GMA Network Sues TAPE Inc. Officials for Multi-Million Peso Fraud

GMA Network Files Estafa Case Against TAPE Inc. Officials In a significant development in the Philippine media landscape, GMA Network has filed a criminal complaint against several high-ranking officials of Television and Production Exponents Inc. (TAPE), accusing them of estafa (fraud) and misappropriation of funds. The amount allegedly misappropriated is a staggering 37,941,352.56 Philippine pesos. The complaint, filed with the Quezon City Office of the City Prosecutor, centers on TAPE's alleged failure to remit advertising revenues collected from clients. These revenues were contractually obligated to GMA Network under a 2023 Assignment Agreement. Despite multiple formal demands, the funds were not transferred to GMA. Instead, they were reportedly used for TAPE's operational expenses, a clear violation of the trust arrangement outlined in the agreement. "The complaint stems from respondents’ failure to remit advertising revenues collected from clients, which had been contractually assigned to GMA Network under a 2023 Assignment Agreement," a GMA Network statement reads. The named respondents include prominent TAPE executives, such as Romeo Jalosjos Jr. (former President and CEO), Romeo Jalosjos Sr. (Chairman of the Board), Seth Frederick "Bullet" Jalosjos (Treasurer), Malou Choa-Fagar (former COO and current President and CEO), Michaela Magtoto (former Senior Vice President for Finance), and Zenaida Buenavista (Finance Consultant). GMA Network has emphasized its commitment to pursuing legal action to hold the responsible officers accountable and to recover the misappropriated amount. The network is taking decisive steps to protect its interests and ensure the integrity of its financial dealings. This case highlights the importance of robust contractual agreements and transparent financial practices within the Philippine media industry.