CBN Broadcasting Corp are threatening to go on
strike due to management's plan to cut its work force, the Daily
Tribune reported, citing a notice of strike filed by the ABS-CBN
union members with the Department of Labor and Employment. The
union is protesting the closure of ABS-CBN's international operations
unit. They said only 35 of the unit's 80 workers will be transferred to
ABS-CBN's new international subsidiary, ABS-CBN Global Ltd.
About 742 of ABS-CBN's workforce of 1,600 are members of the
union.

ABS ( 05/28/2002 : AFX )
ABS-CBN Broadcasting Corp unit e-Money Plus will sign a
memorandum of agreement with Chinatrust Philippines Commercial
Bank to expand ABS-CBN's overseas dollar remittance service,
Chinatrust said. E-Money Plus currently operates in Italy and Hong
Kong. ABS-CBN intends to expand the business this year to cover
North America and the Middle East. Most of the company's customers
are Filipino overseas workers. Chinatrust Philippines Joey Bermudez
said the bank will be accessing the expertise of parent Chinatrust
Commercial Bank in the remittance business for this venture.

ABS ( 05/31/2002 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
5,000 ABS-CBN common shares to 5,000 PDRs. In view thereof,
the listing of the 5,000 PDRs (as represented by PDR Certificate
Nos. 1116) is set on Monday, June 3, 2002. This brings the
number of PDRs listed arising from the exchange of 5,000
ABS-CBN shares to a total of 269,036,900 PDRs.

ABS ( 06/03/2002 : BW )
The brewing conflict between the management and union members of
ABS-CBN Broadcasting Corp. continues to threaten the industrial
peace in the country's largest broadcasting network. ABS-CBN's plan
to transfer 35 union members from ABS-CBN International to a spinoff
company, ABS-CBN Global Holdings, has yet to be accepted by the
workers. The 742-strong ABS-CBN Employees Union is opposing the
move, saying that it was clearly a union busting move on the part of
management. In a meeting last Friday before the Labor Department's
National Conciliation and Mediation Board (NCMB), which lasted nearly
four hours, no compromise was reached. BusinessWorld sources
said Friday's meeting reached a dead end because the management
would not give in to employees' demand not to be dissolved from the
union. Under the spinoff plan, the 35 employees who will be
transferred to ABS-CBN Global are being asked to file "resignation
letters." While they will not be displaced, the workers will
automatically be removed from the union roster because ABS-CBN
Global is considered a separate company, distinct from ABS-CBN
broadcasting. NCMB director Leopoldo de Jesus said he has set
another meeting today to give the two parties another shot at settling
the issue. Otherwise, the union members have threatened to proceed
with their planned strike. The ABS-CBN union earlier filed a notice of
strike before NCMB. "There will be another meeting (today) to resolve
the issue," Mr. de Jesus noted. Sought for comment, ABS-CBN
management refused to comment, saying that both parties are still
negotiating. For one, ABS-CBN vice-president for finance Randolph T.
Estrellado told BusinessWorld that nothing final has been reached yet
and that both parties are still trying to resolve the matter. In their strike
notice, the workers accused management of union busting and unfair
labor practices. In particular, the workers have criticized ABS-CBN's
plan to close the operations of a division of ABS-CBN International to
give way to the new comapny.

ABS ( 06/03/2002 : BW )
Union president Jose Dytianquin said there is something dubious about
the plan as they have not seen the papers of ABS-CBN Global which
is registered in Cayman Islands. The network earlier announced its
spinoff plans, which are expected to take off by the second half of
the year. During its annual stockholders meeting last April, company
officials announced that some one billion Philippine pesos (US$19.99
M at PhP50.034=$1) in investments will be infused into the new
company, ABS-CBN Global Holdings, and up to 40% of its shares will
be offered at the Singapore Stock Exchange in 12 to18 months. The
new venture aims to monetize ABS-CBN investments abroad through
an initial public offering at an overseas bourse. Proceeds of the IPO
will be used by Global for operations, and maybe for the acquisition of
a broadcast network in Asia. During the meeting, Mr. Estrellado said
the firm has no further plans to lay off more workers for the year.

ABS ( 06/03/2002 : PSE )
Please be informed that the board of directors, with regret, accepted
the resignation of Mr. Alberto J. Lopez. The board elected Mr. Vicente
Jayme as a director in replacement of Mr. Lopez.

ABS ( 06/11/2002 : AFX )
ABS-CBN Broadcasting Corp has averted a strike by employees of
ABS-CBN Global by offering them the same benefits as those
received by staff at ABS-CBN International, the company from which
the new unit was spun-off, BusinessWorld reported. Union officials
told the paper they have accepted management's offer, which
includes recognition of years of service by ABS-CBN International
employees who will be transferred to ABS-CBN Global, the paper
said.

ABS ( 06/26/2002 : BW )
The Quezon City Regional Trial Court (RTC) has imposed a 20-day
temporary restraining order (TRO) against ABS-CBN Broadcasting
Corp. barring the company from airing the songs of Filipino Society of
Composers, Authors and Publishers, Inc. (Filscap) members which
are being used in the television station's soap operas. In an order
issued Monday by RTC Branch 90 presiding judge Reynaldo B.
Daway, the court said Filscap is entitled to a TRO as the group may
suffer "grave injustice and irreparable injury" as the civil suit has yet
to be heard. Filscap, a non-stock, non-profit association of Filipino
music composers and publishers, filed a copyright infringement case
against ABS-CBN last June 20. The court has set the hearing on
Filscap's request for a writ of preliminary injunction on July 5. In the
meantime, ABS-CBN cannot air four songs nor use the lyrics as titles
for its primetime telenovelas. "(ABS-CBN is) ordered to refrain or to
desist from further publicly performing in its television broadcast the
songs Pangako sa 'Yo, Hanggang sa Dulo ng Walang Hanggan,
Maalaala Mo Kaya and Iingatan Ka, and lyrics of said songs as titles
for defendant's television shows until... further orders from this
court," the order stated. The group initiated the lawsuit against the top
broadcast firm after the latter has refused over the years to pay
music royalties to Filscap members and foreign affiliates for its use of
Filscap-administered copyrighted songs in its shows. Filscap
members include well-known Filipino composers Ryan Cayabyab,
Louie Ocampo, Vehnee Saturno, Willy Cruz, Freddie Aguilar, and
George Canseco, Rey Valera, Marizen Soriano and the late
Constancio de Guzman, who wrote the four songs. The Tagalog
songs are currently being used by ABS-CBN in its evening soap
operas and programs which have been drawing wide viewership
throughout the country. ABS-CBN officials were not immediately
available for comment.

ABS ( 07/10/2002 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
20,000 ABS-CBN common shares to 20,000 PDRs. In view thereof,
the listing of the 20,000 PDRs (as represented by PDR Certificate
Nos. 1129) is set on Thursday, July 11, 2002. This brings
the number of PDRs listed arising from the exchange of 20,000
ABS-CBN shares to a total of 289,136,900 PDRs.

ABS ( 08/12/2002 : AFX )
ABS-CBN Broadcasting Corp reported its first half net profit fell
sharply to 207.822 M pesos from 900.884 M a year ago due
largely to increased interest and depreciation expense and lower
advertising revenue. For the second quarter, ABS-CBN's net profit fell
to 203.998 M pesos from 480.715 M a year ago. ABS-CBN said its
interest expense in the first half reached 367 M pesos, as the
company discontinued capitalizing interest from loans use to
finance its new broadcast complex. The new complex also hiked
depreciation cost by 66 pct year-on-year to 757 M pesos, which in
turn boosted operating expenses by 13 pct in the first half to 4.2 B
pesos. But the costs were offset by 240 M pesos in revenue from its
short message service-based game show, it said. ABS-CBN said
advertising revenue in the first half was lower year-on-year due to
the absence of government and political advertising which boosted
revenue last year. However, the company saw a 31 pct
quarter-on-quarter increase in advertising minutes, which it said
indicates "an improving trend in industry advertising spending." In the
first quarter, the 22 pct drop in airtime revenue had brought
ABS-CBN's net profit down by 99 pct over year-ago levels to 3.82 M
pesos. The company was able to keep production costs flat while
attaining an average audience share of 46 pct and rating of 19 pct,
the highest among its competitors. ABS-CBN said it also booked a 14
pct gain in employee costs to 868 M pesos in the first half due to
redundancies in the first quarter, and the incorporation of new
subsidiaries.

ABS ( 08/13/2002 : AFX )
(Amounts In Thousands)
Net Sales and Services 4,702,724
Operating Expenses 4,219,838
Income From Operations 482,887
Other Income (Expenses) (121,905)
Income Before Income Tax 360,982
Provision For Income Tax 156,978
Net Income Before Minority Interest 204,003
Minority Interest 3,819
Net Income 207,822
EBITDA 1,772,268

ABS ( 08/22/2002 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
94,000 ABS-CBN common shares to 94,000 PDRs. In view thereof,
the listing of the 94,000 PDRs (as represented by PDR Certificate
Nos. 1136) is set on Friday, August 23, 2002. This brings
the number of PDRs listed arising from the exchange of 94,000
ABS-CBN shares to a total of 269,230,900 PDRs.

ABS ( 08/28/2002 : AFX )
ABS-CBN Broadcasting Corp said it is in talks for a long-term funding
facility to refinance shorter-term borrowings and fund working capital.
ABS-CBN issued the statement in response to a newspaper report
that it is planning to borrow 3 B pesos from a group of banks,
including Citibank NA and Standard Chartered, to refinance debt falling
due in the next 12 months. "We would like to confirm that ABS-CBN is
currently undergoing negotiations for a long-term funding facility...
However, no definite date has been set for the signing of the planned
long-term funding facility," it said. It gave no other details.

ABS ( 08/29/2002 : PSE )
This is in reference to the news article entitled "ABS-CBN getting new
loan to refinance debts" published in the August 28, 2002 issue of the
Manila Standard. The article reported that "ABS-CBN Broadcasting
Corp. is hoping to close a P3 B term loan by the second week of
September to refinance its current loans and is projecting a recovery
in profits following the improvement in air-time revenues. ABS-CBN
President and Chief Operating Officer Federico Garcia told Manila
Standard yesterday: 'we are signing a P3 B loan which will term out
our current liabilities.' several banks, including Citibank and Standard
Chartered Bank, arranged the loan, he said. xxx"
ABS, in its letter dated August 28, 2002, stated that: "xxx In reference
to the said news article, we would like to confirm that ABS-CBN
broadcasting corporation is currently undergoing negotiations for a
long-term funding facility. Proceeds of the planned long-term loan will
be used to refinance short-term borrowings and/or for permanent
working capital. However, no definite date has been set for the
signing of the planned long-term funding facility. As has been our
practice in the past and a policy we intend to maintain in the future,
we will be informing the investing public and the exchange the details
of the fund raising exercise once the terms and conditions are
finalized and the agreements are signed. xxx"

ABS ( 09/03/2002 : AFX )
ABS-CBN Broadcasting Corp's net profit this year is likely to drop from
last year's 1.483 bln pesos due to lower advertising spending and
depreciation costs, vice president for finance Randolph Estrellado
said. "On a bottomline basis it will be lower than last year," Estrellado
said in a local television interview, but gave no specific figures. He
said ABS-CBN's bottomline is pressured by a downturn in the
advertising industry, with advertising so far dropping about 10-15 pct
from year-ago levels. The company is also booking depreciation costs
for its new broadcast facilities. However, Estrellado said commercial
revenue was somewhat improved in the second quarter, and was
slightly up in August. ABS-CBN is also generating 150-200 M pesos in
quarterly revenue from its SMS-based services for its shows. "That is
still a significant addition to our bottomline ... although I think it is
evident now that growth has stabilized. It's no longer growing at a
geometric rate." Asked if the company expects its performance to
improve over the next three to five years, Estrellado said ABS-CBN
expects to benefit from rising advertising spending. "When the
economy picks up, advertising will grow faster than the economy
and we expect ABS-CBN to grow at the same rate as advertising
growth."

ABS ( 09/03/2002 : AFX )
ABS-CBN Broadcasting Corp said it is not in a position to settle its 100
mln peso debt to Standard Chartered Bank and a 3.6 M usd debt to
BNP Paribas due to agreements it signed with a majority of its
creditors. ABS-CBN Broadcasting today announced that it had
secured a 3.0 B peso exchangeable notes facility to extend its
short-term loans. With the exception of the two banks who declined to
participate and sought repayment, the facility was approved by its
creditors. ABS-CBN vice president for finance Randolph Estrellado
said while the company has the funds to pay off the two banks, its
agreement with the majority of the creditors does not allow it to do so.
"As we've put in our disclosure they've actually asked to be paid, but
we are not in a position to do so at the moment because we have to
follow the terms of the payment as agreed with majority of our
creditors," he said. "All creditors get paid on the same basis, no one
gets paid separately from anyone else," he said. He said the creditor
banks who agreed to the facility represented the bulk of the
company's 3.8 B pesos short-term debt. Estrellado said the facility
signed by ABS-CBN with the banks calls for repayment over a
five-year period. He said the cashflow generated by ABS-CBN
during that time frame will be enough to service the payments, which
begins a year from drawdown. He said ABS-CBN has informed the
two banks of its position in a letter last week but has not received a
response. Estrellado said ABS-CBN intends to swap the notes with
bonds which it intends to issue later this year once market conditions
improve. "In the meantime, this facility we offered to short-term
creditors allows us to strengthen our balance sheet and lengthen loan
maturities," he said. He added it also benefits creditors, since "from a
clean position they are moving to a secured position." "The exchange
notes are secured by our fixed assets and once we list the bonds
they will become tradeable instruments and if they want to they can
sell them to the market."

ABS ( 09/03/2002 : AFX )
ABS-CBN Broadcasting Corp said it has signed a 3.0 B peso
exchangeable notes facility with the majority of its short-term
creditors that will allow it to improve its debt maturity profile.
ABS-CBN said in a statement that the facility is a major element of its
master financial plan, which is supported by 88 pct of its short-term
creditors. It said the facility will be secured with a mortgage trust
indenture on ABS-CBN's assets. At the same time, ABS-CBN said two
of its creditor banks will not participate in the facility and have given
notice for the payment of their loans to the company worth 100 M
pesos and 3.6 M usd. The company said the amounts represent about
1.0 pct of its total consolidated assets and 7.0 pct of its short-term
loans but did not give any details on how or when it can make the
payments. ABS-CBN said that with the facility, it will be able to
improve the current ratio to about 1.90 times, while the net interest
bearing debt to equity ratio will be kept at 45 times. Sources told
AFX-ASIA the facility was signed with the Bank of the Philippine
Islands, Citibank NA and Equitable PCI Bank, and has a 5-year term.
They said the two creditor-banks asking to be repaid are Standard
Chartered which lent 100 M pesos, and Banque Nationale de Paris
which lent 3.6 M usd. The two banks served a notice of default to
ABS-CBN for these short-term loans last week, the sources said. At
9.50 am, ABS-CBN was untraded at at 22.75 pesos, while its PDRs
were up 0.25 at 22.50.

