SEN. Sherwin Gatchalian yesterday called on social media companies to crackdown on the alarming levels of “fake news” being posted on their platforms.
Gatchalian said online firms should clean up their platforms of false information, otherwise they will face government action.
“In the past years, we have seen how evil-minded people use social media, especially Facebook, as a tool to spread disinformation, spark anger, and twist people’s opinions. Fake news has become a business and their product is deceit,” Gatchalian said in a statement.
He said the spread of online disinformation has reached “alarming levels” and has become a clear and present danger to the country’s democracy and public safety.
“If they [social media companies] cannot clean up their backyard, the government will not hesitate to act against them,” he added.
In an interview with radio dzBB on Sunday, Gatchalian said the latest disinformation spread by unscrupulous people was about the Department of Finance’s Capital Market Efficiency Promotion Act (CMEPA), particularly on the reported taxing of interests earned from bank deposits.
The posts have caused confusion among the people, Gatchalian said referring to posts on social media platforms that an individual’s principal amount of bank deposit will now be charged 20 percent tax.
The DOF has denied the posts and clarified that the government will only tax interests earned from bank deposits, not the principal amount itself.
Gatchalian said the latest disinformation on CMEPA was apparently done to sow fear among bank depositors and instigating public anger against President Ferdinand Marcos Jr. and Finance Secretary Ralph Recto.
“All the disinformation that have been coming out are obviously fake news aimed at scaring the people, to deceive the people. It’s good that the Department of Finance has already issued a statement to clarify this issue (that) there is no such thing,” he said.
