Marcos signs law extending IBC’s franchise – BusinessWorld Online
PRESIDENT Ferdinand R. Marcos, Jr. signed into law a measure extending the franchise of state-owned International Broadcasting Corp. (IBC-13) for another 25 years.
Republic Act (RA) No. 12311, signed on Oct. 3, grants IBC-13 the authority to build, install, maintain, and operate radio and television stations across the Philippines, wherever available frequencies or channels exist.
Under the renewal, IBC-13 must secure all necessary permits and licenses from the National Telecommunications Commission (NTC) to operate its facilities, and the NTC is prohibited from “unreasonably” delaying or withholding those permits.
RA 12311 also mandates that within five years, IBC-13 must offer at least 30% of its outstanding capital stock to Filipino citizens via a securities exchange.
The law takes effect 15 days after its publication in the Official Gazette or a widely circulated newspaper. — Chloe Mari A. Hufana