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SCMP’s Asia desk

Martin Romualdez, a cousin of Philippine President Ferdinand Marcos Jnr, accumulated so much wealth over the past three years that he had to convert it into mansions and shares to avoid scrutiny, the Office of the Ombudsman alleged on Tuesday – a day after filing a plunder case against the former House speaker.
The Ombudsman filed the case on Monday against Romualdez, former House appropriations committee chairman Zaldy Co and two others, accusing them of accepting at least 7.44 billion pesos (US$118 million) in commissions, shares, kickbacks, “commitments” and other financial benefits.
Prosecutors said the money was funnelled from contractors and other individuals with interests in government-funded projects, including flood-control and infrastructure works, between 2022 and 2025, the Philippine Star reported.
The country’s anti-corruption court, known as the Sandiganbayan, found probable cause and issued arrest warrants the same day, with no bail recommended.
Romualdez was arrested that evening at Cardinal Santos Medical Centre in San Juan City, where he was already being treated for what Interior Secretary Jonvic Remulla described as a “cardiovascular event”, unstable blood pressure and an anxiety attack, the Philippine Daily Inquirer reported.

‘He could no longer hide’
Romualdez’s true wealth over the three-year period reportedly ran far higher than the amount with which he was formally charged – between 56 billion and 57 billion pesos, Assistant Ombudsman Mico Clavano told ABS-CBN on Tuesday.
The former House speaker had converted much of this into assets “because he could no longer hide the money”, Clavano alleged.
“He bought so many mansions and acquired so much in shareholdings – all just to avoid keeping the cash on hand,” he said. “He needed to immediately convert his money into actual assets, yet we never saw these reflected in his [financial declarations].”
The Ombudsman’s own charge sheet separately alleges Romualdez and Co engaged in “concerted and coordinated acts” to amass roughly 56 billion pesos in ill-gotten wealth over the same period.
Court filings say the money was “specifically traced and laundered” through shell and dummy corporations.
The Ombudsman’s office alleges aides of Co made at least 15 cash deliveries – of around 2 billion pesos a month – to properties “owned by, occupied by, or associated with Romualdez” between September 2022 to 2025, and that nearly 5 billion pesos went towards setting up dummy companies used to buy property and other assets, including houses in the upmarket Forbes Park gated community.


No special treatment
Remulla said Romualdez would be transferred to New Quezon City Jail, where other suspects in the flood-control corruption scandal are being held, once he received medical clearance.
“We will check every day until he is well enough to be presented to the court,” Remulla said. “We assure you, he cannot hide behind his wealth. No matter how rich he is, he cannot pay the law to allow him to stay in a place of this calibre.”
Romualdez’s lawyers have separately asked the court to let him remain in hospital, citing a documented history of cardiac problems, diabetes and hypothyroidism.
Plunder is a non-bailable offence in the Philippines carrying a maximum sentence of life imprisonment, along with the forfeiture of any wealth found to be ill-gotten.


Romualdez has denied wrongdoing. His lawyer, Ade Fajardo, said in a statement that his client “will face the allegations against him in accordance with law”.
“We recognise the public interest surrounding this case. But ultimately, criminal liability must be determined by the evidence presented in court, under the rules and safeguards of our justice system,” Fajardo said.
“Representative Romualdez asks for no special treatment. He asks only for the same due process and fair hearing guaranteed to every Filipino.”
Malacanang Palace said it respected the Ombudsman’s decision to press charges against the president’s cousin.
“For the president, whoever is accountable should be held to account,” presidential press officer Claire Castro said at a briefing on Monday.
“Whether it is a relative, an ally or an opponent in politics, whatever the evidence reveals should be disclosed.”
Romualdez stepped down as House speaker last year after contractors alleged he and other lawmakers had received kickbacks from public works projects.


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Philippine President Ferdinand Marcos Jnr (left) and then House speaker Martin Romualdez in July 2025. Romualdez resigned in September 2025 after his name surfaced in a mounting corruption scandal. Photo: AFP

Philippine President Ferdinand Marcos Jnr delivers an address as Senate leader Francis Escudero (left) and House Speaker Martin Romualdez (right) applaud at the House of Representatives in Quezon City in July 2024. Photo: AP

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Ex-House speaker Martin Romualdez is accused of buying mansions and shares in an attempt to hide ill-gotten gains


Ex-House speaker Martin Romualdez is accused of buying mansions and shares in an attempt to hide ill-gotten gains.


Martin Romualdez

Ferdinand Marcos Jnr

Claire Castro

Jonvic Remulla

Philippine ex-speaker stashed billions of pesos ‘he could no longer hide’: prosecutors

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Ex-House speaker Martin Romualdez is accused of buying mansions and shares in an attempt to hide ill-gotten gains

Ex-House speaker Martin Romualdez is accused of buying mansions and shares in an attempt to hide ill-gotten gains