Jamaine Punzalan

Members of civil society coalitions, youth, and anti-corruption groups hold a protest at the EDSA People Power Monument in Quezon City on September 21, 2025, to condemn systemic corruption in the country. The groups demand accountability from the government for the alleged widespread corruption and call for mass-oriented solutions to the crises plaguing the nation. Jonathan Cellona, ABS-CBN News

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ANTI CORRUTPION PROTEST

Benise Balaoing

Andrea Taguines

Jessica Fenol

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/175990487819720250921-trillion-peso-march-ppm-JC1951.jpg" style="width:960px" class="fr-fic fr-dib"/><span class="fr-inner" style="text-align:left">Members of civil society coalitions, youth, and anti-corruption groups hold a protest at the EDSA People Power Monument in Quezon City on September 21, 2025, to condemn systemic corruption in the country. The groups demand accountability from the government for the alleged widespread corruption and call for mass-oriented solutions to the crises plaguing the nation. Jonathan Cellona, ABS-CBN News</span></span></span></div><div><br/></div><p>MANILA<strong> (UPDATE) </strong>— The flood control scandal wiped out trillions in market value of publicly listed companies in just three weeks, Securities and Exchange Commission (SEC) Chairperson Francis Lim said.</p><p>In a speech before the Financial Executives of the Philippines (FINEX) on Tuesday and released to the media Wednesday, Lim said this happened despite rising corporate earnings.</p><div><a href="https://www.abs-cbn.com/news/business/2025/10/8/discaya-couple-aide-face-p7-1-billion-tax-charges-1030">BIR files P7.1-B tax complaints vs Discayas, says couple &#x27;never divested&#x27; from firms</a></div><p>&quot;The flood control project scandal has shaken public confidence, wiping out an extraordinary P1.7 trillion in market value of our publicly listed companies in just three weeks, despite rising corporate earnings,&quot; Lim said.</p><div><a href="https://www.abs-cbn.com/news/nation/2025/10/8/amlc-secures-5th-freeze-order-on-assets-related-to-flood-control-mess-1207">AMLC secures 5th freeze order on assets related to flood control mess</a></div><p>&quot;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... When trust breaks down, capital dries up, and everyone—government, business, and the public—pays the price,&quot; he added.</p><div><br/></div><div><strong>BUSINESS SENTIMENT</strong></div><div><br/></div><p>In a separate briefing, Federation of Philippine Industries chairperson Beth Lee echoed the sentiment, saying these anomalies deter big firms from participating from bidding for government projects.</p><p>Investigations showed that some contractors have several firms bidding against each other for projects. Former Department of Public Works and Highways engineers also revealed how the project costs are divided to accommodate &quot;kickbacks.&quot;</p><div><a href="https://www.abs-cbn.com/news/nation/2025/10/7/leviste-urges-dpwh-to-reduce-project-costs-by-25-to-prevent-kickbacks-1822">Lawmaker urges DPWH to reduce project costs by 25 percent to prevent kickbacks</a></div><p>The Philippine Competition Commission has recently stepped up to also investigate alleged bid <a href="https://www.abs-cbn.com/news/nation/2025/10/3/dpwh-refers-2-cases-of-bid-manipulation-rigging-to-ph-competition-commission-0854">rigging</a> in government flood control projects.</p><p>&quot;Pag niluluto na kasi siya, if you are a legitimate company that’s going to be bidding, you are actually now standing as a deodorizer to the other ones that were already fixed. So that is a big deterrent for large companies or even not so large companies but legitimate companies to participate in the bidding,&quot; Lee said.</p><p>President Ferdinand Marcos Jr. in August revealed that only 15 contractors bagged 20 percent of nearly 10,000 flood control projects since 2022.</p><p>The investigations led by the Senate and the House of Representatives, as well as the probe by the Department of Justice and the Independent Commission for Infrastructure, have revealed names, schemes and anomalies involving former and current government officials and private contractors. </p><div><br/></div><div><strong>&#x27;MOST URGENT MISSION&#x27;</strong></div><div><br/></div><p>Lim stressed that compliance in regulations is crucial in strengthening &quot;the very foundation of markets and enterprise.&quot; </p><p>&quot;Rebuilding trust&quot;, he said, is among the SEC&#x27;s most urgent missions.</p><p>Reforms in the measures regulating corporations are meant to empower the enterprise, the SEC chief said, citing reduced fees for accessing corporate information to further boost transparency.</p><div><a href="https://www.abs-cbn.com/news/nation/2025/10/7/marcos-corrupt-officials-are-not-the-face-of-government-1207">Marcos: Corrupt officials ‘are not the face of government’</a></div><p>The SEC has also made its processes &quot;faster and more predictable&quot;, and has expanded digital incorporation facilities.</p><p>&quot;Because when markets are trusted, capital flows, the economy grows,&quot; Lim said. </p><p>Lim also said the agency is now more open to the public as it enhanced its public assistance and complaints desk.</p><div><br/></div><div><strong>RELATED VIDEOS</strong></div><div><br/></div><div><iframe width="640" height="360" src="https://www.youtube.com/embed/CTz8aDj5HNQ" title="Lubog sa Katiwalian: An ABS-CBN News Special on Philippine Flood Control Projects (Full Documentary)" frameBorder="0" allowfullscreen=""></iframe></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/Sl1daHU6e7M?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>The flood control scandal wiped out P1.7 trillion in market value of publicly listed companies in just three weeks, the Securities and Exchange Commission (SEC) said Wednesday.</p>

The flood control scandal wiped out P1.7 trillion in market value of publicly listed companies in just three weeks, the Securities and Exchange Commission (SEC) said Wednesday.

SEC: Flood control scandal wiped out P1.7 trillion in market value

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SEC: Flood control scandal wiped out P1.7 trillion in market value

Benise Balaoing,

Andrea Taguines,

Jessica Fenol,

ABS-CBN News

Published Oct 08, 2025 02:32 PM PHT

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Updated Oct 08, 2025 05:37 PM PHT

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flood control projects

stock market

sarah discaya

curlee discaya

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