The P1 billion cost of corruption :: Mmegi Online

The economy lost close to P1 billion in both public and private sector corruption between 2020 and 2024, estimates by the country dirty money watchdog show, the first such figures ever released in the country. During that period, the country fell on the authoritative Corruption Perceptions Index from 35th out of 180 countries in 2020 to 43rd out of 180 countries in 2024.

The National Money Laundering and Terrorist Financing Risk Assessment Report released last week by the Non-Bank Financial Institutions Regulatory Authority (NBIFRA), provides a historical first estimate of the cost of corruption in the country.

“Corruption was identified as one of the prevalent money-laundering threats in the country,” researchers said. “The crime generated substantial illicit proceeds and enabled criminals to exploit public institutions and conceal the movement of illegal funds.”

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