Slow economic growth as the government implements changes, Secretary Recto

Finance Secretary Ralph Recto says slow economic growth is to be expected as the government implements changes and reforms to avoid further corruption and scandals.

Finance Secretary Ralph Recto says that the International Credit Rating Agency, Standard and Poors, was set to upgrade Philippines' credit rating but was postponed due to the flood control projects scandal. Source: Bloomberg / Lisa Marie David/Bloomberg via Getty Images

Key Points

• At present, the Philippine economy is said to have lost around 118 billion pesos from 2023 to 2025, to ghost flood control projects.
• The Bureau of Internal Revenue’s (BIR) growth rate from tax collection is said to have decreased due to the flood control projects.
• The ongoing flood control anomaly has also reversed international credit rating agency, Standard and Poor's decision to increase the country’s credit rating.

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Slow economic growth as the government implements changes, Secretary Recto

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