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Article (news)

Makati Business Club chairman Edgar Chua

David Dizon

ABS-CBN News

image: get grab of Makati Business Club chairman Edgar Chua + <a href="https://od2-image-api.abs-cbn.com/prod/editorImage/175704799903420250904-st-gerrard-discaya-protest-MRT9%20copy.jpg">https://od2-image-api.abs-cbn.com/prod/editorImage/175704799903420250904-st-gerrard-discaya-protest-MRT9%20copy.jpg</a><div>TEXT ON THUMB: &#x27;HINDI PATAS ANG LARO&#x27;</div><div>737 AM </div><div>Courtesy of DZMM</div><div> </div><div> </div>“Hindi patas ang laro (The game is rigged).”This is how Makati Business Club chairman Edgar Chua explains why corruption in government flood control projects has wiped out <a href="https://www.abs-cbn.com/news/business/2025/10/8/flood-control-scandal-wiped-out-p1-7-trillion-in-value-from-stock-market-sec-1432">P1.7 trillion in market value</a> of publicly listed companies in just three weeks, despite rising corporate earnings.Chua said share prices of publicly listed companies dropped after President Ferdinand Marcos Jr.  revealed that only 15 contractors bagged 20 percent of nearly 10,000 flood control projects worth P545 billion since 2022.The scandal showed that big construction firms have been unable to participate in government big-ticket infrastructure projects because the system is rigged for construction firms that pay huge bribes.“Ang concern kasi ng investing public, ‘Teka muna ‘yung kumpanya ko na nag-invest ako parang lumiit ‘yung merkado sa kumpanya ko.’“Kunwari may construction company ka. Ang target mo diyan ay pagpapatayo ng bahay sa publiko, mga villages. Sa public naman, target mo ‘yung infrastructure like farm-to-market roads or flood control at ano-ano pa,” he said.“Ang nagiging problem kung let’s say hindi patas ang laro at kailangang maglagay ka. Hindi sila makaka-participate dun sa mga project ng gobyerno and that’s a very big part of what drives ‘yung economy natin, ‘yung infrastructure spending.”“Kaya nagtatataka ka nung linabas ‘yung listahan nung mga kumpanya na nakakuha ng flood control projects, medyo mag-iisip ka - bakit wala yung alam ko na malalaking kumpanya like DM Consunji, EEI, Balfour…Bakit wala sila dun? Makikita mo na may malaking parte nang merkado na nalilimiitahan sila, hindi sila maka participate.”In the interview, Chua cited an AB Capital study saying there were net foreign capital inflows of US$6 billion during President Benigno Aquino III&#x27;s term from 2010-2016. This was reversed during President Rodrigo Duterte&#x27;s term, with outflows of $4 billion from 2016-2022, and another US$2.5 billion in foreign selling under President Ferdinand Marcos Jr.“Ito sana foreign investment na mapupunta sa atin, lumalabas. Kailangan natin ‘yung foreign investment para madagdagan ‘yung job generation, consumption, etc.  Pag nawawala ‘yan tapos ‘yung listed companies bumababa din ang value, ano na lang mangyayari sa bansa natin?” he asked.“Sinasabi nila, paano ako mag-i-invest diyan e napakaraming korapsyon. Hindi ako pwedeng mag-invest kasi may Foreign Corrupt Practices Act, maraming kailangang sundin ang mga foreign companies. Ang makukuha natin ‘yung di maaayos na investors, ‘yung gusto naglalagay, palusot.” “Lalong lalaki ‘yung gap nung mayaman at mahirap. Hindi natin mapapalakas ‘yung ating middle class. Hindi natin maiaangat ang ating mahihirap para maging middle class sila.”The Department of Finance (DOF) earlier stated that the Philippine economy <a href="https://www.abs-cbn.com/news/business/2025/9/2/ph-economy-lost-over-p100-b-to-ghost-flood-control-projects-from-2023-2025-recto-1859">lost over P100 billion</a> to &quot;ghost&quot; flood control projects from 2023 to 2025, which Finance Secretary Ralph Recto said could have been used to give up to 266,000 jobs to Filipinos.The MBC chairman said those linked to the flood control corruption must be prosecuted and jailed while the problems of systemic corruption should be addressed.He also challenged Congress to enact laws against political dynasties and freedom of information as well as changes in the bank secrecy law.Multibillion-peso social programs such as AKAP and AICS should also be rules-based and not dependent on patronage and political intervention, similar to the government’s conditional cash transfer program.The Independent Commission on Infrastructure should also be given more teeth, Chua said, noting the ICI has no contempt powers if their subpoenas are ignored.“Sana matauhan na lahat ng mambabatas na ayusin nila ‘yung systemic changes, ipasa ‘yung kailangan ipasa, palakasin ‘yung ICI at anti-dynasty, freedom of information, bank secrecy, at iba pa. Yun ang napakahalaga. At ayusin ang 2026 budget,” he said.

“Hindi patas ang laro (The game is rigged).” This is how Makati Business Club chairman Edgar Chua explains why corruption in government flood control projects has wiped out <a href="https://www.abs-cbn.com/news/business/2025/10/8/flood-control-scandal-wiped-out-p1-7-trillion-in-value-from-stock-market-sec-1432">P1.7 trillion in market value</a> of publicly listed companies in just three weeks.

“Hindi patas ang laro (The game is rigged).” This is how Makati Business Club chairman Edgar Chua explains why corruption in government flood control projects has wiped out P1.7 trillion in market value of publicly listed companies in just three weeks.

'Hindi patas ang laro': How flood control corruption destroys mass wealth, threatens middle class - MBC

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'Hindi patas ang laro': How flood control corruption destroys mass wealth, threatens middle class - MBC

David Dizon,

ABS-CBN News

Published Oct 09, 2025 09:44 AM PHT

Read More:

corruption

flood control

dpwh

makati business club

edgar chua

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