SEC refutes claim decision on Rappler backed by political pressure

The Securities and Exchange Commission (SEC) has refuted claims that its decision to cancel online news firm Rappler's incorporation papers was politically motivated.

"You know, if they have proof that that's the case, they better present it. It's so unfair to us. We're only doing our job and you know, without fear or favor, we just come out with whatever the law would require us to do," SEC Commissioner Teresita Herbosa told reporters in an interview.

In a January 11 decision, the SEC revoked the certificate of incorporation of Rappler Inc. for supposedly violating the foreign ownership restrictions on mass media companies after welcoming the Omidyar Network as one of its investors through Philippine Depositary Receipts (PDRs).

Rappler CEO Maria Ressa then hit back at the SEC, saying the corporate regulator's decision was due to "political pressure."

President Rodrigo Duterte already denied such claims, saying his office "never had a hand" in it.

"In this case, of course, whoever didn't get what they wanted from us, maybe they wanted us to say that the PDRs are legal -- then they have their own agenda," Herbosa said.

"They'll probably resort to things like that to divert peoples' attention to what was the real issue," she added. — RSJ, GMA News