'Rappler backs ABS-CBN: Nothing wrong with legal foreign investments'

'Rappler backs ABS-CBN: Nothing wrong with legal foreign investments'

There is an old saying that “birds of the same feather , flocks together”
ABS-CBN who is currently facing a quo warranto petition in the Supreme Court which calls for the termination of its legislative franchise gave rise to a very unlikely ally – another media outfit who is facing cases with the government – Rappler Philippines.

The online news organization is backing up television network ABS-CBN predicament with the cases it is facing with government, even to the extent of asserting the same with ABS-CBN that there is nothing wrong with receiving legal funds from foreign entities.
ABS-CBN and Rappler
(photo credit to owner)
The Solicitor General Jose Calida just file a quo warranto proceeding before te Supreme Court seeking to terminate the legislative franchise of  ABS-CBN  for allegedly violations regarding the intentional hiding of foreign ownership behind a corporate veil.

It might be recalled the OSG also filed a case against the online news outfit- Rappler alleging among others that the online news organization is foreign-owned. According to OSG, Rappler violated the 1987 Constitution because it handed out its Philippine Depositary Receipts (PDRs) to foreign investors.

Rappler and ABS-CBN has been known to be critical of the current Duterte administration and is a known ally of the Liberal Party.

“We reiterate that PDRs are financial instruments used by media entities to allow foreign investments without violating the constitutional rule that media companies should be 100% Filipino-owned. PDRs are a common, lawful practice, and their legality has been upheld by the [Supreme Court],” Rappler said in a statement.

“We at Rappler deplore the latest attempt by the Duterte administration to use the levers of state power to bring down a media company and silence Filipino journalists,” it added.

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Report from PDI

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