A self-serving narrative
The video revelations presented over the weekend by former Ako Bicol party list Rep. Zaldy Co might have gained more traction among those who believe that corruption starts at the top, had he not declared that he gained nothing from the anomalous transactions behind the subpar flood control projects.
Co, who chaired the House appropriations committee starting 2022 until he resigned in January 2025 “for health reasons,” claimed in a video that then Speaker Martin Romualdez and President Marcos ordered P100 billion worth of insertions during the bicameral conference on the 2025 budget. He further claimed that the President got 25 percent of the insertions, amounting to P25 billion, as kickback.
“No money went to me. All the [budget] insertions went to the President and to [former] Speaker Martin Romualdez,” Co said, after showing photos of suitcases allegedly containing the kickbacks for the top officials.
Very grave accusations, indeed. But his claim of not having benefited from the insertions flies in the face of his P4.7 billion air assets, including luxury planes, that he had preemptively flown abroad before they could be frozen by the Anti-Money Laundering Council.
Surprise witness
Navotas City Rep. Toby Tiangco meanwhile claimed that Co’s party list received billions in budget allocations: P2.23 billion for Ako Bicol, P2.06 billion for barangay health workers which was represented by his niece, former Rep. Natasha Co, and P13 billion under Co himself. Co’s family-owned Sunwest Inc. and its joint ventures were also awarded P86.1 billion in government infrastructure contracts from 2016 to 2025, according to the Department of Public Works and Highways data as of Aug. 30, 2025.
Co also confirmed an earlier Senate testimony by his former security consultant Orly Guteza about delivering suitcases of money to Malacañang and to Romualdez’s Forbes Park home. The claim was promptly denied by the former Speaker who said that house was unoccupied as it was being renovated.
Recall that Guteza, the surprise witness presented by Sen. Rodante Marcoleta in the Senate hearing on flood control projects, had his claims torpedoed by the notary public who denied having signed his affidavit, saying her signature had been forged. Senate blue ribbon committee chair Sen. Panfilo Lacson meanwhile questioned the witness’ credentials, while the Philippine Marines denied it was protecting the witness who had identified himself as its member. Guteza had suddenly disappeared after his Senate testimony.
No probative value
Several political actors and analysts have also poked holes in Co’s video revelation, with Malacañang describing it as “hearsay,” as Co quoted several public officials but did not hear the budget insertion orders from Mr. Marcos himself.
Palace spokesperson Claire Castro meanwhile questioned Co’s timeline, citing the dates shown on the suitcases of cash allegedly delivered to the President and Romualdez before the November 2024 start of the bicameral conference on the budget.
“So how could [Co’s] people allegedly deliver the suitcases in January, May, June, August, and October 2024 if the bicam conference for budget 2025 had not yet started?” Castro pointed out, adding “Let us not forget, President Marcos Jr. himself exposed all these flood control anomalies.”
Lacson also dismissed Co’s allegations as “just a story” with no probative value since they were not made under oath. He questioned as well why the President would insert P100 billion in the bicam committee level “when he could already do that [earlier] in the National Expenditure Program? Second, why would he veto it?”
Damning evidence
The biggest question however is if Co would come home at all. The former lawmaker went on medical leave in July, shortly before the President disclosed massive corruption in flood control projects during his State of the Nation Address. Co has since resigned from Congress after ignoring calls for him to come home from new Speaker Faustino Dy III, who then revoked his travel clearance. Co has cited death threats for his continuing refusal to come home, notwithstanding offers of protection from the Ombudsman itself.
That raises further questions on the probity and veracity of Co’s video claims. After all, it’s easy to hurl accusations from the safety of one’s lair abroad without presenting proof beyond mere video shots of a line of suitcases. Without taking an oath and personally answering questions before the Independent Commission for Infrastructure to defend his claims, Co’s revelation becomes just a self-serving narrative to extricate himself from damning evidence of his active complicity in government corruption.
For its part, Malacañang should present documents detailing the budget process and timeline to disprove Co’s grievous allegations. Then maybe we can sit back and watch Co’s bombshell revelations explode in his face.
