Presidential spokesperson Harry Roque (Photo by JOAN BONDOC / Philippine Daily Inquirer)
Malacañang Palace respects the decision of the Securities and Exchange Commission (SEC) to revoke the license of online news site Rappler to operate.
“The Security and Exchange Commission (SEC) is empowered to determine the legality of corporations,” presidential spokesperson Harry Roque said in a statement on Monday.
“We respect the SEC decision that Rappler contravenes the strict requirements of the law that the ownership and the management of mass media entities must be wholly-owned by Filipinos,” Roque added.
The Palace official called on Rappler to exhaust all lawful remedies against the decision.
“Rappler may wish to exhaust all available legal remedies until the decision becomes final,” he said.
In a 29-page decision dated Jan. 11, the SEC ruled that Rappler, Inc. and its controlling shareholder Rappler Holdings Corp. were “liable for violating the constitutional and statutory Foreign Equity Restrictions in Mass Media enforceable through rules and laws within the mandate of the Commission.” /atm