Corruption woes wipe out P1.7 trillion wealth in stock market – SEC
MANILA, Philippines — Philippine stock market investors lost ₱1.7 trillion in just three weeks due to corruption linked to anomalous flood control projects, according to the Securities and Exchange Commission (SEC).
Francis Lim, chair of the SEC, recently informed financial executives that the billion-peso flood control project scandal has significantly shaken public confidence. This loss of trust has, in turn, impacted the country’s overall economic sentiment.
