It’s hard not to feel that we’re uncovering a network that was deliberately constructed to be opaqueIt’s hard not to feel that we’re uncovering a network that was deliberately constructed to be opaque

[Inside the Newsroom] Connecting the dots on Romualdez’s expensive properties

2026/01/26 13:00
4 min read

Investigating properties linked to former House speaker Martin Romualdez reminded me of a line from the graphic novel V for Vendetta by Alan Moore, in which the titular character says, “There is no coincidence, only the illusion of coincidence.”

The dramatic flair of the line is funny, yes, but the more I worked on this project, the more I realized how eerily true it felt. Each lead, paper trail, and corporate entity seemed to connect in ways that weren’t random. By the end of it, I had formed a map that told a story most people don’t see on the surface.

Hi! I’m Jodesz Gavilan, the lead editorial researcher of Rappler. I’ve spent the past months navigating the complexity of property ownership inside and outside the Philippines. The result of this is a series of exclusive reports on multi-million mansions linked to Romualdez, first cousin of the Philippine president. 

It started with a straightforward tip: there was a multimillion-peso property supposedly tied to Romualdez. However, our team’s research led us from one property to another, and then another. We found that many were registered under companies with names that sounded ordinary but, once you traced their records, pointed back to Romualdez’s circle. 

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Where – and how much – are the properties linked to Martin Romualdez?

It’s tempting to call these findings a coincidence. In October 2025, Rappler published my first story about Romualdez transferring a property in Massachusetts worth $2.24 million (P130.5 million) to a newly created company headed by a business associate-slash-fraternity brother. Some people said this was just a normal transaction.

I have since confirmed two more properties in Spain and in Makati (this one, with reporter Lian Buan), and discovered at least three more possible ones. I see a pattern emerging, and it feels like uncovering a network that was deliberately constructed to be opaque.

The mansion in Sotogrande, Spain, for instance, appeared under a corporate entity. The so-called owner on paper was a company that few would recognize, yet the paper trail eventually led to Romualdez. It has the same elements: a business associate and a fraternity brother buying the property. Again, supporters of the former House speaker said that these links did not mean anything.

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Multi-million-euro Spain property links to Romualdez

This made me reflect on how much investigative work also relies on intuition. You follow a lead not just because it exists on paper, but because something about it feels off, or too neat, or oddly consistent. That’s where the quote about coincidence resonates again. In journalism, especially investigative journalism, things rarely line up by accident. Patterns emerge, and it’s our job to trace them with care and precision.

At this point, however, our role as journalists is clear. We have laid out the documents, traced the links, and shown how these properties are connected. These findings are now for the institutions with the power to act on. The ball is firmly in their court. We hope to see a serious effort at accountability in relation to Romualdez.

I am particularly concerned about the persistent rumors that the Independent Commission for Infrastructure may soon cease to exist. For a body that still has little to show in terms of high-level accountability, its possible quiet dissolution raises more questions than answers. 

During the January 19 Senate blue ribbon committee hearing, lawmakers appeared to gloss over the discovery of a Forbes Park property that Romualdez allegedly bought, and which was renovated by controversial government contractor Curlee Discaya. Two witnesses came to testify despite the risks. 

All this underscore a familiar frustration in investigative journalism, which is the gap between what is proven on paper and what is acknowledged in power. (Committee chair Senator Ping Lacson later released a statement, saying this Forbes property could be the focus of the next hearing.)

If institutions meant to investigate corruption disappear without ever seriously testing the evidence placed before them, what does that say about the state of accountability?

I hope that investigating bodies will prove more incisive, more willing to ask uncomfortable questions, and more prepared to follow the evidence wherever it leads. Because, if there truly is no such thing as coincidence, then ignoring these patterns is a choice. Accountability, too, becomes a choice.Still, we promise to continue seeking patterns and to uncover what those in power might want to keep hidden. Help us by supporting Rappler. – Rappler.com

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