MANILA, Philippines (The Adobo Chronicles, Manila Bureau) – In an apparent concession that it will eventually lose its case with the Securities and Exchange Commission (SEC) which revoked its media license, Rappler through its parent company, Rappler Holdings Corporation, has filed a formal application to be the Philippines’ 4th Telco.
Rappler’s application comes just days after the National Telecommunications Commission (NTC) officially confirmed Mislatel as the new third telecommunications player in the Philippines.
Mislatel is comprised of Mindanao Islamic Telephone Inc., Udenna Corporation, Chelsea Logistics Holdings (CLC), and China Telecom.
”It fits our business goal to convert Rappler from a media company to a telco since there is not a Constitutional provison that prohibits telcos from being partly owned by foreigners,” Rappler CEO Maria told The Adobo Chronicles. “Our foreign investors are ready.”
The SEC decision to revoke Rappler’s media license was based on what appears to be foreign investment in the online news source which is in violation of the Philippine Constitution
We wish Rappler the best luck. As they say, “the more, the merrier.”