"This report investigates the political economy of covert influence in the 2022 Philippine Elections, with a focus on social media influencers involved in covert political campaigning. This interdisciplinary research (1) examines political influencers and peripheral actors in the field engaged in political campaigning using qualitative field research methods, (2) maps and evaluates evidence of their participation in covert influence operations through computational social science methods, and (3) estimates political spending on the presumed commissioned influencers through economic modeling. Our research is the first empirical work to produce an assembly of data-informed approximations of the scope and scale of the political economy of covert influence operations. Specifically, it is the first to estimate the economic ‘cost’ of commissioned influencers for electoral influence operations in the Philippines. It also provides a complex but nuanced account of influencers as ‘gray’ political actors who exercise agency in their complicity to covert political campaigning given commensurate economic and political incentives. Amidst undocumented transactions and opaque operations, our research establishes multiple, cross-platform proxy measures of malicious political influencing, beyond established detection mechanisms. We find that thousands of political influencers are presumed to be commissioned to perform covert political campaigning in the 2022 Philippine Elections for top national positions, funded by massive financing by political intermediaries in a largely unstructured and unregulated economic market characterized by asymmetrical political relations." (Executive summary, page 11)