Ombudsman files complaint for probe vs Co, Romualdez over plunder, bribery, graft, money laundering
The Office of the Ombudsman has submitted a complaint for preliminary investigation against former House Speaker. Martin Romualdez and former Rep. Zaldy Co in connection with their alleged involvement in the flood control scam.
News5 reported that Romualdez, Co, and other individuals are being investigated for plunder, direct and indirect bribery, graft, and money laundering.
According to an ABS CBN report citing the complaint document, the Ombudsman is pursuing the investigation due to the respondents' "concerted and coordinated acts, performed in conspiracy with one another, of unlawfully amassing, accumulating, and acquiring ill-gotten wealth" from 2022 to 2025 amounting to approximately P56 billion.
In a press briefing on July 21, Assistant Ombudsman Jose Dominic "Mico" Clavano IV announced the Ombudsman's intention to begin the probe, saying the Ombudsman had enough proof to launch an official investigation.
"It is this Office's determination that the evidence gathered is substantial enough to warrant a full and formal inquiry into whether or not the case should be filed in court," Clavano said, adding it did not yet signify a conviction.
"Every respondent will be given the opportunity to answer. The presumption of innocence stands as it must unless or until proven otherwise in the proper forum," he added.
Clavano further said the Ombudsman will continue to file cases as they uncover more evidence.
"We are not done collecting evidence. We are not done filing cases. The investigation reveals more and more each day and each week," he said. "As more come, the more we work, and the more our cases churn."
The announcement came days before President Ferdinand "Bongbong" Marcos Jr.'s fifth State of the Nation Address on July 27.
Romualdez as 'central figure' in flood control corruption
The Ombudsman tagged Romualdez as the "central figure" in the flood control scheme.
Supporting the office's claims is first-hand testimony from eight of Co's former security personnel, who supposedly personally witnessed money exchanges between Co and Romualdez.
Clavano said the money was then laundered through "numerous luxury houses and condominiums, extravagant investments in different industries, [with] enough money left to change narratives, buy opinions, and attempt to destroy and manipulate evidence."
According to Clavano, the witness testimonies are corroborated by an independent money trail from money-exchange companies, bank transfers, and shell companies "all using personalities tied to the former Speaker Martin Romualdez."
Additionally, there are records from the Anti-Money Laundering Council, money-service businesses, and corporate structures supporting the Ombudsman's claims.
Romualdez has continued to attempt to leave the country despite the Sandiganbayan's hold order against him, said Clavano. On June 6, Philippine Ambassador to Washington Jose Manuel Romualdez confirmed with The Philippine STAR that the US State Department had revoked the former House speaker's diplomatic and tourist visas.
Romualdez still in the Philippines
In a video statement released on July 21, Atty. Elaine Atienza, spokesperson for Romualdez, said the former House speaker is ready to respond to the complaint once he receives a copy of it, as reported by ANC.
"We remain confident that once the facts are examined objectively and the evidence is tested under the law, Representative Romualdez will be able to clear his name," Atienza said.
"We deny, in the strongest possible way, any insinuation that Rep. Romualdez has attempted to evade the legal process," she added. "Siya po ay nasa bansa at mananatili sa bansa until such time that he will be able to clear his name."
Co has been in hiding since an arrest warrant was issued against him in November 2025 over his alleged links to the flood control scam. While he was briefly held by Czech authorities in April 2026, he remains a fugitive whose last known location was in Paris, France, according to Interior Secretary Jonvic Remulla in May.
As of writing, Co has not released a comment regarding the fresh investigation against him. He faces existing criminal and tax evasion charges involving plunder, graft, and malversation over his alleged involvement in flood control corruption.
The flood control scandal broke open in November 2025, when authorities uncovered billions of pesos worth of insertions into flood control projects meant to mitigate flooding throughout the country.
