Kilusang Mayo Uno stands in solidarity with approximately 100 ABS-CBN media workers who are now under threat of layoffs due to a reported loss of income.
Based on the statements of ABS-CBN management, the mass layoff is due to a drop in their ad revenues. However, the Lopez family, who owns more than half or 55.82% of ABS-CBN Corporation, remains one of the richest families in the country.
Despite Congress blocking ABS-CBN’s franchise renewal in 2020, the net worth of the Lopez family skyrocketed from $230 million in 2020 to $300 million in 2023. This third quarter of 2024, their total net worth has already reached $230 million.
It is clear that the Lopez Family continues to extract wealth from their workers not only in ABS-CBN but also in their businesses in real estate and energy. The Lopez’s are simply suffering from imaginary losses as their profiteering off of their workers’ labor force has remained unabated for the past years.
Workers must never bear the brunt of a company’s income losses, especially during times of widespread poverty and ever-rising prices of goods and services.
The capitalist Lopez family must ensure the livelihood of their workers. In addition to guaranteeing ABS-CBN’s promises to the workers, the Lopez family must provide alternatives, even under their other businesses, so that the displaced workers can continue to make a living. In addition, DOLE must also provide support to displaced workers in ABS-CBN and in other companies.
We encourage media workers and all Filipino workers nationwide to support ABS-CBN workers and all workers who are under threat of layoffs. It is our duty to assert our right to job security and demand accountability from those who threaten it!