Former Ako Bicol party-list representative Elizaldy “Zaldy” Co amassed billions in assets before stepping into public office, his legal counsel said, amid ongoing investigations linking him to alleged anomalous flood control projects.
In an Inquirer.net report, lawyer Ruy Rondain said Co’s 2019 Statement of Assets, Liabilities and Net Worth (SALN) showed a net worth of ₱4.1 billion the year he joined the House of Representatives. Rondain claimed the wealth was accumulated prior to Co’s election, emphasizing that the former lawmaker “came into Congress already rich.”
Rondain did not provide an actual copy of the 2019 SALN but said he was prepared to produce one. When pressed for Co’s most recent SALN, the lawyer offered only an estimate, asserting the figure grew by about ₱900 million, bringing the total to approximately ₱5 billion. He admitted this was based on information he had “read somewhere,” noting the only document he had was the 2019 disclosure because it forms the basis of the current inquiry.
Co is facing scrutiny following his inclusion in a probe into a ₱289.5-million flood control project in Naujan, Oriental Mindoro. An initial report by the Independent Commission for Infrastructure urged the Office of the Ombudsman to consider filing charges against 18 public officials, including Co.
A subsequent recommendation from the panel called for criminal and administrative cases against Senators Jinggoy Estrada and Joel Villanueva, Co, and three others over alleged “ghost” flood control projects tied to an alleged kickback scheme. The findings were supported by sworn statements and corroborating information from former engineers of the Department of Public Works and Highways: Henry Alcantara, Brice Ericson Hernandez, and Jaypee Mendoza.
