Zaldy Co’s Explosive Confession: ₱100 Billion Budget Scheme and the Alleged Role of Marcos Jr. and Romualdez

Former Ako Bicol party-list Representative Elizaldy “Zaldy” Co has made a bombshell accusation: that he was directed to insert ₱100 billion in government projects into the 2025 national budget allegedly under orders from President Ferdinand “Bongbong” Marcos Jr. and former House Speaker Martin Romualdez, the President’s cousin.

What Co Is Claiming

In a public video statement released on November 14, 2025, Co laid out several detailed allegations:

1. Origin of the Instruction

   • Co says the directive came during the bicameral (bicam) conference in late 2024.

   • According to him, Budget Secretary Amenah Pangandaman called him to say that a meeting with President Marcos had just concluded, and that there was an instruction to insert ₱100 billion’s worth of projects.

   • He claims he confirmed with Usec. Adrian Bersamin of the Presidential Legislative Liaison Office, who allegedly affirmed Marcos gave the order.

2. Role of Romualdez

   • Co said he reported the instruction to Martin Romualdez, who replied: “What the President wants, he gets.” 

   • He alleges a key meeting was held with Pangandaman, Bersamin, Romualdez, and DOJ Usec. Jojo Cadiz in a building near Malacañang, where Co was handed a list of projects totaling ₱100 billion the list was taken from a “brown leather bag.”

3. Breakdown of the Projects

   • Co released a detailed list of the alleged projects, which include roads, slope-protection works, cross-country roads, flood mitigation projects, and more.

   • According to his breakdown, about ₱81.08 billion is tied to infrastructure, while ₱18.76 billion is allocated to other programs such as the 2026 ASEAN Summit.

   • He said he tried to limit the insertion to ₱50 billion for the Department of Public Works and Highways (DPWH), because he feared it would overshadow the education budget. The remaining ₱50 billion, he claims, was instructed to be placed under unprogrammed funds in the Office of the President.

4. Personal Risk & Being Silenced

   • Co alleged that the administration is using “all the country’s resources” to silence him, even threatening his life if he continues speaking out.

   • He claimed he was told by Romualdez to stay out of the country, under the President’s instruction, after he left for a medical check-up on July 19, 2025.

   • Co said he believed Romualdez’s promise to “take care” of him only to realize later that “taken care of” meant being used as a fall guy.

   • He vowed to expose everything: “with receipts, with evidence, and with names.”

5. Alleged Money Transfers

   • In a second part of his exposé, Co claimed that he personally delivered suitcases of cash to Marcos and Romualdez.

   • He further alleged that ₱25 billion (which he describes as 25% of the “SOP” share) went directly to President Marcos.

   • Importantly, Co says he himself did not benefit financially from the insertions: “Walang pera napunta sa akin lahat ng insertion napunta sa Marcos at Speaker Martin Romualdez.” (No money went to me all the insertions went to Marcos and Romualdez.)

The Response from the Palace & Government

The Marcos administration has strongly denied Co’s allegations:

• Malacañang, through Acting Presidential Communications Secretary Dave Gomez, called Co’s accusations “pure hearsay.”

• Budget Secretary Pangandaman rejected the claim that there were insertions done outside the normal process, saying that all appropriations come from the National Expenditure Program (NEP), which is submitted by the executive. She insisted their actions during bicam were “aboveboard."

• The Palace also urged Co to return and testify, “under oath with the proper judicial authorities.”

Why This Allegation Matters — A Deep Dive Into Implications

1. Scale of the Alleged Corruption If Co’s claims are true, ₱100 billion is a staggering amount. That kind of money is not just political pork it could fund major public infrastructure, flood control, and other pressing national needs. The fact that Co lists many infrastructure projects raises big red flags about how these funds were chosen and whether they are really needed or just political insertions.

2. Trust in the Budget Process Co’s narrative suggests a top-down manipulation: a direct order from the President, confirmed by high-level officials, and enforced through legislative channels. That undermines public trust in how the national budget is made, especially during bicameral negotiations where “insertions” can sometimes be used for political favors.

3. Political Risk for Marcos Jr. and Romualdez

   • The accusation that Marcos Jr. personally directed these insertions, and that his cousin Romualdez was complicit, is politically explosive.

   • If proven, this could be one of the gravest corruption scandals of Marcos Jr.’s presidency, tarnishing claims of good governance and transparency.

   • For Romualdez, being named in such a scheme corrodes his political legitimacy, especially as a former House Speaker.

4. Personal Safety and Accountability Co’s claim that he was threatened and told not to return to the country adds a dangerous dimension to the scandal. If true, it suggests not just financial corruption, but also a potential abuse of power to silence dissent.

5. Legal & Institutional Consequences

   • Co says he has evidence (“resibo, ebidensya, may pangalan”) if these are verifiable, they could trigger formal investigations (by the Ombudsman, the DOJ, or other watchdog bodies).

   • The Independent Commission for Infrastructure (ICI), which has already been looking into flood-control anomalies, could use Co’s revelations to deepen its probe.

   • There may also be political fallout: public pressure, calls for resignations or impeachment, or even criminal charges if graft or plunder is proven.

My Take: What We, as Citizens, Should Be Asking

• Is this the tip of the iceberg? If Co genuinely facilitated ₱100 billion in insertions, how many other “under-the-table” deals are happening in the background of national budget-making?

• Are there real checks and balances? Even with a bicam process, how effective are our institutions in preventing abuse when high-level political players are allegedly pulling the strings?

• What will the investigation look like? For the sake of public trust, any inquiry must be independent, transparent, and rigorous. Co’s evidence (if real) should be made public, but only under proper legal frameworks.

• How will this impact policy? If a large chunk of the inserted projects are infrastructure flood control, are they actually needed? Are there ways to funnel money to allies or to secure political loyalty?

Zaldy Co’s confession is more than just a political drama; it could be a turning point. If his claims are true, they suggest a deeply entrenched system in which executive power, legislative influence, and budgetary maneuvering combine to enable large-scale corruption. If false, they could be part of a grand political gambit.

Either way, Filipinos deserve clarity. More than that, they deserve accountability. Because when hundreds of billions of pesos are at stake, there’s nothing small about the truth.