House Lawmaker Questions SEC Chair’s Flood Control Claims
A House lawmaker sharply criticized Securities and Exchange Commission Chair Francis Lim for making “bombastic statements based on wrong information” during a recent public forum. The controversy centers on Lim’s assertion that P1.7 trillion in market value was wiped out within just three weeks amid the flood control scandal.
Officials reported that the lawmaker disputed the accuracy of the claim, emphasizing that such figures should be carefully verified before making public announcements. “We must rely on facts, not exaggerated claims,” a community member noted, underscoring the need for responsible communication in sensitive matters.
Market Value Impact and Flood Control Scandal
The flood control scandal has drawn significant attention due to its alleged economic repercussions. However, local leaders stressed that the exact impact on market value remains unclear and is subject to ongoing investigation. They cautioned against hastily attributing large financial losses without comprehensive evidence.
Sources said that while the scandal has caused concern, the narrative of a P1.7 trillion market value decline in three weeks may be overstated. “It is crucial to avoid misinformation that could further unsettle investors and the public,” officials reported.
Calls for Accurate Information and Transparency
Community members and lawmakers alike urged the SEC chair to provide transparent, factual data to maintain public trust. They argued that bombastic statements based on wrong information could undermine efforts to address the flood control issues effectively.
“Accountability and clarity should guide our discussions,” a local leader remarked. “Only then can we work towards meaningful solutions that protect the market and public interest.” The House infrastructure committee plans to review the matter thoroughly to ensure accurate reporting and appropriate remedial actions.
Moving Forward Amid Controversy
As the debate continues, stakeholders emphasize the importance of measured communication. Officials reported that constructive dialogue and verified data are key to resolving the flood control scandal without unnecessary panic.
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