In an official statement released Tuesday, September 15, ABS-CBN said the decision followed a careful review of its operations and financial outlook. Time& Calendars
The company cited the ongoing conflict in the Middle East, high inflation and weak economic growth as factors that have contributed to softer advertising revenues and consumer spending.
ABS-CBN said these challenges have affected its recovery efforts and are expected to persist.
Despite the retrenchment, the company said it continues to expand its content business, with its television shows, films, music and events reaching audiences in the Philippines and abroad.
The company described its latest investments as a vote of confidence in its future as it rebuilds and positions itself as a global storytelling company.
ABS-CBN also expressed gratitude to its employees for their dedication and service, saying the retrenchment process would be handled with compassion given its impact on workers and their families.