Former Ako Bicol Representative Zaldy Co has ignited a political firestorm, accusing President Ferdinand “Bongbong” Marcos Jr., former Speaker Martin Romualdez, and several Cabinet officials of orchestrating ₱100 billion worth of alleged budget insertions.
Co’s revelations came through a video released to reporters—a video he also posted on his verified X account. And in that nearly trembling voice, he detailed a story he said had weighed on him for months.
“It started with a phone call…”
Co said everything began when Budget Secretary Amenah Pangandaman called him at the start of the 2024 bicameral budget process.
According to him, Pangandaman told him she had just stepped out of a meeting with the President, and that she was instructed to “insert ₱100 billion worth of projects” into the national budget through the bicam.
She even told him, he said, that the information could be confirmed with Undersecretary Adrian Bersamin—because he was in the room with the President that day.
Co said he called Bersamin immediately, and the answer was clear: Yes, the instruction came from the President.
He then rang up Romualdez to inform him of the supposed directive.
According to Co, Romualdez simply replied:
“What the President wants, he gets.”
Malacañang Fires Back: “Pure hearsay.”
Hours later, the Palace delivered a firm dismissal.
Presidential Communications Office Secretary Dave Gomez called Co’s allegations baseless, wild, and purely hearsay. He stressed that the President has actually been the one exposing anomalies—especially the flood control scandals—making it clear that the administration is actively pursuing accountability.
Gomez challenged Co to return to the Philippines and swear everything under oath.
As of posting, Romualdez and Pangandaman have not issued their comments.
The Brown Leather Bag
Co then recounted a meeting at the Aguado building in Malacañang where Pangandaman, Bersamin, Romualdez, and Justice Undersecretary Jojo Cadiz were present.
There, he said, Bersamin handed him a list worth ₱100 billion—taken straight from a “brown leather bag.”
For Co, the mention of that bag struck a memory so sharply that he struggled to keep composure.
He remembered a trip to Singapore in 2022, right after the elections. He said PBBM refused to leave the brown leather bag behind—even when told they needed to move quickly.
That moment, he said, convinced him everything was real.
“Kaya naniwala ako.”
From ₱100 Billion to ₱50 Billion
Co said he tried to reduce the insertion to ₱50 billion. The reason, he claimed, was simple: the DPWH budget cannot legally exceed the education budget.
He proposed placing the remaining ₱50 billion under unprogrammed funds—which, he added, the Office of the President controls.
But, according to Co, Pangandaman later called him again.
This time, she relayed the President’s message:
“ipasok ninyo ‘yan… hindi na pwedeng baguhin.”
The instruction, Co said, felt like a royal decree—one that cannot be defied.
“Why deny the budget now?”
Co expressed confusion over the President’s public statements claiming he “could not recognize the budget.”
Co insisted: every reduction and addition to agency budgets, he said, were brought directly to the President for approval.
A Man in Hiding
Co admitted his current location remains undisclosed.
He said he is speaking out because he feels the administration is using him as a “punching bag” for its anti-corruption campaign.
He claimed he followed orders “like a good soldier,” but now fears that the government is moving to silence him.
He even claimed threats were made—that he would be harmed if he talked.
Despite this, he said:
“Ngayon, hindi na ako mananahimik. I have receipts, evidence, and names.”
Stopped From Coming Home?
Co said he had planned to return to the Philippines after SONA last July 28, following a medical check-up in the US.
But, he claimed, Romualdez called him and told him to stay abroad.
“You will be taken care of,” Romualdez allegedly said.
Co said he stayed quiet, trusted them, and followed their instructions. But he now believes he was only being used—as a “poster boy” to cover up a larger corruption narrative.
The President Responds
On Thursday, Marcos said Romualdez is not yet included among the case referrals flagged by the Independent Commission for Infrastructure—but left room for possibility.
“If something else comes out,” the President said, “he might be answerable.”
Marcos has long condemned corruption in flood control projects, stating in his SONA that some projects were so poorly done—or never constructed at all—that he had to personally investigate.
He emphasized earlier that exposing corruption was never politically motivated, saying:
“This could not go on.”
