Anomalous “ghost” flood control projects have bled the Philippine economy of as much as ₱118.5 billion between 2023 and 2025, Finance Secretary Ralph Recto revealed.
Speaking on the second day of the Senate finance panel’s deliberations with the Development Budget Coordination Committee (DBCC) on next year’s National Expenditure Program (NEP), Recto slammed irregular flood control deals, stressing the heavy toll they inflict on government finances.
“Tapos makikita mo lang na hindi ito napupunta sa mga tamang proyekto at sa kapakanan ng taong bayan, yung iba naging multo pa,” Recto said.
“Dahil sa mga ghost projects, nawalan po ang ating ekonomiya ng ₱42.3 billion hanggang ₱118.5 billion mula 2023 hanggang 2025,” he added.
According to Recto, this loss translates to at least 95,000 up to 266,000 jobs that could have gone to Filipinos in need. He emphasized this as the reason why the Department of Finance is fully behind President Ferdinand “Bongbong” Marcos Jr.’s order to scrutinize the national budget.
“We prepared the NEP with the President to ensure that the projects to be funded in 2026 have the highest multiplier effect. Walang ghost project dapat, walang korapsyon, walang sayang na piso,” he declared.
President Marcos himself has issued a stern warning against those involved in anomalous flood control projects, vowing that the crackdown will spare neither allies nor adversaries.