Sen. Pangilinan questions LandBank over P457M cash release

Senator Francis "Kiko" Pangilinan has questioned the Land Bank of the Philippines' Malolos branch for releasing P457 million in cash to contractor Syms Construction Trading within two days.

This transaction is linked to alleged kickbacks from a flood control project contractor to a sacked Department of Public Works and Highways (DPWH) assistant district engineer, Brice Hernandez.

Pangilinan questioned LandBank Malolos Highway head Ma. Lilibeth Lim on why the P457-million cash withdrawal was not flagged as suspicious, especially since large cash transactions should be reported to the Anti-Money Laundering Council.

Contractor Sally Santos admitted to withdrawing the money and stated she usually informs the bank of such large withdrawals in advance.

Pangilinan raised concerns about the use of cash over traceable methods like checks or manager's checks, suggesting the banking system might be complicit in corruption.

The senator believes the bank should have flagged the transaction and required a manager's check instead of releasing it in cash.