Philippine Stock Market Plunges Amid 'Crisis of Confidence', SEC Calls for Bank Secrecy Law Lift
The Philippine stock market is struggling due to a 'crisis of confidence', according to SEC chair Francis Lim. The market has lost P1.7 trillion in three weeks, with corruption in flood control projects being a major factor.
Lim described corruption as a 'weapon of mass wealth destruction', causing capital to dry up and affecting everyone. He suggested that Congress should decide on lifting or specific exemptions for the bank secrecy law to aid investigations.
The SEC supports lifting the bank secrecy law to probe into the flood control projects scandal, which has shaken public confidence and impacted the country's growth prospects. However, it's important to note that the Philippines already has laws allowing access to bank information under strict conditions and with judicial approval, primarily for cases involving serious crimes or national security.
The Philippine stock market's recent struggles highlight the need for decisive action against corruption. While the SEC supports lifting the bank secrecy law, the final decision lies with Congress. Addressing corruption is crucial to restore public confidence and boost the country's economic growth.
