P1.7-T stock market wipeout due to the corruption mess ‘fraudulent facts,’ says Palace special adviser
MANILA, Philippines – Malacañang on Thursday tagged as “fraudulent facts” stories that the country’s stock market suffered a P1.7 trillion wipeout in most contemporary weeks due to the the corruption mess.
Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Frederick Slither issued the assertion to belie a social media post attributed to Securities and Alternate Commission (SEC) Chairman Francis Lim claiming that the broad corruption in govt precipitated investors to pull out.
“Sadly, the Securities and Alternate Commission chairman used to be quoting off a confirmed fraudulent facts, a socmed post designed to win consideration and falsely sensationalize. The attributed source confirmed that right here is fraudulent facts and now not from them. The fact is the fall wasn’t 12 p.c. That it is most likely you’ll also divulge this with the Philippine Stock Alternate or your favorite stock dealer,” Slither said in a press briefing.
“And I in fact like for my portion confirmed this with the PSE (Philippine Stock Alternate) president and the high brokers within the stock market. For the duration talked about, which is August 11 to 29, the main PSE fall used to be top 1.6 p.c. As a topic of fact, it used to be 1.58 p.c. And the all-shares index in our Philippine stock market of 282 corporations, the fall used to be top 1.5 p.c. And in phrases of the market cap, which is the clickbait series of that fraudulent socmed post, the fall po is top 1.4 p.c,” he said.
The Palace special adviser likewise maintained that the initiative of President Ferdinand Marcos Jr. to utterly probe anomalies in govt flood adjust and different infrastructure initiatives “shows the resolve of the govt.to trim up corruption, which is staunch for the financial system and builds self perception” as an different of scaring away investors.
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“I deem the replace community is terribly appreciative of this. Or now not it is now not lost upon them that the President himself initiated this and is terribly hooked in to fixing this, this lengthy-standing voice,” Slither said.
