Philippines Engulfed By Corruption Scandal: Whistleblower Accuses Marcos, Romualdez of Receiving Billions in Kickbacks

President Ferdinand “Bongbong” Marcos Jr. and Former Ako Bicol Party-list representative Elizaldy “Zaldy” Co

Philippines Engulfed By Corruption Scandal: Whistleblower Accuses Marcos, Romualdez of Receiving Billions in Kickbacks

By Bing Jabadan and Wilma N. Yamzon – TheNationWeek.Com | November 25, 2025

MANILA, Philippines – The Philippine political landscape has been shaken by explosive allegations of corruption reaching the highest echelons of power.

Former Ako Bicol Party-list representative Elizaldy “Zaldy” Co has accused President Ferdinand “Bongbong” Marcos Jr. and former House Speaker Martin Romualdez of orchestrating a massive kickback scheme, claiming to have personally facilitated the delivery of billions of pesos in illicit funds.

In a bombshell nine-minute video released on Monday, November 24, 2025, Co alleged a systematic pattern of corruption, claiming that he funneled a staggering P56 billion in kickbacks to Marcos and Romualdez between 2022 and 2025.

He declared that the two orchestrated an additional P100 billion in budget insertions for personal gain, painting a picture of government malfeasance.

Alleged Kickback Operation: Monthly Deliveries Tied to Flood Control Projects

Co alleges the kickback operation began in 2022, shortly after Romualdez assumed the Speakership.

He claims Romualdez instructed him to deliver P2 billion monthly, funds allegedly derived from inflated flood control projects in Bulacan.

The projects were purportedly managed by then-dismissed Department of Public Works and Highways district engineer Henry Alcantara, operating under the direction of DPWH Undersecretary Roberto Bernardo.

He declares Alcantara presented a detailed kickback breakdown: 22% for Romualdez, 2% for Bernardo, and 1% for Alcantara himself.

The alleged illicit money transfers were reportedly facilitated by Co’s staff, Paul Estrada and Mark Tecsay, in parking lots in Valle Verde and Bonifacio Global City (BGC).

The funds were then allegedly delivered to Jocelyn Serreño, a member of Romualdez’s staff, at locations in North Forbes Park and later to a residence at 14 Narra Street, South Forbes Park.

While Co denies direct involvement in the physical delivery process, stating the money “only passed through me for immediate delivery to Speaker Romualdez,” his former security aide, Orly Guteza, corroborates the money trail.

Guteza confirms transfers from Valle Verde to BGC and ultimately to Romualdez’s Forbes Park residence.

However, Guteza adds a critical detail: some cash-filled luggage was reportedly left at Co’s BGC residence.

Co alleges that over P55 billion was delivered to Romualdez’s residence between 2022 and 2025, with the former speaker allegedly stating the funds were to be split with the President.

Escalating Accusations: Direct Deliveries to Marcos?

Co’s allegations extend to direct deliveries to Marcos.

He claims that in November 2024, during budget deliberations, he attended a meeting with Romualdez and Justice Undersecretary Jose Cadiz Jr., where Cadiz allegedly informed him that Marcos was displeased with the lack of remittances.

Subsequently, Co claims he was instructed to deliver P1 billion to Marcos between September and November 2024. Romualdez allegedly directed him to deliver the money to 30 Tamarind Street, South Forbes Park, for Cadiz to pass on to Marcos.

Co further alleges that the property was acquired on Marcos’ orders to serve as a warehouse for collections and deliveries.

Co states he personally delivered P200 million to Cadiz on December 2, 2024, followed by another delivery of P800 million on December 5, both to the same address.

He claims these deliveries, totaling P1 billion, were made under Romualdez’s direct orders.

Despite these alleged deliveries, Co claims Marcos remained unsatisfied and that he received information that the Marcos administration was planning to label him as a “terrorist.”

Marcos Jr. Dismisses Allegations, Challenges Co to Return Home

Marcos has vehemently dismissed Co’s allegations, questioning his credibility.

“Look at the quality of his statements… Anyone can go online and say these things,” Marcos said, challenging Co to return to the Philippines and face his cases.

“If he has something to say, then say it. But come home. Why are you hiding so far away?”

However, Marcos’ challenge is complicated by Co’s ongoing legal troubles and the Department of Foreign Affairs’ (DFA) statement that it has not yet received a court order to cancel his passport pursuant to Sections 4 and 10 of RA 11983 or the New Philippine Passport Act.

This raises concerns about Co’s safety should he return to the Philippines, given the gravity of his accusations and the powerful individuals he has implicated.

Legal Troubles, Flight from the Philippines: ‘Small Fish’ Being Sacrificed to Protect ‘Big Fish’?

A warrant of arrest has been issued against Co in connection to an alleged “anomalous” flood control project in Oriental Mindoro, but his current whereabouts are unknown.

Interior Secretary Jonvic Remulla confirmed that Interpol has issued a blue notice against Co, who has been ordered arrested by the Sandiganbayan.

The Bureau of Immigration (BI) confirmed that at least four of the 16 individuals facing warrants of arrest in the flood control scam are out of the country, including Co, DPWH OIC Planning and Design Division chief Montrexis Tamayo, and Sunwest Inc. executives Aderma Angelie Alcazar and Cesar Buenaventura.

While Marcos announced the arrest of seven suspects allegedly involved in the flood control project anomalies, and the Department of the Interior and Local Government claims eight are already in custody, the key figures implicated by Co in the alleged kickback scheme – Marcos and Romualdez – remain untouched by the investigation.

This disparity raises serious questions about the scope and impartiality of the investigation, fueling concerns that the “small fish” are being targeted while the “big fish” remain scot-free.

Authorities are still searching for several individuals with outstanding warrants of arrest, including Co, Tamayo, and the Sunwest executives.

Remulla believes Alcazar and Buenaventura are in New Zealand and New York, respectively, while Tamayo is reportedly in Jordan.

The Nation Awaits: Will the Truth Prevail?

The investigation remains ongoing, but the explosive allegations and the focus on lower-level officials raise serious concerns about the potential for a whitewash and the true commitment to uncovering corruption at the highest levels of the Philippine government.

The public awaits further developments, demanding transparency, accountability, and a thorough investigation that leaves no stone unturned.