The Economic Crime and Geopolitics Index (ECGI) has released updated findings revealing a sharp rise in the Philippines’ risk score from 69.2 to 71.65, officially shifting the country from medium risk to high risk.
The index is a reference used by investors to determine a country’s acceptability for infusing precious capital.
The uptrend in the score reflected the growing public agitation, mass mobilization, and cracks in the institutional response to corruption.
The shift from medium to high-risk status places the Philippines in the same category as Pakistan, Indonesia, Sri Lanka, Bangladesh, Nepal, Myanmar, India, Afghanistan and Cambodia.
The index degradation was blamed on the upsurge in the public response indicator. The other indicators are the Corruption Perception Index and the Economic Crime Severity Index.
Over the last two months from September, the increase has been significant.
So this is because the public response is mainly determined by the intensity of the protests and the public’s trust in the government’s accountability measures.
The momentum in the public response to the corruption scandal is becoming increasingly severe.
In Nepal, outrage reached a level that put it at high risk. And when things got really out of control, you could see the government actually collapse. Bangladesh also saw a similar trend.
But the Philippines has not reached that high. It’s just crossing the 70 threshold. So after 70, when you cross it, you enter the high-risk zone. But the Philippines is just there, basically at 71.65 percent.
Something tangible should come out following the rising grievance.
“Protest by protest, you can see the public agitation growing. So if it goes out of control, you will have a significant impact on the stability of the country, the overall stability,” a global political observer delivered a warning.
“What we see in the other countries, whatever the promises the government gives, say the independent commissions that were appointed, the results have to be accepted by the public.”
If results don’t happen, the country is at risk of a situation like Bangladesh’s or even Sri Lanka’s, where things could really go out of control.
“So there should be some trust. The deficit, which is widening, has to be addressed by the public, the general public, as well as the government.”