Rappler itself in a February article (by-lined by “Rappler.com”) admitted that foreign firms invested in it in 2015. Yet this is not reported in its financial statements submitted to the Securities and Exchange Commission.
GMA-7 and ABS-CBN
On the basis of that precedent, media firms GMA-7 in 2007 and ABS-CBN in 2013 ware authorized by the SEC to sell PDRs to foreign firms in order to expand their capital. That of course was a demonstration of the power of media in this country—and of the Lopezes’ clout with Aquino 3rd’s government.
Enforce securities laws
I would think that if the Duterte administration executes our laws, as it is required to do, it would have to enforce the Securities Regulation Code on this matter, which other than huge financial penalties would require the suspension of Rappler’s authority to operate as a corporation.
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