MANILA, Philippines — Economic crimes like fraud and corruption remain prevalent in the Philippines, with asset theft being the “most disruptive” to local businesses as the country lags behind its international peers in adopting technologies to combat such incidents, a new survey released Tuesday found. Results of the 2020 Global Economic Crime and Fraud Survey by consultancy PricewaterhouseCoopers (PwC) showed fraud incidents in the Philippines have not diminished in the past two years, although the rate decreased to 42% in 2020 from 54% in 2018. Related Stories Philippines drops 14 places in latest Corruption Perceptions IndexFor its latest survey, PwC polled 101 companies in the Philippines, increasing the baseline from 63 in 2018. The biggest fraud in the Philippines are perpetrated by employees who have been working in the company for almost half their life, PwC data showed. Meanwhile, bribery and corruption emerged as the second “most disruptive” economic crime in the Philippines, PwC said, adding that 14% of respondents said they have lost business opportunities to competitors paying bribes, up from 12% in 2018.

Source: Philippine Star March 03, 2020 08:26 UTC