Manila: The government's ongoing corruption probe, far from scaring investors, will ultimately strengthen the Philippine economy by restoring integrity, efficiency, and public trust, Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go said Thursday. Speaking at a press briefing in Malaca±ang, Go said the administration views the investigation into alleged anomalies in flood control projects as a necessary correction rather than a destabilizing episode.
According to Philippines News Agency, Go emphasized that the negativity surrounding the probe is exaggerated. He believes the investigation will benefit the country in the long term by addressing and correcting wrong practices, leading to more efficient budget allocation for productive programs that will benefit the nation and its people.
Go highlighted the administration's decisive actions, including the formation of the Independent Commission for Infrastructure (ICI) and the appointment of an Ombudsman, as evidence of President Ferdinand R. Marcos Jr.'s commitment to fighting corruption for the economy's benefit. He stated that the swift actions demonstrate the government's resolve to clean up corruption, enhancing confidence and economic stability.
Despite the controversy, Go assured that no investors have withdrawn from projects, affirming the strong fundamentals of the Philippine economy. He noted that while unpredictability might cause temporary pauses, investors will continue once the situation is resolved, as none have left.
Go also revealed a rise in investment pledges, including a pending USD1-billion Korean investment under the CREATE More Act. He stressed that the administration's reform agenda aims to curb corruption and cut red tape, addressing investor concerns about barriers to doing business in the country.
Citing a recent U.S. State Department report that identifies corruption as a challenge, Go stated that the Marcos administration views the fight against graft as a crucial part of its economic strategy. By enhancing public spending effectiveness, the administration aims to turn short-term challenges into long-term growth opportunities.
Go concluded by saying that once investigations are concluded and reforms implemented, the Philippines will gain even more investor trust and global confidence. He described the situation not as an economic crisis but as a cleansing process that will make the Philippines stronger, more transparent, and a more attractive investment destination in the long run.
