Ombudsman files P7.4B plunder case vs Romualdez, Co, 2 others over flood control controversy

September 7, 2026

By ABOGADO.COM.PH Staff

The Office of the Ombudsman on Monday filed a plunder charge against Leyte Rep. and former Speaker Martin Romualdez, former lawmaker Elizaldy Co, and two others in relation to the flood control corruption controversy.

Romualdez and Co were accused of receiving “commissions, shares, percentages, kickbacks, or commitments” totaling P7.4 billion on 15 separate occasions from contractors, persons, and entities with interest in flood control, infrastructure and/or other government projects.

The private defendants were Joselyn Serenio, identified as Romualdez’s close personal aide, and businessman Felicito Cristobal Guevarra, identified as the president of Samchan Foreign Exchange Corporation, a foreign exchange and remittance company.

Graft investigators alleged that the P7.4 billion was “traced and laundered through various shell companies or dummy corporations or conduits,” including Golden Pheasant Holdings Corp., Braavos Holdings OPC Inc. and Valiant Consolidated Resources Inc.

Romualdez and Co were earlier accused of masterminding a scheme to manipulate the budget and collect kickbacks from flood control projects.

Co had served as chair of the Committee on Appropriations when Romualdez, the President’s cousin, served as Speaker.

Romualdez earlier denied receiving kickbacks and submitted affidavits from Co’s employees saying that there was no cash delivered to him.

Ombudsman files P7.4B plunder case vs Romualdez, Co, 2 others over flood control controversy

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