Civic leader Dr. Jose Antonio Goitia
By Tracy Cabrera
CAUSE-ORIENTED groups led by civic leader Dr. Jose Antonio Goitia have spoken out strongly against what has been tagged as a “dangerous lie” in reference to the viral claim that ₱1.7 trillion vanished from the Philippine stock market due to widespread corruption.
According to Goitia, chairman emeritus of Alyansa ng Bantay sa Kapayapaan at Demokrasya (ABKD), People’s Alliance for Democracy and Reforms (PADER), Liga Independencia Pilipinas (LIPI), and Filipinos Do Not Yield (FDNY) Movement, “this is not just a mistake (but) a deliberate distortion that hurts the country.”
He emphasized that false numbers can create real damage, especially to investor confidence and public morale. However, he quickly commended the quick response of presidential special assistant for investment and economic affairs Frederick Go, who immediately debunked the ₱1.7 trillion figure and called it as ‘fake’ news.
“The Philippine Stock Exchange (PSEI) has been clear that the actual decline was around ₱185 billion, not ₱1.7 TRILLION. That is a huge difference and clear proof that fearmongering has replaced fact-checking in some corners of public discourse,” he pointed out.
The civic leader likewise noted that Securities and Exchange Commission (Sec) chairperson Francis Lim has already apologized for repeating the false number, admitting that the report he cited turned out to be fabricated.
“Everyone can make mistakes. What matters is how quickly we correct them. That is integrity in action,” he cited.
Goitia warned that spreading economic misinformation is not just a political act but a national risk: “When people lose faith in the truth, they lose faith in the system,” he said. “The Marcos administration has been working hard to rebuild stability and attract investment. Irresponsible claims like this undo that progress.”
He pointed to recent billion-dollar investment pledges and projects under Republic Act 12066, or the CREATE More Act, as proof that investor interest remains strong: “The Philippines is not collapsing. It is recovering,” he said. “And that recovery deserves support, not sabotage.”
For Chairman Goitia, the incident should serve as a reminder to everyone, especially public officials and commentators, that words have the power to influence because “when someone in authority throws around huge numbers without verification, markets react (and) people panic and this is why accuracy is not a luxury but a responsibility.”
To end, he issued a call for unity and vigilance: “Every Filipino has a stake in our economic story. Misinformation weakens us, but truth strengthens us. The Marcos (Jr.) administration has chosen the path of truth and discipline. It is time we do the same.”