ABS ( 09/03/2002 : AFX )
ABS-CBN Broadcasting Corp said it has signed a 3.0 B peso
exchangeable notes facility with the majority of its short-term
creditors that will allow it to improve its debt maturity profile.
ABS-CBN said in a statement that the facility is a major element of its
master financial plan, which is supported by 88 pct of its short-term
creditors. It said the facility will be secured with a mortgage trust
indenture on ABS-CBN's assets. At the same time, ABS-CBN said two
of its creditor banks will not participate in the facility and have given
notice for the payment of their loans to the company worth 100 M
pesos and 3.6 M usd. The company said the amounts represent about
1.0 pct of its total consolidated assets and 7.0 pct of its short-term
loans but did not give any details on how or when it can make the
payments. ABS-CBN said that with the facility, it will be able to
improve the current ratio to about 1.90 times, while the net interest
bearing debt to equity ratio will be kept at 45 times. At 9.50 am,
ABS-CBN was untraded at at 22.75 pesos, while its PDRs were
up 0.25 at 22.50.

ABS ( 09/03/2002 : PSE )
ABS submitted to the exchange the following disclosure with regard
to the Corporation's P3.0 B exchangeable notes facility:
"ABS-CBN Broadcasting Corporation ('ABS-CBN') executed a P3.0 B
exchangeable notes facility agreement (the 'facility') with majority of
its short-term creditors. For the past several months, ABS-CBN has
undertaken a master financial plan, of which the facility is a major
component, to improve its loan maturity profile. Other creditors of
ABS-CBN have also signified their intention to participate in the facility.
ABS-CBN expects that the participating creditors in the facility is
secured by a mortgage trust indenture for over substantially all of the
assets of ABS-CBN. Until recently, all existing short-term creditors of
ABS-CBN have graciously allowed the extension of the maturity of
their credits, as long as interest payments are current and all
short-term creditors are maintained on a pari passu basis on loan
payments. In this respect, ABS-CBN has been fully compliant. Two of
its short-term creditor banks have indicated that they are not
participating in the facility and have given notice for the payment by
ABS-CBN of the amounts due under the relevant loan agreements
with said banks. To date, ABS-CBN's outstanding principal obligations
with these two banks amount to P100 M and US$3.6M, respectively.
The amounts due to these banks represent only about 1% of the total
consolidated assets of ABS-CBN and 7% of its total short-term loans.
Upon terming out of the majority of its short-term loans, ABS-CBN will
improve its current ratio to about 1.90x, while maintaining its net
interest bearing debt-to-equity ratio at 0.45x."

ABS ( 09/04/2002 : AFX )
ABS-CBN Broadcasting Corp said its exchangeable notes facility has
been raised to 3.5 B pesos from the 3.0 B announced yesterday, with
90 pct of its creditors joining the deal to extend its short-term loans for
up to five years. ABS-CBN said in a statement that it plans to issue
bonds after completing the notes facility. It said it will also review
refinancing options for its 3.6 M usd debt to BNP Paribas and 100 M
pesos debt to Standard Chartered. The two banks, which have
declined to join the facility, have declared ABS-CBN in default since
Aug 30. "ABS-CBN continues to talk to these two banks and
reassures them that after completing the notes facility, ABS-CBN will
review refinancing options for the Standard Chartered and BNP
Paribas loans," it said. ABS-CBN closed morning trade up 1.50 pesos
at 24.50.

ABS ( 09/04/2002 : AFX )
ABS-CBN Brodcasting Corp failed to disclose that BNP Paribas and
Standard Chartered Bank have declared it in default since Aug 30,
the two banks told the Philippine Stock Exchange. ABS-CBN,
however, said it made that disclosure yesterday, although without
using the term "default," when it said that two of its creditors are
demanding payment for outstanding loans after they declined to join a
facility to extend its short-term loans. BNP Paribas and Standard
Chartered lent ABS-CBN 3.6 M usd and 100 M pesos, respectively.
They have not joined ABS-CBN's deal with majority of its short-term
creditors for a 3.0 B peso exchangeable notes facility that will
extend payment of the loans for five years. "We wish to clarify that
after giving separate written notices of demand for payment, we
subsequently issued letters of default dated Aug 29. We were
made to understand that the loan agreement has not yet been signed
at that time," the two banks said in a joint statement to the exchange.
"ABS-CBN has been in default since Aug 30. This material information
was not ndicated in their disclosure (yesterday)." In a separate
statement, ABS-CBN told the exchange it only officially received the
notices from the two banks on Sept 2, after which management
took "prompt action." It did not specify what action the management
took. "Although the word default was not explicitly used in the
statement, in essence and in content, our disclosure sufficiently
conveyed the facts constituting default," it said. "There was no intent
to mislead and we regret if our disclosure was misconstrued as
such."

ABS ( 09/04/2002 : PSE )
This is in reference to the news article entitled "ABS-CBN expects
2002 income to dip" published in the September 4, 2002 issue of the
manila times. The article reported that "ABS-CBN Broadcasting Corp.,
the country's largest media firm, yesterday said it expected its
full-year net income in 2002 to fall from 2001 largely on weak
advertising revenues and depreciation of its headquarters. The
company posted a net income of p1.48 billion last year. 'On a
bottomline basis, it will be lower than last year,' Randolph Estrellado,
ABS-CBN Vice-President and Chief Finance Officer, said in a
television interview when asked about the company's profit projection
this year. xxx he said the company was hurting from the decline in
advertising spending, which he estimated to have fallen by about 10
to 15 percent year-on-year. xxx"
ABS, in a letter to the exchange dated September 4, 2002, stated that:
"xxx we would like to confirm that ABS-CBN Broadcasting
Corporation expects net income for 2002 to be lower compared to
2001. The lower net income expectation for 2002 is due mainly to the
decline in advertising spending and higher depreciation expense. xxx"

ABS ( 09/04/2002 : PSE )
The Exchange is in receipt, at 7:09 pm yesterday, of a letter dated
September 3, 2002 from BNP Paribas and standard chartered bank in
relation to the disclosure made by abs pertaining to the p3.0 B
Exchangeable notes facility. The letter stated that:
"xxx we, BNP Paribas and standard chartered bank, are the
short-term creditor banks that are referred to in the disclosure
statement as not having participated in said facility. We wish to clarify
that after giving separate written notices of demand for payment, we
subsequently issued letters of default dated 29 August 2002. We
were made to understand that the loan agreement has not yet been
signed at that time. xxx ABS-CBN has been in default since 30
August 2002. This material information was not indicated in their
disclosure of today."
Abs, in a letter to the Exchange dated September 4, 2002, clarified
that:
"xxx
1. Timing of disclosure
On August 30, 2002, Friday at approximately 5:40 in the evening, our
message center at ELI communication center received two separate
letters from BNP and SCB. In their letters, both banks advised
ABS-CBN that due to our failure to pay on their demand letters dated
August 27, 2002, they are calling us in default of our obligations per
our respective loan agreements with them. Consequently, the letters
were officially received by the addressee only on the morning of
Monday, September 2, 2002. Prompt action was then taken
immediately by ABS-CBN management upon receipt of the letters in
substantial compliance with the rules of the PSE.
2. Use of the word default
Although the word default was not explicitly used in the statement, in
essence and in content, our disclosure sufficiently conveyed the
facts constituting default. There was no intent to mislead and we
regret if our disclosure was misconstrued as such. xxx"

ABS ( 09/05/2002 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
60,000 ABS-CBN common shares to 60,000 PDRs. In view thereof,
the listing of the 60,000 PDRs (as represented by PDR Certificate
Nos. 1142) is set on Friday, September 6, 2002. This brings
the number of PDRs listed arising from the exchange of 60,000
ABS-CBN shares to a total of 269,290,900 PDRs.

ABS ( 09/09/2002 : BW )
Publicly listed giant ABS-CBN Broadcasting Corp. is exhausting all
efforts to convince the Philippine Stock Exchange (PSE) that it did not
mislead the public when it failed to disclose last week that two of its
creditor banks have declared the company in default. In another letter
to the PSE's disclosure department last week, Oliver C. Calma,
ABS-CBN finance director said there was no intention to "bury or
conceal any bad news," if the declaration of default could be
considered as such. ABS-CBN disclosed last week that it has signed
a three-billion Philippine peso (US$57.93 million at PhP51.79=$1)
exchangeable notes facility for its debts to various creditors. It failed
to mention, however, in its disclosure that two of its creditor banks --
Standard Chartered Bank and BNP Paribas -- declared the company in
default. The company's outstanding principal obligations with these
two banks amount to PhP100 million and $3.6 million, respectively.
This drew the ire of the two banks, prompting them to disclose the
matter themselves to the PSE immediately following ABS-CBN's
disclosure last Tuesday. "ABS-CBN has been in default since Aug.
30, 2002. This material information was not indicated in their
disclosure (Tuesday)," the two banks said in a joint letter to the PSE
last week. The banks said that after issuing separate written notices
for payment to ABS-CBN, they issued letters of default last Aug. 29.
The media company explained in a disclosure that they took"prompt
actions upon the receipt of the letters in substantial compliance with
PSE rules.

ABS ( 09/10/2002 : AFX )
The Securities and Exchange Commission has asked ABS-CBN
Broadcasting Corp to explain why it did not immediately disclose that
it had been declared in default by two creditor-banks as of Aug 30.
BNP Paribas and Standard Chartered Bank have demanded payment
of their loans to the company of 3.6 M usd and 100 M pesos,
respectively. The banks declined to join ABS-CBN's deal with other
short-term creditors to extend the payment of 3.5 B pesos in debt to
five years. In a letter, SEC corporate finance department head Justina
Callangan told ABS-CBN, a unit of Benpres Holdings Corp, that
according to newspaper reports monitored by the commission,
"allegedly the company was in default as early as Aug 30."
"However, no current report containing the information... was
submitted to the commission. Please comment on the said articles,"
she told the company. ABS-CBN closed morning trade up 0.75 pesos
at 24.75.

ABS ( 09/11/2002 : AFX )
The Securities and Exchange Commission said it will no longer require
ABS-CBN Broadcasting Corp to explain its supposedly late disclosure
that it had been declared in default by two creditor-banks as of Aug
30. "We will not write them (ABS-CBN) anymore. They've already sent
a reply. It's already sufficient," SEC corporation finance department
director Justina Callangan said. ABS-CBN finance director Oliver
Calma told the stock exchange in a letter, a copy of which was given
to the SEC, that the company was guided by disclosure requirements
under the Securities Regulation Code. BNP Paribas and Standard
Chartered Bank have earlier decided not to participate in a
loan-restructuring deal between ABS-CBN and its creditors and
demanded payment of their loans to the company of 3.6 M usd and
100 M pesos, respectively.

ABS ( 09/13/2002 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the Listing application of
ABS-CBN Holdings Corporation ("the Company") to list a maximum of
272,000,000 Philippine deposit receipts ("PDRs").
In this connection, please be advised that the Company's PDR agent
has received notices from the ABS-CBN shareholders for the
Exchange of 50,000 ABS-CBN common shares to 50,000 PDRs. In
view thereof, the Listing of the 50,000 PDRs as represented by
PDR certificate No. 1145 is set on Monday, September 16, 2002. This
brings the number of PDRs listed arising from the Exchange of 50,000
ABS-CBN shares to a total of 269,340,900 PDRs. The designated PDR
agent is hereby authorized to record and register in its books the
above-mentioned number of PDRs.

ABS ( 09/19/2002 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the Listing application of
ABS-CBN Holdings Corporation ("the Company") to list a maximum of
272,000,000 Philippine deposit receipts ("PDRs").
In this connection, please be advised that the Company's PDR agent
has received notices from the ABS-CBN shareholders for the
Exchange of 70,000 ABS-CBN common shares to 70,000 PDRs. In
view thereof, the Listing of the 70,000 PDRs as represented by
PDR certificate No. 1146 is set on Friday, September 20, 2002. This
brings the number of PDRs listed arising from the Exchange of 70,000
ABS-CBN shares to a total of 269,410,900 PDRs. The designated PDR
agent is hereby authorized to record and register in its books the
above-mentioned number of PDRs.

ABS ( 11/11/2002 : AFX )
ABS-CBN Broadcasting Corp three months to September results:
Gross airtime revenue - 2.577 B pesos vs 2.738 B
Net sales and services - 838.892 M pesos vs 624.426 M
Opg expenses - 2.339 B pesos vs 2.083 B
Opg profit - 587.95 M pesos vs 757.516 M
Net profit - 274.138 M pesos vs 435.519 M
EBITDA - 1.174 B pesos vs 1.2 B
EPS - 0.36 pesos vs 0.57
Nine months to September results:
Gross airtime revenue - 6.627 B pesos vs 7.495 B
Net sales and services - 2.211 B pesos vs 1.888 B
Opg expenses - 6.559 B pesos vs 5.813 B
Opg profit - 1.07 B pesos vs 2.167 B
Net profit - 481.961 M pesos vs 1.336 B
EBITDA - 2.946 B pesos vs 3.391 B
EPS - 0.63 pesos vs 1.74

ABS ( 11/11/2002 : AFX )
ABS-CBN Broadcasting Corp reported a sharp decline in third quarter
net profit as weak advertising spending continued to drag on
revenue. ABS-CBN said its third-quarter net profit fell to 274.138 M
pesos from 435.519 M a year earlier, while airtime revenue dropped
to 2.577 B pesos from 2.738 B. The company earlier said it expects
full-year net profit to come in below the year-ago profit of 1.483 B
pesos due to lower advertising spending and depreciation costs. In
the nine months to September, ABS-CBN's net profit fell to 481.961
M pesos from 1.336 B a year earlier. It said airtime revenue in the
nine months were down 12 pct to 6.6 B pesos from a year earlier,
due to the absence of political advertisements and lower advertising
placements. ABS-CBN said its commercial airtime revenue was flat in
the third quarter compared to last year if revenues from government
ads were excluded. Sales and services rose to 838.9 M pesos in
the third quarter from 624.426 M a year ago, mainly boosted by
sales growth posted by ABS-CBN International and ABS-CBN
Interactive. In the nine-month period, net sales and services rose to
2.2 B pesos from 1.89 B a year ago. The company also attributed
the growth in sales and services to the consolidation of new
subsidiary CPI, which manages several cable channels such as
Cinema One, Lifestyle Channel and MYX. Consolidated net revenues
stood at 2.93 B pesos in the third quarter compared with 2.84 B a
year ago, and 7.63 B in the nine months to September versus 7.98
B a year earlier. ABS-CBN said operating income dropped to 587.95
M pesos in the third quarter from 757.516 M last year, and to 1.07
B in the nine-month period from 2.17 B a year earlier. Operating
expenses, however, increased to 2.34 B pesos in the third
quarter from 2.08 B a year ago, and to 6.56 B in the nine-month
period from 5.81 B. The company said operating expenses were
pushed higher by depreciation costs, which increased 46 pct
year-on-year to 1.1 B pesos. The depreciation cost mainly involved
the Eugenio Lopez Communications Center, ABS-CBN's new
broadcast complex in Quezon City. The new broadcast facility also
boosted interest expenses to 529 M pesos in the nine months from
262.3 M a year ago, as the company discontinued capitalizing loans
used to finance the new complex.

