ICI Says Zaldy Co May Have Pocketed ₱21B from Flood Projects
ZALDY CO – The former Ako Bicol party-list representative is accused of pocketing around ₱21 billion in kickbacks from fraudulent flood control projects, based on findings by the Independent Commission for Infrastructure (ICI).
According to reports from former DPWH Bulacan engineers Henry Alcantara and Brice Hernandez, large amounts of cash were allegedly delivered to properties linked to Co. The ICI’s interim report described multiple deliveries made in convoys of seven vehicles, each carrying five to six large suitcases containing about ₱50 million each. These alleged cash transfers reportedly occurred five times in 2022, four times in 2023, six times in 2024, and once in 2025.
ICI Chairman Andres Reyes Jr. stated that the commission will continue investigating and filing charges against all officials involved, assuring the public that justice will not be delayed. The revelation has sparked widespread concern as it could be one of the largest corruption cases related to government flood control programs.
Meanwhile, the Civil Aviation Authority of the Philippines (CAAP) confirmed that three aircraft registered under Zaldy Co have already left the country. Two AgustaWestland helicopters flew to Kota Kinabalu, Malaysia, on August 20 and September 11, while a Gulfstream jet has been in Singapore since August 16, 2025.
CAAP said it continues to monitor all registered air assets in accordance with Philippine law. Meanwhile, Public Works Secretary Vince Dizon has requested to freeze about ₱5 billion worth of aircraft linked to Co and his family. He explained that even though the aircraft are now abroad, they cannot be sold or re-registered since they remain under CAAP jurisdiction.
Dizon added that the government will proceed with civil forfeiture cases to recover the stolen public funds. These cases will be discussed in an inter-agency meeting with ICI, as the Marcos administration aims to retrieve the money and hold those involved accountable, even while criminal proceedings are still ongoing.