Former NUSTAR chief Frederick Go named Philippines’ new Secretary of Finance as flood control scandal claims two ministers
Summary
Frederick Go, formerly President and CEO of NUSTAR Resort Cebu operator Universal Hotels and Resorts Inc and most recently Special Assistant to the President for Investment and Economic Affairs, has been appointed the Philippines’ Secretary of Finance.
The appointment follows the resignations of Executive Secretary Lucas Bersamin and Budget Secretary Amenah Pangandaman, who stepped down after their departments were named in an investigation into a massive flood control graft scandal. Ralph Recto moves to become Executive Secretary, replacing Bersamin.
The flood control probe centres on roughly Php100 billion of contracts awarded to 15 companies; investigators found projects in non-priority areas, non-existent works and the use of substandard materials. Allegations include pay-offs to officials and the discovery that some DPWH officials lost more than Php950 million in embezzled funds at casinos across Manila, Cebu and Clark. Nationwide protests have followed.
Key Points
- Frederick Go appointed Secretary of Finance; he was Special Assistant for Investment and Economic Affairs and ex-NUSTAR chief.
- Lucas Bersamin (Executive Secretary) and Amenah Pangandaman (Budget Secretary) resigned after their departments were implicated in the flood control scandal.
- The scandal involves about Php100 billion in flood control projects with allegations of misplaced works, fake completions and substandard materials.
- Investigators allege companies paid off officials; some DPWH officials are linked to Php950 million allegedly gambled away or embezzled in casinos.
- Go is credited by President Marcos Jr for boosting investment confidence; his appointment aims to steady fiscal leadership amid the controversy.
Context and relevance
The story matters for government accountability, investor confidence and sectors exposed to regulatory shifts — notably tourism and gaming given Go’s NUSTAR background and the gambling-linked embezzlement findings. The appointment signals the administration’s intent to shore up fiscal management while it deals with a major corruption scandal that has sparked mass protests and could influence budget priorities and foreign investment sentiment.
For businesses and investors with exposure to the Philippines — especially those in hospitality, infrastructure and gaming — the developments are a prompt to watch policy continuity, potential audits, and any anti-corruption measures that may follow.
Why should I read this?
Because two senior ministers just quit over a huge graft scandal and the government has brought in a hotel-and-investment insider to run the country’s finances. If you care about who’s setting economic policy, where public money is going, or how this could ripple through tourism and gaming, this is the quick lowdown you need. Short, sharp and worth a skim.
Author’s take
Punchy: This isn’t just a cabinet reshuffle — it’s a reputational and policy moment. The new finance chief comes from the private sector and has ties to major conglomerates; expect markets and sector players to monitor moves on transparency, procurement and investor signalling closely.