ABS ( 11/11/2002 : AFX )
It said production costs, still a major cost item, grew 4 pct to 1.64 B
pesos in the nine-month period from 1.58 B. While keeping
production costs relative flat, the company said it maintained its
dominant position in the industry, with an average audience share of
45 pct and ratings of 18 pct during the nine-month period. EBITDA
stood at 2.9 B pesos in the nine months to September compared
with 3.4 B last year, largely reflecting the decline in airtime revenues.

ABS ( 11/11/2002 : AFX )
ABS-CBN Broadcasting Corp said it cut its short-term debt to 416 M
pesos at the end of September, down 89 pct from end-2001
levels, due to an exchangeable notes facility signed with
creditor-banks in early September. ABS-CBN previously announced
its creditors had agreed to extend the maturity of its 3.5 B pesos in
short-term debt for up to five years. In its third quarter report,
ABS-CBN said the average interest rates on the termed-out loans fell
to 9 pct from 11 pct, resulting in cost savings for the company. It also
improved ABS-CBN's current ratio to 2.05 times while interest-bearing
debt to equity ratio was at 0.43 times at end-September from
0.51 times in 2001. ABS-CBN reiterated it is in talks with several
financial institutions to refinance loans owed to Standard Chartered
Bank and BNP Paribas worth 100 M pesos and 3.6 M usd,
respectively. The two banks declared ABS-CBN in default after
declining to join other creditors in a restructuring deal for its short-term
loans. At the end of September, ABS-CBN's total consolidated assets
stood at 22.9 B pesos.

ABS ( 11/12/2002 : PSE )
(In Thousands)
Airtime Revenues
Television & Radio 5,418,833
Net Sales & Services 2,211,609
Operating Expenses 6,559,606
Income from Operations 1,070,836
Other Income (Expenses) (270,299)
Income Before Income Tax 800,537
Provision For Income Tax 318,214
Net Income Before Minority
Interest 482,323
Minority Interest (362)
Net Income 481,961

ABS ( 01/03/2003 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the Listing application of
ABS-CBN Holdings Corporation ("the Company") to list a maximum of
272,000,000 Philippine deposit receipts ("PDRs").
In this connection, please be advised that the Company's PDR agent
has received notices from the ABS-CBN shareholders for the
Exchange of 70,000 ABS-CBN common shares to 70,000 PDRs. In
view thereof, the listing of the 130,000 PDRs as represented by
PDR certificate Nos. 1162,1163,1164 is set on Monday, January 6,
2003. This brings the number of PDRs listed arising from the Exchange
of 130,000 ABS-CBN shares to a total of 269,540,900 PDRs. The
designated PDR agent is hereby authorized to record and register in
its books the above-mentioned number of PDRs.

ABS ( 01/17/2003 : AFX )
A total of 8.941 M ABS-CBN Broadcasting Corp Philippine Depositary
Receipt shares were sold in several cross transactions at an average
price of 14 pesos, data from the Philippine Stock Exchange showed.
The cross sales, conducted by ATR Kim Eng Securities and Deutsche
Bank, totalled 125.18 M pesos. No other details were available. At
9.38 am, ABS-CBN common shares were untraded from the previous
close at 14.25 pesos, while the PDRs were up 0.25 at 14.25.

ABS ( 01/17/2003 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the Listing application of
ABS-CBN Holdings Corporation ("the Company") to list a maximum of
272,000,000 Philippine deposit receipts ("PDRs").
In this connection, please be advised that the Company's PDR agent
has received notices from the ABS-CBN shareholders for the
Exchange of 70,000 ABS-CBN common shares to 70,000 PDRs. In
view thereof, the listing of the 10,000 PDRs as represented by
PDR certificate Nos. 1169 is set on Monday, January 20, 2003. This
brings the number of PDRs listed arising from the Exchange
of 10,000 ABS-CBN shares to a total of 269,530,900 PDRs. The
designated PDR agent is hereby authorized to record and register in
its books the above-mentioned number of PDRs.

ABS ( 01/27/2003 : BW )
Investor interest in the stocks of ABS-CBN Broadcasting Corp., the
media arm of the Lopez group of companies, will continue to be
lukewarm following a weak performance in the last quarter of 2002.
"To think that it has already under performed the index by 22.8% over
the past three months. We believe it will continue to under perform in
the near term," excerpts from a recent study made by RCBC
Securities, Inc. said. ABS-CBN shares are also seen to suffer from
the technical defaults on its loans which amount to 3.8 B Philippine
pesos (US$70.86 M at PhP53.63=$1), of which PhP3.5 B have
been converted to five-year notes and secured with the company's
fixed assets. "By our estimates, we believe that ABS has the
capability to liquidate these notes, given that the principal payments
will be made on a staggered basis. In consequence, net interest
expenses should decline by around PhP170,000 annually on the
average over the forecast period," the study said. Based on the
company's reports for the third quarter of 2002, RCBC said the
company may choose to write off its bad accounts on its income
reports for the October-December period.

ABS ( 02/14/2003 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the Listing application of
ABS-CBN Holdings Corporation ("the Company") to list a maximum of
272,000,000 Philippine deposit receipts ("PDRs").
In this connection, please be advised that the Company's PDR agent
has received notices from the ABS-CBN shareholders for the
exercise of rights equivalent to 100,000 PDRs for the issuance of
100,000 ABS-CBN common shares of stock.
In view thereof, the reduction by 100,000 PDRs as represented by
PDR certificate Nos.1176 from the listed PDRs shall take effect on
Monday, February 17, 2003. This brings the number of PDRs listed
arising from the exercise of 100,000 PDRs to a total of 269,430,900
PDRs.
The designated PDR agent is hereby authorized to cancel in its books
the above number of PDR, and to issue the corresponding ABS-CBN
common shares in favor of the exercising PDR holder.

ABS ( 02/21/2003 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the Listing application of
ABS-CBN Holdings Corporation ("the Company") to list a maximum of
272,000,000 Philippine deposit receipts ("PDRs").
In this connection, please be advised that the Company's PDR agent
has received notices from the ABS-CBN shareholders for the
exercise of rights equivalent to 100,000 PDRs for the issuance of
100,000 ABS-CBN common shares of stock.
In view thereof, the reduction by 100,000 PDRs as represented by
PDR certificate Nos.1178 from the listed PDRs shall take effect on
Monday, February 24, 2003. This brings the number of PDRs listed
arising from the exercise of 100,000 PDRs to a total of 269,330,900
PDRs. The designated PDR agent is hereby authorized to cancel in its
books the above number of PDR, and to issue the corresponding
ABS-CBN common shares in favor of the exercising PDR holder.

ABS ( 02/28/2003 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the Listing application of
ABS-CBN Holdings Corporation ("the Company") to list a maximum of
272,000,000 Philippine deposit receipts ("PDRs").
In this connection, please be advised that the Company's PDR agent
has received notices from the ABS-CBN shareholders for the
exercise of rights equivalent to 100,000 PDRs for the issuance of
100,000 ABS-CBN common shares of stock.
In view thereof, the reduction by 100,000 PDRs as represented by
PDR certificate Nos.1181 from the listed PDRs shall take effect on
Monday, March 3, 2003. This brings the number of PDRs listed
arising from the exercise of 100,000 PDRs to a total of 269,230,900
PDRs. The designated PDR agent is hereby authorized to cancel in its
books the above number of PDR, and to issue the corresponding
ABS-CBN common shares in favor of the exercising PDR holder.

ABS ( 03/14/2003 : PDI )
An all-out word war was imminent between the country's two
fiercely competitive television networks, ABS-CBN and GMA 7. But
not just yet. "We would rather continue with our work in safeguarding
public trust and promoting professionalism than participate in a word
war with GMA 7," ABS-CBN public relations executive Maloli
Manalastas told the Inquirer Thursday. Manalastas was referring to
the tirade of GMA 7 executive Mike Enriquez against the giant network
for releasing allegedly "questionable and inaccurate" daytime show
ratings. Enriquez aired his accusations during his radio program
"Saksi sa Dobol B" on dzBB Monday. Manalastas denied Enriquez's
allegations. She said this contrary to ABS-CBN's thrust of delivering
the news "in service to the Filipino." Rather than use the airwaves as
a forum to air their complaints, what we want is for GMA 7 to let the
proper body decide on industry concerns like this," Manalastas added.
In a press statement sent to the Inquirer, Manalastas said that the
industry had the Kapisanan ng mga Brodkaster ng Pilipinas (KBP) and
the Television Research Council to settle this kind of disagreements
between networks. "The airwaves are owned by the state, and must
never be used to promote or pit the interests of one side against
another," Manalastas said. She asked GMA 7 broadcasters to remain
focused and "maintain their role as vanguards of national interest,
owing to their primary duty as purveyors of truth." ABS-CBN also
denied that it was involved in the complaint about distorted signals
which GMA 7 filed recently against SkyCable Central CATV Inc. and
Home Cable Inc., the cable companies affiliated with ABS-CBN. The
GMA 7 complaint alleged that its transmission signal in Metro Manila
and nearby provinces was being distorted. Manalastas said ABS-CBN
did not have the authority to pressure Sky and Home cables to
"distort" or "degrade" GMA 7's transmission signal. In the complaint
GMA 7 filed with the National Telecommunications Commission (NTC),
network officials pointed out that there were times when GMA 7's
video appears with electronic streaks and with discernible color
spill-over. Based on their monitoring of the cable provider's Channel
12, which was recently transferred to Channel 14, network engineers
also reported a tampered audio signal.

ABS ( 03/14/2003 : PDI )
To back up its complaint, GMA 7 presented NTC with reports from
viewers affected by video and audio degradation of GMA 7's signal.
But a letter sent March 6 by Pilipino Cable Corp. (PCC) regional director
Steve Watson to SkyCable and PCC managing director Fernando
Gonzaga, stated that there were no distortions found in the picture
quality on all channels mentioned by GMA 7 after a team of PPC
technicians conducted a CATV test. The PCC is SkyCable's affiliate
provincial cable operating company, the authorized cable operator in
Obando, Bulacan where the distorted and degraded signals were
allegedly recorded. "May I suggest that GMA send its technical team to
witness the CATV test that was done? We would be more than
willing to walk them through the process again," wrote Watson.

ABS ( 03/24/2003 : BW )
Media giant ABS-CBN Broadcasting Corp. will launch its European
operations in July, chief executive officer Eugenio L. Lopez III said last
Friday. In an interview with BusinessWorld, Mr. Lopez said the
network wants to make full use of the satellite it uses for its Middle
East operations and to take advantage of the "overcapacity in the
satellite correspondence." "We found out the satellite for the Middle
East could reach Europe. We will reach a wider audience without
major costs except marketing," he said. President and chief operations
officer Freddie Garcia said satellite cost is the single biggest expense
for a local network broadcasting overseas. ABS-CBN is still choosing
whether operations should be based in Milan, Italy, London or Athens,
Greece. As in the US and Middle East, the ABS-CBN lineup will include
The Filipino Channel, which shows top-raters; ABS-CBN News
Channel; Cinema One, an all-movie channel; and Pinoy Central, the
variety channel which has entertainment and sports features. The
services will be on a subscription basis, with the company breaking
even at the 25,000-subscriber mark. Mr. Lopez said the network
expects to generate modest revenues from its European operations
given the high concentration of Filipinos in the region. The revenue
stream may not come immediately, but he said the market has great
potentials. "It took us 10 years to turn the corner in North America,"
Mr. Lopez cited as an example. Even with the ongoing war in the
Middle East, the company said 2003 has been "very good."
Advertising has improved by some 15% to 20% in the first quarter.
"Revenues are up this year. Everyone in the industry agrees this year
is better," Mr. Lopez said. He said ABS-CBN will "clean house" for
2002 and this will be shown by its financial statements. He said
accounting rules adjustments will be reflected in the 2002 financials,
even those that are not required to be adopted until 2003 such as
reporting of pre-operating expenses. "We decided to take all the hits
for financial year 2002," he said. As of third quarter, the company
posted a minimal three percent year-on-year increase in its revenues
to PhP2.93 B (US$53.695 M at PhP54.567=$1). The increase
was fuelled by the consolidation of a new subsidiary, Creative
Programs, Inc., which pushed up net sales.

ABS ( 03/24/2003 : BW )
Still, the absence of government and political airtime revenues and
lower advertising spending led to a 5.76% decline in the company's
net airtime revenues. Operating expenses surged 12.3% to PhP2.34
B on the back of a 15.6% rise in depreciation costs arising from
the operations of the firm's new broadcast complex, the Eugenio
Lopez Communications Center. Mr. Lopez said ABS-CBN is still
negotiating for a debt restructuring with creditor-banks Standard
Chartered Bank and BNP Paribas, which had turned down the
company's offer of a PhP3-B exchangeable notes facility. The
company defaulted on the payment of about $6 M of its short-term
loans in August. Even if the industry is already showing signs of
financial recovery, some plans, including listing on the Singapore
Stock Exchange, have been temporarily put on hold. Meanwhile, Mr.
Garcia said ABS-CBN is looking at turning Studio 23 into an all-Tagalog
network while maintaining its "hip" image. The shift will be made "in the
middle of the year." "Studio 23 is competing with cable. What we want
is to maintain the upscale segment without relying heavily on foreign
canned shows," he said.

