Fungible

That photograph of hundreds of millions in cash stacked casually on nondescript tables is iconic.

- ALEX MAGNO

The sight of so much cash gives corruption its ugly face. It is no longer an abstraction. Every Filipino who works very hard to earn a few of those bills to buy the bare necessities is shocked by the callous quantity of it all — the workaday attitude of those who dump the cash in suitcases and cartons.

Volumes of cash such as those in the photo are accumulated in many other places and delivered to designated recipients. Hundreds of millions, possibly billions, in cash brought to mansions and penthouses. Deducting those allowed “for the boys,” much of the cash flows to a few central points: the masterminds and protectors of this enormous racket.

Money, as we know, is fungible. My hundred-peso bill is fully interchangeable with your hundred-peso bill. They buy the same things.

But money is fungible only to an extent. At a certain magnitude, there will be difficulty transacting cash.

Our banking system is fully armed to detect financial fraud and ring alarm bells when odd transactions happen. One cannot leisurely walk over to a bank branch and try to deposit a hundred million in cash. A new law designed to fight money muling allows the bank to capture your cash and hold on to it until some very important questions are adequately answered.

In the midst of the corruption crisis we now endure, bank tellers are probably more precious than senators. They detect suspicious transactions and promptly report to the Anti-Money Laundering Council. If our banks get together, we can yet stop those reported suitcases of cash from reentering circulation.