$447M alleged laundered money entered PH in 5 months
MANILA, Philippines — A total of around $447 million (P22.69 billion) suspected to have been used in an alleged money laundering scheme linked to the Philippine offshore gaming operators (POGOs) entered the country in the course of only five months.
Senator Richard Gordon disclosed this when he delivered a privilege speech Tuesday afternoon, as he presented a list of transaction details of millions of dollars coming into the Philippines from Hong Kong and Singapore.
Gordon, who will conduct a Senate inquiry into the rise of Chinese money entering the country, said $447 million (P22.69 billion) were brought in by 47 individuals — some of whom are Filipinos — from September 2019 to February 2020.
The senator noted that nearly half of this figure — $210 million (P10.6 billion) — was brought in by Chinese nationals.
He also presented several pictures which showed that some of this money was carried in suitcases.
Screengrab from video presented by Sen. Richard Gordon during his privilege speech on Tuesday (Mar. 3). Courtesy of Sen. Gordon’s office
“Andami-daming pumapasok na pera. One guy has come in with 47 times na pumapasok sa atin. You can see the various amounts coming in,” he said.
“Tuloy-tuloy kunwari investment. And the classic thing about it is that they are matino. Pumapasok nang ligal. Dinideklara na sila’y nagpapasok ng milyung-milyon na dolyar,” he added.
Gordon then pointed out that this amount is already substantial enough to pay off a portion of the country’s debt.
He noted that the Philippines’ external debt by creditor country as of the end of September 2019 amounts to $82.67 billion, broken down as follows:
Australia – $596 million
Canada – $ 474 million
British Virgin Island – $205 million
Luzembourg – $133 million
“Now, how much is $447 million? Kung babayaran natin ang utang natin sa IMF (International Monetary Fund) or ‘dun sa ibang lugar, aabot ho yan, kayang bayaran ang utang natin,” Gordon said.
