Philippine Securities and Exchange Commission chair retracts PHP 1.7 trillion market value claim after learning cited report was fictitious

The Philippine Securities and Exchange Commission published a statement by Chairperson Francis Lim clarifying that a figure he cited in an October 7 speech to FINEX, claiming recent corruption issues had wiped out about PHP 1.7 trillion in market value of publicly listed companies, was based on a report that he has since learned was fictitious. Lim said the information had been circulating in business circles and cited by some media outlets, and that he believed it to be a credible industry report at the time. He expressed regret for any confusion or concern and said his intent was to underscore the importance of integrity and the impact corruption can have on investor confidence, while reiterating the SEC’s focus on transparency, good governance, and investor protection.