President Moon Jae-in has welcomed the decision by rival parties to take more time to review controversial revisions to the controversial press arbitration law.

According to spokesperson Park Kyung-mee, Moon said freedom of speech is the backbone of democracy and must be protected along with people's right to know.

He said therefore related laws and regulations must be thoroughly reviewed and scrutinized to address concerns regarding their potential abuse.

But the president said safeguarding people from malicious false reporting and fake news is as equally as important. He said erroneous reports must be quickly corrected so that victims can heal from any physical, social or psychological damage. 

Moon also said media outlets should take measures to hold themselves accountable.

Underlining the importance of defending both free speech and victims of fake news, the president expressed hope that a public consensus can reached through communication and open consultation.

This is the first time President Moon has directly made comment on the much disputed revisions to the press arbitration law, as the presidential office refrained from addressing the issue, saying it should be discussed by parliament.