BusinessWorld Online
SEC chief retracts claim of P1.7-T market loss due to corruption
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.
Lim explained that his intention was to emphasize the importance of market integrity and the negative effects of corruption on investor confidence.
Special Assistant to the President for Investment and Economic Affairs Frederick Go confirmed that the claim was misinformation originating from a fake social media post.
The SEC remains committed to transparency, good governance, and protecting investors, and Lim urged unity in the campaign against corruption.
🤖
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
Presidential Economic Adviser Frederick Go labeled as 'fake news' a report claiming the Philippine stock market lost P1.7 trillion due to corruption issues.
Read more →
House infrastructure committee chair and Bicol Saro Rep. Terry Ridon challenged SEC Chair Francis Lim's claim that the Philippine stock market lost P1.7 trillion in value over three weeks due to a flood control project scandal.
+3
Read more →