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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...


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