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BSP approves $1.5-M PTV-4 loan from US bank |
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The Manila Bulletin 05/23/2005
The Monetary Board, policy-making arm of the Bangko Sentral ng Pilipinas has approved the extension of a loan worth $1.5 million to Peoples Television Network or PTV-4. The loan will come from US Bank National Association, a subsidiary of US Bancorp., the sixth largest financial services holding company in the United States. BSP Deputy Governor Amando M. Tetangco Jr. said Friday that the MB in its weekly regular meeting approved the loan application, which has a maturity profile of seven years. The amount ($1.5 million) will go fund part of its expansion, he said. The Department of Finance has also given its approval for the loan program. US Bancorp has recorded assets of $198 billion in the United States. Based on company information, the bank and financial institution operations 2, 377 banking offices offering a full line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. PTV-4, on the other hand is a government-owned TV and broadcast network operated by the Philippine Information Agency and is under the Office of the Press Secretary. During President Marcos time, it was called MBS-4 and after the 1986 People Power revolt, the station was badly looted of its equipment. However it managed to recover its business in 1989. Tetangco said the station is planning to upgrade its facilities with the loan. According to PIA information, PTV-4 has never been officially a government station since it has received no allocation or was ever included in the General Appropriations Act. As such, it is a self-generating venture. Presently the station is the venue for public affairs programs such as public service and educational programs. It also provides sports programming. Overall the stations programming pie is composed of 11 percent news, 13 percent public affairs, 16 percent educational, 19 percent sports, 36 percent entertainment and 5 percent religious. (LCC) |
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