SEC chief regrets P1.7-trillion market loss remark

Securities and Exchange Commission (SEC) chairman Francisco Lim on Thursday expressed regret over his earlier statement that recent corruption issues had wiped out about P1.7 trillion in market value of publicly-listed companies.

Lim said in a statement that the information, which had been circulating within business circles and cited by some media outlets, was based on what he believed at the time to be a credible industry report.

“I have since learned that the report was fictitious. I deeply regret any confusion or concern that my statement may have caused. My sole intent was to underscore the vital importance of integrity in our markets and the devastating impact corruption can have on investor confidence,” Lim said.

Lim said the SEC “remains firmly committed to promoting transparency, good governance and investor protection” and appealed to all sectors to unite behind the Marcos administration’s campaign against corruption.

Lim said Wednesday in a speech during the 57th Annual FINEX Conference in Makati City that investors were fleeing because of weak integrity, reiterating that corruption is a weapon of mass wealth destruction.

The Philippine Stock Exchange Index fell to as low as 5,905 in September following the flood control scandal.