Maynard Ngu resigns from property firm amid flood control controversy

Tech magnate Maynard Ngu, the businessman being inked to the flood control scandal, has resigned as an independent director of a Gokongwei-led property venture.

In a disclosure to the Philippine Stock Exchange, Altus Property Ventures Inc. (APVI) that it “has duly accepted the resignation of Mr. Maynard S. Ngu as an independent member of the Board of Directors of APVI effective September 29, 2025."

The property firm said Ngu’s resignation from its Board was “due to personal reasons.”

Ngu’s departure from APVI came days after former Department of Public Works and Highways (DPWH) Undersecretary Roberto Bernardo alleged that he funneled through Ngu 20%, or P160 million, of about P800 million of inserted projects for Valenzuela and Marinduque in the General Appropriations Act. 

The P160 million, Bernardo said, was "meant for Senator Francis 'Chiz' Escudero."

READ: Who is Maynard Ngu, the special envoy linked to the flood control scandal?

Bernardo described Ngu as his "close friend" and said that he personally delivered cash to the latter's office in Manila.

Escudero has denied the allegations and said that he would sue Bernardo for what he described as "malicious allegations and innuendos" made against him. 

"By his own admission, he never had any contact with me directly regarding this matter—and I will prove that he is lying about my alleged involvement," the former Senate president said. 

Ngu is also the chief executive officer of Cosmic Technologies, which is the company behind popular local cellphone brands Cherry Mobile.

In 2023, Ngu was appointed by President Ferdinand "Bongbong" Marcos Jr. as his special envoy to China for trade, investments, and tourism.

Meanwhile, APVI is a subsidiary of JG Summit, which owns and operates the North Wing of Robinsons Place Ilocos mall located at San Nicolas, Ilocos Norte. The company also serves as a vehicle for possible future real estate ventures and opportunities. —VAL, GMA Integrated News