Flood control asset recovered may exceed P5 billion
MANILA, Philippines — The Anti-Money Laundering Council (AMLC) is tracking at least P5 billion worth of assets linked to the alleged flood control corruption scheme, the Independent Commission for Infrastructure (ICI) said, adding that the amount is likely to grow as the probe widens.
ICI Executive Director Brian Hosaka said on Thursday, October 16, that the P5 billion figure, spread across more than 2,800 bank and financial accounts, is a “moving target” as investigators continue to trace and freeze additional assets.
“Of course, what we’ve been hearing so far is that P5 billion is not comparable to what we’ve heard so far,” Hosaka said. “Probably, as we go along, it’s going to be bigger.”
Breakdown of frozen assets. According to the latest AMLC report, P4.67 billion in assets have been frozen so far. These include 1,671 bank accounts, 163 vehicles, 99 real properties, 58 insurance policies and 12 e-wallet accounts.
Hosaka said the Bureau of Customs plans to auction off 13 luxury cars seized from contractors Sarah and Curlee Discaya at their Pasig City residence due to “incomplete documentation.”
Two additional luxury vehicles voluntarily surrendered by dismissed Bulacan assistant engineer Brice Hernandez are under verification by the ICI.
Restitution. Under Article 104 of the Revised Penal Code, restitution is a form of civil liability requiring offenders to return assets or benefits gained through illegal acts to restore the situation to what it was before the offense occurred.
Hosaka, a former Supreme Court spokesperson, explained that the government can pursue forfeiture of ill-gotten assets independently of criminal proceedings.
“These are administrative and civil remedies; it will not go through the more thorough process of judicial proceedings,” he said.
The ICI and AMLC have been coordinating asset recovery efforts with other agencies, including the Department of Justice and Office of the Ombudsman, as part of the broader crackdown on corruption in infrastructure projects. — Based on a report by The STAR
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