(Bloomberg) -- A Philippine lawmaker is seeking to revive ABS-CBN Corp., the nation’s largest broadcaster before its shutdown during former President Rodrigo Duterte’s administration.
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Representative Joey Salceda on Tuesday filed a measure aiming to grant ABS-CBN a franchise to install and operate television and radio broadcasting stations.
ABS-CBN, which had been criticized by Duterte, lost its bid to renew its operating franchise and stopped broadcasting in 2020, leading to significant financial losses.
Shares of ABS-CBN surged 23% on Tuesday, the most in more than four years, while rival GMA Network rose 1.4%.
ABS-CBN didn’t violate ownership restrictions and didn’t have pending tax liabilities, according to the bill’s explanatory note. The broadcaster’s closure also cost around 11,000 jobs, it added.
The bill has to undergo committee hearings and get approvals from both houses of Congress and President Ferdinand Marcos Jr. to become a law.
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