Flood Control Funds Diverted to Luxury Jets?

From left to right: Ako Bicol party-list representative Zaldy Co and Leyte First District Congressman, former House Speaker Martin Romualdez. This picture speaks a billion words and describes kleptocrats.

Flood Control Funds Diverted to Luxury Jets?

By Bing Jabadan – TheNationWeek.Com | September 18, 2025

MANILA, Philippines – A firestorm of public anger is engulfing House Speaker Martin Romualdez and Ako Bicol party list Rep. Zaldy Co as allegations of massive corruption and misuse of public funds intensify.

“Calls for accountability are growing louder, with critics labeling Romualdez’s recent resignation as a calculated maneuver to quell mounting protests against the alleged large-scale theft within the Marcos administration,” a political observer, who asked not to be identified, said.

Romualdez, a cousin of President Ferdinand Marcos Jr., is accused of diverting funds intended for crucial flood control projects.

The accusation has sparked outrage among citizens already struggling with the devastating consequences of recurring floods, particularly in Luzon.

Luxury Jets Fuel Public Fury

At the heart of the controversy are allegations that Romualdez and Co, in collusion with corrupt contractors, siphoned off hundreds of millions of pesos earmarked for flood control projects.

Critics point to the lavish lifestyles of both politicians, particularly their alleged acquisition of luxury aircraft, as evidence of ill-gotten wealth.

Reports indicate that Romualdez acquired two Gulfstream private jets: a pre-owned G150 valued at approximately $8 million and a G550 worth up to $35 million (around ₱2.6 billion).

These jets were allegedly purchased from billionaire Lucio Tan and are reportedly stored in his hangar.

Contractor Allegedly Moving Assets Overseas

Adding another layer of intrigue, Co, whose construction companies have secured billions in flood control contracts, is reportedly attempting to move his fleet of luxury jets and helicopters abroad in anticipation of a crackdown.

Documents obtained by *TheNationWeek.Com* suggest that Co’s Misibis Aviation & Development Corp. has begun the process of deregistering its Gulfstream G350, valued at $36 million.

A letter to the Civil Aviation Authority of the Philippines, dated Aug. 18, 2025, and signed by Misibis Aviation’s chief pilot, requested a “major modification of the export certificate of airworthiness and deregistration of the certificate of registration” for the G350.

According to ch-aviation, Misibis Aviation acquired the G350 (RP-C8575) around June 2024.

The 18-year-old jet, which has been operated by various companies, remains active, flying within the Philippines, Southeast Asia, and Europe.

Images of five more private jets and five luxury Bell helicopters owned by Misibis Aviation, often used to transport guests to Co’s Misibis resort in Albay, have also surfaced.

Billions in Contracts, Persistent Poverty

Co and his family founded Sunwest Inc. in 1997 and Hi-Tone Construction and Development in 2007.

These companies are among the largest contractors in the Philippines, having secured ₱15.7 billion in flood control contracts from 2022 to 2025.

Their portfolio includes nine flood control projects totaling ₱700 million, as reported by the Philippine Center for Investigative Journalism.

Despite the massive investment in flood control projects, Leyte remains one of the poorest provinces in the country.

This stark contrast between the alleged opulent lifestyles of officials and the persistent poverty endured by many Filipinos has fueled public outrage and demand for accountability.

A Test for the Marcos Administration

Critics point to parallels with the Marcos dictatorship era, where rampant corruption and economic mismanagement led to widespread suffering.

The ongoing investigation is seen as a crucial test of the Marcos administration’s commitment to tackling corruption and ensuring that public funds are used prudently and wisely.