President Ferdinand “Bongbong” Marcos Jr. said Saturday his administration’s commitment to combat corruption in governance has helped sustain investor confidence in the Philippines even as business organizations have voiced concerns over anomalous flood control projects.
In a media briefing with reporters in South Korea, President Marcos said the government’s recent initiatives, including the creation of the Independent Commission for Infrastructure, have helped in the ongoing probe into the “ghost” infrastructure projects mess and assured investors corrective measures are being enforced.
He said that rather than damaging the country’s image, the exposure of irregularities has strengthened investor trust.
“If we had not exposed it, they would be saying there’s a problem,” Mr. Marcos said during the sidelines of the APEC Summit.
“Now that we have exposed it, their confidence is stronger in the Philippines,” he added.
The President said one of the companies he met during the summit has pledged more than P50 billion in additional investments, expected to create roughly 3,000 new jobs.
He described the expansion as a reflection of “restored confidence” in the government’s role as steward of the economy.
The President also said he was not surprised that the legality of the ICI was being questioned.
He noted that “somebody was bound to raise it,” but said the commission was designed precisely to uphold transparency and ensure accountability in infrastructure spending.
The ICI was established under Executive Order No. 94 in September to investigate alleged irregularities in public works, including reports of substandard construction and inflated contracts in flood-control projects.
Earlier this week, President Marcos defended the pace of the anti-corruption probes, saying the government is following strict procedures to secure convictions.
“Do you want to get it done quickly or do you want to get it done right?” Mr. Marcos said, noting that rushed arrests or weak evidence could lead to acquittals.
He said investigators must extract reliable testimony and build “credible” evidence before cases are brought to the Ombudsman, the Department of Justice or the Sandiganbayan.
He said the goal is to ensure those who stole public funds are convicted and their assets returned to the government.
