Omidyar Network Donates Philippine Depositary Receipts to Rappler Staff
Today, Wednesday, February 28, Omidyar Network announced that it has donated the Philippine Depositary Receipts (PDRs) it held to 14 managers of Rappler Inc., all of whom are Filipino citizens.
We have taken this action in order to address the unwarranted ruling made by the Philippines Securities and Exchange Commission (SEC) against Rappler, Inc., and Rappler Holdings Corporation.
The donation completely eliminates the sole basis of the SEC ruling against Rappler Inc. and Rappler Holdings Corporation. We therefore strongly believe that the companies should be allowed to continue operating unhindered in the Philippines.
Omidyar Network’s only objective has always been to enable the ongoing growth and success of these companies, and to support their dedicated journalists in providing independent, impartial, and credible news.
This action also reaffirms our intention that Rappler Inc. and Rappler Holding Corporation should continue to operate as fully independent, Filipino-owned and run companies, and highlights that Omidyar Network never had any control or influence over their management, operations, or editorial policy.
This has been a clear and direct attack not only on Rappler Inc. but also on independent journalism and press freedom in the Philippines.
Independent and investigative journalists, such as the highly committed team at Rappler Inc., should not have to put their jobs, freedom and safety at risk to provide impartial news coverage. We must support and protect these courageous journalists around the world, otherwise the press will lose objectivity, trust, and the ability to hold those in power to account.