PH SEC rules shutdown of Rappler founded and run by Nobel Prize winner Maria Ressa

Four years after it first made the issuance, the Philippine Securities and Exchange Commission (SEC) repeated its order to shut down both Rappler the news company and the news site on charges that they are being funded and owned by foreign investors. The current Philippine Constitution does not allow media sites, companies, and networks to be held by non-Filipinos. Rappler, founded by investigative journalist and Nobel Prize winner Maria Ressa, first revealed this development in its statement posted on Tweeter on June 29, saying:

“In an order dated June 28, our Securities and Exchange Commission affirmed its earlier decision to revoke the certificates of incorporation of Rappler Inc. and Rappler Holdings Corporation. We were notified by our lawyers of this ruling that effectively confirmed the shutdown of Rappler.”

The statement also expressed Rappler's intention to “appeal the decision” as it found the “proceedings were highly irregular.”

It is expected that Rappler will continue to operate throughout its appeal, as it had done so during the four years since the SEC concluded that it had broken regulations on foreign media ownership.

In its 2018 ruling, SEC had found Rappler a “mass media entity” which gave control to the Omidyar Network by giving it Philippine Depositary Receipts (PDR). In return, Ressa denied that any violation of the law had happened, as the PDR was not equivalent to a share, purchase, a turnover in management, or a tool of ownership.

Media analysts regard this latest development as possibly the last salvo of outgoing Philippine President Rodrigo Duterte who has called Rappler “a fake news site” in a battle that has lasted throughout his term. Ressa and Rappler have been critical of Duterte especially about his war on drugs.

In a press conference held shortly after Rappler’s release of the statement, Ressa reiterated that she and her team “will hold the line” and not “succumb” to “intimidation.”