Rising anger in the Philippines over a huge corruption scandal has forced out two ministers from President Ferdinand Marcos Jr.’s Cabinet, testing his administration’s efforts to restore public trust and investor confidence.
The revamp underscores Marcos’ determination to press ahead with his corruption crackdown, even as allegations touch his own allies. It also reflects growing pressure on the president from the graft claims linked to flood-mitigation projects in one of the world’s most typhoon-prone countries.
Whether it’s enough to arrest deteriorating sentiment is unclear. The unfolding scandal, which Marcos first exposed in July, caused economic growth to slump in the third quarter and has weakened both the peso and stocks. The Cabinet reshuffle adds a new layer of uncertainty, analysts say, and could put Philippine assets under renewed pressure.
