Jamaine Punzalan

Logo of the Securities and Exchange Commission (SEC) in this photo taken on June 22, 2023. Jonathan Cellona, ABS-CBN News

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SEC ANNIVERSARY

Katrina Domingo

ABS-CBN News

<div> </div>MANILA (UPDATE) — Malacañang on Thursday labeled as “fake news” the Securities and Exchange Commission’s (SEC) earlier statement that the Philippine market has lost P1.7 trillion in market value due to investors’ concerns over the widespread corruption in the country. Special Assistant to the President for Investment and Economic Affairs Frederick Go debunked the claim, saying he has personally spoken to SEC Chairman Francis Lim and consulted with officials and traders at the Philippine Stock Exchange (PSE) to verify the numbers.“Unfortunately, the SEC chairman was quoting off a confirmed fake news post designed to catch attention and falsely sensationalize,” Go said in a Palace press conference. “The attributed source confirmed na fake news ito at hindi galing sa kanila. The fact is the drop wasn’t 12 percent. You may confirm this with the Philippine Stock Exchange or your favorite stockbroker,” he said. From August 11 to 29, 2025, the main PSE drop was only at 1.58 percent and not 12 percent as Lim claimed in an earlier speech, Go said.“These are all very easily verifiable, you can confirm later this with the PSE or kahit sinong stock broker alam ito. Public knowledge po ang lahat ng detalye na ito,” he said. “Unfortunately, nangyari po ito pero confirmed po ito by multiple sources na fake news ito, including the attributed source of the fake news post. Sana po wag na tayo magpaloko sa fake news,” he said. Go shrugged off the question about what consequences Lim may face after spreading false information.<div>INVESTORS HAVE ‘NOT PULLED OUT’</div>Meantime, Go also denied that investors are pulling out of the Philippines as investigations bare that several government officials and lawmakers have been allegedly colluding with private entities to siphon billions of public funds through substandard or bogus flood control projects.“I don’t think anybody has pulled out. I think sometimes when there is unpredictability in the environment, people might temporarily think about their investment projects,” the Presidential Adviser said. “But we are quite confident that when this is all resolved, they will all come back. They have not pulled out. They will continue rather with their projects,” he said. The Philippines also has not “lost anything” in terms of investment pledges, Go said, noting that potential foreign investors remain interested in doing business here.“The pledges continue to come in,” Go said. “As a matter of fact, we are now transmitting to the President the approval of the first beneficiary of the Create More Act, which is an investment from a Korean company of over $1 billion, so I don’t think we have lost any investment pledges because of this ongoing issue,” he said. Go said that the aforementioned Korean company is a player in the semiconductors industry, but declined to give details of other expected investments, noting that the government only lists these once an actual deal has materialized.<div>‘THE NEGATIVITY IS OVERBLOWN’</div>Despite reports of foreign entities being turned off by well-entrenched corruption schemes in the Philippine government, Go remains optimistic that investor confidence is not dwindling.“I believe the negativity is overblown,” the special adviser said. “This investigation will be good for the country long term because it will address the problems… Better deployment of the budget will result in projects will result in great multiplier effect,” he said. “The swiftness and the decisiveness of the President show the resolve of the government to clean up corruption, which builds up confidence.”<div>LIM: I HAVE LEARNED THAT THE REPORT WAS FICTITIOUS </div>Lim, in a statement, admitted that he cited false information he &quot;believed at the time to be a credible industry report.&quot;&quot;I have since learned that the report was fictitious. I deeply regret any confusion or concern that my statement may have caused, he said. Lim added that his sole intent in citing the report was to &quot;underscore the vital importance of integrity in our markets and the devastating impact corruption can have on investor confidence.&quot;PSE President Ramon Monzon clarified that data showed only P185 billion in market capitalization was lost during the 3-week period.&quot;The P1.7 trillion number attributed to S&amp;P Global Market Intelligence has subsequently been disowned by the latter,&quot; he said.

Malacanang debunked Thursday the Securities and Exchange Commission’s claim that corruption issues supposedly wiped out P1.7 trillion in market value.

Malacanang debunked Thursday the Securities and Exchange Commission’s claim that corruption issues supposedly wiped out P1.7 trillion in market value.

Palace says SEC claim on P1.7-T market wipeout based on ‘fake news’

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Palace says SEC claim on P1.7-T market wipeout based on ‘fake news’

Katrina Domingo,

ABS-CBN News

Published October 09, 2025 12:28 PM PHT

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Updated October 18, 2025 08:05 AM PHT

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