The Manila Times
(UPDATE) MANILA, Philippines — The Court of Appeals has ordered a 20-day freeze on a luxury property at a posh subdivision in Makati City and dozens of bank accounts linked to former speaker Martin Romualdez and a businessman in connection with an expanding probe into alleged corruption tied to public infrastructure spending. In an order dated April 22, the appellate court said there was probable cause to believe the assets were related to unlawful activities, including possible violations of the Republic Act 9160. The freeze prohibits any withdrawal, transfer, or movement of the identified funds and properties while the case undergoes further review. Central to the order is a 3,196-square-meter estate on Tamarind Road in South Forbes Park, Makati, acquired in 2023 for ₱1.665 billion by Golden Pheasant Holdings Corp., a company wholly owned by Jose Raulito Enoy Paras. The property had previously been owned by shipping executive Doris Magsaysay-Ho. The freeze order also covers 35 bank accounts linked to Romualdez across major financial institutions, some jointly held with family members. Paras, for his part, is associated with 38 accounts in several banks, along with assets under his holding firm, including deposits and seven high-end condominium units in Bonifacio Global City. The court said a summary hearing would be conducted before the 20-day period lapses to determine whether the freeze order should be extended or lifted. The action stemmed from findings by the Anti-Money Laundering Council (AMLC), which initiated a financial investigation following a complaint filed by the Office of the Ombudsman. The complaint accuses Romualdez and others of plunder, bribery, and graft in connection with an alleged ₱56-billion kickback scheme tied to flood control projects. Testimonies cited in the court order were drawn from hearings of the Senate Blue Ribbon Committee, where witnesses claimed that cash-filled suitcases were delivered to residences associated with Romualdez and former lawmaker Elizaldy Co, who has reportedly gone into hiding. Other accounts pointed to intermediaries allegedly tasked with handling funds linked to public works contracts. Earlier on Saturday, Ombudsman Jesus Crispin Remulla disclosed the CA freeze order in a radio interview. In a press briefing last April 21, 2026, Remulla said the Office of the Ombudsman endorsed a complaint to the AMLC and was waiting for it to seek a freeze order on the former speaker.
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