QUEZON CITY -- The House Committee on Legislative Franchises approved on Monday the renewal of the franchise of radio-TV network Intercontinental Broadcasting Corporation (IBC) for another 25 years.

The motion for approval was made by Cavite 4th District Rep. Elpidio Barzaga, Jr., and seconded by Quezon City 3rd District Rep. Franz Pumaren.

During the deliberation, principal author and sponsor Albay Rep. Joey Salceda said the franchise renewal will increase the book value of IBC-13, and enhance its attractiveness to prospective buyers once it is ready for privatization.

The IBC-13 Board and Management expressed its gratitude to the Committee chaired by Parañaque 2nd District Rep. Gus Tambunting, as the Network’s franchise extension will also allow IBC-13 to continue to fulfill its mandate as a vital part of the government’s communication infrastructure.

In line with its new Vision and Mission, IBC-13 intends to serve the Filipino citizenry through the delivery of meaningful programming content, with the aim of building a literate and globally competitive nation.

Approval of the franchise renewal by the Plenary is expected before the yearend. (IBC)