Former Ako Bicol party-list Representative Elizaldy "Zaldy" Co has broken months of silence from his undisclosed location abroad, releasing two videos that directly implicate President Ferdinand Marcos Jr. and former House Speaker Martin Romualdez in alleged corruption involving the 2025 national budget.

In his first video released on November 17, 2025, Co alleged that PBBM personally ordered him to insert P100 billion worth of projects into the 2025 General Appropriations Act (GAA). The former House Appropriations Committee chairman claimed he received this directive through Budget Secretary Amenah Pangandaman during the 2024 bicameral conference committee.

Co said Pangandaman called him to relay the President's instructions in the presence of Usec. Adrian Bersamin. According to Co, when he immediately reported this to Romualdez, the former Speaker's response was direct:

"Whatever the President wants, (the President) gets."

Zaldy Co provided specific details, stating that Bersamin told him that the list of projects came directly from the President in a "brown leather bag." Co shared what he alleged was the actual list of insertions, including a P5.4 billion allocation for the Office of the President earmarked for the 2026 ASEAN Summit.

In the first video, Co revealed he had been ordered by Romualdez, supposedly on behalf of Marcos, to stay abroad and remain silent. He left the Philippines on July 19, 2025, ostensibly for medical treatment, and was told not to return after the State of the Nation Address (SONA). 

“Noon naniniwala pa ako sa kanila, kaya’t hindi ako bumalik. Tumikom ang aking bibig. Sumunod ako,” 

(“I believed them. That's why I didn't return. I shut my mouth. I followed instructions,") Co said, explaining his months-long absence as investigations into flood control corruption intensified.)

His second video, released on November 16, 2025, contained additional allegations. Co claimed President Marcos received P25 billion in kickbacks from the P100 billion budget insertions - exactly 25% as "standard operating procedure."

Co stated that he personally delivered suitcases full of cash to the residences of both Marcos and Romualdez. 

“Ako lang at ang aking mga tao. Sila Paul Estrada, Mark Tecsay, at ang aking mga security ang nag deliver papunta sa bahay nila Pangulong BongBong Marcos at Speaker Martin Romualdez sa North Forbes Park, South Forbes Park, hanggang sa Malacañang,”

(“It was just me and my staff — Paul Estrada, Mark Tecsay and my security guards who delivered to the houses of President Bongbong Marcos and Speaker Martin Romualdez in North Forbes Park, South Forbes Park up to Malacañang,”) Co stated. 

Co also confirmed the testimony of his former security aide Orly Guteza, who had previously told a Senate panel about delivering luggage filled with money to Forbes Park and Malacañang. Co's video included photos of what he claimed were the actual suitcases used for these deliveries.

The former lawmaker insisted he received nothing from these transactions. 

"All the insertions went to our President and Speaker Martin Romualdez," he claimed, attempting to position himself as merely a facilitator rather than a beneficiary.

These revelations come amid ongoing investigations into corruption in flood control projects. Co himself faces allegations of receiving kickbacks from infrastructure projects, with many reportedly involving substandard materials or existing only on paper. 

Complaints against him have been filed with the Office of the Ombudsman, and formal charges are expected.

President Marcos had previously disclosed that just 15 out of 2,000 private contractors captured a large chunk of flood control projects, including several allegedly owned by Co and his family. 

The President had launched a high-profile campaign to expose unfinished, substandard, and "ghost" projects worth billions of pesos.

Malacañang immediately dismissed Co's allegations as "pure hearsay," with Palace officials challenging him to return to the Philippines and make his claims under oath. 

Acting Presidential Communications Office Secretary Dave Gomez called for Co to "come back to the country and sign everything he said under oath with the proper judicial authorities."

Former Speaker Romualdez rejected the allegations, stating:

‍"My conscience remains clear. Throughout this inquiry, no public official, contractor or witness has pointed to any wrongdoing on my part."

Senate President Pro Tempore Panfilo Lacson emphasized that Co's social media posts carry no legal weight as evidence since they weren't made under oath.

He noted that while some projects Co mentioned do exist in the 2025 budget, there are glaring inconsistencies in the timeline of alleged kickback deliveries.

The Independent Commission for Infrastructure announced it is "carefully reviewing" Co's statements as part of its ongoing investigation into infrastructure anomalies.

Co's motivations for releasing these videos remain subject to analysis. Some observers suggest he may be seeking leverage in his own legal proceedings, while others note the timing coincided with scheduled anti-corruption rallies.

What remains evident is that Co's allegations, if substantiated, would indicate corruption at the highest levels of government. 

The former congressman concluded his first video expressing concern for his safety, stating he hoped he "would not be killed before being able to release everything" about what occurred "behind the curtain." 

“Sana po ay hindi nila ako mapatay, bago ko mailabas ang lahat.”

As investigations continue and calls increase for Co to formalize his allegations through proper legal channels, the political landscape of the Philippines faces another corruption scandal that could have significant implications for the Marcos administration and the country's governance.

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