TV5’s termination of around 100 employees is the latest in a series of problems that surround the network. (Photo credit: TV5)
TV5’s housecleaning under Chot Reyes continues.
This past week, reliable sources reported that about 100 employees of the network were dismissed as part of a major restructuring effort. These include some of TV5’s producers, cameramen, engineering crew, reporters and other talents.
They were, according to sources, fired via a text message, and were given pink slips by the human resources team. Furthermore, a second wave of layoffs awaits more employees starting this week.
TV5 President and CEO Chot Reyes addressed the news in a memo obtained by MediaNewser.com:
“Despite operating at a financial loss for the past years, the company has exerted all efforts to minimize the effects of the organizational restructuring on our people. As a result of an extensive study, it has become evident that some jobs and skills will no longer be required by the company, while some other positions are deemed overmanned.“
In response to Chot Reyes’ address, the TV5 Employees Union posted their own statement regarding the network’s latest move:
TV5’s termination of around 100 employees is the latest in the ongoing saga surrounding the Kapatid network. Within the last half-year, TV5 made some cost-cutting moves in hopes of fulfilling MVP’s ‘break even by 2017’ promise, such as the controversial decision to allocate more hours to TV shopping blocks, and the dissolution of the entertainment department.
Despite these changes in strategy, it is clear that TV5 is going nowhere with the product they are promoting at this point. As much as the network wants to promise something new to their viewers each and every time, they can no longer afford to do so due to the irreversible damage that they are enduring.
That said, Manny V. Pangilinan’s promise of ‘breaking even’ this year appears to be in vain. And to make matters worse, he has no choice but to settle the matter with the terminated employees, who demand compensation to make up for their unjust dismissal.
The year 2017 is off to a so-so start for TV5. While they are trying their best to once again rebuild their overall operations, this latest issue only shows that they are once again making fools out of themselves.
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