President Ferdinand "Bongbong" Marcos Jr. made a stunning revelation on Wednesday, November 26, 2025, alleging that the legal team of former Ako Bicol Party-List representative Zaldy Co attempted to blackmail the government. The objective was to prevent the cancellation of Co's passport amidst a major corruption investigation.
Blackmail Attempt and Presidential Response
In a direct video statement, President Marcos disclosed that Co's lawyer tried to leverage the situation. The lawyer reportedly asked the President to intervene and stop the passport cancellation. In return, Zaldy Co would cease posting his video exposés on social media, which contained serious allegations against high-ranking officials.
President Marcos responded with a firm and unequivocal refusal. "I do not negotiate with criminals," he declared. He directly addressed Co in Filipino, stating, "Kahit maglabas ka na ng video ng lahat ng kasinungalingan mo, pag-destablilize mo sa gobyerno, gusto kong malaman mo, Zaldy, makakansela pa rin ang passport mo. Hindi ka na makakatakas sa hustisya." This translates to a powerful message that the passport cancellation would proceed regardless of Co's actions, ensuring he would face justice.
The Multi-Million Peso Graft Case
The controversy stems from a significant corruption case. Zaldy Co, alongside 15 officials from the Department of Public Works and Highways (DPWH) and the Sunwest Corporation, has been indicted by the Ombudsman. The charges are for graft and malversation of public funds related to a P289.5-million flood control project in Oriental Mindoro.
As a result, the Sandiganbayan has issued a warrant for Co's arrest. Arrest warrants have also been issued against 17 other individuals connected to these anomalous flood control projects.
Prior to this, Co released a series of videos making explosive claims. He alleged that approximately P100 billion in budget "insertions" were approved for flood-control and other projects. He implicated the administration of President Marcos and former House Speaker Martin Romualdez in these alleged systematic graft activities. Co further claimed to have evidence, including documentation of transactions and details of suitcases of cash delivered to residences linked with these high-ranking officials as alleged kickbacks.
Massive Asset Freeze and Escalating Charges
In a major development, President Marcos announced that the Anti-Money Laundering Council (AMLC) has frozen a total of P12 billion in assets connected to the case. This massive freeze order includes P4 billion in air assets belonging directly to Zaldy Co.
The scope of the frozen assets is extensive, covering:
- 3,566 bank accounts
- 198 insurance policies
- 247 vehicles
- 178 real properties
- 16 e-wallets
Furthermore, the President stated that the Inter-Agency Council on Infrastructure and the DPWH are preparing to submit additional evidence to the Ombudsman. This evidence will target eight congressmen who own construction companies involved in questionable projects. The charges being considered are severe, including plunder, anti-graft, bribery, and conflict-of-interest.
