MANILA, Philippines – Former Ako Bicol representative Zaldy Co on Monday, November 24, released a nine-minute video detailing how money was allegedly delivered to President Ferdinand “Bongbong” Marcos Jr. and his cousin, former House speaker Martin Romualdez.

Reading from a prepared statement, Co claimed that from 2022 to 2025, a total of P56 billion passed through him to be given to Marcos and Romualdez, on top of an alleged P100 billion budget insertion by the two.

Shortly after Co released the video, Marcos questioned Co’s statement and challenged the resigned congressman to go home.

“Look at the quality of his statements…we’ve talked so much about fake news. Anyone can go online and say these things. For it to mean anything, he should come home and face his cases. If he has something to say, then say it. But come home. Come home. Why are you hiding so far away?” Marcos said in a press conference on Monday afternoon.

In 2022, when he sat on the House Committee on Appropriations, Co said Romualdez instructed him to deliver P2 billion every month. Shortly after, then-Department of Public Works (DPWH) undersecretary Roberto Bernardo contacted him about Bulacan’s flood problems and sent now-dismissed district engineer Henry Alcantara to coordinate.

According to Co, Alcantara offered a breakdown of the money for kickbacks: 22% for Romualdez, 2% for Bernardo, and 1% for Alcantara himself. Co said this marked the start of the alleged money deliveries.

Alcantara’s team reportedly coordinated with Co’s staff, Paul Estrada and Mark Tecsay, and the transactions took place in Valle Verde or BGC parking lots. Estrada and Tecsay then coordinated with Romualdez’s staff, Jocelyn Serreño, for deliveries — initially at North Forbes Park, later at 14 Narra Street, South Forbes Park.

Co stressed he was not part of the delivery process, saying, “Dumaan lang po sa akin ang pera na agad dine-deliver kay Speaker Romualdez.” (The money only passed through me for immediate delivery to Speaker Romualdez.) Co also refuted claims by Alcantara that P21 billion went to him.

While Co’s testimony matches that of his former security aide Orly Guteza on the money trail from Valle Verde to BGC to Romualdez’s Forbes Park residence, Guteza noted a key detail: some cash in luggage was left at Co’s BGC residence.

Co said that from 2022 to 2025, more than P55 billion had been delivered to Romualdez’s residence, although the full P2 billion per month wasn’t often met. Co said Romualdez told him the money was to be split between Romualdez and the President. Below is the ledger of amounts and delivery dates of money.

In November 2024, during budget deliberations, Co said he attended a meeting with Romualdez and Justice Undersecretary Jose Cadiz Jr. Co claimed Cadiz told him that Marcos was angry for not receiving remittances.

From September to November, Co said he was ordered to deliver P1 billion to Marcos. Romualdez allegedly instructed him to deliver it to 30 Tamarind Street, South Forbes Park, for Cadiz to pass on to Marcos. Co added that the property was reportedly purchased on Marcos’ orders to serve as a warehouse for collections and deliveries.

On December 2, 2024, Co said he personally delivered P200 million to Cadiz, who was then supposed to allegedly deliver it to Marcos’ residence at 41 Narra Street, South Forbes Park. On December 5, Co delivered another P800 million to the same address. In total, he said he personally delivered P1 billion with his driver and staff, all allegedly under Romualdez’s direct orders.

Despite these deliveries and the P100 billion in 2025 budget insertions, Co claimed Marcos remained angry. Co also said that he learned that the Marcos administration will soon tag him as a “terrorist inside and outside of the Philippines.”

Rappler is awaiting a statements from Romualdez and Cadiz. This story will be updated once their statements become available.

A warrant of arrest has already been issued against Co in relation to the “anomalous” flood control project in Oriental Mindoro, but he remains at large. At least eight DPWH officials are now in government custody, as of November 24. – Rappler.com