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Manila Bulletin devider Business devider Banking & Finance devider AMLC freezes ₱25 billion Linked to 'ghost' flood-control projects

AMLC freezes ₱25 billion Linked to 'ghost' flood-control projects

Published Jan 31, 2026 09:47 am  |  Updated Jan 31, 2026 04:52 pm
The Anti-Money Laundering Council (AMLC) has frozen the assets of two additional contractors involved in Bulacan flood control projects, citing suspected graft and the use of “non-existent” infrastructure programs to siphon state funds.
The country’s financial intelligence unit announced late Friday that it has now frozen a total of ₱24.7 billion in assets since launching a broad investigation into budget leakages within the Department of Public Works and Highways (DPWH).
The latest freeze order, granted by the Court of Appeals, targets 379 bank accounts, four e-wallet accounts, 10 insurance policies, nine securities accounts, 10 investment accounts, and 55 real estate properties.
The AMLC’s investigation centers on allegations that the two contractors bagged a majority of the flood mitigation contracts in Bulacan province for projects that were later discovered to be ghost operations.
In addition to the corporate entities, the freeze order covers the bank accounts of a prominent businessman and several associates allegedly linked to the scheme.
The watchdog said the frozen assets are tied to suspected violations of the Anti-Graft and Corrupt Practices Act, also known as Republic Act No. 3019, and the malversation of public funds under the Revised Penal Code.
The total ₱24.7 billion pool of restrained assets currently includes a diverse range of holdings, from traditional bank deposits and insurance policies to high-value motor vehicles, aircraft, and securities.
The AMLC expects the value of restrained assets to rise as investigators further trace the flow of funds through the financial system. The council stated it is “resolutely” pursuing the probe to dismantle the financial infrastructure supporting the corruption network.
“This deepening probe into these anomalies sends a clear message,” AMLC Executive Director Matthew M. David said in a statement. “We are committed to protecting the government’s resources and stripping corruption naked.”
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