Category Archives: Business

Business, Law Enforcement, Social Media, The Media

Rappler Plans To File For Bankruptcy

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BDE5EE00-A4AD-4B33-A9E5-B14006AEB797.jpegMANILA, Philippines (The Adobo Chronicles, Manila Bureau) – It is the ‘B’ word most businesses dread the most: bankruptcy.  And Rappler and its parent company Rappler Holdings, are not immune from it.

Today, Rappler CEO Maria Ressa announced that her online news source is planning to file for bankruptcy.

As if the Securities and Exchange Commission (SEC) order cancelling Rappler’s media license for violation of foreign ownership laws was not enough, Rappler is having a difficult time raising its P5 million online fundraising goal.  After many months, it hasn’t quite reached 50% of its goal.

For what seemed like good news at first, Rappler foreign investor Omidyar Network announced it was donating its P78 million investment to Rappler’s senior managers.  The donation is subject to a 30% donor’s tax. It is doubtful if the Rappler managers will invest what they will receive from Omidyar back into Rappler Holdings.

Now, the Bureau of Internal Revenue has filed a tax evasion case against Rappler, to the tune of P133 million!

Whichever way one looks at it, Rappler will be in the negative.

Hence its plan to file for bankruptcy.

So goodbye Rappler.  It was good while you lasted.

 

Business, Economy, Food, Government

Senator Kiko Pangilinan Has Several Theories On Missing Affordable NFA Rice

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9B0A5A39-0195-4469-A1B3-3935F00FE9AD.jpegMANILA, Philippines (The Adobo Chronicles, Manila Bureau) – At the recent Senate hearing on the shortage of affordable NFA rice in the market, Senator Kiko Pangilinan  repeatedly asked why NFA rice is nowhere to be found.

As a result of his own investigation, Pangilinan identified three possibilities that would provide the answer to his question:

1. The Office of Vice President Leni Robredo mass-purchased the NFA stocks to use in photo opportunities in connection with her ‘Angat Buhay’ pet project.

2. The Liberal Party bought all NFA rice stocks to hoard and release during the 2019 senatorial elections. The political practice is called vote buying.

3. Former President NoyNoy Aquino purchased the NFA rice to build a barricade around his 25 Times Street, Quezon City residence.  Sacks of rice make for good protection against any form of fire power.

Pangilinan’s theories practically exonerate the NFA from criticism on the depletion of affordable rice stocks.

Business, Economy, Food, Government, Politics

Senator Grace Poe Calls For The Abolition Of The Law Of Supply And Demand

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90864C87-C1AD-4BEF-ABC4-1B6DCC48A866MANILA, Philipppines (The Adobo Chronicles, Manila Bureau) – Senator Grace Poe on Tuesday said those responsible for rice price fixing should be unmasked and be held accountable.

The Senate is currently conducting an investigation on the reported shortage of rice stocks of the National Food Authority.

“To hold accountable also the people who have to be accountable perhaps for the price fixing, o kung ano-ano pang ginawa na pampahirap sa ating consumers at ating magsasaka,” Poe said in her opening statement.

When told by the resource persons that the current price situation of rice in the country is due to the law of supply and demand, Poe said: “Then I move to abolish the law of supply and demand.”