I. Introduction: The Emergence of the Whistleblower
The nation’s most extensive corruption probe, focusing on anomalous flood control projects, has reached a critical tipping point. After months of public speculation and avoidance, former Congressman, businessman, and Ako Bicol Party-list Representative Zaldy Co has broken his silence. Co, who has been outside the Philippines since July 2025, released an explosive “tell-all video” on social media, making shocking allegations that directly implicate the highest echelons of government, including President Ferdinand Marcos Jr. and House Speaker Martin Romualdez.
Co’s decision to finally speak out, which he claims is driven by a realization that he was used as a “poster boy” for the administration’s anti-corruption efforts, transforms the investigation from a typical bureaucratic scandal into a major political crisis. He vowed to disclose everything he knows, promising “resibo” (receipts), evidence, and the names of those involved in the alleged misuse of public funds.
II. The Core Allegations: Presidential Order and Budget Manipulation
Co’s testimony centers on alleged directives from the Office of the President (OP) and the House leadership concerning the manipulation of the 2025 General Appropriations Act (GAA).
A. The Order to Flee and the Subsequent Betrayal
Co started by addressing his prolonged absence from the Philippines. He claims that his failure to return was not evasion but the result of a direct order. Following his departure for a medical check-up on July 19, 2025, he initially intended to return after the President’s State of the Nation Address (SONA). However, this changed after he received a call from then-House Speaker Martin Romualdez.
Romualdez allegedly instructed Co not to return and to remain outside the country, assuring him that he would be “taken care of” if he complied. Co expressed profound disappointment and hurt, realizing he was being used as a “panakip butas” (scapegoat or distraction) in the administration’s public fight against corruption.
B. The P100 Billion Budget Insertion
The most damaging part of Co’s testimony relates to the alleged insertion of massive, unscheduled funds into the 2025 national budget.
DBM Secretary’s Revelation: Co claimed that Department of Budget and Management (DBM) Secretary Amenah Pangandaman informed him at the conclusion of a BYCAM meeting that the President intended to insert PHP 100 billion worth of projects into the 2025 GAA. Co suggested this could be confirmed by Undersecretary of the Office of the Executive Secretary Adrian Bersamin, who was also present.
“What the President Wants He Gets”: Upon confirming the plan, Co claimed he approached Speaker Romualdez, who allegedly responded with the unambiguous phrase: “What the President Wants He Gets.”
The Brown Leather Bag: Co described a meeting with Romualdez at the Aguado building in Malacañang Palace, where Justice Undersecretary Jojo Cadiz was also present. Co claims he received a list of projects, purportedly originating directly from PBBM, contained within a brown leather bag. Co emphasized the bag’s significance, recalling that PBBM had allegedly stated after the May 2022 elections, “Leave everything else, but not the brown leather bag.”
The Budget Reduction and Refusal: Co claimed that he later requested the amount be halved to PHP 50 billion, suggesting the balance be placed in the Unprogrammed Funds of the 2025 budget. His reasoning was pragmatic: the proposed PHP 100 billion would make the DPWH budget exceed that of the Department of Education (DepEd), which he argued was improper practice. However, PBBM allegedly insisted: “Ipasok niyo yan dahil naipangako na sa akin yan ni Speaker Martin at hindi na ito pwedeng baguhin” (Insert that because Speaker Martin already promised that to me and it cannot be changed).
This exchange, according to Co, demonstrated that “the king’s command cannot be broken.”
III. The Project List and Contractor Names
Co’s Part One video included a visible list of projects allegedly ordered by the President, spanning various districts across the NCR, Luzon, Visayas, and Mindanao.
The list notably contained the names of contractors scheduled to undertake these projects, including: Alpha and Omega General Contractor and Development Corporation, Legacy Construction, LRTK Builders, MG Samidan Construction, QM builders, Royal Crown Monarch Construction, Triple A Construction, and Wawa Builders. Several of these firms are reportedly included in a list of top 15 contractors in flood control projects submitted to the President’s office via the “sumbong sa pangulo.ph” website.
The list also reportedly included substantial budget allocations (over P18 billion) for various government agencies like the Philippine Coconut Authority, National Electrification Administration, National Housing Authority, the Office of the President (for the 2026 ASEAN Summit), and the DICT.
IV. The Administration’s Response and Ongoing Investigation
The administration had previously intensified its anti-corruption rhetoric. PBBM had publicly stated that arrests were expected before Christmas in the Flood Control Projects Probe, underscoring the severity of the alleged bid manipulation and bid rigging cases being referred to the Philippine Competition Commission and the Ombudsman.
The Independent Commission for Infrastructure (ICI) had reportedly submitted case referrals to the Ombudsman involving 37 individuals, including lawmakers, DPWH officials, and contractors. PBBM’s message to those involved was stern: “Wala silang Merry Christmas” (They won’t have a Merry Christmas).
Regarding Speaker Romualdez, the President previously noted that the Speaker was not yet included in the ICI’s case referrals but added, “if something else comes out then he might be answerable for something.” The President has consistently maintained that the corruption drive is not politically motivated, stating: “Why would I even start something like that if it was somehow for political gain? The reason I brought it up and made it part of the national discourse is partly because it can’t allow to continue.”
V. Legal and Political Fallout
Co, who resigned from his post as Ako Bicol representative on September 29, 2025, has become a fugitive of sorts. His sightings in Europe (Spain and Portugal) prompted the Department of Justice (DOJ) to request an Interpol Blue Notice to monitor his whereabouts and activities.
Significantly, the Senate Blue Ribbon Committee, chaired by Senate President Pro-tempore Panfilo Lacson, denied Co’s request to testify via Zoom in the November 14 hearing. Lacson argued that remote testimony would provide Co with an un-accountable “platform to say anything he wants” without clear accountability, potentially turning the testimony into mere “propaganda.”