News site Rappler stripped of license by SEC

Screenshot from rappler.com

The Security and Exchange Commission (SEC) has revoked Rappler’s license to operate today, January 15, 2018, on a basis of a Constitutional breach.

SEC: Rappler violated Commission rules

Screenshot from SEC’s released file of the Decision.

According to the SEC, Rappler, Inc. and Rappler Holding Corp is held responsible for “violating the constitutional and statutory Foreign Equity Restrictions in Mass Media enforceable through rules and laws within the mandate of the Commission.”

In a report by CNN, SEC reported that Rappler circumvented the constitution through fraudulent transactions, receiving an investment amounting to $1 million dollars from a foreign company, Omidyar Network.

SEC further stated that Rappler is “a mass media entity that sold control to foreigners”. This means that the news site has failed to adhere to Article XVI, Section 11 (1) of the constitution, which states that mass media should be owned and managed by Filipinos.

Rappler: This is against press freedom

sRappler denounces the SEC decision, however, labeling it as a form of harassment to them and to press freedom.

“The SEC’s kill order revoking Rappler’s license to operate is the first of its kind in history – both for the Commission and for Philippine media,” adds Rappler in the statement they released on their official website.

The news site also claims that the SEC approved their contracts prior to this ruling. Rappler states that they have been transparent in their practices, which have all been above board.

“We intend to not only contest this through all legal processes available to us but also to fight for our freedom to do journalism and for your right to be heard through an independent platform like Rappler.” 

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