Officials from both the public and private sectors have reaffirmed their commitment to restoring investor confidence amid the government corruption scandal gripping the country.
On 23 October 2025, the fourth annual Sycip, Gorres, and Velayo (SGV) Tax Symposium — themed “From Compliance to Confidence: Trust, Transformation, and Transparency” — brought together business executives and government officials to pledge their support for transparency and financial integrity, particularly in public revenue collection and allocation.
Not simply about compliance
This symposium is not simply about compliance, not about just ticking boxes. It is about bringing awareness of how we, as advisors, as practitioners, as professionals, can play our part in preventing diversion, misuse, and misrepresentation of public funds,” said Atty. Jules Riego, tax leader at SGV & Co.
Riego estimated that around P1.7 to P1.8 trillion, or roughly $27.5 billion, has been lost to anomalous infrastructure projects over the past decade — funds that could have been redirected toward education.
“Just out of curiosity, I went to visit the website of DECS (the Department of Education, Culture and Sports) and I saw that the cost estimate for a regular classroom in a public school is around P2.5 million, or about $43,000 per classroom in a five-story building where there will be 25 classrooms,” he said, noting that despite the modest cost, the country still faces a deficit of 165,000 classrooms in public schools.
“So, I began to compute that [the allegedly embezzled] P1.7 trillion would have covered more than three times our classroom deficiency and pay and train our public school teachers better so that our children do not lag behind their peers in Southeast Asia,” he added.
Sustained reforms and transparency
Riego emphasized that sustained political reforms and stronger financial transparency will be vital in restoring market confidence.
His concern reflects broader economic sentiment, as recent Bangko Sentral ng Pilipinas data show business confidence falling to 23.2 percent in the third quarter of 2025 down 9.7 percentage points year-on-year, signaling both domestic and foreign investor apprehension amid ongoing corruption controversies.
Despite these headwinds, Riego expressed optimism about the future, highlighting how younger generations are increasingly demanding accountability. “We will help change the culture, we will help shift behavior, we will pursue transparency, both domestic and foreign, to gain their confidence. Because we believe that transformation is not passive — it demands courage.”
