Metro Manila (CNN Philippines, December 19) — The Securities and Exchange Commission (SEC) is looking into an alleged sell-off of PLDT Inc. shares, relating the inquiry to the company’s disclosure of a ₱48-billion “budget overrun” covering several years.
The SEC in a statement on Monday ordered PLDT to clarify the disclosures to the commission and the Philippine Stock Exchange, Inc. (PSE).
“The reported ‘budget overruns,’ as well as the sell-off in PLDT shares before the publicly listed company could make the official disclosure, are areas of concern for the commission, being the regulator of the securities market and the champion of investor protection in the country,” the corporate regulator said.
“In this light, the SEC has immediately commenced an inquiry into the matter,” it added.
The SEC said the alleged sell-offs have “resulted in the sudden and sharp decline in the share prices of PLDT before the official disclosure of the ‘budget overruns,’ among others.”
