MANILA, Philippines--?We just launched the Velvet channel and it needed a marquee property. The Oscars was the answer,? said Monchet Olives, ABS-CBN head for Cable and Print, Media group.

The Kapamilya network bought the exclusive rights to air the 80th Academy Awards from Disney-ABC, the official airing channel in the United States. To celebrate the deal, ABS-CBN hosted a pre-Oscar party at the Edsa Shangri-la Hotel Ballroom in Mandaluyong on Saturday.

Highlight of the party was a fashion show featuring the latest Hollywood trends, as interpreted by designers Jun Escario and Randy Ortiz.

Performing musical numbers were Nikki Gil, Irish Fullerton, Top Suzara, Isabella and pop diva Kuh Ledesma. Sarah Meier and Rovilson Fernandez shared hosting chores.

Guests were treated to scrumptious cocktails. Some joined an Oscar trivia contest. Everyone voted for Best Picture from among the five nominated films. The winners claimed their prizes on Monday, after the Academy Awards show held in Hollywood, Los Angeles.

Said Olives: ?Disney and ABC were convinced that, if the Oscars should have a new Philippine home (after RPN 9), it had to be ABS-CBN. They were very excited. They named the price, I said OK, and told the boss later.?