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Manila Bulletin devider Business devider SEC opens inquiry into PLDT shares sell-off

SEC opens inquiry into PLDT shares sell-off

Published Dec 19, 2022 04:38 pm

The Securities and Exchange Commission (SEC) has started an investigation into the alleged sell-off of PLDT Inc. shares prior to its disclosure of P48 billion in “budget overruns.” In a statement, the SEC said it is closely monitoring issues that have arisen from the recent disclosures of PLDT regarding the “budget overruns” over the last four years.

“The reported ‘budget overruns,’ as well as the selloff in PLDT shares before the publicly listed company could make the official disclosure, are areas of concern for the Commission, being the regulator of the securities market and the champion of investor protection in the country.”

media

As part of its immediate inquiry into the issue, the SEC has ordered PLDT to clarify its disclosures to the Commission and The Philippine Stock Exchange, Inc. (PSE), in relation to statements attributed by the media to the company and its officers, especially with regard to the nature of the P48 billion expenditure.

The SEC has likewise directed PSE and Capital Markets Integrity Corporation (CMIC) to submit initial reports on their investigation into the trading activities that have resulted in the sudden and sharp decline in the share prices of PLDT before the official disclosure of the “budget overruns,” among others.

CMIC acts as the independent audit, surveillance and compliance arm of PSE, in line with its mandate to reinforce the confidence of the investing public in capital market institutions.

As a self-regulatory organization, CMIC is tasked to enforce Republic Act No. 8799, or the Securities Regulation Code, and the pertinent rules and regulations.

Among its powers and functions is to investigate and resolve violations by trading participants of the securities law as well as trading-related irregularities and unusual trading activities involving issuers.

The SEC, through its Markets and Securities Regulation Department, will closely monitor the investigation and will continue to conduct a parallel, independent inquiry into the matter to safeguard the interest of the investing public.

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Securities and Exchange Commission (SEC) PLDT
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