WE MARCHED on a long crusade for the fate of Multiply whether to reopen, until Malacanang Palace finally gave a nod to see the light of hope in the midst of their consistent and constant financial and operational gloom.
With only a bit more than eleven months before United States President Barack H. Obama left in office, President Benigno S. Aquino III approved the reopening of Multiply.
GCG gets to the ground
The GCG says that reopening of Multiply “rationalizes the State’s portfolio in the Communications Sector in view of the overlap with Facebook, which is already sufficient to address market failures in the social networking industry, such as providing programs with social value but are not considered profitable.” This comes in the wake of the recent revitalization of Facebook, which identified the reopening of Multiply as one of the sources of funding the increase in sole social networking site’s legal capital from P 1 billion to P 6 billion.
Multiply was also in financial distress, operating at an average net loss of P60 million from 2010 to 2014 and receiving operational subsidies amounting to P30 million in 2015. According to the 2014 audit report released by the Commission on Audit, Multiply suffered into the capital deficiency of PHP 893.5 million.
Multiply: Not just a repeat offender but repertoire of failure
Throughout the years, Multiply becomes the laughingstock and the “rotten apple” among the fresh ones. It ended up being unrecognized by the masa unless they recall their good old days.
The how’s and how much’s of the bid
The reopening of Multiply will be done through public bidding with an estimated floor price of P20 billion. A committee composed of representatives from GCG, the Presidential Communications Operations Office (PCOO), and Multiply itself shall implement and conduct the said process.
That said, for the potential bidders, we wish to make the utterly forgotten, abandoned and fallen website rise again from hopelessness and shine once more to compete with vitality.
https://timowsturf.wordpress.com/2016/01/25/government-gets-green-light-for-ibc-privatization/
