She just can’t dismiss all issues raised against her as politically motivated. There are questionable reports and receipts that originated from her office that need to be explained. Monies appropriated to her office have to be accounted for. Those were not deposits to her personal ATM account that she could spend however she wanted to.

Before the Philippines’ credit outlook was revised, BSP Governor Eli M. Remolona Jr. had already issued a quiet but telling warning. Monetary policy, he said, had largely “reached the limits of its effectiveness” in supporting growth. What comes next would depend on fiscal action and governance. That warning now finds an echo in the decision of Fitch Ratings to revise the Philippines’ outlook from “Stable” to “Negative,” while affirming its “BBB” investment-grade rating.

If Co becomes merely a tool to purge political opponents while allies are shielded, the cycle of corruption will simply reset under a different name. The real test of the administration’s sincerity lies in whether the investigation follows the money wherever it leads, even to the doorstep of those currently in power.