ABS-CBN has made significant progress in many of its businesses this year. TV ratings continue to improve, Star Cinema produced two hits so far, with one of them being the highest grossing Filipino movie, and our music business has gotten a strong boost from the popularity of girl band BINI. However, the TV industry as a whole has been hurt by lower consumer spending which translated into lower advertising spends. The company is also being affected by the global decline in the pay TV business.
As a result, the company has made the difficult decision to retrench around 100 or about 3% of its workforce. We are committed to providing those affected with full benefits and support, and are deeply grateful for their many years of service to the company and to the public.