ABS-CBN to build P6B Sound Stages

ABS-CBN cuts costs, says to meet profit target: ABS-CBN Corporation, said to be the Philippines' largest multimedia firm, during its annual stockholders' meeting on Thursday, June 16, said to build 6 Billion state-of-the-art sound stage this year.

ABS-CBN plans 'state-of-the-art' sound stage

The company has purchased a 15-hectare property in Novaliches, Quezon City, located north of Metro Manila, to house the sound stage, according to ABS-CBN chairman and chief executive officer Eugenio Lopez III.

The company spends about P100 million annually on location rentals alone. Sudden changes in weather and bad traffic in the capital also add to costs.

"This will radically change our production costs. Today, 80% of our production is remote and 20% is studio, when the sound stages are done... it will be 80% studio and 20% remote."

"We believe there is a potential for sales to foreign content providers that want to shoot in a sound stage so we want to build state-of-the-art sound stage so that we can attract other foreign content providers to do their productions here," Lopez added.