SEC Chief Retracts Claim of P1.7-T Market Loss Due to Corruption - BusinessWorld Online

SEC chief retracts claim of P1.7-T market loss due to corruption - BusinessWorld Online

SECURITIES and Exchange Commission (SEC) Chairperson Francisco Ed. Lim has withdrawn his earlier claim that recent corruption issues wiped out P1.7 trillion in market value, admitting the information he cited was based on a “fictitious” report. “I wish to clarify a statement I made in my speech before FINEX on Oct. 7, in which I cited a report claiming that recent corruption issues had wiped out about P1.7 trillion in market value of publicly li…

SEC Chair Francis Lim Apologizes Over False ₱1.7 Trillion Market Loss Claim

In his speech before FINEX on October 7, Lim cited an alleged industry report claiming that corruption scandals had wiped out ₱1.7 trillion in market value from publicly listed companies. He later learned that the report was false.