Senator Sherwin Gatchalian has filed Senate Resolution 1193, calling for an investigation into banks’ possible involvement in the establishment of Philippine Offshore Gaming Operators (POGO) in the country.
The resolution directs the appropriate Senate committee to look into the failure of banks to promptly block suspicious POGO-related transactions, which have been linked to criminal activities.
The investigation comes after revelations of hundreds of millions in questionable bank transactions involving companies owned by Guo Hua Ping, also known as dismissed Bamban Mayor Alice Guo.
These transactions are suspected to have funded the construction of a POGO hub in Bamban, Tarlac.
Gatchalian expressed suspicion over the timing of the large transactions, which occurred in 2020 at the height of the pandemic, a period when many businesses were struggling globally.
Despite the massive amounts involved, the banks did not flag these transactions.
The investigation will also examine the existing regulations and guidelines under the Anti-Money Laundering and counter-terrorism financing laws governing banks and financial institutions.