Associate of Martin Romualdez purchases house in Forbes Park for P1.67 billion

A luxurious house located in the esteemed Forbes Park neighborhood in Makati was acquired for a staggering amount totaling P1.67 billion in the year 2023 by Golden Pheasant Holdings Corporation. This acquisition was disclosed in the company’s financial statement submitted to the Securities and Exchange Commission (SEC) for the same year, indicating an extensive property measuring 3,196 square meters located at 30 Tamarind Road in South Forbes Park.

The President and nearly 100% shareholder of Golden Pheasant is identified as lawyer Jose Raulito Paras, according to documents submitted to the SEC in October of 2025. Paras, a senior partner at Padernal & Paras law firm, is notably a fraternity brother of Martin Romualdez in Upsilon Sigma Phi. Moreover, Paras previously held positions in various companies owned by Romualdez, such as Media Serbisyo Production Corporation and Benguet Corporation, stepping down from the latter in 2023 due to personal obligations.

Upon Romualdez’s resignation as House speaker amidst allegations of corruption, media interest in his possessions including opulent properties in Spain and the USA intensified. Notably, Paras is also affiliated with a firm that procured a extravagant estate in the upscale Sotogrande resort community in Spain. Ahead of a senate inquiry, Senator Ping Lacson associated Romualdez with a property purchase facilitated by a dubious contractor, a claim promptly refuted by Romualdez.

Examination of SEC filings reveals a pattern of newly established companies linked to Romualdez acquiring high-end real estate shortly after their inception. Such occurrences have been identified in the acquisitions of the Sotogrande mansion and a property in Massachusetts. Paras, along with other intermediaries affiliated with Romualdez, play pivotal roles in overseeing these transactions, similar to the situation with Golden Pheasant. Furthermore, shared addresses and company ownership connections between Braavos Holdings OPC and Cecil Property PTE LTD hint at intricate relationships in these ventures.

A parallel scenario unfolded in the United States, where Ammy Inc. received property from Romualdez shortly after its registration as a foreign corporation in Massachusetts. The transfer of a valued asset to Ammy Inc. for a nominal fee emphasizes the complex network of individuals involved, with Andrew Casiño, another Upsilon counterpart, steering the corporation. Allegations of correlations extend to Casiño’s engagement with Benguet Corporation, adding another layer of intertwining associations within Romualdez’s circle.

Additionally, Golden Pheasant expanded its portfolio by acquiring additional properties in the BGC condominium, further solidifying its presence in the real estate market. The company’s assets escalated in value, showcasing a strategic progression in their investment ventures.

The meticulous examination of these transactions sheds light on the intricate web of partnerships, acquisitions, and affiliations surrounding Romualdez’s business dealings, underscoring a convoluted network of individuals and entities operating within his sphere of influence.