Analysts and academics said Sunday’s mass protests have exposed mass outrage over corruption surrounding tax-funded projects, warning that addressing such brewing sentiment is crucial to stemming wider unrest and any undue impact on the economy.
The burden now falls on government to act decisively in delivering reform and on protest organizers to sustain pressure with unity, clarity and credible, non-partisan leadership, analysts agreed.
Alex Escucha, president of the Institute for Development and Econometric Analysis (IDEA), summed up public demand as punishment for the guilty, recovery of stolen funds and reforms to prevent plunder.
“The guilty to be punished and jailed; the stolen money recovered, and real reforms and changes are done to make sure that the plunder does not happen again,” Escucha told Malaya Business Insight.
Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., said the mass mobilization on Sunday showed Filipinos were “fed up with corruption.”
Investors are now watching more closely how the government will respond.
“If the government acts fast and clean, it could actually boost confidence. But if it drags its feet, expect more market jitters,” Ravelas said.
Despite the largely peaceful turnout of tens of thousands of rally participants, violence erupted near the Malacanang palace, leading to the arrest of 113 people as of Monday morning—including minors—after container vans and motorcycles were torched.
Many were injured, mostly anti-riot police and some of the violent elements.
DILG Secretary Juanito Victor Remulla said President Ferdinand Marcos Jr. had instructed him “to get to the bottom” of the masked men in black hoodies who sparked the violence.
“They are obviously not among the legitimate rallyists,” Remulla said.
People’s sense of agency
Carl Mark Ramota, assistant professor at the University of the Philippines–Manila, described the protests as a “rediscovery of the people’s sense of agency.”
The challenge, he said, is sustaining the movement in a united and focused way: “Groups can never go wrong if they keep their eyes on the bigger issue—the plunder of millions, even billions.”
Froilan Calilung, professor at the University of Santo Tomas, said the rally marked a tipping point in public anger but stressed the need for visible, nonpartisan leadership.
“We need personalities that are nonpartisan, not representing any color,” he said, warning that partisan branding could fracture the movement. He also urged organizers to maximize social media to broaden reach and maintain momentum.
The uproar traces back to President Marcos’ July 28 State of the Nation Address, where he disclosed corruption in flood-control programs, including so-called ghost projects.
The revelation triggered investigations, top-level resignations, and mounting public anger that led to Sunday’s protests, called the Trillion Peso March.
‘Could dampen investment’
Astro del Castillo, managing director at First Grade Finance Inc., said turmoil heightens political risk and could dampen investments.
“Most investors are risk-averse and will wait until the situation stabilizes before making more aggressive investments,” he said. Without genuine reforms in public bidding, he added, investor confidence could erode further.
Analysts agreed the government must now act decisively and organizers must sustain the pressure for genuine, sustainable reform.
