The country’s financial watchdog has moved deeper into the murky waters of the flood control corruption probe, securing its fifth freeze order from the Court of Appeals and pushing the total value of immobilized assets beyond P4.4 billion.
According to the Anti-Money Laundering Council (AMLC), the widening crackdown now covers 1,632 bank accounts, 54 insurance policies, 163 vehicles, 40 real properties, and 12 e-wallet accounts—all suspected to be linked to ghost flood control projects under investigation by multiple agencies.
The latest court order zeroed in on several newly identified accounts tied to persons of interest, including one corporation whose operating license was allegedly used as a conduit in implementing fictitious infrastructure projects. Investigators described this entity as a “corporate front” that facilitated the laundering of public funds disguised as project payments.
AMLC sources said the asset freezes aim to preserve evidence and prevent the dissipation of illegally acquired wealth as government investigators continue tracing where the money went—and who benefited.
Securities and Exchange Commission Chair and AMLC member Francis Lim underscored the significance of the latest order, calling it a “clear signal that the era of impunity is ending.”
“This partnership between regulators and the justice system shows that corruption will not be tolerated,” Lim said. “Every peso stolen from the people will be pursued and accounted for.”
With more banks and intermediaries under scrutiny, investigators said this could be the most extensive asset freeze operation in the council’s recent history—one that may reshape how the country confronts systemic corruption hidden beneath infrastructure programs once touted as symbols of progress.
