CIVIC leader Dr. Jose Antonio Goitia has cautioned the public against circulating false economic claims, describing the viral “P1.7-trillion stock market loss” rumor as a “dangerous distortion that undermines confidence in the country’s economy.”
Goitia, chair emeritus of several civic groups, said the false figure — which has since been debunked — risks fueling panic and discouraging investors.
“This is not just a mistake. It is a deliberate distortion that hurts the country. False numbers can cause real damage,” he said.
He commended Special Assistant to the President Frederick Go for promptly clarifying that the actual market decline was around P185 billion, not P1.7 trillion, as earlier claimed in social media posts.
Goitia also noted that Securities and Exchange Commission (SEC) Chair Francis Lim had already apologized for citing the wrong figure, calling his correction “an act of integrity.”
“The Marcos administration is working to strengthen economic stability and attract investments,” Goitia said, adding that misinformation undermines those efforts.
He cited continuing foreign investment pledges and reforms under the CREATE More Act as evidence of sustained investor confidence.
Goitia urged Filipinos — especially public officials and commentators — to verify figures before sharing them. “Accuracy is not a luxury; it is a responsibility,” he said. “When someone in authority throws around unverified numbers, markets react and people panic. We must stop rewarding noise and start listening to facts.”
He ended by calling for vigilance and unity in defending truth. “Misinformation weakens us, but truth strengthens us. Every Filipino has a stake in our economic story,” Goitia said.
