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Manila Bulletin devider Business devider Banking & Finance devider AMLC freezes ₱1.3 billion more in assets linked to flood-control scandal

AMLC freezes ₱1.3 billion more in assets linked to flood-control scandal

Published Dec 5, 2025 12:47 pm  |  Updated Dec 5, 2025 01:07 pm

At A Glance

  • Nearly 4,700 bank accounts have been frozen amid the intensified probe into the irregularities flagged by the Anti-Money Laundering Council (AMLC), bringing the total value of immobilized assets to ₱13 billion since the freeze orders began in September.
Nearly 4,700 bank accounts have been frozen amid the intensified probe into irregularities flagged by the Anti-Money Laundering Council (AMLC), bringing the total value of immobilized assets to ₱13 billion since the freeze orders began in September.
This value represents an increase of ₱1.3 billion from the previous total of ₱11.7 billion reported on Nov. 27. “It is expected to increase as the investigation deepens,” the AMLC said in a statement on Dec. 5.
The latest freeze order covers 280 bank accounts, 22 insurance policies, three securities accounts, and eight air assets, the AMLC stated.
To date, the total frozen assets linked to the anomalous flood control projects include: 4,679 bank accounts, 283 insurance policies, 255 motor vehicles, 178 real properties, 16 e-wallet accounts, and three securities accounts.
The AMLC noted that the latest freezing targets the assets of an unnamed private construction company, which it identified as having the largest number of “ghost” flood control projects. Assets of entities and individuals linked to the construction company were also frozen.
Citing the Court of Appeals (CA), the AMLC said the latest freeze order was anchored on “sufficient grounds” to link the assets to possible violations of the Anti-Graft and Corrupt Practices Act and to alleged malversation under the Revised Penal Code.
AMLC Executive Director Matthew M. David affirmed the interagency body’s commitment to “recoup the wealth unlawfully acquired by government contractors.”
David had earlier vowed that the council “will continue to pursue all possible legal remedies to ensure that those involved in the misuse of public funds are held accountable.”
The initial freeze order covered the assets of controversial contractors Sarah and Pacifico “Curlee” Discaya. A previous order also successfully froze ₱4 billion worth of assets belonging to the resigned Ako Bicol representative.
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