PCOO Secretary Herminio Coloma, Jr. said in a Senate budget hearing for the PCOO last September 3, 2014 that the network will be fully privatized before President Aquino stepping down in the office in 2016 and keeping PTV-4 as the sole government TV network. Process of the privatization will be managed by the Governance Commission for Government-Owned or -Controlled Corporations through the Development Bank of the Philippines. Business tycoon Manny V. Pangilinan is one of the possible bidders for the privatization in which TV5 (a media company under PLDT's MediaQuest Holdings through ABC Development Corporation), despite expiration of blocktime agreement in 2013 (AKTV), is still using IBC's Broadcast City facilities for sports events, including its 2014 FIBA Basketball World Cup coverage. However, MediaQuest also could not join the privatization bid due to ownership rules and regulations that MediaQuest owns TV5 and AksyonTV.