P700 billion lost yearly due to corruption, says official
The Philippines is losing around P700 billion, or around 20 percent of the country’s total budget appropriation, yearly, due to corruption, an official said.
Deputy Ombudsman Cyril Ramos said the Philippines ranked the 6th most corrupt among Asia Pacific countries.
“We need to keep reminding ourselves how destructive corruption is, especially for developing countries like ours,” he said during the National Police Commission’s summit on crime prevention Thursday.
The figure is equivalent to some 1.4 million housing for the poor, medical assistance for around 7 million Filipinos, or a rice buffer stock that can last for more than a year, he added.