Former Ako Bicol party-list Rep. Zaldy Co may have received up to P10.41 billion in kickbacks from various government projects from 2023 to 2025, Bilyonaryo News Channel in its exclusive report quoting the freeze order secured by the Anti-Money Laundering Council against the ex-lawmaker’s assets.
BNC said in its report the AMLC finding was contrary to Co’s earlier claim that he did not receive a single peso in kickback from anomalous flood control projects.
“I want to make it clear that I did not take part in the actual process of splitting the amounts. The money only passed through me,” Co said in one of the videos he released on social media.
Financial records in the AMLC report also showed that Co has about P3.9 billion in inflows from 2021 to 2025, far higher than his pre-Congress earnings, Bilyonaryo said.
Investigators also reported that Co appeared to have retained financial control of SunWest Construction and Development Corp., noting that several of his frozen accounts were jointly held with the firm.
Based on AMLC records, among Co’s frozen assets were 205 bank accounts, 12 insurance policies, two AW139 helicopters valued at approximately P919.1 million each, and a Gulfstream G350 jet estimated at over P2 billion, Bilyonaryo said.
Manila Standard sought confirmation from AMLC but it has yet to reply as of press time.
As this developed, AMLC executive director Matthew David, in a radio interview, said the council is now eyeing overseas assets of a high-ranking official affiliated with an independent constitutional body and a former official.
The two individuals were the subject of fresh freeze orders that covered 230 bank accounts, 15 insurance policies, two helicopters, and one airplane.
“If we find out that you have property abroad, we can also request foreign authorities to freeze those as well,” David said.
On Wednesday, David, without disclosing the names of the two individuals, said their air assets alone were already valued at P3.9 billion.
President Ferdinand Marcos Jr. earlier said more assets will be frozen as the investigation continues into substandard or even “ghost” flood infrastructure projects.
“This is just the start. More assets will be frozen so we can recover (stolen) public funds. This is our promise – that the money of the people will be given back to the people,” Mr. Marcos said.
He said with the latest freeze orders, the total value of frozen assets stood at P11.7 billion.
