Amid Corruption Probe, CAAP Data Bares Co’s P4.7-B Aircraft Assets

Amid Corruption Probe, CAAP Data Bares Co’s P4.7-B Aircraft Assets

By Bing Jabadan – TheNationWeek.Com | September 25, 2025

MANILA, Philippines – Amid an escalating corruption scandal in the government, new revelations have surfaced regarding the alleged substantial assets of Ako Bicol party-list Rep. Zaldy Co.

Public Works Secretary Vince Dizon disclosed on Wednesday (Sept. 24, 2025) that Co, who chairs the influential appropriations committee, purportedly oversees a fleet of 11 registered aircraft with an estimated worth of P4.7 billion.

This information, obtained from the Civil Aviation Authority of the Philippines, exacerbates the scrutiny surrounding Co, who is already facing allegations of indirect bribery and funds malversation.

Dizon noted that a significant portion of the lawmaker’s alleged aviation assets is linked to his Misibis Aviation and Development Corp., which includes:

• Two AgustaWestland AW139 helicopters, valued at $16 million each
• A Gulfstream 350 executive jet, valued at $36 million
• Two Bell 407 helicopters, valued at $3 million and $16 million
• A Bell 206B3 helicopter, valued at $650,000

The total estimated value of these assets stands at approximately $74.65 million or around P4.28 billion.

Dizon further alleged that Co has ties to Hi Tone Construction Corp., which possesses air assets worth $7.94 million (P455.6 million), and QM Builder, which owns a Bell 505 helicopter valued at $2 million (P114.8 million).

“We have submitted this information to the AMLC, the Department of Justice, and the Independent Commission on Infrastructure,” Dizon said, adding that his team would defer the investigation and any potential asset seizures to relevant authorities.

The AMLC had previously frozen Co’s assets in light of claims by former Bulacan district engineer Henry Alcantara that the lawmaker manipulated P35 billion in budget allocations linked to kickback schemes.

Co is currently in the United States seeking medical treatment.

The Department of Justice is preparing charges against him and other lawmakers involved in the flood control projects scandal.

Co’s Son’s Apology

Meanwhile, Co’s son, Ellis, posted on his Facebook:  

“I am deeply ashamed, and I wish for nothing but the truth to come out. There is no excuse. I firmly believe that anyone proven guilty of these crimes should be held accountable, including my father. I urge him to appear before the people and be accountable once and for all.  

I am not just speaking out against a politician; I am speaking out against my own father. And if this decision gets me disowned, I would rather face that consequence than watch millions of people suffer from his actions.  

To my father: come home and answer to the people. Have your time in court. People need answers.”