PBBM: More assets to be frozen to retrieve public funds

By Ruth Abbey Gita-Carlos, Philippine News Agency

President Ferdinand R. Marcos Jr. (Bongbong Marcos/facebook)

MANILA – President Ferdinand R. Marcos Jr. on Wednesday said more assets will be frozen as part of ongoing efforts to retrieve public funds linked to alleged irregularities in flood control projects.

In a video message, Marcos announced that the Anti-Money Laundering Council (AMLC) has secured two more freeze orders covering a total of around PHP12 billion in assets.

The freeze orders cover the air assets of former Ako Bicol Rep. Zaldy Co valued at about PHP4 billion, 3,566 bank accounts, 198 insurance policies, 247 motor vehicles, 178 real properties, and 16 e-wallet accounts.

As investigations and freeze orders continue, Marcos reaffirmed his administration’s commitment to transparency, implementing stronger measures against corruption and misuse of public funds.

“Umpisa lang po ito (This is just the start),” Marcos said.

“Mas marami pong asset ay mafo-frozen para maibalik ang pera ng tao sa kanila. Ito po ay ang aming pangako (More assets will be frozen so that the people’s money can be returned to them. This is our promise) –that the money of the people will be given back to the people,” he added.

In a separate statement, the AMLC said the ongoing efforts to freeze the assets of individuals linked to the flood control scandal are focused on ensuring accountability and safeguarding public funds.

The AMLC also vowed to continue tracing and freezing ill-gotten assets tied to government projects, with the ultimate goal of reimbursing the citizens.