The Philippine media landscape is buzzing following the abrupt departure of Jane Basas from her role as President and CEO of MediaQuest Holdings—the parent company of TV5, Cignal TV, and The Philippine Star.
Stepping into the breach is a familiar face in the MVP Group: Victorico "Ricky" P. Vargas. Appointed as the temporary Officer-in-Charge (OIC), Vargas is tasked with steadying the ship during a critical transition period for the media giant.
But who is the man behind the glasses? Here is everything you need to know about Ricky Vargas.
1. The Ultimate "MVP Lieutenant"
Ricky Vargas is widely regarded as one of tycoon Manuel V. Pangilinan’s (MVP) most trusted and loyal executives. With a career spanning over two decades within the PLDT-First Pacific group, Vargas has often been the "go-to" leader for high-stakes transitions.
Prior to his new role at MediaQuest, he served as the Leadership Transition Officer and Head of Business Transformation at PLDT. His history of managing complex corporate shifts makes him the natural choice to oversee MediaQuest as it re-evaluates its strategy following the collapse of the landmark content deal with ABS-CBN.
2. A Titan in Philippine Sports
Outside the boardroom, Ricky Vargas is a household name in the sporting world. He is the grandson of Jorge B. Vargas, the first Filipino member of the International Olympic Committee. Ricky has carried on that legacy with distinction:
* PBA Chairman: He has served multiple terms as the Chairman of the Philippine Basketball Association (PBA) Board of Governors, representing TNT Tropang Giga.
* SBP President: In late 2025, he was elected President of the Samahang Basketbol ng Pilipinas (SBP), succeeding Al Panlilio.
* Former POC President: He served as the 10th President of the Philippine Olympic Committee (POC) from 2018 to 2019.
* LA 2028 Chef de Mission: He has already begun laying the groundwork for Filipino athletes as the appointed Chef de Mission for the 2028 Los Angeles Olympics.
3. A Record of Corporate Turnarounds
Vargas isn't just a sports enthusiast; he is a seasoned corporate veteran with a "psychology-first" approach to leadership (holding a degree in Psychology from UST). His resume includes:
* CEO of Maynilad Water Services: Where he led the company through significant operational improvements.
* Human Resources Head at PLDT: Shaping the culture of the country’s leading telco during the early 2000s.
* Senior Roles: Experience at global firms like Citigroup, Pepsico, and Colgate-Palmolive.
What’s Next for MediaQuest?
Vargas’ appointment comes at a time of "cleaning house." Reports suggest that MVP has ordered a full audit of MediaQuest’s finances following a period of high expenses and shifting ratings.
While Vargas is currently an OIC, his presence provides a "calm and strong-minded" leadership style that the board values. Whether he remains at the helm or facilitates the entry of a permanent successor, one thing is certain: MediaQuest is in safe, experienced hands.
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