Economic czar Frederick Go on Thursday disputed the claim of Securities and Exchange Commission chair Francis Lim that Philippine stock market investors lost a whopping P1.7 trillion in just three weeks due to the corruption scandal involving allegedly anomalous flood-control projects in the country.
At a briefing in Malacanang, Go said, ‘Unfortunately, the Securities and Exchange Commission chair [Francis Lim] was quoting off a confirmed fake news.social media post designed to catch attention and falsely sensationalize.’
Biz Buzz already reported on Sept. 5 that the viral social media post saying that the ‘Philippines’ Corruption Scandal Triggers P1.7 Trillion Market Meltdown’ was ‘incorrectly attributed to SandP Global Market Intelligence’ and that the company was ‘taking steps to have the posts taken down.’
Go, Special Assistant to the President for Investment and Economic Affairs, also debunked claims that the total value of listed companies plunged 12 percent from Aug. 11 to Aug. 29 this year, saying the drop was only about 1.6 percent.
Congress and the newly formed Independent Commission for Infrastructure are currently conducting separate investigations into these problematic flood-prevention projects that have shaken investor confidence.
Anti-corruption protests have erupted since early September, following revelations that several government officials and lawmakers got kickbacks from these flood control projects.