Bank managers testified before the Philippine Senate impeachment court on Wednesday that the Office of the Vice-President (OVP) and related departments executed hundreds of millions of pesos in cash withdrawals that they described as unusual.
The testimony marks a significant escalation in the trial of Vice-President Sara Duterte-Carpio, introducing new allegations regarding the handling of public funds.
The revelation adds to the mounting political instability in the Philippines, which has already seen the Senate grant prosecutors access to key financial records in the case.
For investors, the development underscores the growing unpredictability of the country's political landscape, potentially weighing on risk sentiment for Philippine assets.
The impeachment proceedings have intensified in recent weeks, with the Senate allowing deeper scrutiny of the OVP's financial activities.
The testimony from bank officials suggests that the pattern of withdrawals deviated from standard operational norms, raising questions about the purpose and authorization of the transactions.