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BSP says no bank runs as AMLC freezes 700 assets linked to flood scam
Business World Philippines
|September 26, 2025
THE BANGKO SENTRAL NG PILIPI-NAS (BSP) said there has been no sign of bank runs despite the freezing of more than 700 accounts and assets linked to the multibillion-peso fraud in government flood control projects.
“I can say this with confidence: No bank runs,” BSP Governor Eli M. Remolona, Jr. told Money Talks with Cathy Yang on One News on Thursday.
The scandal, which officials have described as unprecedented in scale, has prompted investigations into the Department of Public Works and Highways (DPWH) and its contractors.
“This flood control scandal was as much of a shock to us as it was to you, but we're working hard to fix things,” Mr. Remolona said. “We knew there was corruption all along, but not [at] this scale.”
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