Ambassador Romualdez Warns: Billions Lost Due to Corruption
JOSE MANUEL “BABE” ROMUALDEZ – The Philippine Ambassador to the United States shared that corruption problems in the Philippines are making many American investors hesitate to put their money in the country. In an interview with Super Radyo dzBB, Romualdez confirmed that the ongoing corruption scandals are creating doubts among U.S. investors who were once interested in doing business in the Philippines.
Romualdez said that corruption has a huge impact on the country’s economy. He mentioned that he had already informed the Office of the President about how serious the situation is and urged the government to address these issues quickly. “Alam mo malaking epekto sa atin ‘yan kaya ang nirereport namin diyan sa atin ngayon, kailangang i-resolve nila ‘yung ating mga corruption scandals na ‘yan,” he said. He added that foreign investors want to see a justice system that works properly and treats everyone fairly before they decide to invest.
According to Romualdez, the Philippines could lose around $100 billion to $150 billion worth of potential investments if corruption continues. These include business deals promised during President Ferdinand “Bongbong” Marcos Jr.’s visits to the U.S., where several American companies showed interest in investing. “Sayang na sayang nga eh,” Romualdez said, explaining that these investments could have created jobs and helped the economy grow if the country had a better image.
His comments came after the U.S. Department of State released its 2025 Investment Climate Report, describing corruption in the Philippines as “pervasive and long-standing.” The report stated that corruption remains one of the main reasons foreign companies hesitate to invest in the country. It also mentioned that the Philippines ranked 114th out of 180 countries in Transparency International’s 2024 Corruption Index, a ranking that has barely improved since 2019.
The World Economic Forum also highlighted that corruption is one of the biggest challenges for businesses in the Philippines. These reports came after recent corruption scandals involving infrastructure projects, particularly flood control programs, which President Marcos has already ordered to be investigated.
Romualdez said the Philippines must take serious and transparent action against corruption to regain investor trust and improve its reputation in the international community.