Securities and Exchange Commission (SEC) cancelled the registration of online news organization Rappler for allegedly violating the Foreign Equity Restriction of the Philippine Constitution.
According to Foreign Equity Restriction of the Philippine Constitution, “(t)he ownership and management of mass media shall be limited to citizens of the Philippines, or to corporations, cooperatives or associations, wholly-owned and managed by such citizens.”
SEC cites the funding that it received from Omidyar Network and from Marcus Brauchli’s North Base Media.
You can read SEC’s full decision here.
Since the cancellation of Rappler Incorporated’s license is not yet ‘final and executory’ online news organization will continue to operate.
Good morning from Manila! Thank you for your overwhelming support from the Philippines and around the world. @rapplerdotcom continues to operate because the decision isn't final. While we weren't surprised, it was still shocking. We will hold the line. https://t.co/OzULYu3VCz
— Maria Ressa (@mariaressa) January 15, 2018
