Chairman Emeritus Dr. Jose Antonio Goitia is setting the record straight on the reported ₱1.7 trillion ‘market myth’, as he spoke out strongly against what he calls a “dangerous lie,”
“This is not just a mistake. It is a deliberate distortion that hurts the country,” Goitia said in reference to the viral claim that ₱1.7 trillion vanished from the Philippine stock market because of corruption, emphasizing that false numbers can create real damage, especially to investor confidence and public morale.
Meantime, Goitia commended the quick response of Special Assistant to the President Frederick Go, who immediately debunked the ₱1.7 trillion figure and called it what it is: fake news: “The Philippine Stock Exchange 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.”
Too, he noted that SEC Chair 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,” Goitia said, as he warned that spreading economic misinformation is not just a political act but a national risk.
He added: “When people lose faith in the truth, they lose faith in the system. The Marcos administration has been working hard to rebuild stability and attract investment. Irresponsible claims like this undo that progress.”
Noting the recent billion-dollar investment pledges and projects under the ‘CREATE More Act’ as proof that investor interest remains strong, he stressed that the Philippines is not collapsing and is in fact, “and that recovery deserves support, not sabotage.”
For Goitia, the incident should serve as a reminder to everyone, especially public officials and commentators, that words have the power to influence: “When someone in authority throws around huge numbers without verification, markets react. People panic. That is why accuracy is not a luxury; it is a responsibility.”
He urged Filipinos to trust only verified data from institutions such as the PSE, the Department of Finance and other credible sources, stressing: “Do not let clickbait posts or weaponized headlines define the truth. We must stop rewarding noise and start listening to facts.”
Goitia, who serves as Chairman Emeritus of four respected civic-oriented organizations: 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, through which he continues to advance the causes of sovereignty, reform and the dignity of the Filipino people, called for unity and vigilance, saying “every Filipino has a stake in our economic story…misinformation weakens us, but truth strengthens us.”
Lastly, he called on the public to stand with a government that responds with transparency, calm and accountability: “the Marcos administration has chosen the path of truth and discipline. It is time we do the same.”
