[Rappler Investigates] The many layers of Martin Romualdez

I’m back after a brief hiatus and it’s midway through January 2026 already. What got me and other editors and Rappler managers preoccupied in December and early January were strategic plans for the new year, including surviving the onslaught of artificial intelligence and big tech on the media. 

If we are to remain relevant and true to our calling of public service, there’s little choice but to be possessed by a lot of moxie and grit to conjure up lists of investigative stories and other uniques that should create ripples of change. Rappler — our website, in particular — turned 14 years old on January 1, 2026, still echoing what we first articulated as our raison d’etre back in 2012: to change the world “one ripple at a time.” 

The tail end of 2025 was a truly rough ride for most of us who saw, exposed, recorded, or documented brazen, ugly corruption. As promised in my last newsletter in 2025, we will continue to inflict discomfort on those who truly deserve it. Who could they be? 

Those who steal from the public coffers and shamelessly flaunt their wealth as if it were legitimately theirs, those who conceal their greed and hide beneath or behind layers of legal protection, those who wield and abuse power like they were modern-day authoritarian rulers (reminiscent of the saying, “Ang utos ng hari ay hindi mababali,” which literally translates to: “The king’s command can never be broken.”)

Researcher-writer Jodesz Gavilan, for sure, is inflicting discomfort on several people through her two-part series on former speaker Martin Romualdez and his property transactions which were just recently brought to our attention. Part 1 about a multi-million-euro Soto Grande property in Spain is here, while Part 2 which tackles connections to a shady Malaysian businessman can be read here.

Before these stories, Jodesz also discovered another Romualdez property, this time in Massachusetts, that was transferred in April 2025 for a mere $1 to a corporation named AMMY INC. Why would you do such a thing — is a legitimate question to ask. 

While perfectly legal, the effect of a quitclaim transaction is this: any institution that tries to secure the property that had been transferred to a corporation practically for free “can no longer claim the property or any profits from its sale.” Could the intent have been to mask the property’s real ownership? 

Romualdez said the transaction was all part of “property management” and that it had always been declared in his SALN (Statement of Assets, Liabilities, and Net Worth) — which unfortunately, has never been made public. So how are we to know if we can’t confirm the claim?

Of course we are aware that Romualdez is wealthy, to begin with. We mapped his companies before and even traced his mining interests. Why, as a young 25-year-old, he was able to purchase the Massachusetts property in 1988 for about P13.7 million. You sure wish you could afford something like that in your twenties.

What’s common in the two property transactions thus far, and which attract attention? Apparent attempts to distance them from Romualdez himself through the use of corporations and other entities or individuals. Persons he chooses to trust are not family members alone, but also lawyers who are fraternity brothers from Upsilon Sigma Phi at the University of the Philippines. Jodesz spoke with one lawyer who has investigated international financial crimes and who made mention of “straw persons” or fronts that obscure true beneficial owners or anyone with an intent to hide something.

Lian Buan, who has reported extensively on corruption in flood control projects, explains what’s called “corporate layering,” which ultimately protects an owner or owners from consequences of possible wrongdoing. It is the corporation instead that is made liable. 

According to Lian, in the Romualdez property transactions which have effectively put him at arm’s length, the questions to pursue would be whether or not he is the beneficial owner of the estates, or whether these are declared in his SALNs.

The reports on flood control corruption have unexpectedly brought about positive effects — a Pulse Asia December 2025 survey showed trust in the media rising by 3 percentage points compared to a few months back in September last year. Patrick Cruz reported that 54% have “big trust” in the media in dealing with flood control corruption compared to the President’s 30%.

Rappler’s investigative reports, aided by tips from the public culled through crowdsourcing efforts, raised awareness about corruption that, in turn, ignited government response. It is through joint efforts like these that we can bring about change, one ripple at a time.

Till Thursday after next!

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– Rappler.com

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