5 choppers + private jets: Inside Philippine Congressman Zaldy Co’s sky-high empire

Manila: The anti-corruption storm just climbed into the skies, igniting further outrage over ghost and substandard projects.

Now, the probe into public fund misuse has taken a stunning new turn.

On Wednesday, documents from the Civil Aviation Authority of the Philippines revealed that Ako Bicol Party-list Rep. Zaldy Co, whose family owns Sunwest construction company, controls ₱4.7 billion (about $82 million) worth of “air assets.”

A congressman in the Philippines belongs to "Salary Grade 31", earning approximately ₱302,741 ($5,258) per month (₱3.63 million/year).

A key official confirmed the discovery, a revelation that could send shockwaves through an already furious public, raising fresh questions about how taxpayer money is being spent — and who reaps the benefits.

Secretary Vince Dizon, new head of the Department of Public Works and Highway (DPWH), revealed the findings with visuals to local media on Wednesday.

Dizon, who replaced Manuel Bonoan sacked earlier this month over the controversial projects, said he will refer the information to the Anti-Money Laundering Council (AMLC), the Department of Justic (DOJ), and the Independent Commission for Infrastructure for action.

Sunwest Inc., formerly Sunwest Construction, is one of the Asian country's top contractors.

In Bicol, it handled the most expensive flood project — the ₱241-million Baao Lakeshore dike road. In total, it bagged 17 projects worth ₱2.33 billion in Bicol and ₱10.1 billion nationwide.

Co, once a Sunwest incorporator, has denied the allegations, stating he had "divested" from Sunwest in 2019.

Though he represents the "Party List" AKO Bicol (at 18,155.82 km², the gold-rich Bicol region has six provinces, with a land area bigger than Kuwait's), Co has a sprawling house in Pasig (in Manila), and reportedly also in France. The Pasig house is now covered in white tarp.

Bryce Hernandez, a former government engineer, has testified that Co's Pasig mansion was used as drop-off point for kickbacks.

Money flows

Sketchy details of how the money flows from the so-called dagdag-bawas midnight budget insertions at the "Bicam" level (Senate and House "small committee" on budget) to contractors has been exposed by another congressman, Navotas Rep. Toby Tiangco.

Toby Tiangco said he spent several weeks researching the money trail, which eventually led him to Zaldy Co and the "Bicam" team insertions. Tiangco alleges that, based on the info he gathered, at least ₱13.8 billion ($240 million) were realigned, apparently to favour Co's construction companies.

Co has since denied the allegation.

In contrast, more that 25 million Filipinos live below the official poverty threshold of $8 per day, as per 2023 Philippine Statistics Authority data.

Co, 52, has built a reputation as a vocal advocate for the Bicol region's development.

Elected in 2013 and re-elected multiple times, Co chairs the House Committee on Appropriations, wielding influence over national budgets.

Civil Engineer

A civil engineer by training, he hails from a family entrenched in Bicol (south of Manila) politics and business, with ties to construction giants.

His legislative focus includes disaster resilience and infrastructure, ironically central to his current woes.

Co's ascent has been marred by whispers of opulence, none louder than his alleged fleet of air assets.

Linked to his companies the portfolio boasts a Gulfstream G350 private jet, capable of transcontinental hops.

Complementing it are luxury helicopters, including Bell 505 models worth around ₱114 million ($2 million) each, used to shuttle VIPs to his sprawling five-hectare Misibis Bay Resort in Albay.

Reports detail up to five Bell choppers in total under Misibis Aviation, ferrying elite guests amid the resort's turquoise shores.

Acquired reportedly from tycoon Lucio Tan, these assets — valued at ₱3.75 billion to ₱4.7 billion — symbolise Co's blend of public service and private empire.

Local media reported that Co has begun transferring his fleet of expensive jets and helicopters abroad ahead of a crackdown on individuals involved in the flood control scam.

Misibis Aviation & Development Corp., allegedly owned by Co, has started processing the "deregistration" of its fleet in August, particularly the Gulfstream G350 valued at $36 million.

In a letter from Misibis Aviation’s chief pilot, Capt. Elvidio Palaganas, to the Civil Aviation Authority of the Philippines on August 18, he requested a “major modification of the export certificate of airworthiness and deregistration of the certificate of registration” for the G350.

Misibis Aviation reportedly acquired the G350 (tail number RP-C8575) in June 2024.

The aircraft-leasing business is allegedly led by Co’s son, Michael Ellis Co, and the G350 is the only business jet in their fleet, according to a report by Bilyonaryo, which also obtained photos of five other private jets and five luxury Bell helicopters under Misibis Aviation.

The chopper are reportedly used to transport guests to Co’s five-hectare Misibis luxury resort in Albay.

The DPWH has petitioned the Anti-Money Laundering Council (AMLC) to freeze Co's air fleet amid a graft probe into anomalous flood control projects.

Charges against Co

Co faces malversation charges alongside senators like Jinggoy Estrada and Joel Villanueva, and Bong Revilla, who are accused of siphoning billions in "pork barrel" funds obtained via midnight budget insertions.

Amid the crackdown, Co reportedly fled to the US for "medical treatment," while his chief pilot sought de-registration for the Gulfstream, hinting at an export bid.

Earlier rumours tied him to a Gulfstream G550 jet that flew ex-President Rodrigo Duterte to The Hague in March 2025 — claims his camp swiftly denied, disavowing tail number RP-C5219.

Critics decry the fleet as ill-gotten gains from public coffers, fuelling debates on congressional excess.

Co's story underscores the Marcos administration's anti-corruption push, but with assets parked in Tan's hangar and probes intensifying, his high-flying days may be grounded.

As Filipino millennials watch the billions in taxpayers' money going to midnight budget insertion and ghosts projects, the question lingers: what's next for the country?