However, there are a lot of speculation of what caused the blast explosion as well as who might be behind the incident.
- Right after the blast explosion, it was reported that the blast explosion may have been caused by a Gas Leak from a restaurant - Luk Yuen. The said restaurant is said to have a history of gas leak. However, the authorities have inspected the said restaurant and observed that the restaurant seems to be untouched.
- Senator Trillanes have accused National Defense Secretary Noberto Gonzales and AFP Chief Esperon to be behind the Glorietta blast explosion. According to Senator Trillanes, it's Operation Green Base all over again.
- Recent investigation reported that the basement of Glorietta 2 is a power supply storage, where generators, air conditioned units, empty drums, diesel tank that contains 4,000 liters and septic tank are stored. It's possible that methane gas in the septic tank release by pozo negro could have triggered the explosion. Plus, the explosion blasted upward and no trace of high explosive materials are found. However, Ayala Land Spokeperson Alfie Reyes are quick to respond that it's too early to blame them for the incident.
- A militant group leader, Sheik Oman claimed responsibility for the bombing. In exchange, he demanded that captive Ahmed Santos be immediately released. However, an ex-member of the group said that the voice who sent the message are quite different from his spiritual adviser. He also added that it's impossible for Sheik Oman to demand the release of Ahmed Santos since the two are not in good terms. More, the group has disbanded since the capture of their leader, Ahmed Santos.
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