We expected more from our government officials. It was surprising, and discouraging, when the very person tasked with upholding corporate transparency became the one spreading false information taken from a viral post.
In a speech before financial executives on Tuesday, Oct. 7, 2025, Securities and Exchange Commission (SEC) Chair Francis Lim said that P1.7 trillion in the value of companies listed on the Philippine Stock Exchange (PSE) was erased from Aug. 11 to Aug. 29 due to the flood control projects scandal.
“Investors aren’t fleeing because of weak fundamentals. They flee because of weak integrity. It’s a stark reminder that corruption is a weapon of mass wealth destruction… and the public pays the price,” he was quoted as saying.
I didn’t think what he said was improbable, given that even the public was angry over the corruption. Plus, the statement came from the SEC head.
But, as it turned out, the claim did not come from any credible source or government audit. Yet, as the statement was made by a top official, the claim gained an air of truth.
Special adviser Frederick Go debunked Lim’s statement last Thursday, Oct. 9. Go, who advises President Ferdinand Marcos Jr. on investment and economic affairs, said Lim’s supposed source of the information was the S&P, a US company providing financial research and analysis worldwide. The company has confirmed that the post being circulated as supposedly belonging to it was “fake news,” Go said.
This was not just another online mistake. When ordinary people share false information, it adds to the noise on social media. But when a government official spreads it, the statement carries with it some authority and the consequences can be damaging, if not deadly.
Imagine the effect of that wrong statement on investors, business owners and employees. Companies might be deciding to pull out or delay expansion. Workers have another reason to worry about job security and their families’ fate.
When the SEC chair spreads misinformation, he distorts the truth. His statements could force wrong business decisions, trigger panic and deepen distrust of the government. It makes people believe the situation is hopeless, that corruption is beyond repair and there is no such thing anymore as accountability.
The SEC’s mission is to uphold transparency and integrity in the corporate sector. That is why this mistake is especially ironic. The very agency that demands truth in financial disclosures was misled by a viral post.
Those in government must be models in fact-checking and digital literacy. Their positions come with that responsibility. Truth is not a matter of opinion. It is a public duty. Before quoting figures, they must trace them to credible sources. In this digital age, when falsehoods travel faster than facts, accuracy must be a discipline of leadership.
We expect our officials to be sources of truth, not echoes of noise.
We expected more from our government officials. We still do.