SEC annuls Rappler’s registration

Published January 15, 2018, 3:17 PM

by Nida Ramos-Oribiana

In an en banc decision, the Securities and Exchange Commission (SEC) revoked the registration of online multimedia site Rappler for allegedly violating constitutional restrictions on ownership and control of mass media entities.

 Maria Ressa, CEO and executive editor of Rappler (Google image)
Maria Ressa, CEO and executive editor of Rappler (Photo via Wikimedia Commons)

Citing foreign equity restriction in mass media, the SEC accused Rappler of using funds coming from Omidyar Network, a fund created by eBay founder and entrepreneur Pierre Omidyar.

As news of the revocation broke out, social media was set abuzz with what many perceived to be a very “controversial” move on the part of the Duterte administration.

The online site has been deemed very critical of the present government and has long been the target of negative reactions from Duterte supporters.

It remains unclear as of this writing when the site will actually be ordered to cease its operation. (MB Online)