August 17, 2009

How Martin became a banker

SOME people continue to wonder how Leyte Rep. Ferdinand Martin G. Romualdez could afford to treat the presidentita and her party of some 30-odd people at Le Cirque, one of the most expensive restaurants in New York. (Although his staff maintains it was his brother Daniel who did so. On the other hand, I've been told it is Martin who is the "galante" bet. the two.)

Remember that Rep. Romualdez' father is former Amb. Kokoy Romualdez, younger brother of former First Lady Imelda Romualdez Marcos, and a beneficiary of some largesse from her family's good old days in Malacañang esp. via the Meralco Foundation, among others. It is through the family's supposed ownership of shares in the old PCIBank that allowed Martin, a lawyer, to eventually become chairman, then vice-chairman of Equitable-PCIB (merger of PCIB w/ Equitable Bank). (Btw, those PCIB shares that were sequestered by the PCGG from the Romualdez family (via ownership of Trans Middle East Equities) were also being claimed by the Lopez family.)

Curiously, graft cases vs. the elder Romualdez have been dismissed, the latest of w/c was just in May, 2009, while the PCGG has entered into compromise agreements with him re: his firms. Also, Martin has yet to be charged for unilaterally w/drawing some P138 million in cash from PCIB back in 2005, at the time he was chair of the bank. Can you guys think of better reasons why Martin and his family are such ardent supporters of the presidentita and have a need to constantly butter her up?

Meanwhile, here are the statements of assets and liabilities of Rep. Romualdez for 2008 and 2007, as gathered by the GMA News TV research team. To his credit, at least he bothers to detail his stock investments unlike his big boss in Malacañang.

SAL 2008
Rep. Martin Romualdez's SAL 2008

SAL 2007

Rep. Martin Romualdez's SAL 2007

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