Rappler
[Finterest] PSE may not have lost P1.7-T, but its weakness is still a problem
The Philippine Stock Exchange (PSE) supports the Securities and Exchange Commission (SEC) chairperson Francis Lim's stance against corruption and its negative impact on investor confidence.
Lim initially stated that corruption issues caused a loss of approximately P1.7 trillion in market value of publicly listed companies over three weeks, but has since retracted the statement and apologized.
Lim admitted he relied on a fictitious report and Malacañang's investment czar Frederick Go clarified that the figure was from a fake news post.
PSE President and CEO Ramon Monzon clarified that the exchange's data showed a market capitalization loss of only P185 billion during the same period.
Despite the numerical inaccuracy and his own susceptibility to fake news, Lim's point stands that corruption can be a 'weapon of mass wealth destruction' and negatively affects financial markets.
The PSE is committed to working with the administration and regulators to implement reforms that will improve the capital markets.
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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.
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Presidential Economic Adviser Frederick Go labeled as 'fake news' a report claiming the Philippine stock market lost P1.7 trillion due to corruption issues.
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SEC Chairperson Francis Lim has apologized for his earlier statement regarding a P1.7-trillion stock market wipeout, admitting the report he cited was fictitious.
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The Philippine Stock Exchange Inc. (PSE) has debunked claims of a P5 trillion market capitalization wipeout as fake news, stating these were made by a pseudo-expert and published by an online tabloid.
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