Banking

Impeachment trial, fintech summit split PH financial sector conversation

The day's conversation was split between the impeachment trial of VP Sara Duterte, where LandBank managers testified about 'unusual' cash withdrawals, and the ASEAN Tech Summit, where digital payment innovations were launched. The trial dominated public engagement, while the summit signaled positive industry developments.

By the MMI Banking Desk

The financial sector conversation on July 29, 2026, ran on two separate tracks that rarely intersected. One was the [impeachment trial of Vice President Sara Duterte](https://media-meter.com/report-library/philippines-reels-from-compound-disasters-as-impeachment-trial-territorial-claim "Philippines reels from compound disasters as impeachment trial territorial claim"), where former LandBank branch managers described large cash withdrawals from the Office of the Vice President (OVP) and the Department of Education (DepEd) as "unusual" — a word that dominated headlines and social media. The other was the ASEAN Tech Summit Manila 2026, where the Bangko Sentral ng Pilipinas (BSP) and industry players launched new digital payment services and discussed cross-border fintech collaboration. The trial drew the heavier public response by far, but the summit carried the more consequential news for the sector's long-term direction.

The [impeachment testimony](https://media-meter.com/report-library/impeachment-trial-dominates-airwaves-as-energy-health-crises-compete-for-attenti "Impeachment trial dominates airwaves as energy health crises compete for attenti") came from two retired LandBank managers. Violeta Constantino, former manager of the Shaw Boulevard branch, told the Senate impeachment court that the OVP made four cash withdrawals of P125 million each between December 2022 and July 2023 — a total of P500 million — and that representatives used three to four large gym bags to carry the cash away. She said the transactions were "unusual" compared with those of other government agencies. Nenita Camposano, former manager of the LandBank DepEd branch, testified that the DepEd, then headed by Duterte, encashed three checks of P37.5 million each, totaling P112.5 million, which she also described as the largest transaction she had seen in her 34-year career. Both witnesses stressed that the transactions were not considered suspicious or illegal under banking rules — a distinction that became central to the day's narrative.

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