Announcements in the US and by Rappler itself of American firms’ investments in the online-only news site. The SEC didn’t authorize it to issue PDRs, a serious violation of securities laws.
The Constitution’s Article XVI, Section 11 is categorical: “The ownership of mass media shall be limited to citizens of the Philippines.” That means that not a single peso of foreign money can be invested in a media company. Indeed, even in an era of free-flowing capital, most countries in the world have maintained their restrictions on foreign capital in their media. For good reason, since only its citizens must have primary control of the means of forming public opinion.