4 d. ago Sinking fund: Philippines lost up to US$2 billion in 2 years to flood corruption

The Philippines loses up to 70 per cent of government funds for flood-control projects to corruption, with losses as much as US$2 billion crimping economic growth in the past two years, according to a top official. Average economic losses from corruption in flood control projects under the Public Works Department reached about 42.3 billion pesos (US$738 million) to 118.5 billion pesos from 2023 to 2025, Finance Secretary Ralph Recto said at a Senate budget hearing on Tuesday. The estimate was...

Events

9 d. ago Will lifestyle checks on Philippine agencies stem flood corruption?

Philippine President Ferdinand Marcos Jnr has ordered lifestyle checks on government officials as part of a sweeping review of flood control projects mired in allegations of corruption, but analysts warn the move risks being more symbolic than systemic. Presidential press officer Claire Castro confirmed the directive at a briefing on Wednesday, saying the checks would cover the entire executive branch, starting with the Department of Public Works and Highways (DPWH), which oversees...

Events

9 d. ago Wuliangye Yibin’s profit slump mirrors rival Kweichow Moutai’s woes

Wuliangye Yibin, China’s second-largest liquor distiller, reported its slowest earnings growth in a decade, reflecting the impact of an intensified anti-corruption campaign on ostentation and a slowing economy that has also affected its peers. First-half revenue of the Yibin, Sichuan-based company rose 4.2 per cent to 52.8 billion yuan (US$7.4 billion) from a year earlier, while net profit attributable to equity holders increased 2.3 per cent to 19.5 billion yuan, according to its earnings...

Politics

2 w. ago Philippine president fumes over flood corruption, ‘economic sabotage’

President Ferdinand Marcos Jnr has expressed anger over failed flood-control projects in the Philippines, as he warned of “economic sabotage” charges against “big” offenders to stem entrenched corruption in the infrastructure sector. “I’m not disappointed, I’m angry,” Marcos told local media after inspecting a barren site in Bulacan where a 55 million-peso (US$964,000) river wall was supposed to have been built. “They didn’t work for even a single day. Even if you see it for yourself, you won’t...

Events

4 w. ago ‘Playing with fire’: Beijing warns Manila after Marcos makes Taiwan remarks

Beijing has protested against the Philippine president’s remarks during a visit to India about a possible conflict in the Taiwan Strait, warning Manila on Friday to stop “playing with fire”. In an interview with Indian media outlet Firstpost, published on Wednesday, President Ferdinand Marcos Jnr said that his country would “have to get involved”. “To be very practical about it, if there is confrontation over Taiwan between China and the United States, there is no way that the Philippines can...

Events

last month Philippine Senate ‘archives’ Sara Duterte impeachment, returns case to high court

The fate of Vice-President Sara Duterte-Carpio’s impeachment once again rests with the Philippine Supreme Court after the Senate voted to “archive” – but not dismiss – the charges against her, effectively putting the prospect of a trial on hold. In a late Wednesday vote of 19-4-1, senators chose to set aside the Articles of Impeachment transmitted by the House of Representatives in February, following a controversial court ruling that deemed the impeachment proceedings unconstitutional. While no...

Events