MANILA -- The Securities and Exchange Commission (SEC)'s revoking the corporate registration of online news platform Rappler proves that the rule of law has become stronger under the Duterte administration, according to Presidential Communications Operations Office head Secretary Martin Andanar.
In an interview over DZMM last Sunday, Andanar said: "Nobody is above the law in this country. The President was elected because we've always had a weak rule of law and the Filipinos want to solve the problem."
The secretary also pointed out the issue was a question of legality, where Rappler violated the Constitutional requirement of 100-percent Filipino control in a media entity after it allowed foreign firm Omidyar Network to have some control in its articles of incorporation and corporate by-laws.
The control was granted through a provision on Rappler's issuance of Philippine depositary receipts (PDRs) to Omidyar Network Fund LLC, an offshore fund formed by eBay founder Pierre Omidyar.
Andanar suggested to Rappler "to settle their issues with the SEC."
The Constitution requires 100-percent Filipino control for any local media entity, while the Securities Regulation Code states that control goes beyond ownership of shares and any form of control is considered control.
Last January 11, the SEC revoked the certificate of registration of Rappler due to the control provision. (PNA)
