Floods compound Philippine growth woes from public-works scandal
The country’s governance and climate risks are further dampening investor confidence
[MANILA] Severe flooding across the Philippines is threatening to add a fresh drag to an economy already reeling from the fallout of a public-works corruption scandal that has slowed infrastructure spending and hurt investor confidence.
The disruption comes as Manila tries to capture a larger share of South-east Asia’s China+1 manufacturing windfall.
The latest storms and crippling floods have affected about 9.4 million Filipinos and has hit major industrial corridors, such as the manufacturing hubs of Calabarzon, Central Luzon and Metro Manila, which are vulnerable to extreme and recurrent flooding.
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