Marcos Benguet lawmaker Yap's company bagged P18B in shady flood control projects

Title Shady Flood Control Deals P18 Billion Linked to Benguet Lawmaker's Company, Says Marcos

As professionals in the financial world, it's essential to stay informed about the latest developments and scandals that shape our industry. One recent case that caught my attention is the alleged anomalous flood control projects linked to Silverwolves Construction Corp., a company owned by Benguet Rep. Eric Yap.

According to President Ferdinand Marcos Jr.'s video message, assets and properties of Silverwolves were among those ordered frozen by the Court of Appeals (CA) as part of efforts to recover misused public funds originally intended for flood mitigation measures. The total amount involved? A staggering P18 billion!

Here's a breakdown of the alleged corruption

Over P16 billion was tied to deals entered into by Silverwolves and the Department of Public Works and Highways (DPWH) for unfinished flood control projects in La Union.
A total of 280 bank accounts, 22 insurance policies, three securities accounts, and eight aircraft (including airplanes and helicopters connected to Sky Yard Aviation) were frozen as part of the investigation.
The freeze order covers personal accounts and assets of individuals implicated in the investigation, including congressmen Eric Yap and Edvic Yap.

What's even more concerning is that this is not an isolated incident. In a separate case, former Ako Bicol Party-list representative Zaldy Co was found to have misused funds, with around P12 billion of his assets frozen by the Anti-Money Laundering Council (AMLC). This includes air assets valued at around P4 billion and 3,566 bank accounts.

As professionals in the financial world, we understand the importance of transparency and accountability. It's crucial that authorities take concrete steps to address these types of corruption scandals and recover misused funds. As President Marcos Jr. emphasized, We need these freeze orders so that the properties cannot be sold and so that we can return to our countrymen every peso that is suspected of being stolen.

For financial professionals and enthusiasts alike, this case serves as a reminder of the importance of vigilant monitoring and reporting of suspicious activities. By staying informed and working together, we can help create a more transparent and trustworthy financial landscape.

Key Takeaways

P18 billion linked to alleged anomalous flood control projects
Silverwolves Construction Corp.'s assets frozen by the Court of Appeals (CA)
Investigation implicates congressmen Eric Yap and Edvic Yap
Separate case involving former Ako Bicol Party-list representative Zaldy Co's misused funds

What Does This Mean for Financial Professionals in 2025?

This scandal serves as a reminder of the importance of transparency and accountability in the financial world. As professionals, it's crucial that we stay informed about these types of cases and work together to create a more trustworthy environment. In 2025, this means

Continuing to monitor suspicious activities and report any irregularities
Advocating for increased transparency and accountability in the financial sector
Staying informed about regulatory changes and developments

By doing so, we can help ensure that the financial world remains a secure and reliable platform for investors and traders alike.

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Edward Lance Arellano Lorilla

CEO / Co-Founder

Enjoy the little things in life. For one day, you may look back and realize they were the big things. Many of life's failures are people who did not realize how close they were to success when they gave up.