Zaldy Co worth ₱4.1 billion in 2019 - counsel
Metro Manila, Philippines - Resigned Ako Bicol party-list Rep. Zaldy Co and a key figure in the multibillion-peso flood control scandal was a billionaire in 2019, even wealthier than the richest senator, his lawyer said on Wednesday, Nov. 5.
Ruy Rondain, who introduced himself as Co’s legal counsel, said his client was worth ₱4.1 billion based on his statement of assets, liabilities, and net worth (SALN) six years ago, though the lawyer did not show a copy of the document during a media briefing.
He said Co’s 2019 net worth was bigger than that of Sen. Mark Villar, scion of the Villar business empire, at ₱1.26 billion in 2024.
READ: All SALNs in: Mark Villar richest, Escudero poorest senator
“Forty-four private corporations sa [in his] SALN niya [was listed] as of 2019, ‘yan ‘yung [that was his] revenue stream niya,” Rondain said.
While Rondain said he was uncertain about Co’s latest net worth, he said it moved “relatively flat” when the businessman became a lawmaker.
“It did grow but even that is not an indication of criminality,” the counsel said.
No personal aircraft
Rondain also denied that Co personally owned aircraft.
The counsel said the air assets may be under the name of the Co family business, Misibis Aviation and Development.
“None that I know of na meron siyang [that he has a] personal na chopper,” Rondain said.
“If you look at his SALN, ‘yung [the] Misibis Aviation was incorporated in 2004, 2008. Now, Zaldy Co became a congressman in 2019,” he noted.
Citing information from the Civil Aviation Authority of the Philippines, Public Works Secretary Vince Dizon earlier said air assets worth ₱4.7 billion were named under Co’s companies.
READ: Zaldy Co firms tried to deregister choppers amid corruption allegations - Dizon
Aside from Misibis, Co was a co-founder of Sunwest, which is among the country’s top flood control contractors. He divested in the company when he was elected a lawmaker, but reports noted he is still a beneficial owner.
Co has not returned despite summons by the House of Representatives when he was still a member, and an invitation from the Independent Commission for Infrastructure (ICI) which is investigating the flood control anomalies. The ICI has included him in its recommended charge list to the ombudsman.
