SEC welcomes CA ruling on Rappler

The Securities and Exchange Commission (SEC) on Tuesday welcomed the Court of Appeals’ decision on Rappler upholding its findings that the online news agency violated constitutional and statutory foreign equity limits in mass media.

“We deem the Honorable Court of Appeals’ decision as an affirmation that the SEC is doing right in the performance of its mandate to uphold the Constitution and laws it administers,” Emilio Benito Aquino, SEC chairman, said in a statement.

The CA upheld the 11 January 2018 SEC decision finding Rappler Inc. and Rappler Holdings to have violated constitutional and statutory foreign equity restrictions in mass media.

Rappler appealed the SEC decision which the CA denied in a 72-page decision dated 26 July 2018.

The SEC received a copy of the CA decision on August 2, 2018.

On the violations, the SEC meted Rappler administrative penalties that included the voiding of the Rappler Holdings Corporation Philippine depositary receipts issued to American firm Omidyar Network Fund LLC and the revocation of the certificates of incorporation of Rappler Inc. and Rappler Holdings.