5 COMMON TYPES OF

ECONOMIC CRIMES
IN THE PHILIPPINES

• Dolorfino, Anjealene Grace

• Gasta, Cristyl
5 COMMON TYPES OF ECONOMIC
CRIMES – PHILIPPINES

1. Corruption

2. Tax Evasion

3. Fraud

4. Money Laundering

5. Cybercrime
 Corruption
Corruption can be observed in many aspects of
Philippine society, such as business, law enforcement,
and government institutions. It involves kickbacks,
bribery, embezzlement of public funds, and the abuse
of authority or position for personal benefit.
 Tax Evasion
Tax evasion occurs when people or companies
purposefully underreport income or overstate
deductions in order to lower their tax liability. This
deprives the government of much-needed revenue for
public services and infrastructure development.
 Fraud
In the Philippines, there is a high prevalence of
fraudulent activity, including credit card fraud,
identity theft, pyramid schemes, and investment scams.
These scams frequently prey on vulnerable individuals
by making extravagant promises of rewards or returns
that never materialize.
 Money Laundering
Money laundering involves the illegal process of concealing
the origins of illegally obtained money, typically by passing
it through a complex sequence of banking transfers or
commercial transactions. Criminal organizations often
engage in money laundering to legitimize their illicit
proceeds.
 Cybercrime
With the increasing use of technology, cybercrimes such as
hacking, phishing, online scams, and cyber extortion have
become significant threats to individuals and businesses in
the Philippines. These crimes exploit vulnerabilities in
computer systems and networks to steal sensitive
information or defraud victims.
Conclusion
To sum up, economic crimes are a serious problem for the Philippines, affecting the country's
economy, governance, and social structure. The nation is afflicted by a number of illegal activities, such as
cybercrime, tax evasion, fraud, money laundering, and corruption.

Government institutions are still filled with corruption, which impedes progress and undermines
the public's trust. The government loses out on much-needed funding for infrastructure and other vital
services due to tax evasion. Fraudulent schemes aim to harm vulnerable individuals and businesses,
resulting in monetary losses and eroding public trust in the financial system. Money laundering makes it
easier for criminal organizations to hide their illicit gains, which subsequently allows them to continue
and grow their illicit operations. Cybercrimes take advantage of the vulnerabilities in technology to
threaten people's financial and personal security.
Conclusion
Comprehensive approaches including public awareness campaigns, regulatory
changes, law enforcement, and international collaboration are needed to combat these
economic crimes. Fighting economic crimes and promoting sustainable economic growth in
the Philippines require strengthening institutional integrity, increasing accountability, and
promoting transparency.
Thank you and Good Holy!