Omidyar Network’s Donation To Rappler’s Senior Managers Ends Up To Be IOUs

E17C13E0-883B-4E44-BAC0-7719F8AAFF2FMANILA, Philippines (The Adobo Chronicles, Manila Bureau) – Calm down. There is no need to stress out over the news that Omidyar Network, a foreign investor in the online news source Rappler, was donating its investment to Maria Ressa and her senior managers.

P78 Million is a lot of money, and it amounts to more than P5 Million each to the 14 Rappler senior managers.

But there is one problem.  The money is not there.  Rappler had already spent Omidyar’s P78 Million investment, and is in deep financial trouble.  It’s the reason it launched an online donation campaign to try to raise P5 Million.  As of latest update, Rappler had raised just about half of that amount.

Upon learning that its investment is totally gone, Omidyar instead issued IOUs to the Rappler managers but could not say when they will actually receive the payout.

Meanwhile, the Bureau of Internal Revenue is closely watching the donation from Omidyar to make sure the foreign investment group pays the mandated 30% donor’s tax which basically cuts what the Rappler managers will receive by almost a third.

 

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