ABS ( 03/27/2003 : BW )
Lopez-led ABS-CBN Broadcasting Corp. still leads in the ratings battle
as well as in audience share in both the Cebu and Davao markets.
According to the AC Nielsen television ratings for the March 2-8
period, ABS-CBN topped the ratings chart in Cebu for both prime time
and non-prime time slots. Overall, from 6 a.m. to 12 midnight, ABS-CBN
snagged a 15.4 rating followed by GMA with 9.7. Third is cable
television followed by IBC 13 and ABC 5. Overall, ABS-CBN had a
47% audience share in Cebu, GMA 30%, cable television seven
percent and IBC 13 and PTV 4 both four percent. For the daytime
programs, or from 6 a.m. to 12 noon, ABS-CBN leads in ratings with a
6.6 rating and audience share of 39% in Cebu. Second is GMA with
rating of 6.4 and a 38% audience share. As for the prime time slot, or
from 6 p.m. to 12 midnight, ABS-CBN ranks first with a rating of 23.7
and an audience share of 47%. Next is GMA with a 13.2 rating and
26% audience share and then cable television with a 2.7 rating and
five percent audience share. In Davao, ABS-CBN is still the most
watched network from 6 a.m. to 12 midnight with a 26.3 rating and an
audience share of 66%. Second is GMA with a 6.7 rating and 17%
audience share. The third most watched broadcast network is PTV 4
with a rating of 1.6 and an audience share of four percent followed
by cable television with a 1.3 rating and three percent market share.
On the fifth and sixth place is RPN 9 with a 1.2 rating and three
percent audience share. In the morning non-prime time slot, ABS-CBN
tops the list with rating of 16 and 63% audience share. Second is
GMA with 5.6 rating and 22% audience share followed by Studio 23
with 1.1 rating and four percent audience share. In the prime time slot
for Davao, ABS-CBN leads with 35.3 rating and 65% audience share
followed by GMA with a 7 rating and 13% audience share. PTV 4
ranked third with 3.1 rating and six percent- audience share and next
is Studio 23 with 2.6 rating and five percent audience share.

ABS ( 04/11/2003 : AFX )
ABS-CBN Broadcasting Corp said its net profit fell sharply to 165.78
M pesos in 2002 from 1.483 B a year earlier, due to lower
advertising revenues. It said unaudited first quarter net profit showed
an improvement to 107 M pesos from the year-earlier 3.82 M due to
increased airtime revenues and cost-cutting efforts. "First quarter
earnings are actually doing very well due mostly to strong revenue
growth picking up from the recovery in the second half of last year,"
ABS-CBN's chief finance officer Randy Estrellado said in an interview
with the ABS-CBN News Channel. "Airtime revenues for the first
quarter are up 31 pct so our bottomline numbers are up at around 107
M pesos." He added that costs were "largely within the same level
as they were last year, so that's why there is recovery in earnings."
He said first quarter earnings may be sustained for the rest of the
year if the economy grows as projected.

ABS ( 04/13/2003 : AFX )
ABS-CBN Broadcasting Corp chief finance officer Randolf Estrellado
said the company is allotting 1.5 B pesos this year for capital
expenditure requirements, which include expanding broadcasting
operations to Europe and possibly Canada. No comparative figure
was available. He said ABS-CBN will form a new company for the
international venture. But a plan to list an existing unit ABS-CBN Global
Holdings Inc on the Singapore stock exchange has been shelved as
its revenues have remained below minimum standards, he said. "We
still plan to list (the international unit) but within the next five years,"
Estrellado said. "We won't hit it (revenue standard) this year."

ABS ( 04/14/2003 : AFX )
ABS-CBN Broadcasting Corp said it closed down six of its
subsidiaries last year, enabling it to reduce its workforce to 1,524 at
the end of 2002 from 1,634, the Manila Standard reported. The report
quoted ABS-CBN chief financial officer Randolph Estrellado as
saying the company has no plans to close down more units this year
as the remaining subsidiaries have been performing well.

ABS ( 04/14/2003 : BW )
ABS Global, a subsidiary of Lopez-led ABS-CBN Broadcasting Corp.,
is planning to list at the Singapore Stock Exchange in the next five
years, a company official said. ABS-CBN chief financial officer
Randolph T. Estrallado said ABS Global, which distributes
ABS-CBN-produced programs, would have met the requirements of
the Singapore equities mart in the said period. "They have a required
income, but we are still not within the minimum requirement. We hope
to list in the next five years," Mr. Estrallado said. ABS Global's net
sales for 2002 climbed 36% to PhP1.911 B (US$36.4 M at
PhP52.436=$1). It is the holding company which runs The Filipino
Channel, ABS-CBN News Channel, Cinema One, and Pinoy Central in
the US and the Middle East. It has 148,000 subscribers worldwide.
Last month, ABS-CBN said it would start its operations in Europe in
July to take advantage of its satellite which currently serves its Middle
East viewers. ABS Global's contribution to ABS-CBN's income fuelled
the company's 6% consolidated net revenue growth for 2002. Other
subsidiaries which pushed the broadcast firm's revenues to PhP10.91
B last year were Creative Programs, Inc., ABS-CBN Publishing,
and Star Records. For 2002, ABS-CBN's airtime and broadcasting
revenues was at PhP9.519 B, down from PhP9.872 B in 2001.
Mr. Estrallado attributed the revenue drop to the absence of political
advertisements. He added the network no longer accepts government
advertisements which are not paid in cash. The government pays its
ads through tax credits. Mr. Estrallado said ABS-CBN estimates its
first-quarter net income at PhP107 M on the back of higher
revenues from advertising spending. He said the consolidated airtime
revenue for the first three months climbed 31% to PhP2.16 B
compared with the same period last year due to the recovery of
advertising expenditures which picked up in the second half of 2002.
"There was a temporary weakness in ad spending in 2002. It is hard
to project since it is easily cut by clients at times of economic
slowdown," Mr. Estrallado said. He added ABS-CBN is looking at a
stronger performance for 2003 as it improves its revenue levels. Its
capital expenditures is pegged at PhP1.5 B, which will be used for
existing operations, fees for film rights, and its European expansion.
For the year, ABS-CBN has a maturing debt amounting to PhP484
M, which Mr. Estrallado said would be paid from the company's
cash flow from operations.

ABS ( 04/14/2003 : PSE )
This is in reference to the news article "ABS-CBN global unit plans
Singapore listing before '08" published in the April 14, 2003 issue of
the Business World. ABS-CBN Broadcasting Corporation confirmed
that: "...ABS-CBN Global is planning to list in the Singapore Stock
Exchange with the next five years. Currently, we have yet to meet the
requirements of the Singapore equities mart. As such, no definite
timeframe has been established. Nonetheless, rest assured that we
shall inform the public once definite listing plans have been made."

ABS ( 04/14/2003 : PSE )
ABS-CBN today disclosed in a briefing to investors that its
consolidated airtime revenue hit P2.16 B in the 1st Qtr of 2003, up
31% from last year, and a continuation of the strong recovery in
advertising spending that began in the 2nd half of 2002. ABS-CBN's
CFO, Randolph Estrellado, also disclosed that its estimated net income
for the quarter reached a P107 M, up over 2000% from last year. In
the same briefing ABS-CBN presented its audited full year financial
performance for the year 2002. The company achieved consolidated
net revenue of P10.91 B, an increase of 6%, despite the global
slowdown in advertising spending that dominated the first half of last
year. Aside from the strong recovery in the second half, growth was
also attributed to the increased revenues of ABS-CBN Global whose
subscribers grew to over 148,000 worldwide, an increase of 14%.
ABS-CBN said however that it experienced pressure on its operating
margins as its expenses grew faster than revenues. Non-cash
charges, grew 44% as the company began to depreciate its new
broadcast complex. Its cash expenses, on the other hand, grew 16%
due to demands on production costs dictated by a more competitive
broadcast environment. As a result, ABS-CBN's income from
operation fell to P1.66 B, a decline of 42%.

ABS ( 04/21/2003 : AFX )
ABS-CBN Broadcasting Corp will later this year embark on a five-year
plan to repay 6.6 B worth of debt, chief financial officer Randolph
Estrallado said. The company will allot 484 M pesos to settle
maturing debts this year, he added. "Next year, we will be even
stronger (financially) than in 2002. We don't think we'll have any
problems refinancing (or) paying these (debts) down with internally
generated cash," Estrallado said in a news briefing. Estrallado said
short-term creditors have also agreed to lengthen the maturity of their
loans to ABS-CBN. BNP Paribas and Standard Chartered Bank,
which earlier declared ABS-CBN in default of 280 M pesos in loans,
have agreed to join most short-term creditors in a refinancing deal.
ABS-CBN had set aside 1.5 B pesos for capital expenditure this
year.

ABS ( 04/21/2003 : STAR )
Broadcast giant ABS-CBN Broadcasting Corp. plans to retire P484
M in maturing debts this year which will be settled through
internally-generated cash. The amount is part of the company’s total
outstanding obligations of P6 B. Last year, the company had P500
M in maturing debts and another P500 M will mature in 2004.
ABS-CBN chief finance officer Randolph T. Estrellado said that by
settling portions of its debt this year, the company hopes to achieve a
relatively cleaner balance sheet in 2004. "Our view is that by 2004,
our balance sheet would be stronger compared to 2002," he said.
Estrellado also noted that international securities and investment
consulting company/creditor bank, BNP Paribas, already agreed to
participate in restructuring ABS-CBN’s exchangeable notes facility
agreement (ENFA). The ENFA was signed with majority of the
short-term creditors on Sept. 2, 2002. The agreement essentially
stretched the maturity of the company’s short-term debts, thus,
converting these into long-term debts to give ABS-CBN more elbow
room to settle its obligations BNP Paribas and Standard Chartered
previously refused to participate in the ENFA and had declared
ABS-CBN in default. But with BNP Paribas’ decision to reverse its
earlier position, ABS-CBN is now looking for a new lender to replace
Standard Chartered Bank. ABS-CBN’s outstanding loans with the two
banks amount to about P195 M and P70 M, respectively.
As part of the network’s plan to streamline its operations and improve
its balance sheet, the company will continue its freeze- hiring policy
this year. Currently, the company has 1,524 regular employees as of
2002, from 1,634 regular employees in 2001. ABS-CBN is planning to
further bring down its operational costs this year, particularly after it
stopped operating six losing subsidiaries last year. Cost-cutting
measures are being eyed for two other losing subsidiaries, the
ABS-CBN News Channel (ANC) and foreign films distributor Skyfilms.

ABS ( 04/21/2003 : STAR )
Last year, the company reported a P272.3-M loss following the
closure of six of its subsidiaries: ABS-CBN Consumer Products,
Shopping Network, Inc., Cinemagica, ABS-CBN Hong Kong Club,
ABS-CBN Europe Societa Per Azioni, and Pinoy Auctions. In 2001,
these companies reported P8.2 M in total losses. On the other
hand, ABS-CBN was able to record P2.64 M in net sales
produced by five other subsidiaries, including ABS Global Holdings,
Inc., Creative Programs, Inc., ABS-CBN Publishing, RoadRunner
Network, and Star Records. In 2001, these subsidiaries reported
P2.06 M in net sales. For the first quarter of 2003, the
Lopez-controlled firm disclosed that its net income reached P107
M, an increase of over 2,000 percent from the same period last
year. ABS-CBN said that airtime revenues grew by 31 percent to
P2.16 B from the same period last year. Consolidated net
revenues increased by six percent to P10.9 B mainly due to the
strong recovery of the total advertising spending by the second half
of 2002.

ABS ( 05/09/2003 : BW )
Not content with the administrative complaint it filed before the National
Telecommunications Commission (NTC), GMA Network, Inc. has filed a
12-M Philippine peso (US$230,676 at PhP52.021=$1) damage suit
against rival ABS-CBN Broadcasting Corp. and three major cable
television players. The three cable firms are Central CATV, Inc.
(SKYCable), Philippine Home Cable Holdings, Inc. (HomeCable), and
Pilipino Cable Corp. (Sun Cable). The suit was filed before the Quezon
City Regional Trial Court last May 6. GMA alleged the three cable
companies have engaged in "unfair competition," in turn affecting its
ratings against ABS-CBN as it complained of disruptions in the signal
of GMA-7 in the said cable systems. GMA cited the interlocking
ownership among ABS-CBN and the cable firms. "(In) order to arrest
or destroy the upswing performance and top position of plaintiff GMA
in the television industry, defendant cable companies Skycable,
HomeCable and Pilipino Cable engaged in unfair competition and/or
unfair trade practices with defendant ABS-CBN against plaintiff
GMA," the complaint stated. "(This was done) thru corporate
combinations, devices, and machinations resulting in injury and
damage to the business and network operations of plaintiff GMA," it
said. GMA complained it has been experiencing signal distortion in the
systems of the three cable firms, in turn, affecting its ratings. Last
April 29, it initiated an administrative complaint on the same issues at
the NTC. "(As) a result of defendants' acts of unfair competition,
corporate combinations and manipulations, as well as unjust,
oppressive, high-handed and unlawful business practices, plaintiff
suffered business interruptions and injury in its operations for which it
should be compensated in the amount of PhP10 M by way of
actual and compensatory damages," GMA said in its complaint. "(To)
serve as lesson to the defendants who have acted in bad faith,
malevolent manner, malice and for the public good, defendants should
be held solidarily liable to pay plaintiff the amount of PhP2 M as
exemplary damages," it added. GMA said SkyCable has a dominant
position in Beyond Cable Holdings, Inc., the entity formed with the
consolidation of the cable TV businesses of the Lopez Group, with
66.5% equity, and HomeCable of Philippine Long Distance Telephone
Co. (PLDT), with 33.5%. GMA also cited the reported acquisition of
SkyCable and Beyond Cable of rival Destiny Cable, Inc.

ABS ( 05/14/2003 : AFX )
ABS-CBN Broadcasting Corp said it is working on deals to settle its
loans of 300 M pesos with BNP Paribas and Standard Chartered
Bank. In a disclosure to the Securities and Exchange Commission,
ABS-CBN said it is arranging documentation for BNP Paribas'
participation in an exchangeable notes facility agreement. It said it is
also looking for creditors to refinance the Standard Chartered loans.
BNP Paribas and Standard Chartered earlier decided not to participate
in ABS-CBN's 3.0-B peso exchangeable notes facility with creditors,
which aimed to extend its loan payments for five years. The two
banks demanded payment and declared the company in default.

ABS ( 05/14/2003 : BW )
Media giant ABS-CBN Broadcasting Corp. yesterday said it is working
out a deal with BNP Paribas to extend payment terms for some
short-term loans. In a disclosure to the Securities and Exchange
Commission, ABS-CBN also said it is on the lookout for another
financing arrangement to pay debts to Standard Chartered Bank.
"Documentation for the participation of BNP Paribas in the
Exchangeable Notes Facilities Agreement (loan deal) is currently in
progress, while the search for a replacement funder for the loans to
Standard Chartered Bank is underway," ABS-CBN said. ABS-CBN
said the two creditor banks did not participate in the loan deal last
year and even demanded payment from the company as well as
declared the media firm in default. ABS-CBN, however, said the two
account for only 300 M Philippine pesos (US$5.74 M at
PhP52.214=$1), which constitute only 1% of its total assets. The firm
said total bank loans as of end-March remained flat at PhP427 M
as working capital requirements were financed from internal cash
flow. ABS-CBN said its net income for the first quarter rose to PhP107
M from only PhP3.8 M in the same period last year. This was
attributed to the sustained recovery in industry and advertising
spending coupled with tamer operating expenses. It also said
consolidated gross revenues from airtime and other
broadcasting-related revenues from January-March amounted to
PhP2.26 B, up 30% from PhP1.74 B last year. ABS-CBN said
airtime revenues grew 36%, boosted by a 30% growth in advertising
minutes. Its subsidiary Studio 23 also benefited from improved
advertising spending, posting a 46% hike in revenues to PhP104 M
in the first three months.

