MANILA, Philippines - Media giant ABS-CBN Corp. on Monday said it is allocating P10 billion in capital expenditures over five years starting 2014.
In a clarification to the stock exchange, ABS-CBN said it is setting aside P4 billion for production forward planning and P2 billion for its pay-TV business.
"While Sky Cable continues with its digitization effects and aggressive strategies to increase its subscriber base, it also continues to explore opportunities to further consolidate the pay-TV industry in the Philippines. Hence, the company is in the process of upgrading to fiber technology and plant redundancy," ABS-CBN said in a filing with the Securities and Exchange Commission (SEC), as quoted by Manila Standard Today.
ABS-CBN is also allocating P1 billion for digital terrestrial television, as the Philippines starts shifting to the Japanese digital TV standard from an analog system this year.
The company is also setting aside P3 billion for general capital expenditures through 2018.
ABS-CBNnews.com is the news website of ABS-CBN Corp.