Former Ako Bicol party-list Rep. Elizaldy ‘Zaldy’ Co reported a net worth of P4.1 billion in 2019-the year he was elected to the House of Representatives-according to his lawyer, Ruy Rondain.
Rondain disclosed this during a press conference Wednesday, arguing that Co had accumulated such wealth even before joining Congress.
‘I can answer that P4.1 billion in 2019. I did some research and who’s a richer senator you know? Mark Villar declared an asset a net worth of P1.4 billion. His mother, Cynthia, declared in 2020 a net worth of P3.8 billion. Next is Manny Pacquiao, P3.1 billion,’ the lawyer enumerated.
‘So, in 2020, when Rep. Co joined Congress in 2019, he was already richer than Cynthia Villar or Manny Pacquiao. Just to keep it in context,’ he added.
The lawyer did not show a copy of Co’s 2019 Statement of Assets, Liabilities and Net Worth (SALN) but said he was willing to provide one.
When asked about Co’s latest SALN, Rondain only provided an estimate, stating that it had increased by approximately P900 million, bringing the total to roughly P5 billion.
He, however, added that he had only ‘read it somewhere.’
Rondain also explained he only has Co’s 2019 SALN, as it is the only document relevant to the corruption allegations against his client.
Co came under scrutiny after his name was linked to alleged irregularities in the P289.5-million flood control project in Naujan, Oriental Mindoro.
In its first interim report, the Independent Commission for Infrastructure (ICI) urged the Office of the Ombudsman to determine the appropriate charges to be filed against 18 public officials, including the former lawmaker.
A month later, the commission recommended criminal and administrative charges against Senators Jinggoy Estrada and Joel Villanueva, Co, and three others in connection with suspected ‘ghost’ flood control projects.
The recommendations stemmed from an alleged kickback scheme, based on sworn affidavits and corroborating evidence from former Department of Public Works and Highways engineers Henry Alcantara, Brice Ericson Hernandez, and Jaypee Mendoza.