ABS ( 05/27/2003 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the Listing application of
ABS-CBN Holdings Corporation ("the Company") to list a maximum of
272,000,000 Philippine deposit receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from the ABS-CBN shareholders for the exercise of rights
equivalent to 100,000 PDRs for the issuance of 100,000 ABS-CBN
common shares of stock. In view thereof, the reduction by 100,000
PDRs as represented by PDR certificate Nos. 1192 from the listed
PDRs shall take effect on Wednesday, May 28, 2003. This brings the
number of PDRs listed arising from the exercise of 100,000 ABS-CBN
shares to a total of 269,130,900 PDRs. The designated PDR agent is
hereby authorized to record and register in its books the
above-mentioned number of PDRs.

ABS ( 05/29/2003 : PSE )
ABS-CBN has notched P1 B in gross airtime revenue for the month of
May, a 29% increase from previous month, and a 27% from 2002 May
turnover. To date, the country's leading TV-radio broadcasting
network has grossed P4.1 B in sales, a record year-to-date figure
that overtakes its 2002 gross sales by 23%. Las year, a workforce
fat-trimming and integration of subsidiaries Studio 23 and three cable
channels into the core business of Channel 2 were simultaneously
undertaken. Sales traffic, the unit responsible for implementation of
advertising broadcast orders, was streamlined to allow
cross-channel placements. The marketing group went on a massive
campaign to announce to the advertising trade the integrated
capabilities of ABS-CBN. The initial response was tentative, in light of
depressed markets. Balance 2003 looks equally promising with
sustained client and advertiser's confidence in ABS-CBN's integrated
multiplatform offers. As Mr. Gabunada states "With this trend, it looks
like ABS-CBN will have another banner year and continue to stay
foremost not only in the minds of our viewers but our business
partners as well. "

ABS ( 05/30/2003 : STAR )
Media giant ABS-CBN Broadcasting Corp. plans to lead the
development of Quezon City into another information technology (IT)
hub by riding on the call center bandwagon, its top officials said
yesterday. ABS-CBN president and chief executive officer Eugenio
"Gabby" Lopez III said during the company’s stockholders meeting
yesterday that they are currently in negotiations with at least two call
center firms for the lease of three out of the 15 floors in the P6-B
Eugenio Lopez Communication Center which lies adjacent to the
company’s main studio. Lopez said the lease would not only maximize
the idle space in the building but also contribute to regular earnings.
"We are looking at about 9,000 to 10,000 sq.m. to be leased out and
rates of between P400 to P500 per square meter," Lopez said.
He said the move to jumpstart the development of the area into an IT
zone is in response to Quezon City Mayor Feliciano ‘Sonny’
Belmonte’s call to bring in a fresh wave of investors into the city.
"This is part of the efforts of Mayor Belmonte to create an IT zone
here which is similar to what they were able to do in Eastwood," he
said. He said once the company gets an endorsement from the
Quezon City authorities, it would apply for an IT park status with the
Philippine Economic Zone Authority (PEZA) to avail itself of various tax
incentives. On its financial performance, the ABS-CBN officials said
with revenues expected to reach up to P1.5 B in May, this would
boost cumulative sales to P5 B for the first five months of the year
or over 20 percent higher than the year-ago level. "We have been
practically doing well from January to May. For this period, we would
probably be hitting P4.2 B in airtime revenues (excluding international
operations). This should translate to a 25- to 27- percent growth from
the previous level, " Lopez said. ABS-CBN senior vice-president for
integrated sales and marketing Nicanor Gabunada Jr. said the
cost-cutting measures implemented by management have yielded
positive results for the company. "Achieving sales of P1 B in one
month is the result of people working creatively and aggressively
together, in line with top management directions. It’s a very fulfilling,
very challenging experience," Gabunada said.

ABS ( 05/30/2003 : STAR )
"Today, ABS-CBN has become a stronger organization, in terms of
sales and marketing. We have emerged from our organizational
restructuring which started in the first quarter of 2002 as a more
bullish and more creative force. We have services that cut costs for
our customers and add value to our media offers," Gabunada said.
ABS Global’s net sales for 2002 climbed 36 percent to P1.911 B. It
is the holding company which runs The Filipino Channel, ABS-CBN
News Channel, Cinema One, and Pinoy Central in the US and the
Middle East, and has a worldwide subscribers’ base of 148,000.
ABS-CBN said earlier it would start its operations in Europe in July to
take advantage of its satellite which currently serves its Middle East
viewers. ABS Global’s contribution to ABS-CBN’s income fuelled the
company’s six percent consolidated net revenue growth for 2002.
Other subsidiaries which pushed the broadcast firm’s revenues to
P10.91 B last year were Creative Programs, Inc., ABS-CBN Publishing,
and Star Records. For 2002, ABS-CBN’s airtime and broadcasting
revenues amounted to P9.519 B, down from P9.872 B in 2001.
Company officials attributed the revenue drop to the absence of
political advertisements. This year, ABS-CBN officials said they are
looking at a stronger corporate performance. The company's capital
expenditures, pegged at P1.5 B, will be used to maintain existing
operations, fees for film rights, and its European expansion. For this
year, ABS-CBN has maturing debts amounting to P484 M, which
would be paid out from internally generated funds.

ABS ( 06/02/2003 : BW )
Accusations by its rival broadcasting firm that ABS-CBN Broadcasting
Corp. had a hand on the move of cable companies to rechannel GMA
Network, Inc., is "unfair," ABS-CBN chief executive officer Eugenio
Lopez III said. "Cable has its own different series of shareholders and
it is unfair for GMA to accuse ABS-CBN of being able to dominate or
impose its own agenda on cable. We have PLDT (Philippine Long
Distance Telephone Co.) which holds 33% and we have other
shareholders who are part of the cable outfit," Mr. Lopez said. GMA
had said its ratings had dropped since its cable channel position was
reassigned. Mr. Lopez said it would be irresponsible for the
Lopez-linked cable companies to put GMA in a nonstrategic channel
since it is a strong network with a huge market. "For a cable operator
to put a channel like GMA where it would be detrimental to its viewers
is simply suicidal because GMA is one of the top channels of the
cable business. GMA has to have the best channel position because
they bring in the largest viewers and people buy cable for pay TV,"
Mr. Lopez said. Last month, GMA filed a 12-M Philippine peso
(US$225,437 at PhP53.23=$1) suit against ABS-CBN and the three
cable majors at the Quezon City Regional Trial Court for alleged unfair
competition which caused signal distortion for GMA, hence the drop in
ratings. Cental CATV, Inc., or SKYCable, and its associates
HomeCable and Sun Cable, moved GMA to channel 14 from channel
12. SKYCable bucked GMA's request to return the station to channel
12, saying it is not under the "must carry" rule for free TV stations.

ABS ( 06/16/2003 : AFX )
ABS-CBN Broadcasting Corp chairman Eugenio Lopez III said the
company expects to generate about 11-12 B pesos in gross revenues
this year, up from 10 B in 2002, on the back of higher advertising
revenues. "Consumer spending has gone up and so ad spending has
improved. Consumer products and telecoms are big ad spenders,"
Lopez told reporters. Earlier, the company reported that its May gross
airtime revenue rose 27 pct year-on-year and 29 pct month-on-month
to about 1.0 B pesos. In 2002, ABS-CBN's net profit fell to 165.78 M
from a restated 1.378 B due to lower advertising revenues. In the first
quarter to March, net profit rose to 107 M from the year-earlier 3.82 M
due to increased airtime revenues and cost-cutting efforts. Lopez
said newly-launched Taiwan television soap opera "Meteor Garden"
has generated 1 M pesos in daily advertising revenues. ABS-CBN
closed at 17 pesos, up 0.75 on volume of 32,400 shares.

ABS ( 06/17/2003 : BW )
ABS-CBN Broadcasting Corp. is looking at a 25% revenue growth this
year following an unexpected rise in advertising revenues. In a talk
with reporters, ABS-CBN chairman and chief executive Eugenio
Lopez III said the group's total revenues for the year may reach 12 B
Philippine pesos (US$224.41 M at PhP53.474=$1) and attributed the
good business climate to strong consumer and consequently ad
spending. He said ABS-CBN's biggest advertisers include Unilever,
Proctor & Gamble, Johnson & Johnson and the telecom companies. "I
don't think anybody expected this kind of advertising spending. We
think it is the remittances coming from abroad. Because if you look at
it, unemployment rate is going up and yet the economy continues to do
well. It's money coming in," he said. Mr. Lopez said advertising
revenues for the first five months were strong and if the trend
continues the ABS-CBN group will post a 25% revenue growth in
2003 compared to last year's revenues which registered a decline
from the 2001 figures. ABS-CBN made about PhP9.5 B to PhP10 B in
gross revenues last year. ABS-CBN's consolidated net revenues for
the first quarter grew 6% to PhP10.9 B. This was also attributed to the
strong recovery of total advertising spending by the second half of
2002. Airtime revenues for the first quarter went up 31% to PhP2.16 B
and net income reached PhP107 M. Mr. Lopez said ABS-CBN's ratings
in the primetime slot have improved. Following for its foreign show,
Meteor Garden, among television viewers was also surprising. He
said Meteor Garden makes PhP1 M in revenues each day. For ad
spending, Unilever and Proctor & Gamble each contribute about less
than 10% of the total advertising revenues of ABS-CBN. A telco,
which accounts for 1%-2%, spends about PhP100 M to PhP200 M for
television advertising. "That 10% is somebody spending over PhP1 M
with us. And that is Unilever. Last year, Unilever spent or contributed
about 10% of our advertising revenues," Mr. Lopez said. He said
ABS-CBN Global, Inc. Ltd. is seen to contribute about 15%-20% in
ABS-CBN group's total revenues this year or around PhP2.4 B. He
said the global unit would continue to grow because of the increasing
number of Filipinos going abroad. "That business is a very good
business. We're hitting over 120,000 pay units. In the Middle East,
each pay unit is an average of about 15 subscribers. So altogether,
we are probably hitting over a M Filipinos abroad, which is about 15%
of all the Filipinos (abroad)," he said.

ABS ( 06/17/2003 : BW )
Mr. Lopez said it will launch its Europe operations by August and it is
in talks to bring ABS-CBN shows to Filipinos living in Canada.
ABS-CBN is currently asking the telecommunications agency in
Canada to waive the requirement that signals must be transmitted via
Canadian satellite. A requirement ABS-CBN should carry Canadian
content is also under question. "Our satellite covers all of North
America already. And the market is not big enough for me to go on a
Canadian satellite and do local Canadian content. We are asking their
version of the National Telecommunications Commission to waive that
provision for us," Mr. Lopez said.

ABS ( 06/17/2003 : MT )
Owing to the strong consumer spending, ABS-CBN Broadcasting
Corp. projects that it can hit about P12 B in revenues this year from
around P9.5 B last year. In a press briefing, ABS-CBN Chairman
Eugenio Lopez Jr. said that based on the advertising revenues for the
first five months of the year, the company could reach a 25 percent
increase in revenues. "I don't think anybody expected this kind of
advertising driven by a strong consumer spending. We think the
strong spending are actually remittances coming from abroad
because if you look at it, unemployment rate is still up, yet the
economy continues to do well. It is definitely the money coming in,"
Lopez said. He said that the new show Meteor Garden is proving to
be a success as advertising revenues is reaching P1 M a day.
Consumer product firms are ABS CBN's biggest advertisers.
However, Anglo-Dutch giant Unilever Philippines, currently the
network's biggest advertiser, will be spending less than the P1 B it
spent in advertisements last year in ABS-CBN.

ABS ( 06/21/2003 : AFX )
ABS-CBN Broadcasting Corp has asked the Philippine Economic Zone
Authority (PEZA) to certify the company's ELJ Communications Center
in Quezon City as an information technology zone, company chairman
Eugenio Lopez III said. A certification from PEZA will give tenants of
the center tax privileges. "We already got an endorsement from the
(Department of Trade and Industry). We're just waiting for the
signature of the President," Lopez told reporters. The company also
sought a similar endorsement from the Quezon City government.
ABS-CBN is leasing out floors in its new building to call centers and
other companies. Lopez said the company recently concluded talks
with American call center RMH Teleservices Inc for a lease
arrangement. It is also in talks with another call center company, but
Lopez declined to give further details. The company spent about 6 B
pesos to build the 15-floor state-of-the-art building. Around six to
seven floors are for lease.

ABS ( 06/23/2003 : BW )
The coveted IT zone status for ABS-CBN Broadcasting Corp.'s
Eugenio Lopez, Jr. building is now just waiting for the final approval
from President Gloria Macapagal Arroyo after it has been approved by
the city government and the Department of Trade and Industry. This,
as US-based RMH Teleservices, Inc. decided to set up its call center
business in the building. "The Quezon City council has approved it and
so has Trade Secretary (Manuel A. Roxas II). We are waiting for the
presidential approval. I think it will be given," said ABS-CBN chief
executive Eugenio Lopez III in an interview. With an IT ecozone status,
locators in the building will be able to avail of tax perks among other
fiscal incentives. In an earlier interview, Mr. Lopez said ABS-CBN
was in talks with two clients who want to set up call center
operations at the building. He said the broadcast group is venturing
into the real estate and properties market as they intend to lease five
to seven floors of the 15-floor building in the ABS-CBN compound in
Quezon City (central Metro Manila). He said their clients had sought
tax perks given to locators in economic zones ran by the Philippine
Economic Zone Authority. Mr. Lopez said the US firm locating in the
ABS-CBN building has call centers in the US and Canada. It would
lease one and a half floors or up to 6,000 square meters. RMH offers
traditional and customized call center services; multi-channel access
such as e-mail, web chat, web callback, voice-over net, voice-over
internet protocol and web collaboration; integrated knowledge
management and contact management tools; and personalized
customer interaction. Each floor of the ABS-CBN building measures
2,000-3,000 square meters. Mr. Lopez had said the leasing venture
would hopefully make up for the six B Philippine pesos (US$112.61 M
at PhP53.279=$1) invested in the building. ABS-CBN is seen to
generate P3.6 M to P8.6 M from leasing three floors of the building.

ABS ( 06/24/2003 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the Listing application of
ABS-CBN Holdings Corporation ("the Company") to list a maximum of
272,000,000 Philippine deposit receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from the ABS-CBN shareholders for the exchange of 100,000
ABS-CBN common shares to 100,000 PDRs. In view thereof, the
listing of the 100,000 PDRs as represented by PDR certificate Nos.
1198 is set on Wednesday, June 25, 2003. This brings the
number of PDRs listed arising from the exchange of 100,000
ABS-CBN shares to a total of 269,230,900 PDRs. The designated PDR
agent is hereby authorized to record and register in its books the
above-mentioned number of PDRs.

