Philippines freezes two lawmakers’ assets as graft probe widens

MANILA – The Philippines has frozen the assets of two lawmakers allegedly tied to a widening graft scandal, President Ferdinand Marcos Jr said, adding to thousands of bank accounts and hundreds of other assets already immobilised as the state moves to recover public money.

Mr Marcos, in a video posted on his Facebook account on Dec 9, said the freeze order issued by the Court of Appeals covers the assets of Congressman Eric Yap and his brother Edvic Yap, also a lawmaker, as well as two contractors.

Mr Eric Yap and Mr Edvic Yap did not immediately respond to requests for comment.

Mr Eric Yap has denied any involvement in alleged kickbacks from the government’s flood mitigation projects.

Among the latest assets frozen

were 280 bank accounts, 22 insurance policies, three securities accounts and eight aircraft. 

“We need these freeze orders so that these assets can’t be sold and that every peso that’s allegedly stolen can be returned to the public,” Mr Marcos said.

He did not give details about the assets.

The South-east Asian nation has been freezing assets of individuals and companies linked to a months-long

graft scandal involving projects meant to manage flooding

in one of the world’s most typhoon-hit countries.

So far, the government has frozen 13 billion pesos (S$285 million) worth of assets, including 4,679 bank accounts, 283 insurance policies, 255 motor vehicles, 178 real estate properties, 16 e-wallet accounts and three securities accounts. BLOOMBERG