The price we have to pay for corruption

There are few crimes more devastating than corruption-crimes that silently bleed a nation dry.

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The recent revelation by Finance Secretary Ralph Recto that the Philippines could have secured an Acredit rating from S&P Global Ratings, if not for the corruption-riddled flood control budget, is a moral indictment of a nation still trapped in the grip of self-inflicted wounds.

An Arating would have been more than just a badge of fiscal discipline for the country that is trying to keep the economy afloat. It would have meant lower borrowing costs, more investor confidence, more jobs, and a stronger peso. It would have sent a message to the world that the Philippines is a country maturing beyond its history of graft and mismanagement. Instead, we are left with what-ifs—because once again, greed has drowned hope.