Rappler can continue 'business as usual' - SEC | ABS-CBN
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Rappler can continue 'business as usual' - SEC
Rappler can continue 'business as usual' - SEC
ABS-CBN News
Published Jan 16, 2018 10:57 AM PHT
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Updated Jul 05, 2019 03:45 PM PHT
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MANILA - News site Rappler can continue its operations pending appeal to the court since the Securities and Exchange Commission's revocation order is not "final and executory," a spokesperson for the regulator said Tuesday.
MANILA - News site Rappler can continue its operations pending appeal to the court since the Securities and Exchange Commission's revocation order is not "final and executory," a spokesperson for the regulator said Tuesday.
The SEC said Rappler violated foreign ownership restrictions on mass media. The website management said Omidyar Network and North Base Media "do not own" the company, even if they hold Philippine Depositary Receipts.
The SEC said Rappler violated foreign ownership restrictions on mass media. The website management said Omidyar Network and North Base Media "do not own" the company, even if they hold Philippine Depositary Receipts.
"The commission en banc decision has not become final and executory. The respondent Rappler Corporation can still go to Court of Appeals within 15 days to challenge the decision of the SEC. Meantime, it can go on business as usual," spokesperson Armand Pan told ANC's Market Edge.
"The commission en banc decision has not become final and executory. The respondent Rappler Corporation can still go to Court of Appeals within 15 days to challenge the decision of the SEC. Meantime, it can go on business as usual," spokesperson Armand Pan told ANC's Market Edge.
He explained that Rappler filed a notice of exemption in 2015 but it did not attach its PDRs issued to Omidyar Network "so we have no way of checking whether there are objectional provisions in the PDRs."
He explained that Rappler filed a notice of exemption in 2015 but it did not attach its PDRs issued to Omidyar Network "so we have no way of checking whether there are objectional provisions in the PDRs."
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After the PDRs were subpoenaed, Pan said they learned that a section of it stated that receipt-holders "must have prior approval when it comes to changing the articles of incorporation or bylaws of the company."
After the PDRs were subpoenaed, Pan said they learned that a section of it stated that receipt-holders "must have prior approval when it comes to changing the articles of incorporation or bylaws of the company."
"That means that Rappler cannot even change the principal office address, the date of meetings--those are operational policies of the corporation, which means the PDR-holders exercise right of ownership," he said.
"That means that Rappler cannot even change the principal office address, the date of meetings--those are operational policies of the corporation, which means the PDR-holders exercise right of ownership," he said.
"The mere giving of right to participate in these management acts is enough. They need not be exercised. It's there in the PDR itself," he added.
"The mere giving of right to participate in these management acts is enough. They need not be exercised. It's there in the PDR itself," he added.
Pan insisted that the SEC, in its decision, merely fulfilled its mandate as a corporate securities regulator and it did not know of any intention to curtail press freedom.
Pan insisted that the SEC, in its decision, merely fulfilled its mandate as a corporate securities regulator and it did not know of any intention to curtail press freedom.
He admitted, however, that the Solicitor General's formal request "started" the investigation into the news site, which has previously earned the ire of President Rodrigo Duterte for its articles critical of the administration.
He admitted, however, that the Solicitor General's formal request "started" the investigation into the news site, which has previously earned the ire of President Rodrigo Duterte for its articles critical of the administration.
Malacañang has also denied involvement in the SEC's move.
Malacañang has also denied involvement in the SEC's move.
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New DOTr chief asks officials to submit courtesy resignations
New DOTr chief asks officials to submit courtesy resignations
Transportation Secretary Vince Dizon delivers his speech during the turnover ceremony with outgoing Secretary Jaime Bautista on February 24, 2025. DOTr Handout
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Newly-installed Transportation Secretary Vince Dizon is asking all incumbent Undersecretaries, Assistant Secretaries and DOTr Directors to submit courtesy resignations.
Newly-installed Transportation Secretary Vince Dizon is asking all incumbent Undersecretaries, Assistant Secretaries and DOTr Directors to submit courtesy resignations.
In a memo, Dizon said this is meant to give him a free hand to perform the mandate given to him by the President.
In a memo, Dizon said this is meant to give him a free hand to perform the mandate given to him by the President.
Sources earlier told ABS-CBN News Dizon will appoint several officials from the time of former DOTr chief Arthur Tugade to reclaim their roles or related ones.
Sources earlier told ABS-CBN News Dizon will appoint several officials from the time of former DOTr chief Arthur Tugade to reclaim their roles or related ones.
Undersecretary for Rails Jeremy Regino already resigned in early January. Usec. for Planning TJ Batan has stood in as Officer-In-Charge.
Undersecretary for Rails Jeremy Regino already resigned in early January. Usec. for Planning TJ Batan has stood in as Officer-In-Charge.
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Batan also handled the railways sector back for a few years starting in 2018 under Tugade.
Batan also handled the railways sector back for a few years starting in 2018 under Tugade.
Sources privy to the matter said Batan may possibly be retained for continuity of programs, citing his institutional memory.
Sources privy to the matter said Batan may possibly be retained for continuity of programs, citing his institutional memory.
Vince Dizon will inherit many major railway infrastructure projects including the ongoing construction of the Metro Manila Subway, North-South Commuter Railway, and the MRT-7– all of which are bogged down due to right-of-way issues.
Vince Dizon will inherit many major railway infrastructure projects including the ongoing construction of the Metro Manila Subway, North-South Commuter Railway, and the MRT-7– all of which are bogged down due to right-of-way issues.
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