What is the cost of corruption in the Philippines?

In the last year alone the Philippines has been rocked by one corruption scandal after another. From the pork barrel to the BAP to the allegedly overpriced Makati City Hall building. So what effect does all this corruption have on our economy and what is this costing the Filipino people whose taxes are footing these bills.
        

Businesses also suffer since they have the factor in corruption to running costs to corruption and this takes money from employees and revenue. Worst case scenario according to Neri is that a company losses so much money that they are forced to shut down. Neri said, "Some of them are not able to anticipate the amount of expenses that they have to incur just to example: comply with the local government, rules where there in the first place and then pull in place by the local government and now become part of their expense."

The World Bank has declared corruption as the biggest obstacle to economic and social development by undermining the rule of law and the institutional foundations on which sustainable development depends.

According to Transparency International corruption adversely affects long-term economic growth through its impact on investment, taxation, public expenditures and human growth. The World Bank estimates that $1 trillion paid in bribes worldwide in both developed and developing countries and still does not include embezzlement of public funds or theft of public assets.

Neri says corruption has been on our system for a long time but they are only recent being highlighted. The danger is there are still many instances that don't make it to the public attention - specially agri-business there are business located in provinces and rural areas and the risk of corruptions are not being seen by the authorities and medias is actually high. Neri also added that corruption can cost the country potential investment since many foreign companies factor the cost of corruption into their expenses. A well economic forum has also gauge its based on surveys conducted by these institutions, so the numbers don't improve significantly then some businessman decide not to pursue their business plan at all. Corruption doesn't just take money from tax payers and put it into the pockets of the unscrupulous, it stands on economic growth lowering productivity and eventually losing any potential future gain from a country.

Acknowledgement: 
Content Credit: ANC/Melissa Gecolea
Image Credit: Philstar.com