The Securities and Exchange Commission (SEC) has affirmed a 2018 decision to shut down Philippine media site Rappler by revoking the certificates of incorporation of Rappler Inc. and Rappler Holdings Corporation.
The order was dated June 28, 2022.
Rappler co-founder and CEO Maria Ressa announced SEC's decision at the East-West Center International Media Conference in Hawaii where she is currently the keynote speaker.
Rappler will appeal the decision, which is not "immediately executory," according to Nobel prize winner Maria Ressa.
In a statement, the SEC confirmed "the issuance of an order affirming the revocation of the certificates of incorporation of Rappler, Inc. and Rappler Holdings Corporation (RHC) for their violation of constitutional and statutory restrictions on foreign ownership in mass media."
Below is Rappler's full statement:
"We were notified by our lawyers of this ruling that effectively confirmed the shutdown of Rappler. We are entitled to appeal this decision and will do so, especially since the proceedings were highly irregular.
"What does this mean? We have existing legal remedies all the way up to the highest court of the land. It is business as usual for us since in our view, this is not immediately executory without court approval.
"Clarity, agility, sobriety. Review our drills and the tasks assigned to you. Meantime, it is business as usual for us. We will adapt, adjust, survive, and thrive.
"#CourageON"