Philippine president’s cousin accused of misappropriating about $900 million

Former Philippine House Speaker Martín Romualdez, a cousin and former political ally of President Ferdinand Marcos Jr., has been accused of helping misappropriate about $900 million from flood-control projects.

The Ombudsman filed a plunder complaint against Romualdez before the Philippine anti-corruption court. He remains free and continues to serve as a member of Congress. The complaint also names former representative Zaldy Co, who was arrested in Prague in April after Philippine authorities declared him a fugitive.

The two men allegedly carried out “concerted and coordinated acts” to accumulate about 56 billion Philippine pesos, or roughly $893 million, between 2022 and 2025. Romualdez led the House during that period, while Co chaired the Budget Committee and oversaw funding allocations for public works.

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Painful but necessary.

The allegations form part of a corruption scandal involving so-called ghost flood-control projects. The Philippine government says those projects caused losses to public funds of at least 1.771 billion euros. The scandal has triggered repeated protests across the archipelago and further strained an already turbulent political environment.

Romualdez was once one of Marcos Jr.’s closest political allies. The president distanced himself from him in September 2025, when the corruption scandal erupted. In late July, Marcos said Romualdez had been implicated in investigations and that legal action was being prepared, calling the move “painful but necessary.” The political fallout has also intersected with tensions between Marcos Jr. and Vice President Sara Duterte, who faces a Senate trial over alleged threats against the president and corruption.

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Concerted and coordinated acts.