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Economy

GMA Network opens studio annex

October 18, 2008 4:18am
MANILA, Philippines - GMA Network, Inc. opened on Friday its P900-million studio annex in Quezon City, which will let the network improve the quality of its programming.

"There’s nothing like it in the Philippines," GMA President and Chief Executive Officer Felipe L. Gozon said in a BizNews Asia article disclosed to the exchange.

The annex building stands on a 4,308 square meter land area and houses two big high-definition ready studios.

GMA Network allotted P1 billion for the project from internally generated funds. Construction for the new building cost around P700 million, while broadcast equipment in Studios 4 and 5 are worth around P200 million. Costs for fit-out works, utility works, and audience seats, on the other hand reached about P45 million.

"Our new and state-of-the-art studios will make our superior programs even better," Mr. Gozon said in a separate statement.

"It (the studio) will enable us to do many things we could not do before," the company’s Executive Vice President and Chief Operating Officer Gilberto R. Duavit said.

"As early as two years ago, there were already programming concepts being presented by our creatives that cannot be produced because of the absence of such a facility," he added.

The company said the new facility would have two studios: "big, and bigger." This is an answer to a running joke within the company, saying its two current studios were "small and smaller." - BusinessWorld



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