Philippines – A retired Land Bank of the Philippines branch manager has told senators that a P125-million cash encashment linked to the Office of the Vice President was something she had never seen in more than three decades of banking work.
According to testimony given during Wednesday’s Senate impeachment trial, former LBP branch manager Violeta Constantino described the transaction as highly unusual. She was questioned by Sen. Risa Hontiveros about the huge withdrawal tied to the office of Vice President Sara Duterte.
Why the Transaction Raised Eyebrows
Constantino explained that what surprised her most was not only the size of the amount but the fact that it was taken out entirely in physical cash. Government agencies and large institutional clients, she said, almost always move money through checks, not stacks of bills.
“Usually po kasi kaya naging unusual para sa akin kasi cash po siyang nakuha,” she told the Senate. She added that other agencies issue checks for their disbursements rather than pulling out cash.
Hontiveros pressed the point, noting that Constantino spent 32 years in banking without ever handling a comparable cash withdrawal. When asked if such a sum in cash was a “once in a lifetime” event, Constantino replied, “Depende po. Pwede.”
The Numbers Behind the Case
The encashment was carried out by former Special Disbursing Officer Gina Acosta. Records shared during the hearing showed this was not a one-time event.
Here is what came out during the testimony:
- The OVP made four separate encashments, each worth P125 million
- The withdrawals took place between December 2022 and July 2023
- All four were processed as cash, not checks
- The branch had never handled a cash transaction of that scale before
Hontiveros summed up the two red flags: the sheer size of the P125-million amount, and the choice to take it in cash instead of through checks.
What the Defense Has Admitted
The defense side has confirmed that the four LandBank checks were genuine. They were payable to Acosta, who encashed them in her role as OVP special disbursing officer.
For Filipinos working abroad who follow how public funds are handled back home, the testimony adds a fresh layer to the ongoing trial. Constantino’s account gives a rare, ground-level look at how these transactions moved through the bank, and why they stood out to the very people who processed them.