Explosive Allegations Rock Malacañang
Former Ako Bicol Party-list representative Elizaldy "Zaldy" Co has made stunning corruption allegations against President Ferdinand "Bongbong" Marcos Jr., claiming the chief executive personally received P25 billion in kickbacks from massive budget insertions in the 2025 national budget. Co made these claims in a video statement posted on Saturday, November 15, 2025, marking one of the most serious corruption accusations against the current administration.
Detailed Delivery Claims and Evidence
In the second installment of his video exposé, Co provided specific details about how the alleged kickbacks were delivered. He stated that he and his team, including aides Paul Estrada, Mark Tecsay, and security personnel, personally transported suitcases filled with money to multiple locations including the residences of President Marcos and former House Speaker Martin Romualdez in both North and South Forbes Park, as well as Malacañang Palace itself.
The former lawmaker bolstered his claims by showing photographs of the alleged suitcases in his video presentation. He emphasized that his team maintained detailed records of all transactions, suggesting he possesses documentary evidence to support his allegations. "All of the insertions went to our President and Speaker Martin Romualdez. Only my team and I were the ones who delivered them to their houses," Co stated in Filipino.
The 25% SOP Allegation
Co revealed that according to his sources within the Department of Public Works and Highways, the standard operating procedure for the Office of the President involved a 25 percent kickback on all budget insertions. Applying this percentage to the P100 billion in alleged insertions he previously claimed, Co calculated that President Marcos would have received approximately P25 billion in illegal payments.
The former appropriations chair also questioned President Marcos's previous statements about not recognizing certain portions of the budget. "I am puzzled why the President says he does not recognize the budget, when all the cuts and additions to government agencies require approval from Budget Secretary Mina Pangandaman," Co remarked. He further claimed that Secretary Pangandaman told him, "Everything is cleared with the President. What matters is that the funds requested by the President are included."
Official Denials and Counterarguments
President Marcos swiftly dismissed Co's allegations during an interview in La Castellana, Negros Occidental. "I don't want to even dignify what he is saying," the President stated, according to the Philippine News Agency. Former Speaker Romualdez issued a formal statement declining to comment directly on the accusations, describing them as unsworn statements that "carry no weight in a court of law."
Romualdez maintained his innocence, stating, "My conscience remains clear. Throughout this inquiry, no public official, contractor, or witness has pointed to any wrongdoing on my part. I remain ready to cooperate with any lawful process, and I am confident that the truth will emerge through the proper institutions."
Malacañang Palace had previously characterized Co's accusations as "completely without basis" and "pure hearsay." Budget Secretary Mina Pangandaman also defended the administration's budget process, explaining that "All appropriations ordered by the President is already in the National Expenditure Program. That is why it is called the President's budget. So we reject any insinuations about it."
Political Reactions and Credibility Questions
Mamamayang Liberal Party-list Representative Leila de Lima challenged Co to return to the Philippines and testify under oath regarding his allegations. She questioned both his credibility and the timing of his video statements. "Posting these videos is not acceptable. He needs to return and follow the right process," de Lima asserted. "Anything less than that, we will doubt his agenda, especially since he truly doesn't have that much credibility."
De Lima also expressed concern about the potential impact of such allegations on public perception and national stability. "Can you imagine the effect? And then those elements that would be happy enough to have this kind of situation that creates trouble," she warned.
Co, who left the Philippines in September 2025 for medical treatment in the United States, has cited safety concerns for his continued absence. After House Speaker Bojie Dy ordered his return, Co submitted an irrevocable resignation, claiming threats to himself and his family.
This latest controversy emerges from previous allegations involving anomalous flood control projects that implicated both Co and Romualdez. President Marcos had addressed these concerns in his State of the Nation Address by ordering an in-depth investigation and forming the Independent Commission on Infrastructure to examine corruption in government projects.
