Jonathan So and Carlito Macadangdang Respond to Allegations of Fake Flood Control Projects
JONATHAN SO AND CARLITO MACADANGDANG – The two businessmen have denied any involvement in the alleged ghost flood control projects after reports revealed that the Anti-Money Laundering Council (AMLC) secured a court order to freeze their bank accounts and real estate assets.
The freeze order covers their bank accounts, e-wallets, insurance policies, credit cards, stock accounts, and properties. According to the court, there were reasonable grounds to believe that some of their financial activities may be connected to illegal actions and possible money laundering. Authorities said they reviewed a large amount of records and found evidence suggesting that some transactions could be linked to the misuse of government funds.
In response, the two businessmen released public statements addressing their community, partners, and supporters. They said they were aware of the news and understood the concerns it caused. They explained that their company was built through nearly 20 years of hard work, sacrifice, and dedication. According to them, their business started small and grew step by step through effort, long hours, and faith. They said nothing was handed to them easily, which is why it is painful for them to be linked to accusations that they believe do not reflect who they are or what their company stands for.
They firmly denied any connection to the alleged ghost flood control projects. They stressed that the claims do not reflect their mission, their work, or the people they have helped over the years. While they said they respect the authorities and the investigation, they also emphasized that every Filipino deserves fairness and the chance to present their side. They stated that they are ready to face the issue in the proper legal setting and are confident that the truth will eventually come out.
Based on the AMLC investigation, Macadangdang was flagged for making hundreds of large transactions worth billions of pesos in 2023, while So was reported to have handled even larger amounts over the past 20 years. Authorities said the size and pattern of these transactions were difficult to explain based solely on their known businesses.
The AMLC also claimed that the two may have shifted from food and health product franchising to projects linked to flood control work in Bulacan. Some former officials reportedly named So as a person connected to certain contractors involved in these projects.