CA freezes assets linked to flood control scam

THE Philippines froze bank accounts and insurance policies tied to 20 Public Works officials and six contractors in a widening probe of anomalous flood control projects, a move that could boost President Ferdinand R. Marcos, Jr.'s anti-corruption drive as he faces pressure to rein in ballooning debt.

- Katherine K. Chan

The Court of Appeals (CA) approved a freeze order on the assets of 20 Public Works officials and six contractors linked to alleged anomalies in flood control projects, the Anti-Money Laundering Council (AMLC) said on Tuesday.

"The freeze order is a critical step toward the filing of appropriate civil and criminal cases, including the retrieval of any funds moved before the freeze, against those found to have laundered illicit proceeds," AMLC Executive Director Matthew M. David told a news briefing.

He declined to disclose the value of the frozen accounts.

The freeze order followed a request filed by the Department of Public Works and Highways (DPWH) last week and the case marks the first time the Bangko Sentral ng Pilipinas (BSP) is invoking its expanded powers under the Anti-Financial Accounts Scamming Act (AFASA) to pierce bank secrecy rules.