Tigray Media House, the Philippines’ largest media house, has seen its market value surge by more than 60% in the past five years, thanks to its successful collaboration with the Philippines President Rodrigo Duterte’s administration to establish the countrys first truly free internet service.
With this move, Tigray aims to become the country’s digital infrastructure company, and is planning to increase its staff from 10,000 to 200,000 by the end of the year.
The Filipino media industry is considered to be among the most highly valued in the world.
In 2014, the Philippine media industry generated $16.8 billion in revenues, making it the second largest industry in the country behind the Chinese media industry, and a significant contributor to the countryís GDP.
The Philippines’ national government owns the vast majority of the Philippine companies that operate under its auspices, and it also maintains a stake in media conglomerates such as the Philippine Daily Inquirer, the Inquirers, Philippine News Corp, and others.
Tigray will be the first media house to fully merge with the Duterte administration, as the Philippines has a long history of working with the President.
Tigreas ownership is the largest in the Philippines and the largest among the country, as of 2017, according to an estimate by Digital Analytics.
The Philippines’ government also has a stake of almost $1 billion in the media giant, with the Philippine National Police, which controls the country´s media, controlling about 35% of the stake.
The President has called the country a “media paradise,” and has stated that he will increase the number of media outlets in the government’s hands.
However, the government also plans to take control of other media companies, such as TV networks and news websites.
In 2018, the Duterte Administration announced the establishment of a new public broadcaster, the National Commission for the Development of the Arts and Culture (NCDAD), which will also be run by the Duterte government.
However that deal is reportedly in the works, as there is no guarantee that the Duterte Government will agree to its terms.
According to the Bureau of Customs, the value of all Philippine companies owned by the government in 2018 was $6.5 billion, while the value held by Tigreys media house alone was $4.9 billion.
The Duterte administration also announced that its stake in Tigrehs media house would be increased to 20% of its total assets, from 15%, a figure that has been the case for several years.