Ghost flood projects already cost the economy as much as over P100 billion, according to Finance Secretary Ralph Recto on Tuesday.
During the Development Budget Coordination Committee’s briefing at the Senate, Recto, citing Department of Finance (DOF) data, said ghost flood control projects have cost the Philippine economy an estimated P42.3 billion to P118.5 billion from 2023 to 2025.
This is also equivalent to 95,000 to 266,000 jobs that could have benefited Filipinos.
“Raising revenues is no joke. Then you will see that it does not go to the right projects and the welfare of the people, some even become ghost [projects]),” Recto said partly in Filipino.
With that scenario, Recto expressed full support for the President’s directive to closely scrutinize the 2026 National Expenditure Program (NEP).
“We prepared the NEP with the President to ensure that the projects to be funded in 2026 have the highest multiplier effect. We will make sure that there will be no ghost projects. No corruption. No money wasted,” he said.
President Ferdinand R. Marcos Jr. earlier ordered the audit and review of flood control projects by an independent body that he will form through an executive order.
PNA PHOTO