MANILA -- In an unprecedented agreement, local stars and their managers have absorbed a 50-percent cut in their talent fees.

Forged last week, the compromise was reached between the 22-member Professional Artists Managers Inc. or PAMI and ABS-CBN. Collectively it covers an estimated 400 artists under the wing of PAMI which for decades now have supplied the talent services requirement of movie and tv studios.

Among the headliners who have retuned to tapings and live shows with slashed rates are Lorna Tolentino, Eula Valdez, Vhong Navarro, Jolina Magdangal, Christopher de Leon, Ogie Alcasid and Sid Lucero.

In a separate initiative, Cornerstone Entertainment also agreed to ABS-CBN’s appeal for pay cuts ranging up to 50 percent. Cornerstone head Erickson Raymundo told ABS-CBN News the management outfit is fully supporting the agreement. It manages the careers of Catriona Gray, Sam Milby, John Prats, Jaya, Yeng Constantino, Moira de la Torre, and Inigo Pascual, among others.

Certainly it has not been easy for some managers and celebrities to accept the situation. They also have to contend with alleged less-than-stellar accommodations and food service in locked-in tapings.

But veteran manager Lolit Solis, who manages Tolentino and de Leon, said it is time to accept that stars have lost their bargaining power and some perks in the business. Reality bites but it is what is in the time of the pandemic and the recession, as well as the ABS-CBN franchise issue, she said.

Solis is not revealing the identity of one of her talents who has adjusted to the fact that he/she can no longer command a P200,000 fee per taping.

“One hundred thousand pesos na lang, buti nga may trabaho, ‘no!” she said.

Ricky Gallardo, who managers Valdez, Lucero, Angel Aquino and others, said the changes in the new norm are overwhelming. “But we have to keep the faith! Life is tough but we have to be tougher than all the forces both seen and unseen confronting us!" he said.

Gallardo is also boosting the morale of Aquino in her locked-in taping for "FPJ’s Ang Probinsyano"; Valdez in her locked-in taping for "Love Thy Woman"; as well as Lucero and his other talents Mon Confiado and Sandino Martin in their locked-in set in a resort in Rizal province.

Not included in the slashed talent fees are artists who have less than P20,000 fees per taping.

Other members of PAMI include Arnold Vegafria, Malou Choa Fagar, Dolor Guevarra, Shirley Kwan, Manny Valera, Veana Fores, Aster Amoyo, Perry Lansingan, Leo Dominguez, Jojie Dingcong, Ethel Ramos, June Rufino, Popoy Caritativo, Chito Rono, Bettina Aspillaga and Sandra Chavez.

In her statement, PAMI head June Rufino that the price cuts is their way of supporting ABS-CBN in its hour of need.

The management of ABS-CBN has expressed its gratitude for their sacrifice and generosity in sharing their passion and talent at this time.