Securities and Exchange Commission (SEC) Chair Francis Lim has apologized after claiming that corruption in the country caused a ₱1.7-trillion wipeout in the market value of publicly listed companies.
In a statement, Lim expressed regret for any confusion or concern the information may have caused.
He clarified that his only intention was to emphasize the importance of market integrity and highlight the damaging impact of corruption on investor confidence.
Lim said the information he shared was based on what he believed to be accurate and drawn from a “credible” industry report at the time.
However, he later acknowledged that the information turned out to be “fictitious.”
Despite the incident, the SEC chair reaffirmed the agency’s commitment to promoting transparency, good governance, and investor protection.
(PHOTO COURTESY: SEC)
