February 26, 2018, 10:57 am
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.0709 UAE Dirham
1 Philippine Peso = 2.0666 Albanian Lek
1 Philippine Peso = 0.03436 Neth Antilles Guilder
1 Philippine Peso = 0.38512 Argentine Peso
1 Philippine Peso = 0.0246 Australian Dollar
1 Philippine Peso = 0.03436 Aruba Florin
1 Philippine Peso = 0.03861 Barbados Dollar
1 Philippine Peso = 1.59981 Bangladesh Taka
1 Philippine Peso = 0.0307 Bulgarian Lev
1 Philippine Peso = 0.00727 Bahraini Dinar
1 Philippine Peso = 33.8027 Burundi Franc
1 Philippine Peso = 0.01931 Bermuda Dollar
1 Philippine Peso = 0.02544 Brunei Dollar
1 Philippine Peso = 0.13243 Bolivian Boliviano
1 Philippine Peso = 0.06249 Brazilian Real
1 Philippine Peso = 0.01931 Bahamian Dollar
1 Philippine Peso = 1.24035 Bhutan Ngultrum
1 Philippine Peso = 0.18341 Botswana Pula
1 Philippine Peso = 386.48649 Belarus Ruble
1 Philippine Peso = 0.03857 Belize Dollar
1 Philippine Peso = 0.02437 Canadian Dollar
1 Philippine Peso = 0.01807 Swiss Franc
1 Philippine Peso = 11.38996 Chilean Peso
1 Philippine Peso = 0.12225 Chinese Yuan
1 Philippine Peso = 54.88417 Colombian Peso
1 Philippine Peso = 10.92317 Costa Rica Colon
1 Philippine Peso = 0.01931 Cuban Peso
1 Philippine Peso = 1.73147 Cape Verde Escudo
1 Philippine Peso = 0.39788 Czech Koruna
1 Philippine Peso = 3.41371 Djibouti Franc
1 Philippine Peso = 0.11689 Danish Krone
1 Philippine Peso = 0.94363 Dominican Peso
1 Philippine Peso = 2.19764 Algerian Dinar
1 Philippine Peso = 0.24563 Estonian Kroon
1 Philippine Peso = 0.34054 Egyptian Pound
1 Philippine Peso = 0.5251 Ethiopian Birr
1 Philippine Peso = 0.0157 Euro
1 Philippine Peso = 0.03853 Fiji Dollar
1 Philippine Peso = 0.01381 Falkland Islands Pound
1 Philippine Peso = 0.01382 British Pound
1 Philippine Peso = 0.08607 Ghanaian Cedi
1 Philippine Peso = 0.90347 Gambian Dalasi
1 Philippine Peso = 173.55213 Guinea Franc
1 Philippine Peso = 0.14162 Guatemala Quetzal
1 Philippine Peso = 3.93494 Guyana Dollar
1 Philippine Peso = 0.15101 Hong Kong Dollar
1 Philippine Peso = 0.45448 Honduras Lempira
1 Philippine Peso = 0.11653 Croatian Kuna
1 Philippine Peso = 1.23243 Haiti Gourde
1 Philippine Peso = 4.90965 Hungarian Forint
1 Philippine Peso = 263.76448 Indonesian Rupiah
1 Philippine Peso = 0.06723 Israeli Shekel
1 Philippine Peso = 1.25268 Indian Rupee
1 Philippine Peso = 22.85714 Iraqi Dinar
1 Philippine Peso = 718.33978 Iran Rial
1 Philippine Peso = 1.93822 Iceland Krona
1 Philippine Peso = 2.4222 Jamaican Dollar
1 Philippine Peso = 0.01364 Jordanian Dinar
1 Philippine Peso = 2.0617 Japanese Yen
1 Philippine Peso = 1.96236 Kenyan Shilling
1 Philippine Peso = 1.311 Kyrgyzstan Som
1 Philippine Peso = 76.94981 Cambodia Riel
1 Philippine Peso = 7.70077 Comoros Franc
1 Philippine Peso = 17.37452 North Korean Won
1 Philippine Peso = 20.76255 Korean Won
1 Philippine Peso = 0.00578 Kuwaiti Dinar
1 Philippine Peso = 0.01583 Cayman Islands Dollar
1 Philippine Peso = 6.1749 Kazakhstan Tenge
1 Philippine Peso = 159.87839 Lao Kip
1 Philippine Peso = 29.06178 Lebanese Pound
1 Philippine Peso = 2.99421 Sri Lanka Rupee
1 Philippine Peso = 2.50386 Liberian Dollar
