Zaldy Co says he personally delivered P1 billion in kickbacks for Marcos

MANILA, Philippines — Former House appropriations chair Zaldy Co alleged in a new video that he personally delivered P1 billion in cash to an intermediary for President Ferdinand Marcos Jr. last December — a claim the president swiftly dismissed and challenged Co to make under oath in the Philippines.

In two trips to a Forbes Park property in early December 2024, Co claimed he handed over P200 million on December 2 and P800 million on December 5 to Justice Undersecretary Jose Cadiz Jr., who he said essentially served as Marcos' bagman.

"I personally delivered the money. I myself gave the money, together with my driver and staff. And all of this was based on the direct orders of Speaker Martin Romualdez," Co said in mixed English and Filipino in the video, speaking from outside the Philippines.

Co said the cash was dropped off at a house on Tamarind Street in South Forbes Park that former House Speaker Martin Romualdez had told him Marcos had ordered purchased to serve as a collection point for kickbacks. Cadiz told him the money would be brought to Marcos' residence on Narra Street, also in South Forbes Park, Co claimed.

The alleged deliveries came after Cadiz told Co and Romualdez in November 2024 that Marcos was angry because he wasn't receiving cuts from Department of Public Works projects, according to Co. He said Romualdez, who was frequently scolded by the president from September to November, ordered him to deliver the P1 billion.

"The instruction to me from former Speaker Martin Romualdez was to bring it to No. 13 Tamarind Street, South Forbes Park and give it to [Cadiz] because this is the drop-off point close to the president's house," Co said.

Besides this major allegation against Marcos, the former lawmaker also used his nearly 10-minute video to describe the supposed finer details of an alleged kickback scheme that went all the way to the top.

Co said a total of P56 billion in payoffs from DPWH projects flowed through him to Marcos and Romualdez from 2022 to 2025 — separate from the alleged P100-billion insertion ordered by Marcos in the 2025 budget and a P97-billion flood control insertion in the 2026 National Expenditure Program.

The resigned lawmaker said the system began in 2022 when Romualdez, then House speaker, told him that as House appropriations chair, he needed to deliver him P2 billion per month. Days later, Co said DPWH District Engineer Henry Alcantara came to his congressional office and proposed a split: 22% for Romualdez, 2% for DPWH Undersecretary Roberto Bernardo, and 1% for Alcantara himself.

The former lawmaker name-dropped his own staff members "Paul" and "Mark" as persons who supposedly coordinated with Alcantara's people.

These transactions allegedly took place in Valle Verde or "BGC parking" lots, Co said.

Co on Monday also posted photos alongside his video showing what appeared to be suitcases filled with cash and a table listing payments with dates. The payments were going to a certain "RR," Co's list shows. 

"I was not involved in the actual process. The money just passed through me and was immediately delivered to Speaker Romualdez," Co said. "I only confirmed via text to the Speaker when the money was delivered to his house."

Co claimed Romualdez told him directly that he split the money with Marcos.

The former Ako Bicol party-list representative said the monthly P2-billion target wasn't always met, which is why the total came to P56 billion rather than a higher amount over three years.

'I cannot go home'

Co denied claims by Alcantara and findings by the Independent Commission for Infrastructure that he received P21 billion. "That's not true. I did not receive that amount," he said.

He said he posted the video because he fears for his life and expects the administration to brand him a terrorist. "I cannot go home because there is a great threat to my life," Co said. "Now we have received information that the administration will portray me as a terrorist inside and outside the Philippines."

Marcos rejected Co’s allegations hours after, telling reporters that the statements carried little weight unless made under oath in the Philippines. “Anyone can go online and say these things,” Marcos said. 

A warrant of arrest has been issued against Co over an allegedly anomalous flood control project in Oriental Mindoro, but he remains at large. At least eight DPWH officials connected to the project are already in government custody as of Monday.