Securities and Exchange Commission (SEC) chair Teresita Herbosa speaks against claims of Rappler that the agency\u2019s decision to revoke its license was influenced by politics, saying it\u2019s the multimedia news outlet\u2019s move to avert the public from knowing the real glitch.<\/p>\n
“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.<\/p>\n
SEC revoked Rappler\u2019s business registration for violating an article in Constitution that restricts foreign media ownership.<\/p>\n
According to SEC\u2019s 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.<\/p>\n
But for Rappler and its supporters, SEC\u2019s decision was a suppression of Press Freedom and a consequence of being critical of the current administration.<\/p>\n
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.”<\/p>\n
She said that as of now, Rappler may continue its operations and that the company has until January 27 to appeal the SEC\u2019s ruling.<\/p>\n
Moreover, Rappler\u2019s forced shut down can only happen if the courts support the SEC\u2019s decision, she added.<\/p>\n
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