In a stunning political upheaval that has gripped the country, the once-untouchable image of Congressman Zaldy Co has crumbled overnight. Long regarded as one of the most influential figures in the House due to his leadership of the Appropriations Committee, Co is now at the center of an unprecedented financial crackdown that has left both his allies and critics speechless.
The Anti-Money Laundering Council (AMLC), armed with extensive evidence of suspicious transactions, has successfully secured freeze orders covering an estimated ₱12 billion worth of assets tied to the congressman and his network. Officials describe the operation as one of the most extensive wealth seizures ever carried out against an elected official — a clear sign that the government is no longer hesitant to go after high-ranking powerbrokers.
What investigators uncovered paints a picture far beyond ordinary political influence. The frozen assets include more than 3,500 bank accounts, a fleet of 247 vehicles, 178 real estate holdings, 198 insurance policies, and luxury air assets valued at around ₱4 billion. These findings stand in stark contrast to Co’s long-standing claims of innocence and “clean wealth,” raising deeper questions about how such massive resources were accumulated while serving in public office.
Analysts argue that the sheer volume of assets defies any explanation grounded in lawful income. For years, infrastructure and flood-control projects linked to Co’s sphere of influence have faced accusations of questionable implementation and ghost expenditures. With the freeze order now in place, investigators believe they are only beginning to uncover the full scope of the system that allegedly funneled public funds into private hands.
But the saga took a more dramatic turn when President Ferdinand “Bongbong” Marcos Jr. made a shocking revelation. Speaking with notable firmness, PBBM claimed that a lawyer from Co’s team attempted to coerce the government into restoring the congressman’s canceled passport. In exchange, Co would allegedly stop releasing so-called “exposé” files that were said to target the administration and sow instability.
The President’s response was blunt and unforgiving: “I do not negotiate with criminals.” He dismissed the supposed exposés — whether real or produced through AI manipulation — as the desperate ploy of someone cornered with no escape. The passport revocation stands, effectively sealing Co’s movements within the country and ensuring he faces legal proceedings head-on.
The controversy has now expanded, pulling more lawmakers into its orbit. At least eight other congressmen are reportedly under investigation for owning construction companies that secured major government contracts — a direct violation of laws against conflict of interest. The Ombudsman is believed to be finalizing charges for plunder, graft, bribery, and unlawful business involvement among elected officials.
This sweeping operation has sparked a rallying cry across government agencies: “Ibabalik sa taumbayan ang pera ng taumbayan.” With several e-wallets also ordered frozen and investigators tightening their grip, authorities are determined to recover every peso allegedly diverted from public coffers.
For Zaldy Co, this is merely the beginning of a long legal battle. Locked accounts, halted travel, and an unraveling network of political allies now define a dramatic downfall for a man who once controlled the nation’s budgetary negotiations. As Filipinos await the next developments, one question looms: Will this crackdown truly reset the political landscape — or is this only the first chapter of an even larger corruption saga?