AMLC freezes Bonoan assets over laundering probe

The Anti-Money Laundering Council (AMLC) has ordered the freezing of assets linked to former Public Works chief Manuel Bonoan amid a money laundering investigation tied to suspicious financial transactions flagged in 2025.

Approved by the Court of Appeals, the freeze order covers five bank accounts, insurance policies, and a vehicle, following the discovery of unusual fund movements days before President Ferdinand Marcos Jr.’s State of the Nation Address last year.

A series of transactions was traced, including the purchase of a manager’s check in June 2025 that was later deposited into another bank account, alongside multiple trust fund activities involving large cash contributions and withdrawals in both pesos and US dollars. Earlier records also showed a P5.25-million encashment in December 2023 linked to a loan settlement.

The financial probe comes as Bonoan acknowledged irregularities in public infrastructure spending, particularly alleged “ghost” flood control projects in Bulacan worth billions of pesos.

“In all honesty, I think so. Yes. As mentioned in my statements there are district offices that try to continue the validation. Let me just point out that many of these projects I have mentioned, some of the projects implemented in 2021 -2022,” Bonoan said during a Senate hearing.

Lawmakers, including Jinggoy Estrada, cited reports of non-existent projects in Calumpit, Malolos, and Hagonoy, which were supposedly undertaken by a private contractor.

Bonoan said the projects are still under validation, adding that witnesses may come forward to confirm the findings. “There are people who can testify. There are projects that we are extensively validating,” he said.