The photos were vivid. Many buildings were ablaze, including those that housed parliaments. Multiple fires were blazing in the streets as protesters marched by. There were deaths on both sides — some very horrific and perpetrated by a mob among the protesters.

According to reports, the protesters were mostly Generation Z — Gen Z or the youth of today. In one image, their outrage was represented by the pirate flag of One Piece, which was used to call out the nepo babies (beneficiaries of nepotism). Just like Monkey D. Luffy, the titular character of this immensely popular anime and captain of his Straw Hats pirate crew, Gen Z is in pursuit of freedom, independence, and the achievement of their dreams, a.k.a the one piece.

However, recent policies, reports, and accounts on social media have given reason for this generation to take to the streets. Too much corruption, the excessive lifestyles of those in power, and the attempts to curtail their empowerment provided by the internet are seen as evidence that the machine (or the system) meant to grant the seeker a chance at finding his/her One Piece is broken.

Well, any pirate worth his salt would fight to protect the One Piece.

What is interesting is that this scene is not isolated to one country. The rage against the machine occurred in Nepal and in Indonesia. Is this becoming a trend globally? Such is the question being asked, given the visibility afforded by social media of people in power, and in our case, the environment.

Since July 2025, the Philippines has been captivated by reports of corruption involving the Department of Public Works and Highways (DPWH) and the negative impact on our climate adaptation investments, specifically flood control projects. The amount of taxpayer money diverted to the pockets of a few individuals and blatantly spent is truly shocking and enough to get from One Piece to Juan Pissed.

This legitimate public issue can become an economic concern for international lenders and partners. South Korea has reportedly stopped a KRW 700 billion loan for a bridge building project in the Philippines because of corruption. The Department of Finance (DoF), however, denied that this loan agreement was consummated. Regardless, what creditors and partners may be concerned about is the possibility that systemic corruption leads back to Congress.

In country risk analysis, investors look at whether institutions are working and/or not weakened to a point that the ability to service debt may be impaired. When we strengthened our institutions in the 1990s, this enabled us to tap the global capital markets to fund our economic growth. This culminated in the investment-grade rating secured in the early part of the last decade. That was a lot of hard work.

While the corruption case being discussed in the Philippines today may trigger protests, they are unlikely to be violent like the recent cases. We have been through this before and are the OG of People Power in case the world has forgotten.

Filipinos know how to be angry and outraged. But we also know that there are limits to mass action, regardless of the gravity of the situation. The investigations are good. They cast a light on an invisible crime and should lead voters to better evaluate the people who are running for public office.

Investors should have confidence in our institutions. Our good governance reputation is not exactly the best and this flood control corruption does not help. However, if new leadership can ensure social justice and new controls on corruption are constructed, this should be a win for the people. Peaceful protests that we have conducted in the past should remind everyone and the world that the people are not indifferent. We demand and deserve better.