MANILA – The Anti-Money Laundering Council (AMLC) has obtained another freeze order targeting the assets of a construction company identified as having the highest number of fictitious flood control projects, as well as properties held by individuals connected to the firm.
In its announcement on Friday, December 5, the AMLC said the latest order covers a wide range of financial instruments and assets, including 280 bank accounts, 22 insurance policies, three securities accounts, and eight air assets.
Among the top contractors under heavy scrutiny due to alleged involvement in “ghost” flood control projects in Bulacan were Wawao Builders and SYMS Construction.
These newly frozen assets add to an expanding list tied to the flood control scam, which investigators say involves billions of pesos in questionable transactions.
“The filing of this petition for a freeze order underscores the AMLC’s firm commitment to recover every peso of public funds that may have been misused,” said AMLC Executive Director Matthew David.
According to the AMLC, authorities have so far immobilized 4,679 bank accounts, 283 insurance policies, 255 motor vehicles, 178 real properties, 16 e-wallet accounts, and three securities accounts linked to the scheme.
The total value of the frozen properties now stands at P13 billion, a figure the agency expects to grow further as its inquiry progresses.
The AMLC further said the amount of frozen assets is expected to increase “as the investigation deepens.”/PN
