This got me thinking. I have read the primer on PDRs by Mr. Raul J. Palabrica, and it seems that PDRs are legit, and that it was ridiculous for the PH gov’t to go after companies issuing PDRs. However, I did not know that such a legit instrument can be illegal, to wit:

Q: Are the depository receipts issued by ABS-CBN the same as those issued by Rappler? A: Definitely not. To begin with, the depository receipt issued by ABS-CBN was approved by the Securities and Exchange Commission, which comes as a validation that the constitutional ban on foreign media ownership was not violated. Rappler, in its receipt, granted the foreign investor veto powers on the operation of the company, which the SEC ruled was tantamount to giving foreigners control over the business and hence, violative of the Constitution. From @attyharryroque writing on “ABS-CBN franchise primer

So there you go. Read the links and decide for yourself.