Former Ako Bicol Representative Elizaldy “Zaldy” Co on Sunday claimed that former House Speaker Martin Romualdez threatened his life after Co released a series of videos implicating Romualdez and President Ferdinand Marcos Jr. in irregularities surrounding the country’s controversial flood control projects.

The multi-billion-peso projects, aimed at protecting flood-prone areas such as Cebu, have drawn scrutiny amid allegations of massive fund mismanagement.

Co, who once acted as a conduit in the transactions, said P56 billion intended for the projects was funneled to Marcos and Romualdez, contradicting previous reports that cited only P26 billion. He stressed that none of the money went to him.

In the final installment of his video trilogy, Co directly challenged Ombudsman Jesus Crispin “Boying” Remulla to investigate both Marcos and Romualdez.

“I challenge Ombudsman Remulla — if he’s serious about his commitment to accountability, he should investigate former Speaker Martin Romualdez and President Bongbong Marcos,” Co said. He claimed that the evidence he presented should be enough to compel action.

However, Co’s allegations also include threats to his life. As early as March, Romualdez threatened to shoot him if he would talk.

The former Speaker initially promised he would be “taken care of” outside the country, but the tone reportedly shifted.

“After he told me in a phone call, ‘don’t come home, we will take care of you,’ Speaker Martin called again and warned me that if I return, it will be dangerous — they might hire someone to carry out a rub-out, or hire the police to kill me while in jail,” Co claimed.

He said these threats have left him fearing for his safety and that of his family.

Co expressed doubt that the Ombudsman would act against Romualdez or Marcos but said he hopes the Senate’s ongoing inquiries into the flood control projects will uncover the truth. He warned that more cases might be filed against him as the videos circulate, claiming the current administration is using state resources to discredit him.

“These are just the tip of the iceberg,” he said. “I will release full details in the coming days. I hope they don’t kill me before I can release everything. To my family and all Filipinos, I sincerely ask for your forgiveness.”

Ombudsman chides Co

The Office of the Ombudsman criticized Co for bypassing proper channels and urged him to submit sworn statements.

“There is a rhythm to every serious investigation — a sequence that protects the truth, shields it from distortion, and preserves the integrity of the process,” the Ombudsman said. “Justice is achieved through the rules that govern us all, not through spectacle.”

The flood control scandal has fueled national debates over accountability in government infrastructure projects, with watchdogs demanding stricter oversight of multi-billion-peso contracts meant for public use.

Co’s videos, combining allegations of massive fund mismanagement and threats to his life, have heightened the political tension surrounding the issue.

Palace: A comedy series

Meanwhile, Palace Press Officer Undersecretary Claire Castro fired back at Co over the third part of his video statement, dismissing his so-called “exposé” as little more than a comedy.

“The problem with Zaldy Co’s string of lies is that he has no evidence — everything is just reading from a script,” she told reporters in Filipino.

“The exposé his allies were expecting has turned into a comedy series,” Castro added.

Earlier in a radio interview, Palace Press Officer Undersecretary Claire Castro dismissed Co’s allegations.

“Business leaders are smart. They know these are just propaganda from Zaldy Co. I believe they don’t think what he’s saying is true,” she said.

She added that the rallies — not the allegations — are what concern the business community.

“These protests really affect the economy. Yes, we have freedom of expression and speech, but the public, other countries, and investors all see the Philippines as chaotic,” Castro explained.

Still, she hopes investors recognize that the government is working to clean its ranks.

“Investors can see that the President wants a clean government. And that’s what they want — good governance,” she said.

Castro also pointed to the previous administration when discussing corruption issues.

“Some have said that the height of thievery started during the Duterte administration. Whatever mess happened then simply spilled over into President Marcos Jr.’s term. That’s why the government is cleaning everything now — the wrongdoing, the corruption issues, the ghost projects. Investors should see that,” she stressed.

‘Let’s help each other’

Castro appealed to the public to work together in fighting corruption.

“We need to help one another. Some blind followers may be hard to convince because their agenda is to remove the President from office. But for ordinary people who truly want progress — listen to the President,” she said.

“He was the one who ordered this investigation. He wants corruption stopped in the Philippines. So let’s help him,” she added.