Not victimless crimes

The plunderers in flood control and other public infrastructure projects did not commit victimless crimes.

- BOO CHANCO

Some people think that it is not so bad because no person was hurt, as in being murdered or injured.

Corruption is a way of life in our country. The kalakaran, as it is called, had been accepted for generations. Sumusunod lang naman daw sila sa nakagawian na.

But that’s a wrong and perverted view. Plundering the Treasury is not a victimless crime. We are all victims, all Filipinos have been victimized. The label “People of the Philippines vs Mr. Plunderer Congressman” is most appropriate in the cases we are hoping to see being tried soon.

Even now, the damage to the economy is palpable. Analysts here and abroad are saying this corruption scandal will result in a cut in our economy’s growth.

It is easy to see why. Resources needed for the economy’s growth have been waylaid to private pockets. It has also produced a political turmoil that makes the country seem too unstable for investors to consider seriously.

It seems capital flight has started, and not only by foreigners but also by locals. The drop to P59-to-thedollar exchange rate seems to be a harbinger of things to come.

CEIC Data, a company providing global economic, financial and industry data, observed that “the Philippine peso is increasingly out of sync with its ASEAN peers... It diverged from its usual alignment with the Malaysian ringgit, the Thai baht and the Singapore dollar.

“This underperformance reflects growing concerns over the Philippines’ external position. There is growing evidence that the corruption scandal is having a material impact on the country’s economy and growth prospects.”

Finance Secretary Ralph Recto told the Senate finance committee that corruption has caused up to P118.5 billion in economic losses since 2023.