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.