The business community is becoming highly skeptical about the viability of the Independent Commission for Infrastructure (ICI) created by President Marcos to look into the massive corruption in flood control projects.
In fact, the business sector has expressed the belief that the ICI probe may be doomed from the start, with a nebulous goal, funding, manpower and legal authority to mete punishment on those it is supposed to investigate.
As Presidential Communications Office Undersecretary and Palace Press Officer Claire Castro had previously said, the ICI is merely a fact-finding body that is not supposed to mete punishment on any person who does not attend the hearings of the commission.
Sources in the business community point out that the scope of the investigation by the ICI is a logistical nightmare alone in hiring clerical staff, investigators, lawyers and competent assessors to help collect, check, verify documents and records, and then to compile and safeguard all testimonies, documents and paperwork submitted and gathered by the commission on the numerous flood projects that involves several government agencies.
The investigation, business observers note, could very well cover at least 10 years, and would therefore take even more time to validate and check.
While they are glad that former DPWH Secretary Rogelio Singson is part of the ICI, sources say that he was only prevailed upon by President Marcos to join the commission, even as he had previously rejected a return to government.
Singson’s corruption-free stint at the DPWH during the term of former president Benigno Aquino III has earned him the respect of international financial and aid organizations.
In fact, in a recent Asian Development Bank infrastructure seminar, just before the ICI was formed to investigate the corruption in flood control projects, Singson had told members of the media who attended the event about his strict and business approach to dealing with legislators and contractors who visited his office.
According to Singson, ‘Unlike others, I never offer my visitors anything to eat or drink when they come, because I do not want them to become comfortable or too friendly and stay longer than needed.’
Singson preferred to keep a formal and arms length approach in all his government dealings.
Perhaps, this approach in the conduct of the ICI hearings is being followed, much to the dislike and suspicion of some observers, since a public hearing allows for some theatrics by some of the legislators and witnesses.
The coverage of the investigation, sources said, is so extensive, and to synthesize all of the findings would itself be a humongous undertaking that may not be credibly completed in just a couple of months.
There is likewise no set timetable for the ICI to complete its work, leaving suspicion and causing frustration that the whole exercise is just a ploy to string the public along until the people get tired and bored, and decide to move on to the next political brouhaha.
The recent resignation of Baguio Mayor Benjamin Magalong is also being met with dismay by the business sector, which heightens their suspicion about the ability of the ICI to complete its task.
In the meantime, the stock market continues to tank while the economic managers continue to wax optimistic, and the political pot continues to be stirred by talks of military dissatisfaction.
Businessmen admit that the corruption probe has had a ‘chilling effect’ on business and the construction sector, which has a multiplier effect on the economy, has slowed down.
Fortunately, local and international economists remain optimistic that while the Philippine growth scenario will not be as robust as originally projected at the start of this year, it will remain in a slightly lower growth scenario even with the risks it faces.
The ADB, just this week, affirmed a resilient growth outlook for the country while acknowledging some uncertainties from global trade and investment policies and continued and heightened geopolitical conflicts in the Middle East and from the Russian-Ukraine war.
In a briefing, ADB country director for the Philippines Andrew Jeffries acknowledged that ‘Though these uncertainties pose increased risk, we see strong domestic demand anchoring growth, with sustained investments and an accommodative monetary policy supporting the economy’s expansion.’
The ADB forecasts inflation to ease this year, slowing to 1.8 percent before rising to three percent next year. It notes though that adverse weather conditions and climate shocks could put pressure on commodity prices.
Other downside risks to the growth outlook, the ADB cited, are external headwinds from heightened uncertainty, further shifts in global economic policies, and rising trade barriers that could affect market sentiment and hinder economic growth.
One factor it highlighted could be the fragility of China’s property market ‘that could weaken growth in the rest of the region.’
Sustained government investments, including for social services, are seen boosting domestic demand, the report said. Business sentiment remained positive, according to the Bangko Sentral ng Pilipinas’ Q2 2025 survey, though softer amid external headwinds.
Consumer outlook stayed optimistic for 2026. This bodes well for private consumption growth, which is partly supported by steady inflow of remittances from overseas Filipinos.
The government, the ADB noted, aims to maintain infrastructure spending at five to six percent of gross domestic product, or GDP, over the medium term.
The recently signed Accelerated and Reformed Right-of-Way Act is expected to streamline land acquisition process for government and public-private partnership projects, which will help speed up infrastructure investments.
The new law, the ADB said, would benefit the government’s flagship projects, including the ADB-financed Malolos-Clark Railway Project and the South Commuter Railway project that would will link Metro Manila to northern and southern provinces in the Luzon region; and the Bataan-Cavite Interlink Bridge Project that will connect the province of Cavite to Bataan and shorten travel time between the two provinces.