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The Impact of Fraud in the Philippines Economy

The Impact of Fraud in the Philippines Economy

Fraud is an evil that afflicts every country in the world. Unfortunately, it plays a greater role in certain developing countries like the Philippines.  A simple internet search these days will show that fraud has become a major problem for society, surpassing most other violent crimes.

In the Philippines, the problem does not only affect the direct victims, but it affects the country as a whole. In a globalized world were companies and investment come and go from one place to the other depending on the conditions that location can provide, having high rates of fraud is not helping at all. Corruption and fraud related cases have done a great damage to the Philippines economy and these vices are represented in public and private sectors.  As company owners continue to battle with regulatory and operational challenges, the issue of fraud among employees is by itself a great threat to business survival and foreign investment in the country.

The main reason why fraud still thrives in the Philippines is because it is still an easy way to get things done. Finding a job or starting a new business depends many times on how much smarter anyone is on deceiving than on their real capabilities and skills. A fake ID or a forged deed can be found just around the corner almost everywhere in Manila, and since many employers and business people do not care for verifying with a background check, in the Philippines fake documents are actually very helpful.

With extremely high unemployment rates people are trying to survive with anything possible, and many times the possibilities rely on cheating. And these possibilities are infinite! Filipinas try to get foreigners to send them money using online dating scam schemes, job candidates try to deceive employers with false college degree information or previous employment experience, real estate fraudsters will try to sell properties that are not for sale, and even some people build their complete businesses based on online fraud. But as all this happens as a means of survival for many, the reputation of the whole country is at stake.  In the Philippines, verification is critical to staying safe.

For a long time foreign investors knew that the only way to get a business started and running in the Philippines was paying a bribe. But these conditions are not appealing to anyone anymore, because the corruption does not end there. After all, who would want to invest in a place where being ripped off is something you can expect almost every day? Fortunately a lot has been done to correct the corruption and fraud problem in the Philippines and boost the economy out of what the country can really offer. Bureaucracy has been reduced, making paperwork and corruption less of a problem.

The authorities have constantly been alerting employers about the importance of pre-employment screenings in the Philippines and due diligence practices to mitigate the risks of employee and business fraud, and the internet has in certain was taken care of the online dating scammers.

Fraud and deception causes trouble not only to the victims but also to the whole economy. If you are planning to start a new business deal, hire someone new or begin a relationship with someone from the Philippines, make sure that you have the right information. Contact us today for a free quote on employment screening, dating background check or due diligence services.

C. Wright
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