OVP’s P500M cash withdrawals ‘unusual’

A RETIRED Land Bank of the Philippines (Landbank) branch manager told the Senate impeachment court Wednesday, July 29, 2026, that the Office of the Vice President’s (OVP) four P125 million cash withdrawals were unlike transactions she handled for other government agencies.

Violeta Constantino, former manager of the Landbank Shaw Blvd. branch, testified after the defense admitted that four authentic Landbank checks worth a combined P500 million were encashed by former OVP special disbursing officer Gina Acosta.

“No, sir. This is unusual,” Constantino said in a mix of Tagalog and English, when Sen. Erwin Tulfo asked whether she had seen another government agency withdraw that much cash.

Constantino said she personally supervised the four transactions between December 2022 and July 2023.

Electronic payments

Constantino said government agencies that banked with the branch had largely shifted to electronic transactions.

“So far, they have all shifted to the online system. Transactions are usually made through ATM payroll, so they no longer make withdrawals that large,” she said.

She also said no government agency is exempt from the bank’s procedures for large cash withdrawals.

The OVP notified the branch in advance, allowing it to request the cash from its cash center because P125 million exceeded the branch’s normal cash and vault limits.

“Because prior advice had been given, it went through the bank’s process,” she said.

Largest cash withdrawal

Constantino said the P125 million withdrawal was the largest cash transaction she encountered during her 32-year career at Landbank.

She told Sen. Risa Hontiveros the transaction stood out because the money was released entirely in cash instead of by check.

“It was unusual because the funds were withdrawn in cash. Other government agencies usually issue checks for disbursements rather than withdraw cash,” she said.

Asked when a withdrawal would generally be considered unusual, Constantino replied: “Let’s say if it is already over P500,000.”

She later clarified that whether a transaction is unusual depends on a client’s banking history but acknowledged the OVP withdrawal was the first cash transaction of that size handled by the Shaw Blvd. branch.

“If it is the first time we encounter an amount that large, it is unusual,” she said.

Cash left in gym bags

Constantino testified that each P125 million withdrawal was packed into about four gym bags and wheeled out of the branch on a trolley without an armored vehicle.

“Around four bags,” she said when Sen. Raffy Tulfo asked how the cash was transported.

She said the branch did not arrange armored transport because it had no memorandum of agreement covering cash delivery services and the OVP did not request one.

“Unusual doesn’t mean illegal”

Sen. Alan Peter Cayetano noted that an unusual banking transaction is not automatically unlawful if required documents are complete and representatives are authorized.

“Just because it’s unusual, it doesn’t mean it’s illegal,” Cayetano said.

Constantino agreed there was nothing illegal about the encashment because authorized OVP personnel claimed the money after giving one to two days’ advance notice.

She also testified that the bank did not ask how the OVP planned to use the cash despite the amount involved.

“Our personal thought at the bank was, ‘What would this cash be used for?’ But we did not ask because prior advice had been given,” she said.

Constantino said she did not know the withdrawals involved confidential or intelligence funds.

She added that the OVP’s Modified Disbursement System account had been transferred to the Shaw Blvd. branch after the office relocated in 2022.

The Senate impeachment court is expected to hear more witnesses and evidence on the OVP’s handling of confidential funds, including the circumstances surrounding the cash withdrawals and their subsequent use. / PNA