Statement of Sen. Ramon Bong Revilla Jr. on SEC affirming its Decision on Rappler

As the national government regulatory agency charged with supervision over corporate sector, the capital market participants, and the securities and investment instruments market, and the protection of the investing public, we should respect the Order of the Securities and Exchange Commission (SEC) dated 28 January 22 affirming its earlier Decision to revoke the Certificates of Incorporation of Rappler, Inc. and Rappler Holdings Corporation for violating the Foreign Equity Restrictions in Mass Media enshrined in the Constitution.

It is within the statutory mandate of SEC to impose sanctions for violation of laws such as PD 1018 (Limiting the Ownership and Management of Mass Media to Citizens of the Philippines), Anti-Dummy Act, and the Foreign Investments Act.

However, the Decision of SEC should not be seen as a suppression of press freedom nor an attempt to abridge free speech, but rather a valid legal decision of the government’s regulatory body to uphold the provision of the Constitution to protect the Filipino people.

The merits of the Decision are based on the violation of Rappler, Inc. and Rappler Holdings Corporation as corporate entities, and not in any way based on its nature as part of the press.