DPWH Secretary Vince Dizon presented some of the "air assets” linked to Ako Bicol Representative Elizaldy “Zaldy” Co (inset).
Philippines: Fugitive ex-congressman Zaldy Co transferred $100 million overseas via crypto, local assets face seizure
Ex-Congressman Co transferred approximately ₱5 billion overseas using crypto: DILG chief
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2 MIN READ
Former Filipino congressman Zaldy Co, who has fled the Philippines, is in the eye of the corruption storm that has caused disquiet among the country's young people. In a video statement on X, he said: “For every Filipino, I know that your anger toward me is full right now… I have been silent for a long time because there was a direct order to me not to return to the Philippines anymore and just stay quiet,” he said in a video statement.
FB | Zaldo Co
Manila: Fugitive former Ako Bicol Party-list Representative Elizaldy “Zaldy” Co transferred approximately ₱5 billion (equivalent to around $100 million) overseas using cryptocurrency, based on intelligence from Co’s own associates, according to a senior official.
Department of the Interior and Local Government (DILG) Secretary Jonvic Remulla disclosed in a recent interview that Philippine authorities are preparing to seize Co’s high-value local assets, including:
two luxury houses in Forbes Park,
Midas Hotel and Casino in Pasay City, and the
upscale Misibis Bay Resort in Albay.
Co is also known to have owned several "air assets".
These properties, often registered under corporate entities, are linked directly to Co through ongoing legal proceedings.
“We’ve already won cases establishing the connections, and we're ready to pierce the corporate veil,” Remulla stated.
He was referring to the legal mechanism that allows authorities to disregard corporate structures to hold individuals accountable.
He added that the Office of the Ombudsman holds the authority to pursue asset forfeiture.
Remulla emphasised the challenges of cryptocurrency in anti-corruption efforts, noting that while it provides anonymity, it is not entirely secure or untraceable.
“Not all the money in the world can solve these problems,” he remarked, describing Co as “a poor man with a lot of money” whose options are dwindling amid international pressure.
The Marcos government has already cancelled the passport of Co, a central figure in the multibillion-peso flood control project anomalies, resigned from Congress earlier this year and is believed to be hiding in Portugal, possibly holding citizenship there.
Multiple cases
He faces multiple charges, including graft, malversation, and potential plunder, related to alleged kickbacks and budget insertions.
The DILG secretary confirmed that motions for asset possession are underway, with the National Bureau of Investigation (NBI) having already accessed several properties linked to Co.
Authorities continue to pursue Co’s extradition and recovery of ill-gotten assets as investigations into the flood control scandal deepen.
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