MANILA, Philippines—The headline sparked concern: “₱1.7 trillion wiped out in market wealth due to corruption.” The statement, attributed to the Securities and Exchange Commission (SEC), raised alarm among investors and policymakers. But just days later, the SEC took it back. They admitted the figure was based on a “fictitious” social media report. No such computation existed, and no such data had been verified. The damage, however, was already done. READ: Go refutes SEC chief’s P1.7-trillion market loss claim The controversy over so-called “ghost” flood control projects—and the widespread corruption behind them—has not only spotlighted inefficiencies in public infrastructure spending. It […]... Keep on reading: Flood control corruption cripples PH business confidence