Malacañang respects the Securities and Exchange Commission's decision to revoke the certificate of incorporation of Rappler Inc. and Rappler Holdings Corp.
In a statement, Presidential spokesman Harry Roque said the people behind the news website could avail themselves of legal remedies before the SEC ruling became final.
“The Security and Exchange Commission (SEC) is empowered to determine the legality of corporations,” Roque said.
“We respect the SEC decision that Rappler contravenes the strict requirements of the law that the ownership and the management of mass media entities must be wholly-owned by Filipinos,” he added.
The decision came after the Office of the Solicitor General requested the SEC in December 2016 to conduct an investigation into Rappler Inc. and Rappler Holdings Corporation "for any possible contravention of the strict requirements of the 1987 Constitution."
“Rappler may wish to exhaust all available legal remedies until the decision becomes final,” presidential spokesperson Harry Roque said in a statement.
In revoking Rappler's license to operate, the SEC cited the Foreign Equity Restriction of the Philippine Constitution, which states that "(t)he ownership and management of mass media shall be limited to citizens of the Philippines, or to corporations, cooperatives or associations, wholly-owned and managed by such citizens."
Rappler in a statement posted on its website said that it would “fight for our freedom to do journalism and for your right to be heard through an independent platform.” —NB, GMA News