Bribery and corruption in the Philippines have spiked in the last two years, with a fifth of businesses saying they were made to pay grease money, a global survey disclosed.
A study by PricewaterhouseCoopers showed that 42 percent of companies reported experiencing fraud in the past two years, losing anywhere between five and 50 million dollars.
A total of 101 businesses were covered by the survey, which involved a balanced mix of local firms and multinational companies. Of them, 43 percent said they have encountered fraud at least twice, while a tenth claimed they experienced such incidents over six to 12 times.
Meanwhile, 21 percent of firms operating in the country said they have been asked to pay a bribe. It added that 14 percent of respondents claimed they “lost a business opportunity” because their competitor paid grease money to get ahead.