AMLC Flags Nearly ₱4 Billion in Deposits Linked to Zaldy Co

A fugitive billionaire-politician, former Ako Bicol Party-list Representative Elizaldy “Zaldy” Co, amassed enormous wealth during his last four years in Congress, according to a report by the Anti-Money Laundering Council (AMLC).

Documents obtained by Bilyonaryo.com show that the AMLC uncovered nearly ₱4 billion in cash deposits spread across 205 bank accounts under Co’s name. From 2021 to 2025 alone, these accounts received a total of ₱3,989,079,370 in deposits, an amount the AMLC noted was far greater than Co’s legitimate earnings as a businessman.

The AMLC also observed that this amount was significantly higher than Co’s accumulated wealth in the seven years prior to his entry into Congress raising suspicion that the funds may have been unlawfully obtained.

The billions of pesos in deposits were allegedly funneled through 205 accounts in 17 banks and financial institutions, including BPI Family Savings Bank, BDO Unibank, Bank of the Philippine Islands, Hongkong and Shanghai Banking Corp., Citibank, Philippine National Bank, Allied Banking Corp., Equitable PCI Bank, Legazpi Savings Bank, UnionBank of the Philippines, Bank of Commerce, Metropolitan Bank and Trust Company (Metrobank), China Banking Corp., EastWest Banking Corp., Land Bank of the Philippines, Orix (Orix Metro Leasing and Finance), and United Coconut Planters Bank.

In addition to the bank accounts, the AMLC also froze 12 insurance policies held by Co with BPI AIA Life Insurance, Insular Life, and Sun Life Canada.

Before his first term as Ako Bicol representative, Co was engaged in businesses involving construction, water operations, power generation, aviation, and mall and resort development—including Embarcadero and Misibis Bay.

The AMLC also examined Co’s 25% ownership in Sunwest Corp., one of the contractors allegedly involved in the flood control scam. According to the AMLC, Co facilitated ₱215,331,394.47 in unwarranted benefits to Sunwest by approving fake and substandard projects during his tenure as chairman of the House Committee on Appropriations from July 2022 to January 2025.

Testimonies before the Senate Blue Ribbon Committee also detailed alleged corruption schemes involving Co, including 20% to 25% kickbacks from “ghost projects” in Bulacan in collaboration with regional and district engineers of the Department of Public Works and Highways (DPWH). Co allegedly earned ₱10,410,832,750 from these kickbacks.

As a congressman, Co wielded significant influence as chairman of the House Committee on Appropriations, serving as part of the powerful “small committee” authorized to insert or amend items in the national budget.

The AMLC also spotted discrepancies between Co’s declared income and his aviation assets. Investigators noted that Misibis Aviation lacked the financial capability to purchase two AgustaWestland AW139 helicopters and a Gulfstream G350 jet acquired by Co in 2021 and 2024 for a total of ₱3.9 billion.

The AMLC concluded:“Taken together, there is no apparent underlying legal or trade obligation, purpose, or economic justification for the significant aggregate amount in the subject bank accounts, insurance policies, and air assets of Co. A reasonably discreet, prudent, or cautious person is likely to believe that the aforementioned assets were derived from the proceeds of corruption, graft, and malversation of public funds.”