Rappler diverting the real issue, SEC chair says

By , on January 19, 2018

Securities and Exchange Commission (SEC) chair Teresita Herbosa speaks against claims of Rappler that the agency’s decision to revoke its license was influenced by politics, saying it’s the multimedia news outlet’s move to avert the public from knowing the real glitch.

“They have to resort to things like that in order to divert people’s attention to what is the real issue,” Herbosa was quoted as saying in a CNN Philippines report.

SEC revoked Rappler’s business registration for violating an article in Constitution that restricts foreign media ownership.

According to SEC’s ruling dated January 11 but released on the 15th, the news organization received funding from a foreign investor, Omidyar Network, in the form of Philippine Depositary Receipts or PDRs.

But for Rappler and its supporters, SEC’s decision was a suppression of Press Freedom and a consequence of being critical of the current administration.

Herbosa said it is a clear violation, adding that “whoever didn’t get what they wanted from us, maybe they wanted us to say the PDRs were legal, then maybe they have their own agenda.”

She said that as of now, Rappler may continue its operations and that the company has until January 27 to appeal the SEC’s ruling.

Moreover, Rappler’s forced shut down can only happen if the courts support the SEC’s decision, she added.