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Financial Crimes in Philippines Soar Despite Strong Economic Growth

Despite a strong economic growth rate of 5.9% year-on-year in 2019, the Philippines has seen a significant increase in financial crimes and fraud, with at least one out of two businesses reporting having experienced such incidents over the past 24 months.

Types of Financial Crimes

According to a recent survey by PwC’s 2020 Global Economic Crime and Fraud Survey - The Philippine Report, asset misappropriation fraud remains the most disruptive type of economic crime in the Philippines, affecting nearly one-quarter of businesses. Bribery and corruption is another major concern, with 21% of respondents reporting experiencing such incidents over the past year.

External Perpetrators

The survey also revealed that external perpetrators of financial crimes are increasingly becoming a significant threat, with 50% of fraud incidents involving external actors compared to 20% in 2018. This is attributed to several factors, including low investment in anti-fraud technologies and inadequate government regulations and oversight.

Impact on Businesses

The impact of financial crimes on businesses has been severe, with respondents reporting losses ranging from $5 million to $50 million. Moreover, the stress and anxiety caused by these incidents have affected at least one-third of business leaders, resulting in a reputationally damaging fallout.

Combatting Fraud

However, the survey also highlights that Philippine businesses are taking steps to combat fraud, with 26% of respondents planning to increase their funding for anti-fraud initiatives over the next 24 months. This is reflected in improved internal controls, enhanced policies and procedures, and investment in integrated tools and training programs.

Conclusion

Despite these efforts, financial crimes remain a major concern for Philippine businesses, highlighting the need for continued vigilance and cooperation between government agencies and private sector organizations to combat this growing threat.