ABS-CBN announces plan to raise ₱5 billion in 2014 to build a Hollywood-style studio
It will reportedly be built on a 15-hectare lot in Bulacan.
Darwin Amojelar of InterAksyon.com reports that ABS-CBN is planning to raise P 5 billion next year to finance the construction of a Hollywood-style studio on a 15-hectare lot in Bulacan.
According to the report, the funds for the studio's construction will be sourced from the issuance of P5 billion worth of retail bonds-which comes with an option to raise an additional P5 billion-that its board approved last week. The network's investor relations head P2 billion of the funds raised will be used to build soundstages where ABS-CBN-produced movies and television series can be shot.
The company earlier said it will "invest P6 billion over the next three years for the construction of its soundstages." ABS-CBN management added that the construction of a vast studio will allow it to save about 65-75 percent in shooting location costs.
For more on this story, log on to InterAksyon.com.