Romualdez Quits Amid Flood Project Graft Probe; Palace Vows Unfettered Investigation

Luxury aircraft allegedly owned by Leyte’s 1^st District Representative Martin Romualdez

Romualdez Quits Amid Flood Project Graft Probe; Palace Vows Unfettered Investigation

By Bing Jabadan – TheNationWeek.Com | September 17, 2025

MANILA, Philippines – Martin Romualdez has resigned as Speaker of the House of Representatives following mounting allegations of corruption related to fraudulent flood control projects.

Despite his departure, Malacañang has assured the public that the investigation into the alleged graft will proceed without interference, even as scrutiny intensifies on Romualdez and his associates’ opulent lifestyles.

The Independent Commission for Infrastructure is leading the probe into the flood control projects suspected of being “ghost projects” that siphoned off public funds.

The allegations have implicated Romualdez, cousin of President Ferdinand Marcos Jr., and other lawmakers.

“Regardless of his resignation, if there is substantial evidence against him, the investigation will proceed,” a Palace spokesperson stated, emphasizing the importance of Romualdez presenting any evidence that could aid in his defense.

The President had previously affirmed that the investigation would be thorough, with no exceptions made for relatives or political allies.

Luxury Jets Under Scrutiny

As millions of Filipinos continue to grapple with the devastating effects of flooding, the investigation has expanded to include the luxury aircraft allegedly owned by Romualdez and Rep. Zaldy Co, a prominent contractor.

Reports suggest that Romualdez’s acquisition of two Gulfstream private jets – a pre-owned G150 valued at approximately $8 million and a G550 worth up to $35 million (around ₱2.6 billion) – has drawn the attention of investigators.

These aircraft were allegedly purchased from billionaire Lucio Tan and are reportedly stored in his hangar.

Contractor Moving Assets Overseas?

Adding to the intrigue, Co, whose construction companies have secured billions in flood control contracts, is reportedly attempting to move his fleet of luxury jets and helicopters abroad in anticipation of a crackdown.

Documents obtained by TheNationWeek.Com indicate that Co’s Misibis Aviation & Development Corp. has begun the process of deregistering its Gulfstream G350, valued at $36 million.

A letter dated Aug. 18 to the Civil Aviation Authority of the Philippines, signed by Misibis Aviation’s chief pilot, requested a “major modification of the export certificate of airworthiness and deregistration of the certificate of registration” for the G350.

According to ch-aviation, Misibis Aviation acquired the G350 (RP-C8575) around June 2024.

The 18-year-old jet, which has been operated by various companies, remains active, flying within the Philippines, Southeast Asia, and Europe.

Images of five additional private jets and five luxury Bell helicopters owned by Misibis Aviation, often used to transport guests to Co’s Misibis resort in Albay, have also surfaced.

Billions in Contracts, Persistent Poverty

Co and his family founded Sunwest Inc. in 1997 and Hi-Tone Construction and Development in 2007.

These companies are among the largest contractors in the Philippines, having secured ₱15.7 billion in flood control contracts from 2022 to 2025.

Their project portfolio includes nine flood control initiatives totaling ₱700 million, as reported by the Philippine Center for Investigative Journalism.

Despite the massive investment in flood control projects, Leyte province remains one of the poorest areas in the country.

Critics point to the stark contrast between the lavish lifestyles of officials like Romualdez and Co and the dire poverty endured by many Filipinos, raising serious questions about corruption and accountability.

The ongoing investigation is seen as a crucial test of the Marcos administration’s commitment to tackling corruption and ensuring that public funds are used for their intended purposes.