SEC had earlier revoked Rappler’s media license on the grounds that Maria Ressa’s online news source was not 100% Filipino-owned as mandated by the Philippine Constitution. The revocation was challenged and the Court of Appeals had asked SEC to review — but not rescind it.
But rather than wait for SEC’s review, Rappler announced today that it had filed an amendment to its SEC registration, claiming that it is now an “animation” company.
”As animators, we would not be considered media and therefore not subject to the Constitutional requirement of 100% Filipino ownership,” Ressa told The Adobo Chronicles.
Ressa’s change of heart came on the heels of the launching of Rappler’s first video animation project — telling the story of the Filipino fishing boat which was rammned by a Chinese vessel in the West Philippine Sea.
As an animation company, Rappler can solicit funding from foreign investors.
Rappler can now have its cake and eat it too!