MANILA, Philippines - ABS-CBN Broadcasting Corp. said its board has approved a P2.5 billion share buyback program.

The buyback of ABS-CBN's common shares or Philippine Depositary Receipts, will start on August 2 and end on December 31, 2010.

In a filing with the Philippine Stock Exchange on Thursday, ABS-CBN said the program will not involve any active solication from the stockholders in general.

"It is not expected to adversely affect the company's current projects nor its future prospects," said Enrique Quiason, ABS-CBN assistant corporate secretary.

ABS-CBN said the buyback transaction will be triggered if its shares are deemed substantially undervalued, when there is a high volatility in share prices, or in any instance where a buyback will serve to improve shareholder value.