Former Ako Bicol Representative Elizaldy Co on Saturday uploaded a video on his Facebook page directly accusing President Ferdinand Marcos Jr. of “receiving” a staggering P25 billion from the P100 billion worth of alleged insertions in the 2025 General Appropriations Act (GAA).

Part 2 of Co’s video showed nearly 300 suitcases allegedly stuffed with cash, reportedly delivered to the President at Malacañang and former Speaker Martin Romualdez’s residence in Forbes Park from January 2024 to May 2025.

Deliveries on 2 October 2024 reportedly accounted for the largest amount at P1 billion, while other photos lacked specific details.

Marcos was quick to debunk Co’s kickback accusations, while Romualdez dismissed the imputations as mere accusations that “do not hold water in the 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 do not wish to comment on the recent statements and allegations made by former Rep. Zaldy Co because these were not made under oath,” the former House chief countered. 

Romualdez said he would leave it to the Department of Justice and the Ombudsman to evaluate all statements fairly and strictly based on evidence.

Co said the cash represents “SOPs,” or standard operating procedures, from recent budget laws, including the P100 billion in insertions in the 2025 GAA allegedly demanded by Marcos.

According to Co, the President “received” P25 billion in kickbacks—25 percent of the P100 billion inserted in this year’s budget.

Co’s statement marked a retreat from his previous pronouncement, contradicting testimony from Orly Guteza during the Senate’s flood control probe in September.

Guteza, Co’s alleged security aide, told the Senate panel that he regularly delivered “basura” or suitcases purportedly filled with flood control kickbacks, each containing roughly P48 million, to the residences of Co and Romualdez in Valle Verde 6, Pasig, and McKinley, Taguig, respectively.

The embattled former lawmaker admitted that his staff transported the money but claimed he never personally received any kickbacks, insisting all funds went straight to Marcos and Romualdez.

“I only did what was instructed to me… I didn’t receive any money. All the insertions went to our President and Speaker Martin Romualdez,” Co said in Filipino.

“It’s true that Orly Guteza delivered [the money] at Forbes Park. It’s also true what Orly Guteza said in the Senate, that he made deliveries at Malacañang,” he added.

Co’s revelation comes after months of hiding abroad following his implication in the large-scale flood control corruption scandal, the largest to hit the Marcos administration.

Co chaired the powerful House Committee on Appropriations in the 19th Congress but resigned shortly after the 2025 GAA was enacted, citing medical concerns.

According to him, everything in the budget, including massive agency funding cuts, required Marcos’ approval.

As chairman of the appropriations panel, he claimed he consulted Romualdez regarding Marcos’ demands and was told, “We can't do anything about that.”

“That’s why I’m puzzled why the President says he can't recognize the budget, when all the cuts and additions to government agencies require his approval by Sec. Meenah Pangandaman,” he said.

Co and former Senate President Chiz Escudero have faced accusations of “masterminding” billions in alleged 2025 GAA insertions, with the latter reportedly sidelining then-Senator Grace Poe, chairperson of the Senate Committee on Finance.

Co and ex-Senate president Chiz Escudero have been facing grave accusations of “masterminding” billions of alleged insertions in the 2025 GAA, with the latter reportedly sidelining then senator Grace Poe—the chairperson of the Senate committee on finance.

This year’s budget was heavily criticized for allegedly featuring bloated unprogrammed appropriations (UA)—which bankroll flood control projects—while subsidies for key sectors like education and healthcare suffered deep cuts. 

The UA, derided by critics as a conduit for corruption, has reportedly reached nearly P2 trillion since 2023, Marcos’ first full year in office.

Senate, Ombudsman dared to probe BBM, Romualdez

Co asserted that his revelations against the President and the former House speaker warrant a comprehensive investigation by the Senate, which he claimed is better equipped than the Ombudsman. 

While Co acknowledged that Ombudsman Boying Remulla has been vocal in plans to examine the possible liability of Romualdez, he doubts that his erstwhile colleague can walk the talk, taking into account that the Romualdez and Remulla are “fraternity brods” and are “friends.”

"I call on the Senate to investigate the P100 billion insertion of the President because I know that Ombudsman Remulla will not heed my challenge,” he stated. 

Remulla, however, responded by telling Co to return to the Philippines first to submit his statements under oath and to allow himself to be subject to scrutiny, rather than bypassing legal channels that undermine the ongoing probe of his office. 

“If the intention is to help uncover the truth, then let us pursue it in the manner that leads to real and enforceable accountability — not through spectacle, but through the rules that govern us all,” Remulla said. 

Nevertheless, the Ombudsman pledged to provide protection to Co, who reportedly remains in the United States despite facing subpoenas, citing threats to his security.

Co secured one of the seats provided to Ako Bicol Partylist in the present 20th Congress, but resigned in late September following an ultimatum from new Speaker Bojie Dy to return to the Philippines to face mounting allegations linked to the flood control projects.

Escudero, Romualdez, and Co are among the members of Congress accused of receiving kickbacks from private contractors that bagged billions of government contracts for flood control projects since 2022. They all denied the allegations. 

Escudero and Co are also included in list of lawmakers facing corruption charges while authorities are still determining evidence linking Romualdez to the flood control fiasco.

A review of the list of flood control projects on the “Sumbong sa Pangulo” website shows that Sunwest Inc. cornered 79 projects worth over P10 billion from 7 July 2022 to May this year. 

The Albay-based Sunwest, formerly Sunwest Construction and Development Corporation, was established in 1997 and co-founded by Co.

The Bicolano lawmaker claimed he had long divested in the construction firm when he entered Congress in 2019, but official documents state otherwise.

Earlier, Marcos tagged Sunwest among the top 15 contractors that bagged P100 billion in flood control projects.