SEC chair apologizes for fictitious P1.7T market loss claim

Updated Sat, October 11, 2025 at 9:07 AM Published Wed, October 8, 2025 at 2:23 PM

House infrastructure committee chair and Bicol Saro Rep. Terry Ridon questioned SEC Chair Francis Lim's claim that the Philippine stock market lost P1.7 trillion.

SEC Chair Francis Lim apologized for citing a "fictitious" industry report that claimed the Philippine Stock Exchange (PSE) lost P1.7 trillion in market value in just three weeks in August.

Lim stated that investors were leaving the Philippines due to weak integrity, not weak corporate fundamentals, highlighting corruption's detrimental effect on wealth.

President Ferdinand Marcos Jr. had revealed that only 15 contractors secured 20 percent of nearly 10,000 flood control projects since 2022.

The Anti-Money Laundering Council (AMLC) has frozen the bank accounts of contractors and former public works personnel allegedly involved in anomalous ghost and substandard flood control projects.

The SEC views compliance and good governance as essential steps to restore trust and stability within the capital markets.

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Ferdinand Marcos Jr.Philippine Stock Exchange Anti-Money Laundering Council Terry Ridon

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