Former Ako Bicol Partylist Representative Zaldy Co may have pocketed as much as $1 billion from graft-ridden government projects, while his “boss,” former House Speaker and Leyte 1st District Representative Martin Romualdez, could have taken even more, Interior Secretary Jonvic Remulla revealed.
Remulla said the sums allegedly involved were so massive they could not be deposited in banks, forcing Co and his associates to resort to cryptocurrency and even custom-built vaults to conceal their wealth.
By his own estimate, Remulla noted that Co could have amassed $1 billion during his tenure as chairperson of the House Committee on Appropriations, where he oversaw the preparation of the national budget.
The interior secretary earlier disclosed that Co allegedly moved large amounts of money through the Middle East, with assets abroad that included paintings, jewelry, and gold bars.
Authorities, he added, received information that Co facilitated the transfer of about ₱5 billion via cryptocurrency, while significant sums of cash were flown by private plane to Gulf countries.
Remulla further claimed that the former party-list lawmaker had already devised an “escape plan” well before he was publicly identified as a central figure in the anomalous flood control projects.