By Genalyn D. Kabiling
Malacañang said it respects the Security and Exchange Commission decision revoking the license of online news organization Rappler to operate.
Presidential spokesman Harry Roque, in a statement after the release of the decision of the securities watchdog, said SEC is empowered to determine the legality of corporations.
“We respect the SEC decision that Rappler contravenes the strict requirements of the law that the ownership and the management of mass media entities must be wholly-owned by Filipinos,” Roque said. He said Rappler could still exhaust legal remedies until the decision becomes final.
In a decision dated Jan. 11, SEC revoked Rappler’s certificate of incorporation for violating the constitutional and statutory Foreign Equity Restriction in Mass Media.
The online media organization has been accused of trying to circumvent a constitutional provision that mandates 100 percent Filipino ownership of mass media.
