SEC Orders for Revocation of Rappler’s License
RAPPLER – The online news site Rappler released a statement for its readers and viewers following the order of the Securities and Exchange Commission (SEC).
Recently, the SEC released its verdict ordering for the revocation of the license of online news site Rappler to operate in a 29-page decision that was dated on the 11th of January.
Based on a recent report, the Rappler Inc. and the Rappler Holdings Corp. were liable for violating the Constitution. The SEC ruling cited the online news site as the “mass media entity that sold control to foreigners”.
The SEC’s ruling on the site was signed by SEC Teresita Herbosa and three SEC commissioners namely Emilio Aquino, Antonieta Ibe, and Ephyo Luis Amatong.
Following the order of the SEC to revoke the license of Rappler to operate, the said online news site released an official statement to its readers and viewers.
In its statement, the site admitted that they were warned that the SEC “would be handing down a ruling” against it.
“We were confident that the country’s key business regulator would put public interest above other interests that were at play in this case.”
According to the site, it is the first time in the Philippine history and the Commission’s history to order for the revocation of the license of a media site to operate.
The site stressed that it has been transparent in its practices and have complied with all the requirements since 2012. The site cited the “malicious attacks” towards it starting the year 2016.
In its statement, the site said that it will continue bringing news to its readers and viewers. It requested its readers and viewers to be with the site in this “difficult time”.
