MANILA, Philippines – Former House speaker Martin Romualdez’s Prime Media is undergoing a leadership shakeup as it announced the resignation of its chairman and chief executive officer Manolito Manalo.

In a disclosure to the Philippine Stock Exchange on Tuesday, January 27, Prime Media said Manalo resigned “due to health reasons and other professional commitment(s).”

Prime Media said it will begin the selection process to identify and select a new chairman and CEO.

Manalo’s resignation comes after a law firm where he serves as managing partner – Ocampo, Manalo, Valdez, and Lim — was cited during the Senate blue ribbon committee hearing on flood control corruption on January 19.

According to eyewitnesses Joy and Marie, their boss forwarded them a notice to vacate the property at 30 Tamarind St. in South Forbes Park from the Ocampo, Manalo, Valdez, and Lim law firm. They were given until January 31 to remove their boss’ belongings from the property.

The Forbes Park property was purchased by Golden Pheasant Holdings, which is owned by Romualdez’s fraternity brother Jose Raulito Paras. Romualdez, Paras, and Manalo are frat brothers at Upsilon Sigma Phi.

Paras also appears in documents of other firms linked to the former House speaker’s properties abroad.

Carlos Ocampo, another founding member of the law firm, is a board member of the joint venture between Prime Media and ABS-CBN Corporation that runs DZMM. – Rappler.com