In response to a social media post by what it calls a “pseudo-expert,” the Philippine Stock Exchange (PSE) has released official figures “to set the record straight once and for all on the true and correct market capitalization (MCAP) data of the listed companies.”

It noted that, “A post last Oct. 10, 2025 on social media by a pseudo-expert on the stock market advanced the preposterous claim that “the PSE has lost up to ₱5 trillion in market capitalization since December 2024.”

The claim was posted on Facebook by Cora Guidote, an independent director of Figaro Coffee Company and Cirtek Holdings Philippines Inc., and a former Bangko Sentral ng Pilipinas (BSP) executive director for investor relations. 

Guidote claimed in her Facebook post that the PSE market capitalization has plummeted by ₱5 trillion since December 2024, a figure she argues is much larger than previously reported.

Citing her own data compiled with Grok Artificial Intelligence and other financial sources, Guidote stated that ₱3.6 trillion of the loss occurred between February and October 2025 alone, bringing the market cap down from ₱19.9 trillion to ₱14.9 trillion.

Her remark also directly refuted an official from Malacañang who had dismissed reports of a ₱1.7 trillion loss as "fake news."

But the PSE explained that it tracks two types of MCAP – Domestic and Total. Domestic MCAP includes the MCAP of the Philippine companies whose primary listing is at the PSE.

Total MCAP, on the other hand, includes Domestic MCAP plus the MCAP of foreign companies dually listed in the PSE: Manulife Financial Corporation; Sun Life Financial, Inc.; and Del Monte Pacific Ltd.

“Since only less than one percent of the outstanding shares of MFC and SLF and less than five percent of DELM are lodged for trading in PSE, PSE uses Domestic MCAP data as the MCAP reference number since it more accurately captures the performance of the Philippine stock market,” said the PSE.

It noted that domestic MCAP is down by ₱273.26 billion, or 1.88 percent year-to-date, while total MCAP has dipped 4.43 percent, or ₱886.84 billion, during the same period.

“Deliberately comparing apples to oranges by comparing Domestic MCAP to Total MCAP is dishonest, if not malicious, and is clearly meant to provoke investors to lose confidence in the Philippine capital market and destabilize the economy.

“We trust that the data provided in this statement will put an end to fake news about trillions lost in PSE’s MCAP this year,” the PSE said.