Former lawmaker Elizaldy Co was already rich before he entered Congress in 2019, having declared a staggering P4.1 billion in net worth, surpassing Cynthia Villar and Manny Pacquiao who emerged as the richest senators in the 18th Congress, his lawyer said Wednesday.

Co’s legal counsel, Ruy Rondain, said his client’s wealth further increased in subsequent years, but remained “relatively flat” compared to his net worth before he became a member of Congress.

Rondain estimated that Co’s present net worth is roughly P900 million, raising the combined total to approximately P5 billion.

“When Representative Co joined Congress in 2019, one year earlier, he was already richer than Cynthia Villar or Manny Pacquiao,” Rondain said in a briefing at a hotel in Pasay City.

Co won a congressional seat as an Ako Bicol member in 2019 during the 18th Congress. He was reelected in the 19th Congress, where he chaired the powerful Appropriations Committee.

In the present Congress, Co secured his last term after Ako Bicol won two seats in the House, but he resigned in late September amid the widening probe into the flood control projects, citing medical concerns.

In 2020, Villar, wife of the real estate mogul and former lawmaker Manny Villar — the wealthiest man in the Philippines, according to Forbes’ latest World’s Billionaires list with an estimated net worth of $17.2 billion — ranked as the richest senator with a net worth of P3.87 billion.

Forbes topnotchers

Coming in second was boxing legend Manny Pacquiao, posting a net worth of P3.18 billion in the same year. Pacquiao served as a senator from 2016 to 2022.

Rondain failed to furnish a copy of Co’s 2019 Statement of Assets, Liabilities and Net Worth (SALN), but he committed to providing one.

He explained that any increase in Co’s SALN in the following years “is not an indication of criminality.” Additionally, he noted that Co was compliant with the law in filing his income tax returns.

The lawyer’s statement dispelled rumors that Co amassed his massive wealth through kickbacks from government infrastructure projects, particularly in flood control, where he is considered a key player.

The embattled Co, who is the subject of a subpoena, is still in Boston, USA, for medical treatment, according to his lawyer. Rondain claimed that Co is “deathly afraid” of returning to the Philippines despite facing a possible contempt charge, citing “serious threats” to his life.

“Rep. Co would have wanted to be here himself so he could answer your questions. Unfortunately, there are credible and serious threats against his life, and he’s terrified to come out at this time,” Rondain said, adding that the narrative surrounding Co’s case has become “skewered” and “twisted” by the media’s coverage of the allegations against his client.

Who is Rondain?

Rondain earned his Bachelor of Arts in Philosophy degree from the University of the Philippines in 1981. After passing the bar, he joined Angara Abello Concepcion Regala & Cruz (ACCRA) Law as an associate from 1986 to 1992. During that time, he also completed a Master of Laws at Cornell University in 1991. While in the United States, he briefly worked as a foreign attorney at Hinckley Allen Snyder & Comen in Providence, Rhode Island.

Link to former FG

In 1992, Rondain co-founded Rondain & Mendiola with Atty. Orlando E. Mendiola. According to the firm’s website, they handled a wide range of clients — from individuals to multinational corporations. Rondain himself specializes in civil and corporate litigation and has extensive experience in libel law, white-collar crime, capital offenses, graft and other complex cases.

Rondain previously served as legal counsel to former First Gentleman Mike Arroyo in a P12.5-million class suit alleging harassment through libel suits filed by a coalition of 36 journalists and three media organizations. He again represented Arroyo when Senator Panfilo Lacson accused him of meeting with World Bank–blocked contractor EC de Luna Construction Corp. some 20 times in 2002.

“The objective [of this press conference] is to realign, to redirect the narrative so we level the playing field again,” Rondain said. “I’m afraid that not only the press, but the people in general have been misled by inaccurate statements and [mis]interpretations of the law.”

Rondain said he “[does] not know where [Co] is,” adding that while he remains in touch with the former congressman, he has not asked for his exact location, since “it is not relevant to his defense.”