NATIONAL
Advocates Philippines
Flood Scandal Didn't Wipe Out P1.7T In Market Losses
Screengrab from RTVM
Special Assistant to the President for Investment and Economic Affairs (Sec. Frederick Go) dismissed claims that Philippine stock market investors lost ₱1.7 trillion in just three weeks due to alleged corruption in flood control projects.

In a briefing on Thursday, Go clarified that the figures cited by Securities and Exchange Commission Chairman Francis Lim came from a “confirmed fake news [social] media post,” previously flagged by Biz Buzz.

“I have personally confirmed this with the PSE president and top brokers,” Go said, noting that the PSE index fell only 1.6% from August 11 to 29—far below the reported losses.

He emphasized that the claim had no basis in reality and reassured investors that market confidence remains steady despite the controversy.

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