By ALFRED GABOT, Editor in Chief

MANILA/WASHINGTON – President Ferdinand R. Marcos Jr. has long been aware of reports about alleged attempts by certain factions to push for a coup d’état, but Malacañang said he is not alarmed and continues to trust the loyalty of the Armed Forces of the Philippines (AFP) and the Philippine National Police (PNP) amid growing anger of various sectors over multi-billion peso flood control projects scandal.

This as the US State Department noted that corruption is a pervasive and long-standing problem in both the public and private sectors in the Philippines In its latest annual investment climate report.

In a related development, US President Donald Trump has nominated Lee Lipton, a former businessman from Florida who currently serves as the interim Permanent Representative to the United States Mission to the Organization of American States, to replace Ambassador MaryKay Carlson, who has served as Washington’s envoy to Manila since 2022

Meanwhile, the flood control scandal wiped out an estimated P1.7 trillion in market value of publicly listed companies in just three weeks, Securities and Exchange Commission (SEC) Chairperson Francis Lim, a recent appointee of President Marcos, said in a speech before the Financial Executives of the Philippines (FINEX). 

“The flood control project scandal has shaken public confidence, wiping out an extraordinary P1.7 trillion in market value of our publicly listed companies in just three weeks, despite rising corporate earnings,” Lim said.

“Investors aren’t fleeing because of weak fundamentals; they’re fleeing because of weak integrity. It’s a stark reminder that corruption is a weapon of mass wealth destruction… When trust breaks down, capital dries up, and everyone—government, business, and the public—pays the price,” he added.

Lim later apologized for the statements, saying he based it on “fake news,” adding that the losses could be only in the billions of pesos.

Armed Forces of the Philippines (AFP) chief of staff Romeo Brawner Jr. earlier confirmed that a group of eight retired generals and colonels approached him on Sept. 20 to urge him to act against corruption in government and to withdraw military support from Marcos in favor of Vice President Sara Duterte. (See related stories)

Brawner said the groups suggested a “coup d’etat, a military junta, in order to come up with a reset of the entire Philippine society, or withdraw our support — so several forms of military intervention.”

Brawner said he rebuffed the overture, reiterating that the AFP remains loyal to the Constitution and the chain of command.

The meeting reportedly took place at Camp Aguinaldo on the eve of nationwide protests over flood control corruption scandal. 

During last month’s protests, “there were posters and speeches calling for the Armed Forces of the Philippines to be the lead. Some of them were saying that maybe we should withdraw our support for the president,” Brawner added.

Brawner  later lauded all military personnel for remaining professional amid the current “political chaos.”

“And so I would like to express my gratitude to the entire AFP for remaining solid, united and professional despite the political noise, the political chaos that is happening now in our country. Ipagpatuloy po natin ito (Let us continue with this),” Brawner said during the flag-raising ceremony at Camp Aguinaldo, Quezon City.

Defense Secretary Gilberto Teodoro had also laughed off reports of withdrawal of support for President Marcos, stating that the AFP is loyal to the Constitution.

Acting PNP chief Lt. Gen. Jose Melencio Nartatez Jr. has urged the police, military, and other uniformed personnel to disregard a “fake social media post” quoting calling that they disobey President Marcos Jr.’s lawful orders.

In a statement,, the PNP slammed the social media post as fake and only intended to sow confusion and discredit the police force.

“These statements are fabricated and malicious, intended to spread confusion and discredit our institution,” the statement added.

Malacanang Press Officer and Undersecretary Claire Castro said the President was informed about coup rumors even before the Sept. 21 protest actions.

“Matagal na po niyang alam ito kahit before September 21 ay mayroong mga maliliit na grupo na nagsu-suggest ng ganito (He has long been aware of this, even before September 21, that there were small groups suggesting such things),” Castro said in a press briefing in Malacanang.

“According nga to [AFP chief] Gen. Brawner and [PNP chief] Gen. Nartatez, mananatili po silang loyal sa Konstitusyon at sa chain of command. So wala pong dapat ipag-alala ang ating taumbayan patungkol dito (According to Gen. Brawner and Gen. Nartatez, they will remain loyal to the Constitution and chain of command. So the public has nothing to worry about),” she added.

Castro said Marcos recognizes the professionalism and dedication of the country’s security forces.

“Kinikilala niya po ang kagalingan ng AFP at PNP at lahat ng kasundaluhan at kapulisan natin at tiwala po sila na gagawin nila ang dapat at nararapat (He recognizes the excellence of the AFP, the PNP, and all our soldiers and police, and he trusts that they will do what is right and necessary),” she said.

Asked if the Palace considers the reported approach to military officials as an act of sedition or treason, Castro said authorities are studying the matter.

“Aaralin po kung ano mismo ang naganap dito para kung mayroong dapat managot ay dapat makasuhan (We will study what exactly took place so that if anyone must be held accountable, they will be charged accordingly),” she added.