President Ferdinand Marcos Jr. cannot distance himself from the multibillion-peso “Floodgate” controversy because he had the constitutional authority to strike out questionable flood control appropriations but chose not to, former Finance Secretary Benjamin Diokno said.

Speaking on Thought Leaders with Cathy Yang on One News, Diokno said Marcos shares responsibility for the alleged anomalies because the President has line-item veto power over the national budget.

“That thing could not have happened without his participation,” Diokno said. “On the budget, the President has what is called line-item veto power. That power is awesome. He allowed that. He didn’t exercise his line-item veto power. So he’s partly to blame for that mess.”

Diokno’s remarks came as Marcos defended his administration against criticism over the flood control controversy, insisting the alleged irregularities began years before he assumed office and that his government was the first to aggressively investigate them.

Speaking during a Kapihan forum in Vancouver, Canada, the President said the pattern of questionable flood control projects could be traced back to 2017 and 2018.

“So when we look at what happened last year or the year before, then we can see that the pattern extends beyond 2022, back beyond 2022, and back to about that time, 2017-2018,” Marcos said.

‘Deeply rooted’

Marcos recalled that former President Rodrigo Duterte had acknowledged problems involving flood control projects but said no one was ultimately held accountable.

“At the time, President Duterte acknowledged that there were great problems in terms of the flood control projects. But nothing happened. Having acknowledged it, it did not find accountability for anybody. So I guess that was left up to me,” he said.

The President maintained that his administration initiated the current investigation.

“If I didn’t say what I said in the SoNA (State of the Nation Address), we wouldn’t even be talking about this. I’m the one who exposed all of this,” he said. “And I’m the only one that has started to do anything about this.”

Marcos added that investigators continue to uncover more questionable projects.

“The more we look, the more we investigate, the more we find,” he said.

He also argued that corruption involving flood control projects reflects a deeply rooted problem requiring institutional reforms and changes in government culture.

Greater threat

The controversy has intensified following allegations by expelled lawmaker Zaldy Co that the President and his cousin, former House Speaker Martin Romualdez, received billions of pesos in kickbacks from alleged ghost or substandard flood control projects.

Co and his former bodyguards claimed they delivered the money in suitcases to the residences of Marcos and Romualdez on multiple occasions.

Diokno, however, said public expectations now rest squarely on Marcos to demonstrate that the investigation will produce concrete results.

Describing the President’s State of the Nation Address on 27 July as a “moment of truth,” Diokno said Filipinos would expect more than public expressions of outrage.

“People will be asking him, ‘What have you done after that?’” he said.

The former finance chief also criticized what he described as the deterioration of government spending priorities, saying funds originally intended for major infrastructure projects — including the Metro Manila Subway and the North-South Commuter Railway — had been diverted to flood control projects.

“Not only have they digressed from the program, the quality of spending has also deteriorated,” Diokno said.

He warned that the controversy poses a greater economic threat than rising oil prices because it erodes investor confidence.

Doable still

“The flood control shock is worse because it means loss of confidence. Credibility is very important,” he said, noting that construction contracted by 31.5 percent in the first quarter.

Diokno nevertheless said Marcos still has time to restore confidence before his term ends in 2028.

“He still has two years. Every day counts,” he said. “If he wants to get back on track, it can be done.”

He urged the President to focus on governance rather than succession politics.

“If I were the President, I wouldn’t think about who’s going to succeed me. I would just do my job and focus on what can be accomplished within my six-year term,” Diokno said.