Market wipeout value 'fake news' - Go Savs business confidence in Phl remains 'solid'

Securities and Exchange Commission (SEC) chairman Francis Lim cited “fake news” when he remarked about the supposed trillion-peso wipeout in stock market value due to the corruption controversy, Malacañang said yesterday, as it claimed that business confidence in the country remains “solid.”

- By ALEXIS ROMERO

In a speech before financial executives last Wednesday, Lim said the flood control project mess has “shaken public confidence” and has wiped out an “extraordinary” P1.7 trillion in market value of publicly listed firms in just three weeks despite rising corporate earnings.”

Lim has apologized for the confusion.

“The information, which had been circulating within business circles and cited by some media outlets, was based on what I believed at the time to be a credible industry report. I have since learned that the report was fictitious,” Lim said ina statement yesterday.

“T 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.

There were also reports stating that the total value of companies listed in the Philippine Stock Exchange (PSE) dropped by 12 percent from P14.3 trillion to P12.6 trillion from Aug. 11 to 29.

Speaking to Palace reporters yesterday, Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go said multiple sources have confirmed that the claim about the stock market value wipeout was false.