TV5 cuts jobs as part of organizational restructuring

By Media Newser Philippines | Saturday, February 25, 2017

Background: ShowbizNest
Logo: TV5
As part of its "organizational restructuring," TV5 on Friday began a series of layoffs — letting go at least close to a hundred of its employees which include cameramen, producers, reporters, and other production personnel.

According to our sources, the network notified those employees who were losing their jobs via a text message, and were given pink slips by its human resources team.

"Nakakagulat na ganito ang kinalabasan na hindi man lang inisip ang kalagayan ng mga kasamahan namin," says a source, who asked not to be identified. "Ilan sa kanila inescortan pa palabas. Nakakabigla itong nangyari at siguradong maaapektuhan ang newsgathering namin."

In a memo obtained by Media Newser Philippines, TV5 President and CEO Chot Reyes said that "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."

He added, "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."

TV5 for the past years has implemented a number of cost-cutting measures to reduce its losses. In an interview with Philippine Daily Inquirer in 2014, network chairman Manny V. Pangilinan predicted that they would “most likely” recovered by this year.

“Losses will be reduced starting this year [2014], and the program is to reduce the losses until we see the light of day in 2017,” he said.

A second round of job layoffs, according to our sources, is expected next week.

We have reached out to TV5 for an official statement regarding this news. We'll update this post once we hear from them.

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