TO ENSURE THAT cash, ewallet, luxury cars and real estate properties would not be sold by those who plundered the flood control projects coffers, the Anti Money Laundering Council has frozen P2.9-billion worth of assets believed to be acquired through anomalous flood control scheme embarking on kickbacks ang proceeds from ghost projects.
This is the third batch of frozen assets that AMLC had frozen even as it hinted at freezing more as probes continue.
The Department of Public Works and Highways (DPWH) is currently conducting an internal audit, while the senate continues its congressional inquiry “in dvof legislation.”
The Department of Justice, through the National Bureau of Investigation and the Independent Commission on Infrastructure (ICI) are separately pursuing probes.
Among the latest to be frozen are: 836 bank accounts; 12 e-wallets; 24 insurance policies; 81 (luxury) motor vehicles and 12 real estate properties.
In the first two batches of asset freeze of AMLC, those frozen were: 1,563 bank accounts; 54 insurance policies, 154 high-end vehicles (mostly imported), 30 real estate properties and 12 ewallets, the AMLC said in a press release.
“By freezing a wide range of assets– such as bank accounts, ewallets, vehicles and properties– the AMLC is disrupting the financial channels used in corrupt activities,” declared AMLC Executive Director Atty. Matthew M. David.
“Our goal is straightforward: prevent stolen public funds from being dissipated and misused, recover them for the national government and ensure that those involved in money laundering are held accountable,” David added.
The AMLC said this is the most extensive asset freeze since the probe began after President Marcos Jr.’s 4th SONA last August 11, where he reported that initial findings from an audit found that ₱100 billion ($2.03 billion) or 20 percent of the administration’s flood control project expenditures, went to only 15 contractors. The audit also flagged projects collectively worth over ₱350 billion ($7.11 billion) which did not specify the exact flood control structure built or repaired, and several more in different locations with identical designs and materials.
Marcos launched the “Sumbong sa Pangulo” (Report to the President) website during his 4th SONA following his commitment to investigate flood control project anomalies.
Through the website, citizens can monitor flood control projects, provide data on project location, implementing contractor, total cost and completion date.
Website users can then report irregularities or other concerns for any listed project. Close to 2,000 complaints have already been submitted to the website in the first week of its launch. Over 12,000 complaints were subsequently logged less than a month after launch.
The President on August 27, ordered the Bureau of Internal Revenue and the Ombudsman to conduct “lifestyle checks” on all government officials, beginning with DPWH but the following day Sen. Riza Hontiveros asked Marcos to include himself in the lifestyle checks and disclose his SALN (statement of assets, liabilities and networth) to demonstrate leadership by example and reinforce the credibility of the initiative.
On September 8, Marcos announced that the government will not include new funding for flood control projects in the 2026 national budget, following congressional investigations that have implicated numerous lawmakers, including his cousin, Speaker Martin Romualdez, Senators Jinggoy Estrada and Joel Villanueva, in alleged kickbacks from public works contracts.
He later ordered the redirection of ₱225 billion ($4.57 billion), initially designated for locally funded flood control projects in the 2026 budget, to education, health, and other urgent priorities.
Marcos stated that the ₱350 billion ($7.11 billion) flood control budget for 2025 was delayed due to ongoing investigations, rendering the 2026 allocation redundant. Approximately ₱50 billion ($1.02 billion) in foreign-assisted flood projects will proceed.
The realignment of funds is intended to optimize savings and meet pressing social requirements.