MANILA, Philippines?(UPDATE 2) Only a few months after launching the reformatted TV5 in a long-term blocktime agreement with Associated Broadcasting Company (ABC), MPB Primedia CEO Christopher Sy has resigned from his post.

Bobby Barreiro, ABC Managing Director, confirmed Sy?s resignation in a text message to the Philippine Daily Inquirer.

?We will miss Chris Sy but we have been assured by Primedia that his resignation will not in any way affect our agreement,? Barreiro said. ?ABC and Primedia will continue to jointly develop the TV5 brand.?

Sy decided to resign after an MPB Primedia meeting on Monday, Inquirer sources said. Differences in management styles were cited as the alleged reason, among others.

According to a statement MPB Primemedia Marketing Communications Manager Pat Marcelo-Magbanua furnished INQUIRER.net, Sy will remain as CEO until a "suitable" transition period has lapsed. After his exit as CEO, Sy will move on to still serve the company on a "consultancy basis," Magbanua said.

In the statement, Sy delved on the network?s accomplishments during his term as CEO.

?I am very proud of TV5. From our first week of operations, TV5 has been ranked number 3 in the ratings game. There is also steady increase in all-day viewership and its morning belt is consistently at double-digit share levels. I am very fortunate and thankful for being given the opportunity to be a part of this,? Sy was quoted as saying.

MPB Primedia, a subsidiary of Malaysia?s Media Prima Berhad, took the reigns in plotting and executing a new programming line-up for the Tonyboy Cojuangco-owned ABC-5 and rebranded the station as TV5, which has slowly gained a strong audience share nationwide since its reformat in August last year. The network noted AGB-Nielsen NUTAM ratings when it claimed in advertisements that it had placed third in the nationwide TV network race, behind ABS-CBN and GMA 7.

?We will continue to provide our viewers bigger and bolder programs to give Filipinos more choices in entertainment. Primedia through its various departments are already geared up for the rest of the year?s challenges,? Magbanua said.

A continuing legal battle against GMA 7 should be foremost on the emerging network?s list of challenges this year.

MPB Primedia, its Malaysian parent company Media Prima Berhad, and ABC is facing a court case which GMA 7 filed in December last year over the ?unlawful? blocktime deal that it said undermined the Philippine Constitution, which limits ownership of media entities to Filipinos and local firms.