Senate Grills LandBank Over ₱457M Cash Withdrawal by SYMS Construction Owner

Sally Santos, the owner of SYMS Construction Trading, confirmed during a Senate Blue Ribbon Committee hearing on Thursday, September 26, that she was able to withdraw ₱457 million in cash from the Malolos branch of LandBank within two days. The funds, linked to alleged ghost flood control projects, have become central to the widening corruption probe involving the Department of Public Works and Highways (DPWH).

Senator Kiko Pangilinan questioned Santos about the large-scale cash transactions. When asked, she directly admitted, “May withdrawal po akong P457 (million). Cash po, nirequest ko po.”

When Pangilinan pressed her on how such a large withdrawal was possible, Santos answered, “Sa LandBank naman po ’yun.”

LandBank Malolos Branch Head Questioned

Pangilinan then called LandBank Malolos Highway Branch Head Ma. Lilibeth Lim, who was present in the audience, to clarify the matter. Santos explained that she usually sought Lim’s approval for large withdrawals and that the funds were not always released immediately. “Nagpapaalam naman po ako, na may withdrawal akong ganun. Di naman po ’yun agad-agad ibibigay. May mga araw na sasabihin, kinukuha pa raw nila sa iba (branch),” she said.

Santos further noted that her withdrawals varied in size, ranging from ₱500,000 to ₱200 million at a time.

Red Flags and Covered Transactions

Pangilinan asked Lim why a withdrawal of nearly half a billion pesos did not raise alarms or trigger stricter oversight. Lim explained that LandBank’s system automatically reports transactions exceeding ₱500,000 as covered transactions under existing banking regulations. “Once the transaction is more than ₱500,000, it will be automatically captured by the system and be reported as a covered transaction report,” she stated.

When questioned further about customer due diligence, Lim said the bank performs standard Know Your Customer (KYC) checks during account opening. Pangilinan, however, was not satisfied and asked Santos if she was willing to waive her rights under the Bank Secrecy Law. Santos agreed, and Lim signed the waiver during the hearing.

Ledger Records and Delivery of Funds

Committee Chairman Senator Ping Lacson revealed that Senate investigators had obtained ledgers showing that Santos withdrew ₱457 million twice, first on March 24, 2025, and again on July 3, 2025. According to Santos, the funds were turned over to dismissed Bulacan district engineer Brice Hernandez. Additional withdrawals of ₱180 million, ₱141 million, ₱299 million, and ₱65 million, all in cash, were also recorded.

Pangilinan expressed concern that such massive transactions were not conducted via check, which would have provided a clear paper trail. “Bakit walang patakaran ang bangko na, ‘Teka nga muna’? Kasi kapag tseke, may paper trail. Kaya cash?” he asked, pointing out that LandBank is a government bank and should have been aware that these were government funds.

Lim Explains Fund Transfer Process

Lim provided a detailed explanation of how funds reached Santos’s account. She said the money originated from the Department of Budget and Management (DBM) through a notice of cash allocation, which was funneled through the DPWH Central Office and the DPWH South Harbor Office. From there, funds were directed to the DPWH Bulacan 1st Engineering District Office, which issued the advice of checks issued and canceled (ACIC).

She explained that funds could not be withdrawn within 24 hours due to Bureau of Treasury inspections. Afterward, a List of Due and Demandable Accounts Payable–Advice to Debit Account (LDDAP-ADA) was sent to LandBank, allowing the bank to process payments to contractors. Lim noted that Santos’s account may have received funds from multiple LDDAP-ADAs.

Despite this explanation, Pangilinan stressed that the issue was not the source of the funds but the bank’s willingness to release ₱457 million in cash so quickly. Lim responded, “Hindi po kasi ako magtataka or mag-iisip ng negative since the funding is coming from the government and the DPWH. Knowing it’s for the projects, di po talaga ako nagtaka.”

Legal and AMLC Involvement

Pangilinan rejected the reasoning, saying that it is “common sense” that large transactions are processed by check, not cash. LandBank Legal Officer Rafael Yap added that reports of suspicious or covered transactions are confidential under the Anti-Money Laundering Council (AMLC) rules and cannot be disclosed publicly.

The DPWH earlier announced that it had requested the AMLC to freeze around ₱500 million worth of luxury vehicles belonging to 26 contractors and employees allegedly tied to anomalous projects. AMLC Executive Director Matthew David confirmed that the Court of Appeals issued freeze orders covering 135 bank accounts and 25 insurance policies linked to individuals implicated in the controversy.