WHAT USED TO be a political issue has gone massive as more sectors are demanding beyond the government-sanctioned probe into the systemic corruption involving prominent politicians.
Following the series of protest actions embarking on street demonstrations and walk outs staged by workers, students and faculty members, various business organizations have joined the call for accountability of government officials behind the flood control scandal.
In a report which first appeared on Bilyonaryo News portal, 34 of the country’s biggest business organizations are demanding the immediate prosecution, litigation and jail conviction of influential personalities — appointive and elected government officials and cahoots in the private sector involved in the fund mess.
SALN, BANK SECRECY
To begin with, the groups urged the Office of the Ombudsman to publicize
the statements of assets, liabilities and net worth of government officials whose names form part of the list of the so-called “persons of interest.”
The same groups also urged President Ferdinand Marcos Jr. to find ways to ease the bank secrecy law to ensure transparency.
“For the first time in recent memory, 34 of the country’s most influential business organizations– from the Makati Business Club to the oldest business group, the Philippine Chamber of Commerce and Industry– have come together to demand swift and decisive action from President Marcos Jr. over what they call a ‘historic and unprecedented corruption scandal’ crippling the nation’s flood-control and infrastructure programs,” reads part of the Bilyonaryo report.
The statement [of the business groups] carried a sharper edge than past appeals: executives said it is time to move beyond rhetoric, prosecute perpetrators “regardless of rank,” claw back stolen funds, and disclose audits regularly — or risk deeper damage to public trust and investment sentiment.
BIGGEST CONTRIBUTORS
In their joint appeal, the groups said: “We, the major business organizations representing members across all sectors – large, medium, small, and micro-enterprises are co-signing this resolution, urgently calling on your administration to address, without delay, the historic, massive, and unprecedented corruption scandal crippling our flood control and infrastructure projects — a crisis that has eroded public trust and now threatens our national security.”
“We have contributed to national funds through taxes locally and nationally and have paid additional assessment of taxes. We provided many fees to enable us to do business.”
Yet, Trillions of pesos supplied and intended to protect our communities from disasters have been squandered through ghost projects, substandard work, and inflated contracts. This is more than financial loss – it is a fatal breach of public trust that leaves our people vulnerable and outraged,” the business groups added.
UNSOLICITED PROPOSALS
The groups also presented “unsolicited proposals,” which include:
- Empowering the Independent Commission on Infrastructure (ICI) with full legal authority and independence to conduct a swift, comprehensive investigation, free from political influence
- Prosecuting all those responsible, impartially and without regard of rank, position, political affiliation or personal relations
- Implementing institutional reforms, ensure restitution of ill gotten wealth and embezzled funds of the government, and strengthen procurement and oversight systems, preventing future abuse and d) providing regular public updates on the progress of investigations and reforms and to publicly disclose all audit findings to demonstrate genuine commitment and credibility.
“Mr. President, we strongly urge you to act decisively to signal your administration’s genuine commitment to justice, integrity, and accountable governance,” the business groups said.
STRAIGHTJACKET LAW
Last Friday, the MBC, Filipina CEO Circle, Financial Executives Institute of the Philippines, Institute of Corporate Directors, Justice Reform Initiative and the MAP pushed strongly for proposed amendments to reform the country’s bank secrecy laws, which are crucial to combating corruption, improving financial transparency, and bolstering investor confidence.
The proposed reforms, which forms part of 44 priority bills identified by the Legislative-Executive Development Advisory Council (LEDAC) for the 20th Congress, would give the Bangko Sentral ng Pilipinas (BSP) authority to investigate deposit accounts of individuals suspected of illegal activities, a move aimed at closing loopholes that have long hindered regulators.
Their joint statement said these laws “have acted and continue to act as straitjackets on regulators, preventing them from being efficient in undertaking measures, such as investigating and prosecuting people involved in corruption and money laundering.”
ADAPTING STANDARDS
“These legislative initiatives, once enacted, will align the Philippines with international standards on financial transparency and anti–money laundering. By empowering regulators and enforcement agencies with the authority to investigate corruption, tax evasion, and other illicit economic activities, the reforms will help ensure integrity across both public and private financial systems. In doing so, they will also boost the country’s credibility and competitiveness within the global financial community,” their statement said.
They also pushed for SALNs to be publicly accessible “as originally required under RA No. 6713, or the Code of Conduct and Ethical Standards for Public Officials and Employees.”
RA 6713, they noted, “was designed to create an investigative mechanism that will uphold all government employees and public officials to the highest standards of transparency and accountability.”
SIGNIFICANCE OF SALN
“This was supposed to be a critical tool serving as a watchdog to prevent corruption. It sadly hasn’t served those purposes. The reforms for this law will reinforce the constitutional principle that public office is a public trust and that accountability is essential for maintaining citizens’ confidence in their institutions,” the statement added.
The reform effectiveness depends not only on enactment but also on enforcement, they said.
“Therefore, good governance is paramount. Good governance fosters a stable environment in which both local and foreign investors can make long-term commitments with confidence. When governance systems are predictable and information is accessible, the risks of corruption and policy uncertainty decrease, lowering the cost of doing business. This attracts sustained capital inflows, promotes fair competition, and contributes to stronger, more resilient economic growth.”
“We remain dedicated to collaborating with policymakers, regulators, and the business community to promote reforms that create a fair, transparent, and trustworthy economic environment; one that strengthens institutions, maintains integrity, and positions the Philippines as an attractive and reliable investment destination,” the groups added.