GMA Network Sues TAPE Inc. for Alleged Misappropriation of 38 Million Pesos

GMA Network Files Estafa Case Against TAPE Inc. Officials Quezon City, Philippines – GMA Network has filed a criminal complaint for estafa against several officials of Television and Production Exponents Inc. (TAPE), alleging the misappropriation of approximately 38 million pesos. The complaint, filed with the Quezon City Office of the City Prosecutor, stems from TAPE's alleged failure to remit advertising revenues collected from clients. These revenues were contractually assigned to GMA Network under a 2023 agreement. "Despite multiple formal demands, the funds were not transferred to GMA because they were instead used for TAPE's operational expenses," a GMA Network statement read. The statement further emphasizes that this action violates the trust agreement between the two entities. Among the respondents named in the complaint are former TAPE President and CEO Romeo Jalosjos Jr., former Chairman of the Board Romeo Jalosjos Sr., former COO Seth Frederick "Bullet" Jalosjos, former Senior Vice President for Finance Michaela Magtoto, and Finance Consultant Zenaida Buenavista. GMA Network is pursuing legal action to hold the responsible officers accountable and recover the misappropriated amount. This case highlights the importance of contractual agreements and the legal recourse available when such agreements are breached. The outcome of this case will serve as a precedent for future business dealings in the media industry.