Quad comm to summon banks, AMLC

The quad committee of the House of Representatives wants to summon a couple of banks, the Anti-Money Laundering Council (AMLC) and even the Philippine Anti-Organized Crime Commission (PAOCC) to its next hearing to shed light on what appears to be the massive movement of funds from individuals or companies related to the ongoing investigation into Philippine Offshore Gaming Operators or POGOs.

This was revealed Monday morning by quad comm co-chairman Manila 6th District Representative Bienvenido “Benny” Abante to members of the Monday Circle at the Westin Hotel Manila just before he rushed to the House of Representatives for the formal turnover of some pieces of documentary evidence to the Office of the Solicitor General.

But even as he publicly calls for the appearance of the AMLC and the banks at the House hearing, he likewise revealed that he has heard that banks are already aware of his intent to require their participation and are asking their umbrella organization, the Bankers Association of the Philippines (BAP) to oppose an “invitation” under the protection of bank secrecy laws.

According to Rep. Benny Abante, there is a need to summon some banks and the AMLC to the quad comm hearing to look into the suspicious movement of funds of those being summoned and investigated in the committee hearings, noting the massive amount of POGO funds that he says some have attributed to pump priming the local economy.

The lawmaker claims that Chinese money “is flowing like crazy,” citing that some P8 billion has been identified so far.

The co-chairman of the quad committee expressed his view that the AMLC and the banks should explain their role in dealing with suspicious movement of funds by individuals under investigation, noting that in some instances, those being investigated are somehow able to quickly move their funds right after Congress conducts an inquiry.

Stock markets analysts and observers have also noted the unusual activity in the stock market in the past few weeks after a long period of bearish activity, which could be a possible route to funnel departing POGO funds and legally withdraw their stock market gains, as it becomes clear that the Marcos government is dead set on closing all legal POGO activities in the country by December.

According to Rep. Abante, however, there are only 43 legal POGOs, although it is estimated that there are close to 400 POGOs operating in various parts of the country, hidden in the provinces and small gated communities. Among these, he cited Alabang, whose residents have earlier protested against the rampant rentals to Chinese individuals who are accompanied by bodyguards.

He pointed out that the proliferation of POGOs is also due to the past action of the Duterte government to allow special economic zones to give visas to POGOs, even as the Department of Foreign Affairs is kept out of the loop about the grant of special visas as it is not centralized with them.

Additionally, Rep. Abante revealed, a lot of illegal Chinese have been able to enter the country and get legal status by buying birth certificates issued in Mindanao.

Such corruption, he said, also needs to be looked into and that is why he also wants to summon the PAOCC to the next hearing of the quad comm after their recess for the traditional Nov. 1 Undas holiday.

Rep. Abante insists that the country should not depend on POGOs, pointing out that other countries such as the United Arab Emirates and Malaysia do not allow gambling and still have a vibrant economy. “We do not need gambling in this country for this nation to be economically developed. Malaysia has no gambling. UAE has no gambling, almost all countries in the Middle East.” He points out that the Philippines should likewise concentrate on tapping its energy and mineral resources.

He pointed out that the Philippines’s energy resources in the West Philippine Sea are the main reason why China is trying to lay claim to the area.

“The thing is, why is it that China is trying to get the West Philippines from us? Because there is oil in the West Philippine Sea.” He recalls that several years ago there was some attempt to explore for oil resources.

The lawmaker continued, “we have oil, basically that is the natural gas in Malampaya...Our country could then become the next Dubai.”

He urged the country’s billionaires to band together and look for energy resources. “Why don’t they come together as one and invest?”

Likewise, he also cited further exploration of the Liguasan Marsh which is a large swamp and marsh area in south-central Mindanao and spans approximately 2,200 square kilometers across the provinces of Cotabato, Maguindanao del Norte, Maguindanao del Norte and Maguindanao del Sur and Sultan Kudarat.

Although about 300 square kilometers of the marsh is designated as a game refuge and bird sanctuary, it has long been speculated to contain possible natural gas resources.

The country, he said, could also focus on manufacturing, as well as the mining and tourism sector.

The Philippines, he laments, is becoming a welfare state, regularly depending on handouts from the government.

The Manila representative intends to file at least 10 bills following the quad comm hearings. Among the bills he intends to file are the complete ban on all forms of gambling, including electronic gambling. He noted unfortunately that in the past, allowing other forms of gambling has just led to creative retooling such as what was done to the illegal jueteng which eventually became known as small town lottery.