Philippines freezes 12 billion pesos worth of assets in graft probe

[MANILA] The Philippines has frozen more assets allegedly linked to graft-ridden flood control projects, raising the total to around 12 billion pesos (S$260 million), President Ferdinand Marcos Jr said on Wednesday (Nov 26).

The amount includes four billion pesos worth of air assets of resigned lawmaker Zaldy Co, Marcos said in a video posted on his Facebook account. The president last week ordered the arrest of Co and other individuals allegedly involved in the corruption scandal that has gripped the South-east Asian nation.

“This is just the beginning. More assets will be frozen,” Marcos said. “Our promise is that the money of the people will be given back to the people.”

Citing data from the Anti-Money Laundering Council, Marcos said 3,566 bank accounts, 198 insurance policies, 247 motor vehicles, 178 real properties and 16 e-wallet accounts have been immobilised so far.

Marcos also said the Independent Commission for Infrastructure and the Department of Public Works and Highways will submit evidence to the ombudsman to support their recommendation to file charges of plunder, anti-graft, bribery and conflict of interest against eight lawmakers who own construction companies. He did not name the lawmakers.

The Marcos administration is bolstering efforts to hold to account those involved in the multibillion-US dollar graft mess surrounding flood-control projects in one of the world’s most typhoon-prone nations. BLOOMBERG