Zaldy Co & Guteza reveals BBM Liza Marcos & Martin Romualdez are d corruption syndicated masterminds

On 14 November 2025, Zaldy Co released a video statement in which he claimed:
He was directed by Ferdinand “Bongbong” Marcos Jr. and Martin Romualdez (his cousin) to insert ≈ ₱100 billion worth of projects into the 2025 national budget, mostly for flood-control and infrastructure work.

The directive allegedly came from the President via Amenah Pangandaman (Secretary of the Department of Budget & Management) and Adrian Bersamin (Under-Secretary), among others.
He says that when he tried to suggest a smaller insertion (₱50 billion) to avoid scrutiny, Pangandaman phoned him and said the President had already promised the full amount, so it had to be inserted.
He claims he was told by Romualdez: “What the President wants, he gets.” After this meeting, Co says a “brown leather bag” containing the list of projects was handed over in front of Malacañang.
Co says he was instructed to “stay out of the country” and remain silent, which he did, eventually resigning his seat.
PEP.ph
⚠️ What remains unverified / under investigation
There has been no official confirmation from Malacañang, the DBM, or Romualdez that supports Co’s full narrative as of now.
While the broader scandal involving flood-control projects (ghost projects, anomalous insertions) is ongoing and real.
Co’s credibility is under question: he was abroad when many of the claims emerged; his motives may be politically charged; and independent verification of the “brown leather bag”, the exact list of projects or how the insertion was processed is not yet transparent.

The involvement of Pangandaman is claimed in the narrative, but I did not find a separate detailed article solely focusing on her role that corroborates Co’s version.

The term “syndicated masterminds” (in your phrase) is strong: what Co specifically says is a chain of command of instructions; whether it rises legally to “syndicated masterminds” remains to be proven.

🔍 Why this matters
If true, the allegation is that the highest levels of the Philippine government (President and former Speaker) directed budget insertions of massive size (₱100 billion+) for infrastructure/flood-control, outside typical oversight.

It ties into the larger context of the flood control scandal that has already caused public backlash and a promise of prosecutions.
AP News
It potentially implicates lawful process: Did the insertions follow normal legislative/appropriations process? Were they properly programmed, transparent, and implemented? Or were they back-door, unprogrammed funds? Co’s narrative suggests the latter.
📌 My assessment
Co’s claims are explosive and high-stakes. The presence of a video statement and named individuals raise the seriousness.

However, multiple red flags: single whistleblower so far, little independent documentation publicly verified yet, and potential for personal/ political motivations.

The involvement of Pangandaman is plausible in the chain of budget oversight but her specific verification is weaker in public record as of now.
Zaldy Co released a video (Nov 14, 2025) and published a list claiming he was ordered to insert ≈₱100 billion worth of projects into the 2025 national budget and named President Ferdinand “Bongbong” Marcos Jr. and former Speaker Martin Romualdez — he says Budget Secretary Amenah (“Mina”) Pangandaman conveyed the President’s instruction.


The Palace and DBM (Pangandaman) have publicly rejected Co’s account as baseless/hearsay; DBM has repeatedly said budget processes (NEP → BICAM → GAA) are followed and that allocations appear in the NEP/GAA as appropriate.


Co also released a list of projects (GMA posted the list summary) — some large line items he highlights (for example, DICT “Free Public Internet / Common Tower” funding at P5B and an Office of the President ASEAN hosting allocation of P5.4B) do appear in DBM/agency NEP/GAA documents (agency appendices / NEP PDFs), i.e., those particular entries are traceable in government budget files.


Oversight bodies are already involved: COA performance/fraud audits and other inquiries into flood-control/DPWH anomalies were ongoing before Co’s video, and the DOJ/other bodies have said Co may apply as a witness and/or be evaluated if he returns.