'Unfair' to compare ABS-CBN donation to other conglomerates, says analyst


Posted at Jul 16 2020 03:47 PM | Updated as of Jul 16 2020 05:04 PM

MANILA - A veteran stock analyst said it was unfair to compare ABS-CBN Corp's donation to those of other conglomerates which President Rodrigo Duterte earlier tagged as "oligarchs."

"I don't think this is a fair statement," April Lee Tan, vice president and head of research at COL Financial Group said in a tweet in response to Presidential Spokesman Harry Roque's statement that ABS-CBN should "have done more."

In an interview on ANC, Roque said that while the Lopez-owned company shelled out P200 million for relief operations, the rest of its donation was obtained from calls for help through its programs. 

Roque then contrasted this to the donations given by the Ayala Group and the Manny Pangilinan Group that "delivered at a time of crisis" and gave donations "on their own." 

"If he wants to compare the donors to the amounts donated, he should compare it to their profits or net worth. In fact, those who are sincere in helping don't even keep count of how much they have given," Tan said.

Other netizens reacted to Tan's tweet pointing out that private companies are not even obliged to help but did so nonetheless. They also pointed out that the government should have been grateful for the help extended instead of berating a donor. 

ABS-CBN's Pantawid ng Pag-ibig project, which provided relief in the form of food and other necessities in partnership with local government units, had raised some P427.1 million.

ABS-CBN was also earlier compared with other media entities, on its tax payments. 

ABS-CBN chief financial officer said, the media conglomerate is "quite a different company" from other local broadcasters, as it rebuffed suggestions of tax comparisons with other media firms in the Philippines. 

Ricardo Tan, CFO of ABS-CBN group of companies said ABS-CBN cannot be compared to other local TV networks whose operations are on a smaller scale. 

"ABS-CBN is a quite a different company from GMA. We have significant international operations where we're able to reach millions of Filipinos and we pay taxes in the respective jurisdictions in which we're present," Tan said. 

news.abs-cbn.com is the official news website of ABS-CBN Corp.