PHILIPPINE businesses are the most guarded in the world against corporate fraud.

According to a survey of global accountancy firm Grant Thornton International, the Philippines has the most number of privately held businesses (PHBs) that employ specialists particularly functioning to detect and prevent frauds.

The survey, which covered 33 countries around the world, showed that 72 percent of Philippine companies employ special staff for this purpose, way above the global average of 45 percent.

Ranking second behind the Philippines in the survey, released locally by Grant Thornton’s Philippine partner Punongbayan & Araullo (P&A), is Mexico with 71 percent, followed by Russia, 63 percent; Armenia, 59 percent; and the US, 59 percent. “It’s encouraging to see that Philippine businesses are proactive about protecting themselves against fraud, especially since, globally, fraud costs businesses billions of dollars each year,” Greg Navarro, P&A managing partner and chief executive officer, said in a statement. He noted that many firms learn from experience that the actual cost of fraud is double the monetary or economic loss.

“Common sense also tells us that prevention is much better than cure, so the best ways to avoid costly situations is to make sure that the opportunity to commit fraud is minimal and that processes are in place to prevent and detect fraud. As the global economy weakens and jobs come under threat, the temptation to commit fraud could increase, so more than ever, vigilance is needed,” he added.

The Philippines not only has the highest percentage of PHBs reporting having employees in place to detect and prevent fraud, but those businesses also report the highest increase of those employees—60 percent—in the past 12 months.

Juancho Robles, P&A’s risk management partner, said Philippine business owners are increasingly becoming aware of the need to install an internal control system to combat fraud.

However, small enterprises are still the most vulnerable to fraud as they do not have sophisticated procedures, not much segregation of duties and responsibilities, and they “trust” employees a lot,” he said.

PHILIPPINE businesses are the most guarded in the world against corporate fraud.

According to a survey of global accountancy firm Grant Thornton International, the Philippines has the most number of privately held businesses (PHBs) that employ specialists particularly functioning to detect and prevent frauds.

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