ABS ( 07/04/2003 : AFX )
ABS-CBN Broadcasting Corp's airtime revenues rose 25 pct
year-on-year to 5.1 B pesos in the first half to June, the Philippine
Star newspaper reported, quoting company chairman Eugenio Lopez
III. Lopez said the company earned 1.1 B pesos in local radio and
broadcasting airtime sales in June alone, the second time in a row
that the company went above the 1.0-B peso mark.

ABS ( 07/04/2003 : AFX )
ABS-CBN Broadcasting Corp chairman and chief executive officer
Eugenio Lopez III said the company is set to sign within the next two
weeks an agreement on the restructuring of a 3.6-M usd loan with
creditor bank BNP Paribas, BusinessWorld reported. "We are close to
signing a debt restructuring with BNP Paribas. We got their consent
last month," Lopez was quoted as saying. BNP Paribas and Standard
Chartered Bank earlier declared the company in default for loans
worth 3.6 M usd and 100 M pesos, repectively. For the Standard
Chartered loan, Lopez said the company is still trying to come up with
an "acceptable" scheme. (1 usd = 53.424 pesos)

ABS ( 07/07/2003 : AFX )
ABS-CBN Broadcasting Corp common and preferred shares were
firmer upon resumption of trade after the company said it was close
to signing a 3.6-M usd debt restructuring agreement with BNP
Paribas, dealers said. The company also expects to book a full-year
net profit of over 1.0 B pesos compared with 165.78 M in 2002,
with advertising revenues continuing to improve. At 10.31 am,
ABS-CBN Broadcasting was up 2.25 pesos or 11.39 pct at 22 on
volume of 26,900 shares. ABS-CBN Holdings Corp preferred shares
rose 1.75 pesos or 8.64 pct to 22 on 151,000 shares. The composite
index was up 10.52 points or 0.83 pct at 1,274.79. The company said
advertising revenue in the six months to June hit 1.5 B pesos, while
gross airtime revenue rose 25 pct year-on-year to 5.1 B pesos. In
June alone, consolidated revenues stood at 1.5 B pesos. The
company said the figures are still to be finalized as it is "still in the
process of consolidation." Citiseconline.com analyst Mark Alan
Canizares said the company's improving cashflow should help it fully
address its debt problems. Westlink Global Equities chairman Rommel
Macapagal said the company has shown signs of recovery from the
weak advertising revenue last year. "I think they're (returning) to
profitability," he said. The concern, however, is the sustainability of
revenue growth, analysts said. ABS-CBN Broadcasting chairman and
chief executive officer Eugenio Lopez III told reporters Friday night
that business has so far been "very good." He said the 1.1-B peso
local radio and broadcasting airtime sales in June alone marked the
second month in a row that the company went above the 1.0-B
peso mark. Advertising revenues have improved significantly, thanks
to the high viewership ratings of its Taiwanese TV series "Meteor
Garden." Macapagal said the company will have to look for new
products that will sustain earnings once the magic of "Meteor
Garden" is gone. A company official, on the other hand, said
ABS-CBN's "biggest concern" now is "how to increase viewing
pleasure" for the audience "by limiting the loading of commercials in all
our programs and still hit our 2003 targets.

ABS ( 07/07/2003 : AFX )
ABS-CBN Broadcasting Corp expects to book net profit of "well over
a billion" pesos this year compared with 165.78 M in 2002, company
chairman Eugenio Lopez III said. "Business is very good. We just hope
it keeps up," he told reporters. The company's airtime revenues rose
25 pct year-on-year to 5.1 B pesos in the first half to June. Lopez
said the company earned 1.1 B pesos in local radio and
broadcasting airtime sales in June alone, the second time in a row
that the company went above the 1.0-B peso mark. Advertising
revenues have improved significantly, thanks to the high viewership
ratings of its Taiwanese TV series "Meteor Garden." "We delivered
almost twice the revenues versus competition with less advertising
minutes," ABS-CBN senior vice president for integrated marketing and
sales Nicanor Gabunada Jr said. He said, however, the company's
"biggest concern" now is "how to increase viewing pleasure for our
audience by limiting the loading of commercials in all our programs
and still hit our 2003 targets.

ABS ( 07/07/2003 : AFX )
Trading in the shares and Philippine Depositary Receipts (PDR) of
ABS-CBN Broadcasting Corp have been suspended pending
clarification of a newspaper report that it is to sign a debt
restructuring deal with BNP Paribas for its 3.6 M usd loan within the
next two weeks, the Philippine Stock Exchange said. ABS-CBN
chairman and chief executive officer Eugenio Lopez III told reporters
Friday night that the company also expects to book net profit of "well
over a billion" pesos this year compared with 165.78 M in 2002. The
company's airtime revenues rose 25 pct year-on-year to 5.1 B
pesos in the first half to June. The trading suspension is until 10 a.m.
(1 usd = 53.395 pesos)

ABS ( 07/07/2003 : PSE )
This is in reference to the news article "ABS-CBN, BNP Paribas ready
to sign $3.6 M debt restructuring deal" published in the July 7, 2003
issue of the Business World (Internet Edition).
ABS-CBN Broadcasting Corporation ("ABS"), in its letter dated July 7,
2003, would like to confirm the details in the Business World as
follows:
- ABS-CBN close to signing a $3.6 M debt restructuring agreement
with BNP Paribas
- Advertising revenues of P1.5 B for the first six months
- Total gross airtime revenues for the first six months to be 25%
higher than the P4 B posted in the first half of 2002
- Total consolidated revenues of at least P1.5 B in June. However,
these numbers are still to be finalized as we are still on the process of
consolidation.
ABS, in a subsequent letter, informed the Exchange of the
typographical error on the second item of its reply, which should read
as follows:
- Advertising revenues of at least P5.1 B for the first six months.

ABS ( 07/08/2003 : AFX )
The Philippine Economic Zone authority has certified ABS-CBN
Broadcasting Corp's ELJ Communications Center in Quezon City as
an information technology zone, company chairman and chief
executive officer Eugenio Lopez III said He said the ITzone
certification has paved the way for the entry of call centers into the
6.0-bln peso complex. A certification from PEZA will give tenants of
the center tax privileges. Lopez earlier said the company had
concluded talks with American call center RMH Teleservices Inc for a
lease arrangement. It is also in talks with another call center
company. He estimated that ABS-CBN would earn 400 to 500 pesos
per square meter in monthly lease rate. (1 usd = 53.369 pesos)

ABS ( 07/14/2003 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the Listing application of
ABS-CBN Holdings Corporation ("the Company") to list a maximum of
272,000,000 Philippine deposit receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from the ABS-CBN shareholders for the exchange of 100,000
ABS-CBN common shares to 100,000 PDRs. In view thereof, the
listing of the 100,000 PDRs as represented by PDR certificate Nos.
1203 is set on Tuesday, July 15, 2003. This brings the number of
PDRs listed arising from the exchange of 100,000 ABS-CBN shares to
a total of 269,330,900 PDRs. The designated PDR agent is hereby
authorized to record and register in its books the above-mentioned
number of PDRs.

ABS ( 07/14/2003 : PSE )
This is in reference to the news article "ABS-CBN, Smart dispute SMS
revenue-sharing: sources" published in the July 14, 2003 issue of the
Philippine Daily Inquirer. ABS-CBN Broadcasting Corporation stated
that: "This is to confirm that negotiations between ABS-CBN
Broadcasting Corporation and Smart Communications Inc. over its text
service partnership for services affecting access to 2366 under
Pinoycentral.com are still on-going and matters are still open for
discussion. In the meantime, ABS-CBN continues to maintain its
relationships with other SMS providers such as Globe Telecom and
Sun Cellular."

ABS ( 07/16/2003 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the Listing application of
ABS-CBN Holdings Corporation ("the Company") to list a maximum of
272,000,000 Philippine deposit receipts ("PDRs"). In this connection,
please be advised that the Company's PDR agent has received
notices from the ABS-CBN shareholders for the exchange of 20,000
ABS-CBN common shares to 20,000 PDRs. In view thereof, the
listing of the 20,000 PDRs as represented by PDR certificate Nos.
1205 is set on Thursday, July 17, 2003. This brings the number of
PDRs listed arising from the exchange of 20,000 ABS-CBN shares to
a total of 269,350,900 PDRs. The designated PDR agent is hereby
authorized to record and register in its books the above-mentioned
number of PDRs.

ABS ( 07/28/2003 : PSE )
Please be informed that last Friday, July 25, 2003, ABS-CBN
Broadcasting Corporation and BNP Paribas have signed an agreement
for a US dollar term loan facility in the amount of $3.6 M. Upon grant of
the loan, BNP Paribas shall be considered a Facility Lender under the
Exchangeable Notes Facility Agreement (ENFA) executed by majority
of ABS-CBN's shaort-term creditors last September 2002. As such,
BNP Paribas will be subject to the same terms and amortization
schedule under the ENFA.

ABS ( 07/29/2003 : BW` )
Lopez-controlled ABS-CBN Broadcasting Corp. has inked an
agreement with BNP Paribas for the restructuring of loans amounting
to $3.6 M. In a disclosure to the Philippine Stock Exchange, ABS-CBN
Chief Financial Officer Randolph T. Estrellado said BNP Paribas will be
entitled to the same terms and amortization schedule under the
restructuring plan it inked with other creditors. "Upon grant of the loan,
BNP Paribas shall be considered a facility lender under the ENFA
[exchangeable notes facility agreement or restructuring plan]
executed by majority of ABS-CBN's short-term creditors last
September 2002," Mr. Estrellado said. The agreement is secured by a
mortgage trust indenture -- a document listing all of ABS-CBN's assets
which will be used as collateral for the loan. BNP Paribas' agreement
to the restructuring deal leaves only Standard Chartered Bank as the
lone creditor to refuse the broadcast company's offer of a PhP3 B
exchangeable notes facilities for its debts. ABS-CBN's outstanding
obligation to Standard Chartered is currently at PhP100 M. Early this
month, ABS-CBN Chief Executive Eugenio Lopez III said the company
is still working on a scheme to address its loan to Standard Chartered.
"We're trying to explore solutions which would be fair to other
reditors. We can't give them anything that we haven't given other
creditors," Mr. Lopez said.

ABS ( 08/06/2003 : AFX )
ABS-CBN Broadcasting Corp booked 1.0 B pesos in television
advertising revenues for the third straight month in July thanks to
higher spending by consumer goods manufacturers, the Philippine
Daily Inquirer reported, quoting company chairman and chief executive
officer Eugenio Lopez III. The company, however, lost some 30 M
pesos in revenue during the July 27 military mutiny because it
suspended broadcasting of regular programs to give way to special
coverage of the day-long event, the report said. (1 usd = 54.790
pesos)

ABS ( 08/07/2003 : AFX )
ABS-CBN Broadcasting Corp said its air time revenue grew 25 pct
year-on-year to 6.1 B pesos in the seven months to July. In July
alone, air time revenue from television, radio and cable operations
reached 1.0 B pesos. It gave no other details in its disclosure to the
stock exchange. The disclosure followed a one-hour trading
suspension the Philippine Stock Exchange imposed on the company
to seek clarification on a newspaper report that its television
advertising revenue hit 1.0 B peso for the third straight month in July.
At 10.15 am, ABS-CBN was unchanged at 19.50 pesos. (1 usd =
54.800 pesos)

ABS ( 08/07/2003 : AFX )
ABS-CBN Broadcasting Corp shares have been suspended from
trading pending clarification of a newspaper report on the company's
July television advertising revenues, the Philippine Stock Exchange
said. ABS-CBN booked 1.0 B pesos in television advertising revenues
for the third straight month in July thanks to higher spending by
consumer goods manufacturers, the Philippine Daily Inquirer reported,
quoting company chairman and chief executive officer Eugenio Lopez
III. The company, however, lost some 30 M pesos in revenue during
the July 27 military mutiny because it suspended broadcasting of
regular programs to give way to special coverage of the day-long
event, the report said. (1 usd = 54.790 pesos)

ABS ( 08/07/2003 : AFX )
The Philippine Stock Exchange (PSE) said it has lifted the trading
suspension on Philippine Long Distance Telephone Co, Benpres
Holdings Corp and ABS-CBN Broadcasting Corp even though the
companies have not provided clarifications on newspaper reports
about them. At 10.03 am, PLDT was down 5.00 pesos at 495.
Benpres was up 0.03 at 0.60. ABS-CBN was still untraded after
closing previously at 19.50. The PSE imposed a one-hour trading
suspension on PLDT and Benpres to seek clarification on a
newspaper report that the companies plan to merge their cable
television operations. The operators of SkyCable Central CATV Inc
and Philippine Home Cable Holdings Inc have signed a memorandum
of agreement for the full consolidation of both firms, the Philippine
Daily Inquirer reported, citing SkyCable chairman Eugenio Lopez III.
Benpres owns SkyCable while PLDT affiliate MediaQuest Holdings
Corp controls Home Cable. Lopez said the MoA, which he signed last
week with PLDT president and chief executive officer Manuel
Pangilinan, has been submitted to the cable firms' creditor banks for
approval. The firms are seeking to restructure more than 2.5 B pesos
in debt. The newspaper also quoted Lopez as saying, in a separate
report, that ABS-CBN booked 1.0 B pesos in television advertising
revenue for the third straight month in July. The company, however,
lost some 30 M pesos in revenue during the July 27 military mutiny
because it suspended broadcasts of regular programs to provide
special coverage of the day-long event, the report added. (1 usd =
54.8 pesos)

ABS ( 08/07/2003 : PSE )
This is in reference to the news article "ABS-CBN makes P1B in ad
revenues for 3rd month" published in the August 7, 2003 issue of the
Philippine Daily Inquirer (Internet Edition). The article reported that
"ABS-CBN Broadcasting Corp. reported one B pesos in television
advertising revenues for the third straight month in July, driven by
growth in consumer spending, its chief execultive officer said. x x x
So far, the company has recorded a 25-percent revenue growth over
the same period last year. x x x" ABS-CBN Broadcasting Corporation
("ABS"), in its letter dated August 7, 2003, stated that: "We would like
to confirm that ABS-CBN's (ABS-CBN) group TV, radio and cable
airtime revenues for the month of July reached Php 1.0 B. In the
first seven months of the year, airtime revenues reached Php 6.1
B, translating to a 25% growth over the same period in 2002. x x
x"

ABS ( 08/07/2003 : PSE )
ABS-CBN would like to inform the Exchange that ABS-CBN
Broadcasting Corporation will be having an Investors' and Analysts'
Briefing to discuss its Second Quarter and FIrst Half 2003 Results on
August 13, 2003, Wednesday at 4:00 p.m. in the Chronicle Lounge of
Restaurant 9501, 14th Floor, ELJ Communications Centre, Eugenio
Lopez, Jr. Street, Quezon City. For additional information on the event,
please do not hesitate to contact us.

