[Vantage Point] Corruption floods Philippine economy

Already have Rappler+? Sign in to listen to groundbreaking journalism. The flood-control scandal is no longer simply about questionable contracts, missing dikes, or billions of pesos siphoned from the national treasury. Its economic fallout is now visible across the real economy: public works have ground to a halt, infrastructure spending is contracting, and legitimate builders are drowning in unpaid bills. The Philippines is discovering the hard way that corruption continues to exact a crushing toll long after the stolen cash has vanished. Corruption inevitably presents two separate bills to the Filipino taxpayer.