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Securities and Exchange Commission (SEC) Chairperson Francis Lim has issued an apology after admitting that a statement he made about ₱1.7 trillion in market losses due to corruption was based on a fictitious report.
In his speech before FINEX event on October 7, Lim cited an alleged industry report claiming that corruption scandals had wiped out ₱1.7 trillion in market value from publicly listed companies. He later learned that the report was false.
“I deeply regret any confusion or concern that my statement may have caused,” Lim said, adding that his only intent was to highlight the importance of integrity and the dangers of corruption in the capital market.
Lim assured the public that the SEC remains committed to transparency, good governance, and investor protection, urging all sectors to unite against corruption.
This article is published on BitPinas: SEC Chair Francis Lim Apologizes Over False ₱1.7 Trillion Market Loss Claim
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