On Thursday, Philippine Stock Exchange President and CEO Ramon Monzon clarified that contrary to earlier reports, the local stock market has not lost P1.7 trillion in valuation. “Data from PSE shows that only P185 billion in market capitalization was lost during the three-week period in question,” Monzon said, emphasizing that the figure, attributed to S&P Global Market Intelligence, has been proven false.

Earlier in the week, Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Secretary Frederick Go also debunked the remarks of Securities and Exchange Commission (SEC) Chair Francis Lim on the supposed stock market devaluation, calling the figure “fake news.”

“The fact is that the drop wasn’t 12 percent. You may confirm this with the Philippine Stock Exchange or your favorite stockbroker. They know all of this. All of our index [sic] are public knowledge,” Go said.

Lim has since apologized for citing the P1.7 trillion loss figure and reaffirmed the SEC’s commitment to “promoting transparency, good governance, and investor protection.”

In the same statement, Monzon expressed support for Lim’s broader call to address corruption and restore investor confidence amid market volatility. “SEC chair Francis Ed. Lim is correct in assailing the level of corruption in the country, and its adverse effects on the economy and financial markets,” he said. “The PSE is one with the administration and our regulator in implementing key reforms meant to enhance and deepen our capital markets further.”