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Manila Bulletin devider Business devider The Stock Market devider SEC chief: Corruption wipes out ₱1.7 trillion in market value

SEC chief: Corruption wipes out ₱1.7 trillion in market value

Published Oct 8, 2025 02:19 pm
SEC Chairperson Francis E. Lim
SEC Chairperson Francis E. Lim
Securities and Exchange Commission (SEC) Chairman Francis E. Lim pointed to corruption as “a weapon of mass wealth destruction” as investigations into anomalous flood control projects have eroded investors' confidence to the extent ₱1.7 trillion in market capitalization has been wiped out in just three weeks.
“The flood control project scandal has shaken public confidence, wiping out an extraordinary ₱1.7 trillion in market value of our publicly listed companies in just three weeks, despite rising corporate earnings,” Lim said during the 57th Annual FINEX Conference.
He noted that, “Investors aren’t fleeing because of weak fundamentals; they’re fleeing because of weak integrity. It’s a stark reminder that corruption is a weapon of mass wealth destruction. When trust breaks down, capital dries up, and everyone—government, business, and the public—pays the price.”
Lim said this is why the SEC sees compliance “not as a bureaucratic hurdle, but as a leadership advantage, a way to strengthen the very foundation of markets and enterprise. Because when markets are trusted, capital flows. And when capital flows, the economy grows.”
Four months into his term, the SEC has taken major steps to make compliance simpler, fairer, and smarter through fair and sustainable fees; faster and more predictable processes; clearer, simpler, and smarter rules; and the launch of innovative products.
“Let’s face the hard truth. Our stock market is a laggard. Sadly, this reflects something deeper—a crisis of confidence. Too many firms still hesitate to go public, while others that have chosen to go public are leaving the stock market.
“This is not just a market issue. It’s a trust issue. And rebuilding that trust is one of the SEC’s most urgent missions,” said Lim.
Thus, the SEC is taking steps to strengthen the independent director system, making real estate investment trusts more inclusive, pushing Personal Equity and Retirement Account reforms, and championing financial literacy as a mandatory subject for students.
“Because each reform we make is a promise that trust will again be our strongest currency, and that every Filipino, not just a few, will share in the nation’s growth,” he said.
Lim added that, “All these reforms are part of our upcoming SEC Strategic Plan, taking into account the results of a nationwide survey conducted by the Development Center for Finance, which was co-founded by FINEX.

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Francis Ed. Lim Securities and Exchange Commission Financial Executives Institute of the Philippines
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