1 Philippine Peso = 0.22268 Lesotho Loti
1 Philippine Peso = 0.05886 Lithuanian Lita
1 Philippine Peso = 0.01198 Latvian Lat
1 Philippine Peso = 0.0257 Libyan Dinar
1 Philippine Peso = 0.1777 Moroccan Dirham
1 Philippine Peso = 0.32037 Moldovan Leu
1 Philippine Peso = 0.96332 Macedonian Denar
1 Philippine Peso = 25.79151 Myanmar Kyat
1 Philippine Peso = 46.1583 Mongolian Tugrik
1 Philippine Peso = 0.15547 Macau Pataca
1 Philippine Peso = 6.75676 Mauritania Ougulya
1 Philippine Peso = 0.63514 Mauritius Rupee
1 Philippine Peso = 0.29614 Maldives Rufiyaa
1 Philippine Peso = 13.77317 Malawi Kwacha
1 Philippine Peso = 0.35764 Mexican Peso
1 Philippine Peso = 0.07562 Malaysian Ringgit
1 Philippine Peso = 0.22261 Namibian Dollar
1 Philippine Peso = 6.9112 Nigerian Naira
1 Philippine Peso = 0.59556 Nicaragua Cordoba
1 Philippine Peso = 0.15133 Norwegian Krone
1 Philippine Peso = 1.99853 Nepalese Rupee
1 Philippine Peso = 0.02647 New Zealand Dollar
1 Philippine Peso = 0.00743 Omani Rial
1 Philippine Peso = 0.01931 Panama Balboa
1 Philippine Peso = 0.06266 Peruvian Nuevo Sol
1 Philippine Peso = 0.06071 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.13127 Pakistani Rupee
1 Philippine Peso = 0.06552 Polish Zloty
1 Philippine Peso = 107.39382 Paraguayan Guarani
1 Philippine Peso = 0.07027 Qatar Rial
1 Philippine Peso = 0.07302 Romanian New Leu
1 Philippine Peso = 1.08832 Russian Rouble
1 Philippine Peso = 16.23803 Rwanda Franc
1 Philippine Peso = 0.07239 Saudi Arabian Riyal
1 Philippine Peso = 0.14989 Solomon Islands Dollar
1 Philippine Peso = 0.25792 Seychelles Rupee
1 Philippine Peso = 0.34575 Sudanese Pound
1 Philippine Peso = 0.15762 Swedish Krona
1 Philippine Peso = 0.02545 Singapore Dollar
1 Philippine Peso = 0.01382 St Helena Pound
1 Philippine Peso = 0.42869 Slovak Koruna
1 Philippine Peso = 147.2973 Sierra Leone Leone
1 Philippine Peso = 10.84942 Somali Shilling
1 Philippine Peso = 384.74904 Sao Tome Dobra
1 Philippine Peso = 0.16892 El Salvador Colon
1 Philippine Peso = 9.9417 Syrian Pound
1 Philippine Peso = 0.22262 Swaziland Lilageni
1 Philippine Peso = 0.60579 Thai Baht
1 Philippine Peso = 0.04633 Tunisian Dinar
1 Philippine Peso = 0.04271 Tongan paʻanga
1 Philippine Peso = 0.07317 Turkish Lira
1 Philippine Peso = 0.12974 Trinidad Tobago Dollar
1 Philippine Peso = 0.56444 Taiwan Dollar
1 Philippine Peso = 43.35907 Tanzanian Shilling
1 Philippine Peso = 0.52008 Ukraine Hryvnia
1 Philippine Peso = 70.40541 Ugandan Shilling
1 Philippine Peso = 0.01931 United States Dollar
1 Philippine Peso = 0.54923 Uruguayan New Peso
1 Philippine Peso = 157.72201 Uzbekistan Sum
1 Philippine Peso = 558.39769 Venezuelan Bolivar
1 Philippine Peso = 438.97684 Vietnam Dong
1 Philippine Peso = 2.05502 Vanuatu Vatu
1 Philippine Peso = 0.04818 Samoa Tala
1 Philippine Peso = 10.28822 CFA Franc (BEAC)
1 Philippine Peso = 0.05212 East Caribbean Dollar
1 Philippine Peso = 10.28822 CFA Franc (BCEAO)
1 Philippine Peso = 1.87297 Pacific Franc
1 Philippine Peso = 4.82336 Yemen Riyal
1 Philippine Peso = 0.22278 South African Rand
1 Philippine Peso = 100.1834 Zambian Kwacha
1 Philippine Peso = 6.98649 Zimbabwe dollar

