TECH magnate Maynard Ngu has stepped down as an independent director of Altus Property Ventures Inc. (APVI), a Gokongwei-led property firm, following his reported link to a flood control fund controversy.
In a disclosure to the Philippine Stock Exchange, APVI announced that it accepted Ngu’s resignation effective September 29, 2025, citing “personal reasons.”
Ngu’s exit came days after former Department of Public Works and Highways (DPWH) Undersecretary Roberto Bernardo alleged that P160 million—20% of some P800 million worth of flood control projects in Valenzuela and Marinduque—was funneled through Ngu and intended for Senator Francis “Chiz” Escudero.
Bernardo, who described Ngu as a close friend, claimed he personally delivered the cash to Ngu’s Manila office.
Escudero has denied the accusations, branding them “malicious allegations and innuendos,” and vowed to file charges against Bernardo.
Ngu, chief executive of Cosmic Technologies—the company behind Cherry Mobile—was appointed by President Ferdinand “Bongbong” Marcos Jr. in 2023 as special envoy to China for trade, investments, and tourism.
APVI, a subsidiary of JG Summit, manages the North Wing of Robinsons Place Ilocos Mall in San Nicolas, Ilocos Norte, and serves as a vehicle for future real estate ventures.