QUEZON CITY, Philippines — An Anti-Money Laundering Council (AMLC) financial investigator testified before the Sandiganbayan on Thursday, November 12, stating that no funds from flood control contractors, the Department of Public Works and Highways (DPWH), or former Ako Bicol Party-list Representative Zaldy Co were traced to the bank accounts of former House Speaker and incumbent Leyte 1st District Representative Martin Romualdez.
During the hearing before the Sandiganbayan Third Division, AMLC investigator Atty. Jan Mark Busa confirmed that investigators found no evidence linking ₱560.5 million in inflows across Romualdez’s accounts to unlawful activities or questionable flood control projects.
When defense lawyer Atty. Rashel Ann Pomoy asked whether the examined transactions were disproportionate to Romualdez’s known financial capacity, Busa replied:
“Based on the reports, no, ma’am.”
Examination of Accounts
Busa stated that the AMLC reviewed 35 bank accounts and 1,951 financial transactions spanning from 2003 to 2025. He noted that substantial financial activity predated Romualdez’s political career, pointing out that transactions totaled ₱3.4 billion between 2003 and 2007, compared to ₱4.509 billion from 2022 to 2025 during his tenure as House Speaker.
Busa also agreed that the earlier figures were not adjusted for inflation.
The investigator noted that the ₱560.5-million figure is significantly lower than the ₱55 billion to ₱57 billion in alleged cash deliveries cited in the Ombudsman’s complaint, and far below the ₱7.4 billion in ill-gotten wealth central to the plunder case.
When asked about the vast difference between these figures, Busa agreed:
“There’s still a huge disparity.”
Furthermore, Busa confirmed that the AMLC found no direct money transfers from Romualdez to Golden Pheasant, OMLAW, Samchan, or Atty. Jose Paras. He clarified that allegations identifying Paras and Golden Pheasant as dummies for Romualdez stemmed from the Ombudsman’s complaint-affidavit rather than independent AMLC findings.
Regarding the acquisition of the 30 Tamarind property, Busa testified that manager’s checks originated from Samchan and OMLAW rather than Romualdez’s personal accounts, with Romualdez absent from the documented transaction chain.
Impact on Legal Proceedings
The testimony could potentially bolster Romualdez’s petition for bail by weakening the prosecution’s financial links between the accused and proceeds from alleged flood control anomalies. Under Philippine law, the prosecution must present strong evidence of guilt to deny bail in plunder trials.
However, the AMLC’s findings do not automatically settle the case, as the Sandiganbayan must still evaluate the entirety of the prosecution’s evidence, including allegations of cash deliveries that may have bypassed the examined banking channels.