The SEC case against Rappler

HARSH and with horrifying implications on the full and untrammeled exercise of press freedom.

That is the least that could be said of the decision of the Securities and Exchange Commission (SEC) en banc to revoke the certificate of incorporation of Rappler, a digital media company with a creditable record of independent reportage and social engagement on public policy issues.

The SEC -- as it had ruled on similar cases concerning The Nationality Rule, The Control Test, or The Grandfather Rule on foreign investments in prohibited sectors -- could have been less harsh. It could have imposed penalties or fines, or ordered Rappler to amend its papers or unload its foreign investments. The SEC did not. Hence, the journalism that Rappler typifies is now in serious peril.

Was the harshest penalty of revocation of license warranted in this case? The Constitutional guarantee of freedom of the press could have prevailed over the Constitutional prohibition on foreign ownership of media corporations, if the latter indeed is an issue with Rappler. 

A few years ago, the SEC had shown inexplicable leniency toward telecommunications giant PLDT, or Philippine Long Distance & Telephone Co., that was investigated for supposedly skirting the Constitutional rule on 60% Filipino vis 40% foreign ownership of public utilities. The SEC did not order PLDT’s dissolution on the pretext that doing so would impair telco service delivery by PLDT. 

Today, however, the SEC seem to have glossed over the fact that the harshest penalty of revoking the corporate registration of the Rappler would have impaired its delivery of news and information on matters of public concern, or even the Constitutional guarantees of press freedom and the people’s right to know.

The contrast is clear.  The SEC’s Memorandum Circular No. 8, Series of 2013, or the “Guidelines on Compliance with the Filipino-Foreign Ownership Requirements” had been criticized in a petition filed with the Supreme Court to have “tailor-made” the rules to allow PLDT to skirt the law limiting foreign ownership of public utilities.

Section 2 of MC No. 8-2013 states that to determine compliance with the Constitutional or statutory requirement on 60 percent Filipino ownership of covered entities, “the required percentage of Filipino ownership shall be applied to BOTH (a) the total number of outstanding shares of stock entitled to vote in the election of directors; AND (b) the total number of outstanding shares of stock, whether or not entitled to vote in the election of directors.”

Earlier, in separate rulings in 2011 and 2012, the high court had precisely ruled that to determine a covered company’s “capital” requirement, the SEC must treat shareholders of stocks entitled to vote and those not entitled to vote company directors as separate classes.

In its decision on Rappler, the SEC has morphed from lenient to severe.

Rappler’s journalists have pledged to continue to write and report without fear or favour, and we can offer them our unrelenting support.

But Rappler’s existence remains challenged by outstanding issues about its foreign investments that the SEC decision has raised. Indeed, beyond the sphere of journalism, the Rappler story will move next to the sphere of the courts and judicial processes.

The case will soon reach the Court of Appeals, where Rappler said it plans to challenge the SEC decision in the next fortnight. The case will move as well to the Department of Justice, where the SEC decision has been referred for investigation into possible violations by Rappler of the Anti-Dummy Law.

The 29-page SEC decision found that when Rappler Holdings Corp. (which owns Rappler, Inc.) issued Philippine Depositary Receipts to Omidyar Network in 2015, it signed on to an agreement with a provision that supposedly allowed control of Rappler by a foreign group. 

This “negative control” provision, the SEC noted, binds Rappler Holdings “not to, without prior good faith discussion with ON PDR Holders and without the approval of PDR Holders holding at least two thirds (2/3s) of all issued and outstanding PDRs, alter, modify or other change the Company Articles of Incorporation or By-Laws or take any other action where such alteration, modification, change or action will prejudice the rights in relation to ON PDRs.”

It is a provision, according to the SEC, that violates the  Foreign Equity Restrictions in the Mass Media that the Constitution prescribes because “the stockholders must have prior discussion with and approval of at least 2/3 of the PDR Holders, meaning Rappler is at the very least under obligation to consult with Omidyar Network. The stockholder has become, in effect, subservient to the holder. It is neither 100% control by the Filipino stockholders, nor is it 0% control by the foreigner PDR holders.”

In its verified compliance response to SEC, Rappler said that it did not violate the Constitution because its common shareholders, officers, and managers are Filipino citizens. 

To be sure, the Rappler story is still in progress, and we must continue monitoring it. For one, the  SEC decision involved an administrative matter. Soon, the DOJ investigation will focus on supposed criminal breach/es of the law, and thus portend more tragic implications for Rappler.

The political context of this story cannot be ignored. It is happening amid the internecine outbursts of displeasure and vitriol by President Rodrigo R. Duterte and his closest allies against Rappler, the Philippine Daily Inquirer, ABS-CBN, and generally journalists and media entities on the independent and critical reporting track.

Regulators and the courts would do well to deal with allegations of legal infractions by the media with utmost fairness, probity, and independence so they do not undermine further the Constitutionally guaranteed freedom of the press and the people’s right to know, or worse, put the media now under duress in greater jeopardy and undue censure.

Rappler and all independent media agencies must live to write for many more days and years, and outlast all the enemies of truth, good governance, and justice in this land.

We must not let our guard down. Yet even better, we must all keep watch over the next events that would unfold. – PCIJ
Category: 
Rating: 
Average: 4.5 (2 votes)

Column of the Day

Is democracy in recession?

By JOSE BAYANI BAYLON | February 26,2018
‘Populists tend to deny the legitimacy of established parties, attacking them as undemocratic and even unpatriotic.’

Opinion of the Day

New, better dengue vaccines

By DAHLI ASPILLERA | February 26, 2018
‘Sanofi’s setbacks from its rush to market; careless oversights, could lead to better future dengue vaccines from other pharmaceuticals.’