Category Archives: Finance

Rappler Senior Managers Revolt Against CEO Maria Ressa

E17C13E0-883B-4E44-BAC0-7719F8AAFF2FMANILA, Philippines (The Adobo Chronicles, Manila Bureau) – It’s the best news one could ever receive: that someone just gave you P5 Million pesos.

That’s exactly what happened to 14 of Rappler’s senior managers who received the news that the online news source’s foreign investor, Omidyar Network, is donating its P78 Million investment to them – equally. 

But there is one problem: Omidyar’s investment has long been gone.  Rappler has failed financially and has used up all the investment money.

That’s very depressing for Rappler’s 13 senior managers (Ressa is the 14th).  So they are planning to stage a protest rally tomorrow in front of Rappler’s officers to demand an accounting of funds — local and foreign.

More trouble for an already-troubled Rappler.

Pia Ranada Wants Her Share Of The Omidyar Network Donation To Rappler Managers

E17C13E0-883B-4E44-BAC0-7719F8AAFF2F.jpegMANILA, Philippines (The Adobo Chronicles, Manila Bureau) – Loyalty and integrity end where money begins.  This is what’s happening to the online news source, Rappler.

Rappler’s foreign investor Omidyar Network announced that it was donating its $1.5-million (around ₱78 million) investment to the media agency’s 14 Filipino managers, in a move to resolve foreign ownership issues.

“This completely eliminates the basis of the unwarranted SEC (Securities and Exchange Commission) ruling,” Stephen King, Omidyar’s Head of Global Governance and Citizen Engagement, said in a statement Wednesday.

The investment will be split equally among senior managers Jennifer V. Chua, Marie Fel D. Dalafu, Stacy Lynne M. de Jesus, Lilibeth Socorro L. Frondoso, Glenda M. Gloria, Dominic Gabriel L. Go, Miriam Grace A. Go, Natashya Marianne L. Gutierrez, Maria Rosario F. Hofileña, Gemma B. Mendoza, Pauline Gel C. Occeñola, Libertad G. Pascual, Maria A. Ressa, and Anne Louise B. Yosuico.

No mention of Rappler’s high-profile reporter, Pia Ranada.  And she’s crying foul!

”While I am not a senior manager, it was my arrogrance and reporting skills that have made Rappler famous, so I deserve my share of the Omidyar donation” Ranada told The Adobo Chronicles.

So between the impropriety of individual managers receiving the donation from a foreign investor, and Ranada’s rap against Rappler, we can truly say that money is the root of all evil.

Rappler’s true colors have just been revealed!

Bangko Sentral Ng Pilipinas Will Exchange Faceless P500 Bills With Six P100 Bills

EA71DF6C-16C6-4B16-ACBF-C0CA875FB15AMANILA, Philippines (The Adobo Chronicles, Manila Bureau) – First, it was thought that the reported misprint of the peso currency was limited to P100 bills, but a further investigation has confirmed that P500 bills were also affected by this weird occurrence.

It all began when someone withdrew cash from an ATM only to find out that several of the P100 bills she got didn’t have the face of President Manuel Roxas.

But it didn’t stop there.  Another bank customer revealed that several P500 bills he withdrew from an ATM didn’t have the faces of Cory and Ninoy Aquino.

The bills were not necessarily counterfeit.  The Banko Sentral Ng Pilipinas (BSP) admitted to a printing error.

In order to compensate for the inconvenience of those who received the faceless bills, especially the P500 currency, the BSP announced today that it will replace and exchange those faceless P500 bills with P600 worth of one hundred pesos.  That’s six P100 bills, that look like this: