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A House lawmaker on Thursday called out Securities and Exchange Commission (SEC) Chair Francis Lim for making ‘bombastic statements based on wrong information’ after he claimed in a public forum that P1.7 trillion in market value was wiped out in just three weeks due to the flood control scandal.

House infrastructure committee chair and Bicol Saro Rep. Terry Ridon said Lim must explain the source of his claim, ‘as it does not accurately reflect current and historical conditions of the Philippine capital market.’

This came after Lim, during the 57th annual Financial Executives Institute of the Philippines (Finex) Conference on Oct. 7, claimed that P1.7 trillion in the market value of companies listed on the Philippine Stock Exchange was wiped out from Aug. 11 to Aug. 29 amid mounting allegations of corruption involving high-ranking officials in government infrastructure projects.

‘Investors aren’t fleeing because of weak fundamentals; they’re fleeing because of weak integrity. It’s a stark reminder that corruption is a weapon of mass wealth destruction. When trust breaks down, capital dries up, and everyone-government, business, and the public-pays the price,’ Lim said. A decline in market value essentially means that the share prices of companies are going down due to investors choosing to sell their stocks.

However, Ridon, a lawyer, said that market data showed the decline in the Philippine Stock Exchange Index (PSEi) began months before the controversy.

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On a six-month view (April 10-October 9), the PSEi had already reached 6,077.82 as early as April 11, 2025, he said.

‘Although a short recovery followed, the broader decline began after July 14, or two weeks before President Ferdinand Marcos Jr. exposed the flood control corruption scandal in his State of the Nation Address,’ Ridon said.

Ridon said Lim’s statement ‘appeared even less accurate’ when using a one-year view, noting that the index plunged from a high of 7,456.31 in October to 5,822.85 in April,’ amounting to a 21.9-percent decline three months before the scandal.

These figures, Ridon said, showed that the ongoing corruption scandal ‘was a convenient but inaccurate explanation for the market’s weakness and for the broader slowdown in the economy.’

Separately, Ridon told the Inquirer that regardless of the actual and fake data, ‘the weakening of the stock market is independent of the flood control corruption scandal.’

‘It may have compounded it, but it certainly is not the sole reason for the weakening stock market,’ he added.

On Thursday, Special Adviser to the President for Investment and Economic Affairs Frederick Go also debunked Lim’s claims, saying that the chair was ‘quoting off a confirmed fake news post designed to catch attention and falsely sensationalize.’

‘The attributed source confirmed that this was fake news. The fact is, the drop wasn’t 12 percent. You may confirm this with the Philippine Stock Exchange or your favorite stockbroker,’ Go added.

A previous Inquirer Biz Buzz column last Sept. 5 already debunked a viral post claiming that’Philippines’ Corruption Scandal Triggers P1.7 Trillion Market Meltdown,’ supposedly quoting SandP Global Market Intelligence.

New Independent Commission for Infrastructure (ICI) will not allow any ‘sacred areas’ that cannot be touched or investigated on the alleged anomalies in flood control projects across the country.

This is the position expressed on Thursday by ICI Special Adviser and Investigator, former Philippine National Police chief Rodolfo Azurin Jr Azurin was answering a question in an ambush interview whether or not there would be ‘sacred areas’ that cannot be probed by the commission.

‘Definitelly, we will not allow that. We will investigate everything,’ he emphasized.

Azurin likewise said that he, along with Public Works Secretary Vince Dizon, may start inspecting flood control projects next week.

Earlier this Thursday, Dizon revealed that 421 out of the 8,000 inspected flood control projects nationwide are ‘ghost projects.’

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Meanwhile, the new ICI special adviser acknowledged that the task he is currently taking on is challenging, citing that he replaced Baguio City Mayor Benjamin Magalong.

‘Of course, it’s quite big and extremely difficult because we replaced Gen. Magalong. But we can handle it,’ he said.

The Taguig City Police on Thursday warned the public of a scammer using a substation commander’s name in phone calls to demand money.

In a statement late Thursday afternoon, the Taguig City Police Station said the scammer had been using the name of Police Cpt. Jerson Cariño Castillo.

‘There is indeed a legitimate police officer named P/Cpt. Jerson Cariño Castillo, currently the Station Commander of Police Substation 8,’ the Taguig police explained.

‘However, he has no connection whatsoever to any extortion or harassment activity. His name is being illegally used by scammers to demand money from victims with alleged debts to lending institutions,’ it added.

In a phone interview with reporters later on Thursday, Southern Police District (SPD) public information chief Lt. Margaret Panaga said the alleged scam call took place last Monday. ‘Ang ginawa is tumawag siya (scammer) doon sa number ng asawa niya nung October 6 and ang sabi is sasampahan daw sila ng estafa,’ Panaga explained.

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(The scammer called the recipient’s spouse last October 6 and the scammer said they’ll sue them for estafa.)

‘But, the call recipient does not have debt,’ she added.

According to the SPD public information chief, the call recipient reported the incident to the 8888 citizens’ complaint hotline, which notified the Taguig police last Tuesday.

Panaga noted that police have yet to track down the call recipient through the complaint.

Bjorn Kristensen put on a masterclass performance by scoring all four goals as the Philippine men’s football team thrashed Timor-Leste, 4-1, in the AFC Asian Cup Qualifiers on Thursday in Darwin, Australia.

Kristensen continued to establish himself as the team’s talisman, scoring his first two goals inside the first half-hour before two more in the second half to slammed the door shut on Timor-Leste after pulling one back after halftime.

Behind Kristensen, the Philippines took the provisional lead in Group A of third round qualification for the continental tournament with seven points on two wins and one draw, three ahead of Tajikistan.

Tajikistan was scheduled to take on Maldives as of posting time.

It was the first of two matches in this international window between the two nations, with the next slated Tuesday at New Clark City Stadium in Capas, Tarlac. Timor-Leste served as the home team but had to play in Darwin as no stadium passed strict AFC requirements.

The big night allowed Kristensen to register 12 goals in 14 appearances in a Philippine shirt, a remarkable output for the 23-year-old striker.

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The Philippines got on board in the 15th minute when Sandro Reyes put up a cross to Kristensen, who followed up his first attempt blocked by Timor-Leste goalkeeper Georgino.

Kristensen doubled the lead in the 31st when he beat out four defenders from near the other half of the field before firing a right-footed shot.

Timor-Leste got on board shortly after the restart when Gali Freitas scored past the edge of the box, only for Kristensen to continue his goal-scoring ways in a matter of seconds, heading Georgino’s deflection that hit the crossbar from close range to make it 3-1 in the 48th.

The fourth goal came in the 56th as Kristensen received Sandro Reyes’ pass off three defenders before beating Georgino yet again.

A new era in men’s health is about to begin. Brovage, the Philippines’ first ultra-luxury clinic dedicated exclusively to men’s sexual health, aesthetic urology, and advanced wellness, is set to open in the heart of Bonifacio Global City. Conceived by world-class medical leaders from Singapore and the Philippines, Brovage redefines how men approach vitality, confidence, and longevity-through precision medicine, cutting-edge science, and discreet, personalized care. Designed as more than just a clinic, Brovage is a sanctuary where Filipino men can finally place their sexual health and confidence at the forefront. Every detail-from the meticulously curated environment to the bespoke, doctor-led treatments-is crafted to deliver a transformative experience, empowering men to look, feel, and perform at their absolute best. ‘At Brovage, we believe that true strength lies in the synergy of health, confidence, and sexual well-being,’ said Dr. Frederick Mendiola, Chief Executive Officer and internationally recognized authority in sexual medicine. ‘Our mission is to offer men an exclusive space where they can openly prioritize their vitality with world-class expertise, utmost discretion, and the highest standard of medical innovation.’

Dr. Mendiola leads a distinguished team of specialists including Dr. Z’Shen Teo and Dr. Alan Tan, renowned figures in aesthetic medicine and men’s wellness, who together bring unparalleled knowledge and global experience to the Philippines.

Brovage’s holistic philosophy extends far beyond sexual health. Its integrated programs combine advanced diagnostics, genetic and hormonal profiling, bespoke nutrition and fitness regimens, lifestyle optimization, and psychological support-all seamlessly tailored to each client’s unique biology and goals.

The PVL caps 2025 with the Reinforced Conference, bringing back international flair as imports add spice to the league’s year-end offering.

Games are held every Tuesday, Thursday, and Saturday at the usual venues-Smart Araneta Coliseum, FilOil EcoOil Arena in San Juan, and Mall of Asia Arena in Pasay.

The league is also scheduled to make stops in key cities, including Dasmariñas Arena in Cavite, Ynares Center Montalban in Rizal, Capital Arena in Ilagan City, and Passi Arena in Iloilo.

Count them out of politics, said Jericho Rosales and Mon Confiado, who both rejected the idea of running for president in the future.

The fact that Rosales and Confiado both played the roles of the country’s first Chief Executives in the upcoming biopic, ‘Quezon,’ is not lost on them. However, when asked if they are open to the idea of being the top officials of the land, the answer was a firm ‘no.’

‘The [short] answer is no,’ Rosales said during the film’s grand media con in Manila on Tuesday, Oct. 7. ‘The long answer is, I came from [a trip] where there is a free walking tour. The tour guy said at the end, we just need leaders who care. Generally, sincerely, care. That’s all we need.’

Rosales, who portrays Manuel L. Quezon, said while everyone is privileged to learn from different platforms, it is all about prioritizing the country at all costs, noting that it’s a ‘genuine’ intention that comes from the heart.

‘I never graduated. I never went to college. Natuto ako mag-Ingles dahil sa telebisyon. Ang dami mong pwedeng pag-aralan online or sa libro, lahat kaya mo. Pero wag wala sa puso mo at hindi genuine sa’yo ang pag-care at pag-silbi sa isang tao, hindi mangyayari ‘yan. Paano pa kaya kung isang bansa?’ he said.

(I never graduated. I never went to college. I learned how to speak English because of television. You can learn from various online platforms or through books. You can learn everywhere. However, if it doesn’t come from the heart, or if your care and service to the public are not genuine, it will never happen. What happens if the country is at stake?) ‘Ang pinakamahal ko sa buhay ay sining, paano ko ipagpapalit ang sining sa posisyon? Paano ko pagsasabayin ang sining at ito? At iba pang bokasyon at pamumuno ng bansa?’ he said. ‘Hindi madali maging [mamumuno ng isang] bansa, so ang hinihiling namin ay puso ng isang presidente.’

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(What I love most in the world is the arts. How will I exchange it for a government position? How will I balance my responsibilities in art and politics, as well as other vocations, and serve the nation? It’s not easy to lead the nation. So what I ask for is for someone to have the heart of the president?)

Meanwhile, Confiado, who plays Emilio Aguinaldo in the movie, said that taking on a government position never crossed his mind.

‘Ako, hindi. Wala akong kahilig-hilig sa pulitika. Ni minsan, hindi pumasok sa isip ko na pumasok sa pulitika. Aminado ako na hindi ko kakayanin at wala akong alam (Me, no. I am not fond of politics at all. Entering politics never crossed my mind. I know that I can’t handle it and I don’t know anything about it),’ he said.

Solving corruption

Since ‘Quezon’ is described as a film that traces the roots of the country’s political landscape, Rosales was also asked about how the Philippines and its countrymen can solve corruption.

The question stems from the ongoing probe into the alleged corruption of flood control funds involving officials of the Department of Public Works and Highways (DPWH), lawmakers and private contractors.

Labor groups Sentro ng mga Nagkakaisa at Progresibong Manggagawa (SENTRO) and the Labor Education and Research Network (LEARN) on Thursday cautioned against reading too much into the recent drop in unemployment, saying the quality of jobs in the Philippines continues to deteriorate despite more Filipinos joining the workforce.

Their statements came in response to the latest Labor Force Survey by the Philippine Statistics Authority (PSA), which showed that the number of employed Filipinos rose to 50.1 million in August, up by more than 4 million from July’s 46.05 million.

The unemployment rate fell to 3.9 percent, or 2.03 million jobless individuals, down from 5.3 percent in July when massive floods disrupted economic activity. Still, both labor groups argued that these numbers fail to capture the persistent precarity faced by millions of workers.

‘Workers deserve more than survival jobs-they deserve secure, living-wage employment with dignity and purpose,’ said SENTRO in a statement.

‘The increase in employment amidst trade turbulence, corruption-induced flooding, and a deepening political crisis is surprisingly positive-but this reflects the resilience of Filipino workers, not any coherent government policy,’ the group added.

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SENTRO also warned that job generation remains mediocre, with underemployment still high and the loss of manufacturing jobs pointing to worsening deindustrialization. It urged the government to launch a robust public employment program and adopt a clear industrial policy focused on rebuilding the country’s productive base.

The PSA’s own findings support the sense of fragility in the labor market. National Statistician Claire Dennis Mapa said in a press briefing that while August’s figures showed ‘broad improvement’ due to more favorable weather, the labor market remains vulnerable to external shocks-such as disasters, displacement, and extreme weather events.

‘There are risks in September because there were several storms that month,’ Mapa said. ‘While there is a substantial portion of our labor market that’s somewhat protected from such disasters, there are still components that are dependent on weather conditions.’

The services sector continued to dominate the labor market, accounting for 61.5 percent of employed persons. Agriculture made up 20.4 percent, and industry 18.1 percent. Construction, in particular, added 672,000 jobs, as projects resumed following improved weather.

The labor force participation rate rose to 65.1 percent in August from 60.7 percent in July-meaning more Filipinos were either employed or actively looking for work. The underemployment rate also dropped to 10.7 percent, or about 5.38 million individuals, from 14.8 percent the previous month. Still, LEARN said these improvements should be viewed with caution.

‘Statistics and numbers may provide a rosy picture of the national situation, but workers’ daily experiences suggest otherwise,’ LEARN said in its separate statement.

‘Many young people who have just entered the workforce feel that they do not earn enough to sustain themselves and their families,’ it added.

LEARN pointed to rising youth underemployment and persistent wage gaps, especially for women, as signs that systemic reforms are needed.

Despite a reported increase in women’s labor participation, the gender gap remains at around 20 percent, it said. The group also stressed that the unpaid burden of care work continues to weigh on women’s socioeconomic mobility.

The labor group criticized the lack of progress in addressing contractualization and securing workers’ rights. It echoed calls for a national employment policy that prioritizes the wellbeing of the working class-not just the numbers.

‘[C]hronic underemployment suggests that workers need multiple jobs to survive,’ LEARN said. ‘This is supported by the fact that minimum wages fall far below the poverty threshold.’

Both groups underscored that while the economy may be recovering on paper, true recovery must mean not just more jobs, but better ones. ‘The real measure of progress is not how many Filipinos have jobs-but how many have decent, secure, and meaningful work,’ SENTRO said. – With reports from Ian Nicolas P. Cigaral and Keith Clores/tsb

MANILA, Philippines – Securities and Exchange Commission (SEC) Chair Francis Lim on Thursday apologized for an earlier statement saying recent corruption issues had caused a P1.7-trillion wipeout in market value of publicly listed companies.

‘I deeply regret any confusion or concern that my statement may have caused,’ Lim said in a statement. ‘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 was referring to statements he made before the Financial Executives Institute of the Philippines on Oct. 7.

He admitted that the figure was ‘based on what I believed at the time to be a credible industry report,’ admitting he had learned the report was ‘fictitious.’

Despite this, he said the SEC remained ‘firmly committed to promoting transparency, good governance and investor protection.’

In his speech, Lim was referring to the apparent market valuation decline from Aug. 11 to Aug. 29. But the Philippine Stock Exchange said in a separate statement on Thursday night only P185 billion in market capitalization was lost during the three-week period.’

That being said, SEC Chair Francis Ed. Lim is correct in assailing the level of corruption in the country, and its adverse effects on the economy and financial markets,’ PSE president and CEO Ramon Monzon said.

Seven towns in Pangasinan suspended classes and government work on Thursday as a precautionary measure following a mild Intensity 2 that was felt in parts of the province after a magnitude 4.4 earthquake jolted nearby La Union province.

Phivolcs has downgraded the earthquake from a magnitude of 4.8 to 4.4. The affected Pangasinan towns include Bayambang, Mapandan, Asingan, Pozorrubio, Mangaldan, Sto. Tomas and Rosales.

In a Facebook post, Bayambang Mayor Nina Jose-Quiambao stated that the suspension was implemented to ensure the safety of students, teachers, and government employees, as they assess the structural integrity of public buildings and facilities.

Essential services, however, continue to operate.

Quiambao clarified that emergency response teams, health workers, peace and order personnel, and other critical service providers would continue their duties to ensure uninterrupted public service.

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She added that the local government, through its concerned departments, is in close coordination with DOST-PHIVOLCS and other relevant agencies for monitoring and response efforts.

In Mangaldan, Mayor Bona Fe De Vera-Parayno echoed the same precaution, suspending government operations while maintaining the presence of disaster preparedness and emergency response personnel.

In Asingan, Mayor Engr. Carlos Lopez Jr. instructed all public and private schools at all levels to shift to modular, asynchronous, or distance learning for the remainder of the day.

Phivolcs said the earthquake’s epicenter was located 2 kilometers northeast of La Union’s Pugo town at a depth of 10 km.

Meanwhile, Dagupan City, which was heavily damaged during the 1990 Magnitude 7.7 Luzon earthquake, did not suspend classes or government work.

In a Facebook post written in Filipino, Mayor Belen Fernandez explained that the recent tremor was ‘very weak and barely felt’, adding:

‘This level of earthquake does not cause damage and does not require class suspension or building inspections.’

‘Our normal classes and work will continue. Our Disaster Risk Reduction and Management Office (DRRMO) remains on alert and is ready to act in case of a stronger tremor that could pose danger,’ she added.