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Alexis Romero - The Philippine Star
February 10, 2026 | 12:00am
MANILA, Philippines — Malacañang cited the need to promptly investigate alleged anomalies and freeze assets linked to corruption after the Bangko Sentral ng Pilipinas (BSP) admitted that the country faces the risk of returning to the Financial Action Task Force (FATF) “gray list” due to corruption issues.
The Philippines was removed from the list of countries under increased monitoring last year because of its efforts to strengthen measures designed to combat money laundering and terrorism financing.
The policy reforms allowed the Philippines to deliver on the commitments in its action plan addressing the deficiencies enumerated in June 2021 when it was placed on the gray list.
However, BSP Governor Eli Remolona said last week that the Philippines is at risk of going back to the gray list because of recent corruption controversies involving multibillion-peso flood control scams.
“The freezing of assets is also important. The assets of whoever is involved in corruption should be frozen. That’s why the investigating bodies are not the only ones who should act swiftly. Even the AMLC (Anti-Money
Laundering Council) can conduct a motu proprio (on its own initiative) investigation if they see the need to freeze assets and then file a petition before the Court of Appeals,” Presidential Communications Undersecretary Claire Castro said at a press briefing yesterday.
“We know that we have been removed from the gray list of the FATF. That’s why the President ordered an investigation, and the efforts to hold those who are involved accountable continue to ensure that the country is cleansed of corruption,” she added.
Castro noted that lawmakers have the authority to strengthen the laws against money laundering if they see inadequacies in existing policies.
Asked whether the President believes that the failure to secure convictions could weaken the Philippines’ standing with FATF assessors, Castro said it is too early to talk about the matter.
“We have just started, and cases have been filed. The ombudsman and the DOJ (Department of Justice) continue to investigate. I think the country, under the leadership of President Marcos Jr., is sincere and the administration is serious in fighting corruption,” the Palace press officer said.
Deferred
As authorities tighten measures against corruption, the Sandiganbayan has reset to Feb. 16 the arraignment of former senator Ramon Revilla Jr. and former Department of Public Works and Highways (DPWH) Bulacan finance section chief Juanito Mendoza in the malversation case linked to the project.
The deferment followed motions for reconsideration and for the inhibition of Associate Justice Karl Miranda.
Revilla and Mendoza were supposed to be arraigned on Feb. 9 before the Sandiganbayan’s Third Division for the non-bailable offense of malversation of public funds through falsification of public documents.
Their co-accused – DPWH engineers Brice Hernandez, Jaypee Mendoza, Arjay Domasig, Emelita Capistrano Juat and cashier Christina Mae del Rosario Pineda – entered not-guilty pleas.
Ombudsman prosecutors allege that the respondents conspired to facilitate the release of approximately P76 million for the project, which was never implemented.
Revilla’s camp argued the allegations do not meet the elements of malversation, as he was not an accountable officer for the public funds involved.
In a separate graft case, the Sandiganbayan entered a not-guilty plea for Revilla after he refused to enter a plea, with co-accused Domasig and Mendoza entering not-guilty pleas.
The court has scheduled the preliminary conference on Feb. 13 and pre-trial on Feb. 19.
Up for resolution
The crackdown on alleged corruption linked to flood control projects continues beyond the cases involving Revilla, as the DOJ moves to resolve complaints against other high-profile figures.
Government prosecutors are expected to soon release their decision on three complaints filed against Sen. Joel Villanueva in connection with the flood control scandal, DOJ spokesman Polo Martinez said.
Villanueva is a respondent in three of six cases involving projects handled by contractors including Wawao Builders.
“All these six cases are now submitted for resolution,” Martinez said, explaining that the upcoming rulings will determine whether there is enough evidence to file charges before the Sandiganbayan or a local court, which could then issue arrest warrants. – Daphne Galvez, Janvic Mateo, Neil Jayson Servallos
