MANILA, Philippines (The Adobo Chronicles, Manila Bureau) – After weeks of silence regarding accusations that it violated the Philippine Constitution when it filed its business registration with the Securities and Exchange Commission (SEC), the online-only news outfit Rappler has come clean.
Critics have charged Rappler of lying in its SEC registration as a way to skirt around the law which prohibits foreigners from owning or investing in news media. Instead of registering as a news media outfit, it indicated its filing status as ” Other Monetary Intermediation” which allowed it to secure foreign investment for its company.
Rappler CEO Maria Ressa said that the “error” has been corrected, and posted a copy of its revised SEC registration on the Rappler website.
It is now registered under the classification of “Rap, Music, Recording” with the company type “Entertainment.”
All’s well that ends well.