The Philippines’ House Quad Committee (Quadcom) plans to summon several banks, the Anti-Money Laundering Council (AMLC), and the Philippine Anti-Organized Crime Commission (PAOCC) to its upcoming hearing.
The objective is to investigate the substantial movement of funds associated with individuals or companies under scrutiny related to Philippine Offshore Gaming Operators (POGOs).
This announcement was made on Monday by Quadcom co-chairman Bienvenido “Benny” Abante during a meeting with the Monday Circle at the Westin Hotel Manila. According to Philstar, while Abante publicly called for the AMLC and the banks to participate in the hearing, he noted that some banks are aware of his intentions and are reportedly asking the Bankers Association of the Philippines (BAP) to oppose this “invitation” under the guise of bank secrecy laws.
Rep. Abante emphasized the necessity of summoning banks and the AMLC to address the suspicious fund movements of those being investigated. He highlighted the significant amounts of POGO-related funds that have been said to stimulate the local economy, claiming that Chinese money is “flowing like crazy,” with approximately PHP8 billion ($138 million) identified so far.
He believes the AMLC and the banks should clarify their roles in managing these suspicious transactions, particularly since some individuals have been able to swiftly transfer their funds right after congressional inquiries.
Market analysts have observed unusual stock market activity in recent weeks, following a prolonged bearish period. This could indicate attempts to funnel departing POGO funds and legally cash out stock market gains, especially as the Marcos government is determined to terminate all legal POGO operations by December.
However, Rep. Abante pointed out that there were only 43 legal POGOs before the ban order, despite estimates suggesting nearly 400 POGOs are clandestinely operating across the country, often in provinces and gated communities. He specifically mentioned Alabang, where residents have protested against the influx of Chinese tenants accompanied by bodyguards.