Embattled former lawmaker Elizaldy Co’s explosive accusation against President Ferdinand Marcos Jr. and former House Speaker Martin Romualdez over alleged kickbacks tied to the 2025 national budget “holds weight,” but does not absolve him of accountability should the claims be proven true, an opposition lawmaker said Sunday.

Kamanggagawa Rep. Eli San Fernando argued that Co is “equally accountable” alongside Marcos and Romualdez if allegations of multi-billion-peso kickbacks are validated, given Co’s influential position as former chairman of the House committee on appropriations during the budget’s drafting.

However, San Fernando noted that the videos uploaded by Co are considered unsworn statements and are not admissible in court unless he returns to the country to testify under oath.

“For Zaldy Co’s statements to carry more bearing or weight, he should return so that he could state his accusations against President Bongbong Marcos and former speaker Martin Romualdez under oath,” he said in Filipino.

Co claimed that Marcos orchestrated P100 billion in alleged insertions in the 2025 General Appropriations Act, supposedly receiving P25 billion from the amount. He insisted that he merely complied with the President’s instructions and did not personally receive kickbacks.

According to Co, all proceeds from the alleged insertions were delivered directly to Marcos and Romualdez by his staff at Malacañang and Forbes Park.

In the second part of his video exposé, released Saturday on his Facebook page, Co displayed what he said were digital shots of nearly 300 suitcases of cash allegedly sent to Marcos and Romualdez between January 2024 and May 2025. Captions supposedly linked deliveries on 3 June and 2 October 2024 to a “P1 billion” tranche for someone identified only as “RR.”

Both Marcos and Romualdez dismissed the allegations. Marcos said he “won’t dignify” Co’s claims, while Romualdez maintained his conscience is clear and that the accusations “do not hold water in the court of law.”

Opposition: Marcos cannot stay silent

Akbayan Rep. Perci Cendaña urged the President to face the allegations directly and stop downplaying them, stressing that silence will only fuel public anger, cause larger protests and intensify calls for Marcos’ resignation.

Cendaña, however, also questioned the timing of Co’s exposé, raising concerns that the release might be part of a destabilization effort to install Vice President Sara Duterte in power.

"After months of silence and hiding, why is it being released now? And why is it coinciding with the political events in our country? So, it really makes us wonder: what is the agenda behind releasing this video at a time when there is a major movement taking place?" the minority solon said in Filipino.

Possible House probe

San Fernando said that although the President is immune from suit, the House may still initiate an inquiry into Co’s accusations to determine their merit, stressing that the chamber should not ignore allegations coming from a lawmaker who “definitely knows what he's doing.”

“There is a space for us to take a look into the accusation, allegations made by former representative Zaldy Co because again, he was the former appropriations committee chair, and the House leadership definitely knows what he's doing,” he said.

The 2025 General Appropriations Act — described by critics as the “most corrupt budget in history” — was reduced from P6.352 trillion to P6.326 trillion after Marcos vetoed P194 billion in line items deemed inconsistent with his priority programs, including P16.7 billion in flood control funding.

In his fourth SONA in July, Marcos warned he would not approve a budget that diverges from the National Expenditure Program endorsed by Malacañang, even if it results in reenacted appropriations.

San Fernando countered that the vetoed items do not prove innocence, saying the President still failed to scrutinize the 2025 budget thoroughly, as reflected in the ghost flood control projects.

“The narrative the Palace is creating is that: 'We are the ones who exposed it, initiated this investigation.' It doesn't follow… All the more [reason] that these investigations proceed and we should let the evidence take us wherever it leads,” he said.

No sacred cows

San Fernando stressed that all officials involved in crafting the budget — from Malacañang to the Senate, the House and especially the bicameral conference committee — should be subjected to scrutiny.

Among the key issues raised was the increase in the Department of Public Works and Highways’ budget from P900 billion under the NEP to P1.113 trillion in the bicam-approved version, while education and healthcare allocations were slashed.

He proposed the creation of a fully independent investigative body to handle corruption cases linked to the budget and flood control controversy, saying the Independent Commission for Infrastructure has already lost credibility because the President — who allegedly benefited from the scheme — created it.

He added that public confidence in Ombudsman Samuel Martires may also be undermined because he is “a close ally of the current administration.”