ABS ( 08/13/2003 : AFX )
ABS-CBN Broadcasting Corp said it booked a net profit of 507 M
pesos in the first half to June, a turnaround from a net loss of 100 M
in the same period last year. The gains were boosted by advertising
revenue, which totalled 5.28 B pesos in the first half. The network
has already exceeded its 2002 net profit of 165.7 M pesos. The
company said it restated its results in the first half of 2002 to a net
loss from a net profit of 207.80 M pesos, "due to the discontinued
operations of some businesses." It did not elaborate. In the second
quarter of this year, net profit stood at 399 M pesos, up 271 pct
year-on-year. It said consolidated net revenue in the first half rose 26
pct year-on-year to 6.0 B pesos, while operating expenses
increased 15 pct year-on-year to 4.9 B pesos. Operating profit in the
first half grew 124 pct year-on-year to 1.1 B pesos. Airtime revenue
recovered strongly with 19 of ABS-CBN's programs landing on the
list of 20 top-rated television programs in the country during the first
half, said company vice president and chief financial officer Randolph
Estrellado. In July, airtime revenue reached 1.0 B pesos. He said at a
briefing that the company's leverage position "remains low, with net
debt at 5.0 B pesos" at end-June. He said the company expects to
sustain its positive operating performance in the second half, barring
any unforeseen events that would adversely affect the flow of
advertising revenue. Asked if the earlier full-year net profit forecast
of 1.0 B is achievable, Estrellado said: "The trends are very positive."
By September, he said the company will be ready to amortize
short-term loans. The network recently signed an agreement with
BNP Paribas to restructure a 3.6 M usd term loan facility. Under the
agreement, BNP Paribas shall be considered a facility lender under
the exchangeable notes facility agreement executed by the majority
of ABS-CBN's short-term creditors. Estrallado said the company will
pay its short-term creditors 207 M pesos on a quarterly basis.
ABS-CBN has enough cash to make the quarterly payments until the
first half of 2004, he said.

ABS ( 08/14/2003 : BW )
Lopez-led ABS-CBN Broadcasting Corp. saw a turnaround in its net
income to PhP507 Min the first six months of the year, thanks to the
strong recovery in advertising revenues and improved ratings.
The media giant had incurred a restated PhP100-Mnet loss in the first
half of 2002. ABS-CBN chief financial officer Randolph T. Estrallado
yesterday said the company's first half performance was driven by
advertising revenues, complemented by cost-control initiatives.
"We had stronger advertising growth and controlled our expenses.
What we see, the PhP507 Mis the result of these things... going
forward, if there are no forseeable events, we expect to hit our
targets," he told reporters after the company's investors' briefing
yesterday. ABS-CBN consolidated net revenues was 26% higher,
hitting PhP6.03 B for the January to June period. Total gross airtime
revenues and other broadcasting-related revenues in the first
semester hit PhP5.3 B, 23.2% higher than the PhP4.3 B last year.
Mr. Estrellado noted ABS-CBN delivered more airtime revenues with
less advertising minutes, as compared to its competition. ABS-CBN
reportedly charges double the advertising rates of its closest
competitor. ABS-CBN's Channel 2's airtime revenues, which
accounted for 94% of the total parent company airtime revenues,
jumped 28% at par with the growth of TV advertising minutes.
Other television platforms, such as Studio 23 and cable channels also
posted double-digit growth rates in the first half due to the company's
efforts to bundle advertising packages across various media.
Net sales and services grew 44% to PhP1.65 B in the first half, with
the bulk from its international unit ABS-CBN Global and ABS-CBN
Films. ABS-CBN Global's net sales improved to PhP1.1 B, or 47%
higher than last year, with the increase in subscriber base and a hike
in direct-to-home fees. ABS-CBN Films, a newly formed film
production subsidiary, also contributed revenues with the release of
two hit films, namely 'Til There Was You and Tanging Ina. The media
giant also managed to control its expenditures in the first semester of
2003.Operating expense grew at a slower pace of 15% to PhP4.86 B,
reflecting the full-year impact of programming changes implemented in
the last quarter of 2002.

ABS ( 08/14/2003 : PSE )
(in thousands)
Airtime & Other Broadcasting
Related Revenue 5,286,447
Less: Agency Commissions, Marketing
Expenses and Co- Producers' Sh 918,286
Total 4,368,161
Net Sales and Services 1,658,924
Total 6,027,085
Operating Expenses 4,884,638
Incomefrom operations 1,142,447
Other Income (Expenses) (306,642)
Income Before Income Tax 835,805
Provision For Income Tax 328,822
Net Income 506,983

ABS ( 08/14/2003 : PSE )
ABS-CBN Broadcasting Corporation registered P1 B in local radio
and TV advertising sales for the month of July, it's third consecutive
record-breaking gross airtime monthly revenue since May. The
network giant has replicated its airtime sales of P1 B in May and
another P1 B last June, reflecting a 28 percent growth over its 2002
sales figures. "This indicates renewed interest amongst consumer
goods companies to use advertising to push their products," said
ABS-CBN senior vice president for integrated sales and marketing
Nicanor C. Gabunada, Jr. said. "They have been cutting back on
spending since the Asian crisis and what we are seeing right now in
terms of advertising minutes and frequency of placements are already
surpassing the previous years. Gabunada also attributed the
substantial increase in gross airtime revenues to the network's strong
ratings and audience share. "The first billion we made last May was
not a fluke," Gabunada said. "The second billion confirms higher
advertiser trust and confidence. The third billion places us in an
improved financial position, compared to that in 2002 when our net
profit dropped by 37 percent following the global slowdown in
advertising. Today, our business partners expect us to sustain our
current performance." The network's impressive recovery, according
to Gabunada, emerged from its organizational restructuring, which
started in the first quarter of 2002 with the introduction of new
services that cut costs for its customers and add value for its media
offers. Gabunada said he foresees the rest of 2003 to be equally
promising when this trend continues. "Our clients and advertisers'
sustained confidence in ABS-CBN's current performance greatly
challenges us to rally our efforts to ensure that we deliver their
expectations."

ABS ( 08/20/2003 : MT )
Despite a slowdown in the companies' advertising spending,
ABS-CBN Broadcasting Corp. (ABS-CBN) still managed to register P3
B in radio and television advertising sales from May to July this year,
its senior vice president for integrated sales and marketing Nicanor C.
Gabunada Jr., said on Tuesday. "This indicates renewed interest
among consumer goods companies to use advertising to push their
products. They have been cutting back on spending since the Asian
crisis and what we are seeing right now in terms of advertising
minutes and frequency of placements are already surpassing the
previous years," Gabunada said. Ad sales is an important contributor
to the financial operations of a broadcasting company. Gabunada also
attributed the substantial increase in gross airtime revenues to the
network's strong ratings and audience share. "The first B we made
last May was not a fluke. The second B confirms higher advertiser
trust and confidence. The third B places us in an improved financial
position, compared to that in 2002 when our net profit dropped by 87
percent following the global slowdown in advertising," said
Gabunada. ABS-CBN's recovery emerged from its organizational
restructuring, which started in the first quarter of 2002, with the
introduction of new services that cut costs for its customers and add
value for its media offers. Gabunada predicts the rest of 2003 to be
equally promising when the trend continues. "Our clients and
advertisers' sustained confidence in ABS-CBN's current performance
challenges us to rally our efforts to ensure that we deliver their
expectations," he said. For the first half of the year, the total industry
advertising minutes grew by 31 percent vis-à-vis year ago level.
The increase in advertising minutes mostly benefits ABS-CBN and
long-time rival GMA Network, Inc. given their market positions.

ABS ( 08/21/2003 : AFX )
A total of 300,000 Philippine Deposit Receipts (PDR) of ABS-CBN
Holdings Corp will be listed on the stock exchange on Monday, the
local bourse's listings department said. It said the company's PDR
agent has received notices from shareholders to exchange 300,000
ABS-CBN common shares for the same number of PDRs. This will
bring to 269.65 M the total number of PDRs listed in the exchange.
ABS-CBN closed up 1.00 peso at 25 on 150,300 shares, while
ABS-CBN Holdings was up 1.00 at 25.50 on 239,100 shares.

ABS ( 08/21/2003 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
300,000 ABS-CBN common shares to 300,000 PDRs. In view thereof,
the listing of the 300,000 PDRs as represented by PDR Certificate Nos.
1210, 1213, and 1214 is set on Monday, August 25, 2003. This brings
the number of PDRs listed arising from the exchange of 300,000
ABS-CBN shares to a total of 269,650,900 PDRs. The designated PDR
Agent is hereby authorized to record and register in its books the
above-mentioned number of PDRs.

ABS ( 08/25/2003 : AFX )
ABS-CBN Broadcasting Corp said it has reached "tentative"
agreements with Smart Communications Inc over a new
revenue-sharing scheme that would govern their mobile text service
partnership in the broadcasting firm's Internet and television programs.
ABS-CBN, in a disclosure to the stock exchange, said the companies
are "still in the process of finalizing the agreement and the signing of a
new revenue-sharing scheme has yet to take place." Smart, a unit of
Philippine Long Distance Telephone Co, earlier wanted its share of
revenue from the SMS service increased to 70 pct from 50 pct
currently, which was opposed by ABS-CBN. The short message
service-based games are a big source of revenue for both
companies.

ABS ( 08/25/2003 : PSE )
This is in reference to the news article "Smart, ABS-CBN reach
'tentatiive' SMS revenue-share agreement" published in the August 25,
2003 issue of the Philippine Daily Inquirer. The article reported that
"'TENTATIVE' agreements have been reached between mobile
operator Smart Communications Inc. and broadcast firm ABS-CBN
Broadcasting Corp., a Smart official said. Both companies are now
negotiating for a new revenue-sharing sheme for the 'text' or short
messaging system (SMS) service partnership involving
web-and-television-based programs, asid Ramon Isberto, head of
Smart's public affairs. x x x 'We're now in the process of finalizing the
agreement,' the executive added, saying that the actual signing of any
deal with the broadcast firm hs yet to take place. x x x" ABS-CBN
Broadcasting Corporation ("ABS"), in its letter dated August 25, 2003,
confirmed that: "x x x tentative agreements have been reached
between ABS-CBN Broadcasting Corp. and Smart Communications
Inc. over a new revenue-sharing scheme for the text service
partnership involving web-and-television-based programs. We also
confirm that we are still in the process of finalizing the agreement and
the signing of a new revenue-sharing agreement has yet to take
place. In the meantime, ABS-CBN continues to maintain its
relationships with other SMS providers such as Globe Telecom and
Sun Cellular.

ABS ( 08/26/2003 : BW )
Media giant ABS-CBN Broadcasting Corp. is finalizing a new
revenue-sharing agreement for its text service partnership with
cellular phone operator Smart Communications, Inc. In a letter to the
stock exchange yesterday, ABS-CBN confirmed that it has a tentative
agreement with Smart for a new revenue-sharing scheme for its
short messaging system (SMS) or text service for both web and
television-based programs. "We are still in the process of finalizing the
agreement and the signing of a new revenue-sharing agreement has
yet to take place," ABS-CBN said in the disclosure. ABS-CBN, through
its internet arm ABS-CBN Interactive, previously had a 50-50 sharing
deal with Smart for the revenues from its SMS service. Both
companies reportedly earned PhP5 million each in monthly revenues
under the previous deal. However, the broadcasting company
suspended its deal with Smart, which was planning to raise its
revenue share to 70% from the current 50%. Smart wanted to
standardize its revenue-sharing arrangements with local content
providers. At present, over 10.3 million Smart and Talk n' Text
subscribers are prevented from accessing the text services of
ABS-CBN websites and television shows. Through its text service,
ABS-CBN offers news and traffic updates, ringtones and logos. The
subscribers can participate in contests or send messages to give
feedback on shows. For the first half of 2003, ABS-CBN reported a
61% drop in other broadcasting related revenues, which include
ABS-CBN Interactive, to PhP103 million. This is a significant decline
from the PhP262 million revenues recorded in the same period last
year. Earlier, ABS-CBN chief financial officer Randolph T. Estrellado
attributed the dip in revenues to the fact that the company was not
able to develop new SMS-related products and services, an offshoot
of its on-going conflict with the Philippine Amusement and Gaming
Corp. (Pagcor). "We have to resolve the conflict with Pagcor on how
to treat SMS games. As soon as this is resolved, we will develop
more cellular phone-based games," Mr. Estrellado said.

ABS ( 08/27/2003 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION ("the Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
170,000 ABS-CBN common shares to 170,000 PDRs. In view therof,
the listing of the 170,000 PDRs as represented by PDR Certificate Nos.
1215, 1216 and 1217 is set on Thursday, August 28, 2003. This
brings the number of PDRs listed arising from the exchange of
170,000 ABS-CBN shares to a total of 269,820,900 PDRs. The
designated PDR Agent is hereby authorized to record and register in
its books the above-mentioned number of PDRs.

ABS ( 08/29/2003 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION (the "Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
120,000 ABS-CBN common shares to 120,000 PDRs. In view thereof,
the listing of the 120,000 PDRs as represented by PDR Certificate Nos.
1219, 1220 and 1222 is set on Monday, September 1, 2003. This
brings the number of PDRs listed arising from the exchange of
120,000 ABS-CBN shares to a total of 269,940,900 PDRs. The
designated PDR Agent is hereby authorized to record and register in
its books the above-mentioned number of PDRs.

ABS ( 09/02/2003 : MT )
ABS-CBN Broadcasting Corp. has yet to find a creditor that would
lend P70 M that the company said would be used to settle its
obligations with Standard Chartered Bank. Randolph T. Estrellado, vice
president and chief financial officer of ABS-CBN, told THE BUSINESS
TIMES on Monday the company is still in talks with several banks but
has yet to finalize any agreement. "So far, we are talking to a lot [of
potential creditors] but none that is near completion. We just hope that
with our improving financials, the banking community will be more
open to us," Estrellado said. ABS-CBN has secured a P70-M loan with
Standard Chartered, which matured in August 2002. Standard
Charted is the only short-term creditor of the company that did not
agree to extend the repayment of the loan and be covered by the
exchangeable notes facility agreement (ENFA) that ABS-CBN
executed with its other short-term creditors in Sept. 2002. "We are still
looking for [a] replacement creditor. Since Standard Chartered does
not want to term out, we need to find another creditor to take their
place. Our other creditors do not want Standard Chartered paid down
from our own cash flow unless everyone else is paid down pari
passu (without partiality)," Estrellado said. Last July, ABS-CBN signed
an agreement with BNP Paribas for the extension of the loan
repayment worth US$3.6-M loan to five years. BNP agreed on the
terms provided for in the P3-B ENFA. The ENFA is part of the master
financial plan that ABS-CBN drafted to improve its loan maturity profile.
ABS-CBN said creditors participating in the facility represent at least
88 percent of the company's total short-term loans. ABS-CBN is
considered as the country's broadcasting network giant. It ended the
first half with a net profit of P507 M, a major rebound from a loss of
P100 M in the same period last year. The improvement was attributed
to a continued strong recovery of advertising revenue, coupled with
the control and managed growth of operating expenses. Consolidated
net revenues for the period, on the other hand, went up by 26 percent
to P6.03 B.

