The corruption has reached a level that has made the country the butt of jokes in the international community, as it cannot escape being the region’s doormat because of the excesses of its government officials.

Public funds are being misused in ways that defy belief, as evidenced by Commission on Audit (CoA) findings that the Social Security System pension fund purchased 143,424 rolls of toilet paper for P13.195 million, that’s P92 per roll, compared to its grocery price of about P30 for a good-quality roll of swipes.

The controversy over the misuse of government funds is among the reasons the nation is failing to reach its full potential.

Before the flood control scandal, the Philippines had been posting growth rates of over 6 percent, among the fastest in the world.

Growth over the next two years is expected to decelerate due to the corruption in public works, prompting calls for the government to double down on reforms.

The World Bank’s growth forecast for the Philippines this year was lowered to 5.1 percent from 5.3 percent, below the government’s 5.5 percent to 6.5 percent target, due to weak business confidence and the flood control corruption issue, which both reduced government spending.

Among the prescriptions for the country are reforms to combat corruption and improve the business environment.

The Asian Development Bank (ADB) sent a clear signal to the country by upgrading its Asia-Pacific outlook, but it also slashed the country’s growth outlook due to the budget imbroglio, which dampens consumers’ willingness to spend and capitalists’ willingness to invest.

Fears of reprisal and the chilling effect on agencies’ willingness to spend are also slowing the disbursement of funds for government projects, a major driver of growth.

The slow pace of accountability of those believed to be involved in the outrage has also affected the confidence in the country.

Earlier reports indicated that two to three major fish would be jailed, but that hasn’t happened yet.

Budget watchdogs said public expectations focus on the level of commitment to holding the culprits behind the pilferage of budget funds for flood control projects accountable.

From a layman’s perspective, it’s the small fry that are being caught. 

“It also didn’t do well when, uh, Babes Singson resigned, right? Uh, and then there’s this, even this clamor from the private sector to have a permanent ICI with more teeth rather than just it being recommendatory,” BDO Capital and Investment Corp. president Ed Francisco said.

“People want to see actual action, rather than all talk. So that is really the cause for all this concern,” he said.

“With foreign investors questioning the moves here and questioning our credibility, it’s tough to move. Confidence is missing right now,” he added.

Catching the big fish is not only symbolic but essential to restoring the public trust and, hopefully, bringing investors back to their normal pace and encouraging consumers to start spending again, “because there’s some light at the end of the tunnel,” Francisco averred.

Business will not return to normal, however, until the ringleader is identified and prosecuted, which would mean scaling the Palace walls.