By Kyle Aristophere T. AtienzaThe Securities and Exchange Commission has upheld an earlier decision ordering the closure of Rappler, Inc., which was founded by veteran journalist Maria A. Ressa.
The newsroom’s parent firm “intentionally created an elaborate scheme” to cover an investment from foreign source Omidyar Network, the SEC alleged at the time. The organization is a “mass media entity that sold control to foreigners,” it as-serted. Rappler stands firm that the issuance of PDRs, which are financial instruments used by foreign investors to invest passively in a Philippine firm, does not equate to ownership or equity interest in the news company and its parent organiza-tion, Mr. Lim told a virtual news conference.
ABS-CBN, which survived the Martial Law regime of the late dictator Ferdinand E. Marcos, was forced off air in May 2020 after Mr. Duterte’s allies in Congress denied its franchise renewal bid. “Various news media organizations have toned down their reportage from time to time even if we should give credit to some brave journalists in the dominant media who still hold the line and sharpen the line,” he said in a Messenger chat.
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