ABS ( 09/04/2003 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION (the "Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
80,000 ABS-CBN common shares to 80,000 PDRs. In view thereof,
the listing of the 80,000 PDRs as represented by PDR Certificate
Nos. 1223 and 1224 is set on Friday, September 5, 2003. This
brings the number of PDRs listed arising from the exchange of
80,000 ABS-CBN shares to a total of 270,020,900 PDRs. The
designated PDR Agent is hereby authorized to record and register in
its books the above-mentioned number of PDRs.

ABS ( 09/12/2003 : PSE )
The Exchange approved on September 8, 1999, subject to either
actual issuance or exercise of PDRs, the listing application of
ABS-CBN HOLDINGS CORPORATION (the "Company") to list a
maximum of 272,000,000 Philippine Deposit Receipts ("PDRs"). In this
connection, please be advised that the Company's PDR agent has
received notices from the ABS-CBN shareholders for the exchange of
100,000 ABS-CBN common shares to 100,000 PDRs. In view thereof,
the listing of the 100,000 PDRs as represented by PDR Certificate
Nos. 1226 is set on Monday, September 15, 2003. This
brings the number of PDRs listed arising from the exchange of
100,000 ABS-CBN shares to a total of 270,120,900 PDRs. The
designated PDR Agent is hereby authorized to record and register in
its books the above-mentioned number of PDRs.

ABS ( 09/24/2003 : BW )
After penetrating the Asian market, ABS-CBN Broadcasting Corp. is
targeting Latin American countries next year for its locally produced
programs. In a press briefing, ABS-CBN International Sales and
Distribution director Reena D. Garingan said the firm is eyeing Costa
Rica, Bolivia, Guatemala and Honduras as new markets for its soap
operas, series, game show and youth programs. "This is our goal for
next year because they buy more foreign programs. They don't
produce their own programs." Ms. Garingan said ABS-CBN's
programs can now be aired in Malaysia and Indonesia. The programs
will also start airing in Kenya by October 1. She said ABS-CBN is now
close to forging a deal with distributors and broadcast networks in
Vietnam, China and Brunei. She said there is a huge potential in the
sale and distribution of ABS-CBN's programs overseas. She explained
that for each telenovela ABS-CBN stands to get a potential $1 M.
However, she said the International Sales and Distribution unit does
not contribute a significant amount yet to ABS-CBN since the unit is
only two years old. ABS-CBN Senior Vice-President for business
development and special projects Jose Ramon D. Olives said there is
a potential market for overseas Filipino communities abroad. Aside
from selling programs overseas, he said ABS-CBN would also
produce newscasts for offshore markets through its The Filipino
Channel (TFC). "The key here is having crossover appeal -- an
alternative distribution of our programs in other languages. We are
eyeing to produce telenovelas with the Filipino-American,
Filipino-European markets in mind, not necessarily the same
telenovelas being shown and produced here," Mr. Olives said.
ABS-CBN has already introduced the TFC in the United States and
Middle East. Beginning this month the TFC was also introduced to the
European market, particularly in Milan, Italy.

ABS ( 09/29/2003 : AFX )
ABS-CBN Broadcasting Corp's gross revenue for September has
reached 1.00 B pesos, marking the fifth consecutive month the
broadcasting firm hit the mark, the BusinessWorld newspaper
reported, quoting industry sources. "We hit a billion again. From May to
September, the monthly average is at 1.00 B pesos," the source said.
Taiwanese chinovela Meteor Garden, which started airing in May,
continues to boost ABS-CBN's ratings and advertising revenues.
ABS-CBN expects to book net profit of over 1.00 B pesos this year
compared with 165.78 M in 2002, company chairman Eugenio Lopez III
earlier said. The company's airtime revenue rose 25.00 pct
year-on-year to 5.10 B pesos in the first half to June.

ABS ( 09/30/2003 : PSE )
This is in reference to the news article "ABS-CBN reaches P1-B
revenue mark in September" published in the September 30, 2003
issue of the BusinessWorld. The article reported that "Media giant
ABS-CBN Broadcasting Corp. reached the P1 B mark in revenues
for September, an industry source said. This is the fifth consecutive
month the Lopez-led braodcasting firm reached P 1 B in revenues.
'We hit a B again. From May to September, the monthly average is
at P 1 B,' the sources said. x x x" ABS-CBN Broadcasting
Corporation ("ABS"), in its letter dated September 30, 2003, disclosed
that: "We would like to inform the Exchange that ABS-CBN
Broadcasting Corporation has not relesed any information on its
September results. Airtime revenues and other financial information
will be disclosed when we submit the SEC Form 17-Q for the third
quarter 2003."

ABS ( 10/03/2003 : BW )
The regulatory function of the Kapisanan ng mga Brodkaster ng
Pilipinas (KBP) is recognized by the entire broadcast industry,
ABS-CBN Broadcasting Corp. Chairman and Chief Executive Eugenio
L. Lopez III said reacting to the pullout of a rival network from the
industry group. In a talk with reporters, Mr. Lopez said the regulatory
power of the KBP over its TV and radio network members is an
important function of the industry organization. He said if there is a
perception the broadcast industry is not capable of regulating itself,
this might invite government intervention. "KBP has self-regulation.
This is accepted by the entire industry," Mr. Lopez said. Unlike its rival
GMA Network, Inc., ABS-CBN acknowledges the regulatory function
of the KBP. GMA-7 said KBP should veer away from focusing on its
regulatory powers and be more relevant to the present market
conditions and developments in the broadcasting industry. GMA
President and Chief Executive Felipe L. Gozon had said the officials of
KBP through the years have been more protective of the interests of
the companies they are affiliated with. Because of this, he said, the
tendency has been to focus more on the organization's regulatory
powers than look after the common interests of members. He said
whenever the KBP exercises its regulatory powers, there is always
suspicion there is conflict of interest among its officials. GMA's
disagreement with the policies and actions of KBP led to its
withdrawal from the organization beginning Sept. 1. Mr. Gozon
questioned the relevance of the KBP and its rules, particularly the
18-minutes commercial per hour load rule on TV. But Mr. Lopez
doesn't agree. "When Mr. Gozon says that, it shows that he has low
understanding of the industry," Mr. Lopez said. He said the 18 minutes
commercial load rule applies to countries all over the world. He said
the commercials in TV programs are being controlled to protect the
public's interest. He admitted though the limitation on commercial loads
is affecting the growth of the broadcasting business. He said
ABS-CBN has been penalized in the past by the KBP for violating this
commercial load rule. "Everywhere in the world, the 18-minute rule
applies. In fact, in other countries they impose 14 minutes. Commercial
load is regulated to balance the interest of the network and the
viewing public," Mr. Lopez said.

ABS ( 10/17/2003 : AFX )
Moody's Investors Service has assigned a prospective "Ba3" senior
secured rating to ABS-CBN Broadcasting Corp's proposed 150 M usd
bond issue. The rating outlook is stable. Moody's said its first-time
rating on ABS-CBN reflects the company's leading position in the
country's television market, its sound standalone financial profile and
strong free cash flow-generation abilities. Also considered was "the
presence of a favorable duopoly market structure with high barriers
to entry." ABS-CBN and GMA 7, its major rival, command about 78.0
pct of the audience share in metropolitan Manila. "The prospective
'Ba3' rating is based on our expectation that the proposed bonds will
be successfully issued up to at least the 110 M usd needed to
refinance all existing debts," Moody's said. It noted ABS-CBN has
about 2.0 B pesos in debt repayments due yearly in the next two
years, and said the refinancing risk is high. "Should the amount of
bonds issued fall short of this level, the rating for such bonds would
be donwgraded to 'B2' to reflect the only partially resolved liquidity
concerns." Moody's said the rating also reflects risks such as the
future upstreaming of cash to parent firm Benpres Holdings Corp,
which owns 57.2 pct of ABS-CBN, and the Benpres' undergoing debt
restructuring program. The company, however, is expected to
continue to enjoy a leading share in the free-to-air (FTA) television
operation, which contributes 68.0 pct of the company's revenues,
Moody's said. It is also seen generating "healthy" operating cash flow
given its ability to distribute content and offer its advertisers bundling
services through its multiple platform in television, radio, cable TV, film
production and publishing, Moody's added. The ratings agency,
however, noted the "increased competitive threats" from major rival,
GMA 7, which has forced the company to spend more on
programming and pressured its profit margins. "Moody's believes that
several factors limit -- but do not eliminate -- the risk of Benpres
extracting cash from ABS-CBN," it added. It noted that the ABS-CBN is
an independent publicly-traded company, with a fiduciary
responsibility to pursue the best interest of all shareholders, and not
just Benpres. The proposed restrictive covenants of the bonds also
prohibit transactions for the benefit of Benpres and their affiliates.

ABS ( 10/17/2003 : AFX )
Benpres is the holding company of the Lopez group and has interests
in power generation and distribution, tollway, telecommunication and
water services. It is restructuring debts totaling 552.0 M usd.
"Moody's draws additional comfort from legal analysis that indicates
that the bankruptcy of Benpres would not trigger the voluntary or
involuntary liquidation of ABS-CBN under Philippine Law," Moody's
said. "However, we caution that any change in our view in this regard
and any evidence of cash leakages from ABS-CBN to Benpres above
the restricted payment level would further pressure the rating."

ABS ( 10/17/2003 : AFX )
Standard & Poor's Ratings Services said it has assigned a "B+"
long-term rating and "B" short-term rating to ABS-CBN Broadcasting
Corp with a stable outlook. S&P also assigned a "B+" rating to the
company's proposed 150 M usd senior secured notes issue. "A key
constraining factor in ABS-CBN's rating is the financially distressed
situation of its owner Benpres, which controls 85.00 pct of
shareholders' voting rights in ABS-CBN," said Sharad Jain, credit
analyst and director in Standard & Poor's corporate and infrastructure
ratings group. Benpres, which also has exposure in energy,
telecommunications, tollway, and property, is restructuring 552.00 M
usd in debts. Jain said that while the notes issue incorporates a
"ring-fencing" mechanism to reduce the risk of commingling
ABS-CBN's cash flows with those of its parent and associates, the
mechanism is "weakened" by the lack of creditors' control on the
nomination of independent directors. S&P said that although
ABS-CBN's liquidity is adequate to repay the debts maturing in 2003,
its ability to repay 4.00 B pesos in debts maturing in 2004 and 2005 is
linked to the success of the company in the placement of the
proposed notes issue. "The weaknesses in ABS-CBN's credit profile
are partly offset by its dominant position in the free-to-air TV market in
the Philippines... Furthermore, foreign ownership restriction, limited
spectrum availability, and high capital required to compete effectively
combine to create a high barrier to entry into the TV broadcasting
business," Jain said.

ABS ( 10/20/2003 : AFX )
ABS-CBN Broadcasting Corp said it plans to issue 150 M usd notes to
raise funds for its debt payments, additional investment in cable
television operations and capital expenditure. The company said in a
disclosure that the notes will be secured by its real property and
certain equipment and other assets, and would be guaranteed by
some of its subsidiaries. It did not give further details. Moody's
Investors Service last week assigned a prospective "Ba3" senior
secured rating to ABS-CBN's notes issue, with a stable outlook.
Moody's said its rating on ABS-CBN reflects the company's leading
position in the country's television market, its sound standalone
financial profile and strong free cash flow-generation abilities.
Standard & Poor's Ratings Services, on the other hand, assigned a
"B+" long-term rating and "B" short-term rating to ABS-CBN with a
stable outlook, and a "B+" rating to the company's notes issue. S&P
said "a key constraining factor in ABS-CBN's rating is the financially
distressed situation of its owner Benpres (Holdings Corp), which
controls 85.00 pct of shareholders' voting rights in ABS-CBN."

ABS ( 10/20/2003 : PSE )
This is in reference to the news article entitled "ABS-CBN issuing
S150 M in secured notes" published in the October 20, 2003 issue of
the Philippine Daily Inquireer (Internet Edition). The article reported that
"ABS-CBN Broadcasting Corp. has mandated Credit Suisse First
Boston and Bear Stearns to handle the issuance of 150 M dollars
worth of senior secured notes. Proceeds of the issuance will be used
for debt refinancing. x x x The issue will be guaranteed by
ABS-CBN's major operating subsidiaries and secured by all the
properties and moving assets of the company. x x x" ABS-CBN
Broadcasting Corporation ("ABS" or the "Company"),in its letter
dated October 20, 2003, informed the Exchange that:"x x x ABS-CBN
Broadcasting Corporation (ABS-CBN) intends to raise US$150 M
through an offering of senior secured notes. The notes would be
secured by the Company's real property and certain equipment and
other assets and would be guaranteed by certain of the Company's
subsidiaries. ABS-CBN intends to use the net proceeds it receives
from the offering to repay existing debt, fund further investments in
cable television operations and fund capital expenditures. As has
been our practice, we shall inform the Exchange of any developments
in line with this planned fund raising activity that will have a significant
impact on the operations and financial performance of the Company. x
x x"

ABS ( 10/21/2003 : AFX )
ABS-CBN Holdings Corp will list an additional 100,000 Philippine
Deposit Receipts (PDRs) tomorrow, the stock exchange said in a
circular to brokers. The listing is in line with ABS-CBN shareholders'
move to exchange 100,000 ABS-CBN common shares for 100,000
PDRs. The listing will raise the total number of listed ABS-CBN PDRs to
270.22 M. At 10.54 am, ABS-CBN Holdings was unchanged at 28.00
pesos.

ABS ( 10/21/2003 : BW )
Media giant ABS-CBN Broadcasting Corp plans to issue $150 M worth
of senior secured notes to fund debt payments, additional investment
in cable television operations and capital expenditure. The company
disclosed to the Philippine Stock Exchange the notes will be secured
by real property, equipment and other assets. It would also be
guaranteed by some of its subsidiaries. The disclosure followed
Moody's Investors Service assignment last week of a prospective
"Ba3" senior secured rating to ABS-CBN's notes issue, with a stable
outlook. The ratings agency said the grade on ABS-CBN reflects its
leading position in the television market, its sound financial profile and
strong free cash flow-generation abilities. Standard & Poor's Ra