In a stunning and detailed accusation, an individual identifying as “Zaldy Co” has come forward with allegations of a direct order from President Ferdinand “Bongbong” Marcos Jr. to insert P100 billion worth of projects into the national budget, implicating several high-ranking officials in a scheme that he claims he was later set up to take the fall for.
The allegations were laid out in a lengthy public statement, which reads as a desperate defense against public anger and a promise to expose systemic corruption at the highest levels of government.
The Core Allegation: A P100 Billion Presidential Insertion
According to Zaldy Co, the scandal began in 2024 during the Bicameral Conference Committee (BICAM) process for the national budget. He claims he was contacted by Secretary Mina Pangandaman of the Department of Budget and Management (DBM), who informed him that the President had instructed the insertion of P100 billion in projects.
To verify this, Zaldy Co states he immediately called Presidential Legal Counsel Juan (Yusef) Adrian Bersamin, who allegedly confirmed the President’s instruction. Zaldy Co then reported this to then-House Speaker Martin Romualdez.
“The President wants, he gets,” Zaldy Co claims Romualdez told him.
A meeting was subsequently arranged by Pangandaman and Bersamin with the Speaker at the Saguado Building near Malacañang. Also present was Yusef “Jojo” Cadiz. During this meeting, Bersamin allegedly provided a physical list of the P100 billion projects.
When Zaldy Co inquired about the list’s origin, Bersamin reportedly stated, “it came from PBBM and he gave it from the Brown Leather Bag.”
The “Brown Leather Bag”: A Symbol of Trust
Zaldy Co emphasizes the significance of the “Brown Leather Bag,” recounting a story from May 2022 in Singapore. He claims that while with the President and Romualdez at the Hilton Hotel, the Presidential Security Group (PSG) was instructed to “leave everything except the Brown Leather Bag.”
This anecdote was used to illustrate the bag’s importance to the President, thereby leading Zaldy Co to believe the instruction was genuine and personally sanctioned.
Budgetary Maneuvers and Unprogrammed Funds
The plan allegedly hit a snag when Bersamin and Cadiz later informed the group that only P50 billion could be allocated to “program funds” due to an excess in the DPWH (Department of Public Works and Highways) budget compared to DepEd (Department of Education).
The remaining P50 billion, Zaldy Co claims, was to be allocated to “unprogrammed funds” for the 2025 budget. He crucially notes that “the Office of the President releases all the unprogrammed funds,” implying direct presidential control over the leftover billions.
The Setup: Silenced Abroad and Made a “Poster Boy”
Zaldy Co reveals that he left the country for a medical check-up on July 19, 2025. After the President’s State of the Nation Address (SONA), he planned to return but received a call from former Speaker Romualdez telling him to “Stay out of the country” and that he would be “well taken care of,” purportedly on the instruction of the President.
He claims he obeyed this “direct order,” believing in their assurance. However, he now asserts that the phrase “we will take care of you” meant he would be used as a “scapegoat” and the “poster boy of their own lies” in the administration’s anti-corruption campaign.
“I will not remain silent. I will expose all the truth. There is a receipt, evidence, and a name,” Zaldy Co declared, vowing to fight back.
Contradiction and an Unanswered Question
The statement ends with a pointed question that challenges the President’s recent public pronouncements: “I wonder why the President said that he doesn’t know the budget while all that was reduced and added to the government agencies is asking for approval from Sec. Mina Pangandaman.”
This suggests that Zaldy Co possesses information contradicting the President’s claimed distance from specific budgetary details.
Individuals Named in the Allegation:
President Ferdinand “Bongbong” Marcos Jr. (PBBM): Allegedly gave the initial order for the P100 billion insertion.
Former Speaker Martin Romualdez: Allegedly relayed the order to stay abroad and confirmed the President’s demands.
Sec. Mina Pangandaman (DBM): Allegedly initiated the contact and facilitated the meeting.
Juan (Yusef) Adrian Bersamin (Presidential Legal Counsel): Allegedly confirmed the President’s order and provided the project list.
Yusef “Jojo” Cadiz: Allegedly present during key meetings regarding the fund allocation.
As of this reporting, Malacañang and the other officials named have not issued public statements addressing these specific allegations. The claims, if proven, would represent one of the most significant corruption scandals of the current administration.
This is a developing story. Further updates will be provided as official responses are received.#
