FORMER Ako Bicol Party-list representative Elizaldy “Zaldy” Co claimed in a video posted Saturday, November 15, 2025, that President Ferdinand “Bongbong” Marcos Jr. personally received P25 billion in kickbacks from P100-billion insertions he alleged were made in the 2025 national budget.
In the second part of his video statement on the insertions allegedly ordered by the President, Co said he and his aides, identified as Paul Estrada, Mark Tecsay, and security personnel, delivered suitcases of money to the residences of Marcos and former House Speaker Martin Romualdez in North Forbes Park, South Forbes Park, and Malacañang.
He also included photos of the alleged suitcases in the video and said his team kept records of all transactions.
“Lahat po ng insertion napunta sa ating Pangulo at Speaker Martin Romualdez. Ako lang at ang aking mga tao… ang nag-deliver papunta sa bahay nila,” Co said.
(All of the insertions went to our President and Speaker Martin Romualdez. Only my team and I… were the ones who delivered them to their houses.)
Co said officials from the Department of Public Works and Highways told him the supposed “SOP” for the Office of the President was 25 percent, which he calculated as P25 billion of the disputed budget.
“Kaya po nagtataka ako bakit sinasabi ng Pangulo na hindi niya makilala ang budget samantalang lahat ng binawas at dinagdag sa mga ahensya ng gobyerno ay humihingi ng approval sa kanya si (Budget) Sec. Mina Pangandaman,” Co said.
(That is why I am puzzled why the President says he does not recognize the budget, when all the cuts and additions to government agencies require approval from Budget Secretary Mina Pangandaman.)
"Sinabi pa ni Sec. Mina, 'Everything is cleared with the President. Basta importante, pasok ang pondo na request ng Pangulo," he added.
(Secretary Mina even said, "Everything is cleared with the President. What matters is that the funds requested by the President are included.")
Co challenged Ombudsman Jesus Crispin "Boying" Remulla to investigate Marcos and Romualdez, saying the Ombudsman had previously said he would include the Speaker in any probe if evidence was presented.
He also urged the Senate to open an inquiry into the matter.
'No weight'
Marcos, in an interview in La Castellana, Negros Occidental Saturday, rejected Co’s allegations.
“I don’t want to even dignify what he is saying,” Marcos said, according to a Philippine News Agency (PNA) article.
Romualdez, in a statement Saturday, declined to comment on the allegations, saying Co's claims were not made under oath and carry no weight in a court of law.
"My conscience remains clear. Throughout this inquiry, no public official, contractor, or witness has pointed to any wrongdoing on my part... I remain ready to cooperate with any lawful process, and I am confident that the truth will emerge through the proper institutions," Romualdez said.
Malacañang on Friday said Co's accusations are completely without basis, and described Co's claims as "pure hearsay."
Pangandaman also earlier countered insinuations regarding the President's role in the budget.
“All appropriations ordered by the President is already in the National Expenditure Program (NEP). That is why it is called the President's budget. So we reject any insinuations about it... We respect and strictly follow the budget process, and all our actions are above board, ” Pangandaman said.
The new claims follow an earlier video posted Friday in which Co alleged that Marcos ordered the insertion of P100 billion worth of projects into the 2025 national budget during bicameral deliberations.
Co said the instructions were relayed by Pangandaman and confirmed by Undersecretary Adrian Bersamin, who allegedly handed him a list from a “brown leather bag.”
'Questionable timing'
Mamamayang Liberal Party-list Representative Leila de Lima urged Co to return to the Philippines and testify under oath regarding his allegations in the flood control controversy, according to a PNA report.
She questioned Co’s credibility and the timing of his video statements.
“Hindi puwede iyang video-video yan… kailangan niyang bumalik, kailangan niyang humarap sa tamang proseso,” de Lima said.
(Posting these videos is not accepable... he needs to return and follow the right process.)
“Anything less than that, magdududa tayo sa kanyang agenda, lalo na’t wala naman talaga siyang gano'ng credibility,” she added.
(Anything less than that, we will doubt his agenda, especially since he truly doesn't have that much credibility.)
She also warned that Co’s exposés could influence public perception and create unrest.
“Can you imagine the effect? And then 'yong mga elements na would be happy enough to have this kind of situation na mag-create ng gulo,” de Lima said.
Co left the Philippines in September 2025 for medical treatment in the United States.
After House Speaker Bojie Dy ordered him to return, Co cited safety concerns and later submitted his irrevocable resignation, claiming threats to himself and his family.
Co, former House appropriations chair, and Romualdez were previously implicated in allegations involving anomalous flood control projects.
In his State of the Nation Address, Marcos ordered an in-depth investigation into irregularities, forming the Independent Commission on Infrastructure to look into corruption in government projects. (JGS/SunStar Philippines)