SIX MONTHS AFTER news broke out on the systemic corruption embarking on ghost, uncompleted and substandard flood control projects, the Anti-Money Laundering Council (AMLC) has so far frozen some P24.7-billion worth of assets.
AMLC’s list includes 379 bank accounts and 55 real estate properties of companies and persons involved in the trillion-peso flood control scandal.
The AMLC said the total value of frozen assets are those connected to the flood control scandal that was first exposed by President Marcos Jr. in his state of the nation address last July 2025.
The frozen assets consisted of bank accounts, insurance policies, motor vehicles, air assets, real properties, e-wallet accounts, securities accounts and investment accounts. The said figure is expected to increase as the AMLC investigates the assets covered by the latest freeze order.
MOSTLY BULACAN SHAMS
The AMLC said the court froze the bank accounts of two contractors that secured the majority of flood control projects implemented in Bulacan, which were subsequently found to be non-existent, a prominent businessman, and other related persons and entities implicated in anomalous flood control ghost projects.
Aside from the bank accounts and pieces of property, the order also covered four e-wallet accounts, ten insurance policies, nine securities accounts, and ten investment accounts.
“Through our continued investigation into these anomalous flood control projects, the AMLC reaffirms its commitment to safeguarding public resources and sends a clear message that corruption must be exposed at its roots,” AMLC Executive Director Atty. Matthew David said.
PERSONS AND ENTITIES
The AMLC said the assets were found to be linked to violations of the Anti-Graft and Corrupt Practices Act under Republic Act 3019, as well as Malversation of Public Funds under Article 217 of the Revised Penal Code.
Earlier, the AMLC said it had secured freeze orders covering assets worth at least P22.869 billion in connection with anomalous flood control projects.
The earlier freeze orders cover 724 individuals and 537 entities, such as construction companies.
The freeze order covered: P14 billion (6,692 bank accounts); P4.8 billion (10 air assets); P2.1 billion (161 real estate properties); P902.1 million (other investments); P490 million (394 insurance accounts); P445.2 million (229 motor vehicles) and P400,639 (16 e-wallet accounts).
The AMLC said it may file a forfeiture case for the return of the assets after six months.
ICI AIN’T DEAD YET
The Independent Commission for Infrastructure (ICI) Project Investigation Task Force (PITF), meanwhile, convened on Friday to discuss several key issues on anomalous flood control projects.
In a statement, the ICI said that the 5th PITF meeting tackled the latest updates on the probe into the anomalous flood control projects, including the top 15 contractors named by President Ferdinand Marcos Jr.
The meetings, held every two weeks, were attended by the PITF members, who are representatives from the Philippine National Police–Criminal Investigation and Detection Group, National Bureau of Investigation.
PITF is in charge of conducting the verification and investigation of evidence and inspections relating to the anomalous flood control projects.