Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Frederick Go dismissed as “fake news” the circulating report claiming that ₱1.7 trillion in market value had disappeared.
“Unfortunately po the SEC chairman was quoting a confirmed fake soc med post,” Go said.
Go’s statement came after Securities and Exchange Commission (SEC) Chairperson Francis Lim remarked on Wednesday that recent corruption controversies have hurt investor confidence, resulting in a massive market loss.
“The flood control project scandal has shaken public confidence, wiping out an extraordinary ₱1.7 trillion in market value of our publicly listed companies in just three weeks, despite rising corporate earnings,” Lim said.
“Investors aren’t fleeing because of weak fundamentals; they’re fleeing because of weak integrity. It’s a stark reminder that corruption is a weapon of mass wealth destruction,” he added.
Lim stressed that innovation must continue without eroding public trust, especially amid the ongoing congressional and independent investigations into alleged corruption in flood control projects.
“This is not just a market issue. It’s a trust issue. Rebuilding that trust is one of the SEC’s most urgent missions… When trust breaks down, capital dries up, and everyone—government, business, and the public—pays the price,” the SEC chair noted.
Go, however, clarified that no such loss occurred and urged the public to verify claims before spreading misinformation that could harm market confidence.