Former lawmaker Elizaldy Co was already rich before entering Congress in 2019, declaring 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 confirmed 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.
He estimated that Co’s present net worth is roughly P900 million, raising the 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.
Co won a congressional seat as an Ako Bicol lawmaker in 2019 during the 18th Congress. He was re-elected in the 19th Congress, where he chaired the powerful committee of appropriations.
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.
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 from Co’s SALN in the following years “is not an indication of criminality.” Additionally, he noted that Co is compliant with the law in filing its income tax return.
The lawyer’s statement was in response to speculations that Co amassed his massive wealth from kickbacks in the government’s infrastructure projects, particularly in flood control, where he is considered a key player.
The embattled Co, who is the subject of a subpoena, is reportedly still in Boston, United States, for medical treatment, according to his lawyer. Rondain claimed that Co is "deathly afraid” to return to the Philippines despite facing a possible contempt, citing “serious threats” to his life.
At least nine air assets, aggregating to over P4.7 billion, are reportedly tied to Co’s firm. One of which costs $36 million or over P2 billion, according to the Department of Public Works and Highways.
Three of these planes and choppers are no longer in the Philippines, the Civil Aviation Authority of the Philippines confirmed.
Rondain, on the other hand, vehemently denied that Co owns any of these aircraft.
“Representative Co doesn’t own any aircraft. I understand that any aircraft ‘related’ to him is owned by Misibis Aviation. Mr. Co is separate from Misibis,” he averred.
Co is one of the owners of Misibis Bay Resort, a five-hectare high-end resort located on Cagraray Island in Bacacay, Albay.
The former lawmaker also founded Albay-based Sunwest Construction and Development Corporation, now Sunwest Inc., which was among the top 15 contractors that cornered P100 billion worth of flood control contracts from June 2022 to May this year.
Co has long claimed that he divested from Sunwest when he entered Congress, but government records state otherwise.
Co is facing grave accusations over his alleged role in the large-scale corruption scheme in the flood control projects.
His alleged former aide, Orly Guteza, accused him of receiving suitcases of kickbacks delivered to his private residence in Pasig, which Co flatly denied.
Former Bulacan district engineers Henry and Alcantara and Brice Hernandez—also involved in the alleged corruption scheme—corroborated Guteza’s claims before the Independent Commission for Infrastructure, saying the deliveries were made either at the parking area of Shangri-La Hotel in Taguig or Co’s house in Valle Verde 6 in Pasig City.
Co is one of the high-profile personalities facing corruption charges before the Ombudsman, alongside Senators Jinggoy Estrada and Joel Villanueva, among others.
Despite this, Co maintained his innocence, asserting that he was pre-judged for wrongdoing.