The total also includes less than P500 million each in 394 seized insurance accounts and 229 repossessed motor vehicles.
SKY Yard Aviation Corporation linked to ACT-CIS Partylist Representative Edvic Yap (left) and his brother Benguet Representative Eric Yap are among the assets frozen as a result of probes on the flood control projects corruption scandal.
Photograph courtesy of edvic and eric yap/facebook
The Anti-Money Laundering Council (AMLC) said it has so far frozen P22.869 billion worth of assets belonging to individuals or entities implicated in, or allegedly connected to, the “Floodgate” corruption scandal.
According to reports, the amount reflects 15 freeze orders, covering approximately P14 billion in 6,692 bank accounts, P4.8 billion in aircraft and aviation-related assets, P2.1 billion in real estate properties, and P902.1 million in miscellaneous investments.
The total also includes less than P500 million each in 394 seized insurance accounts and 229 repossessed motor vehicles.
15 freeze orders
The AMLC said the 15 freeze orders issued by the state’s financial intelligence unit cover a total of 724 individuals and 537 entities, including construction firms.
It added that forfeiture proceedings may be initiated after six months to facilitate the return of the frozen assets to the government.
No explicit identification
Issuances posted on the AMLC’s website do not explicitly identify the individuals or entities covered by the freeze orders.
However, its most recent issuance dated 19 December 2025 stated that the orders involved the “assets of major contractors and a member of the House of Representatives linked to flood control irregularities.”
The issuance coincided with President Ferdinand R. Marcos Jr.’s announcement on 9 December that the Court of Appeals (CA) had ordered the freezing of bank accounts, properties, and aviation assets of contractors and two lawmakers tied to anomalous flood control projects.
The President identified Silverwolves Construction Corporationand Sky Yard Aviation Corporation as among the firms covered, both of which have been linked to Benguet Representative Eric Yap.
Marcos said more than P16 billion worth of transactions entered Silverwolves’ accounts from 2022 to 2025, many of which were allegedly connected to flood control projects of the Department of Public Works and Highways (DPWH).
Sky Yard Aviation
He added that the CA ordered the freezing of 280 bank accounts, 22 insurance policies, three securities accounts, and eight aircraft assets, including planes and a helicopter linked to Sky Yard Aviation.
The 9 December CA order also covered the personal accounts and assets of individuals under investigation, including Rep. Yap and his brother, ACT-CIS Party-list Representative Edvic Yap.
Separately, the AMLC earlier issued two additional freeze orders on 26 November against the assets of “an incumbent high-ranking official from an independent constitutional body and a former elected government official” allegedly linked to the flood control scandal. These were later confirmed to belong to fugitive former Congressman Zaldy Co.
