Five-Story Vault Beneath a Forbes Park Mansion? Inside the Shocking Allegations vs Zaldy Co
ZALDY CO – What was supposed to be a luxury home in one of Makati’s most exclusive villages has now become the center of a controversy involving a former lawmaker and a mysterious underground structure.
Interior Secretary Jonvic Remulla disclosed on Tuesday that Ako Bicol party-list representative Zaldy Co was constructing a luxury residence with an unusual five-level basement at the exclusive Forbes Park subdivision in Makati City, allegedly intended to store large amounts of cash.
According to Remulla, authorities uncovered details about the property during an ongoing investigation into Co’s activities. Documents submitted to the village association, including architectural plans and construction details, revealed the extent of the basement structure beneath the house. While basements in upscale homes are commonly used for parking or storage, officials were informed that this particular design had a different purpose.
Remulla explained that intelligence information suggested Co planned to use the multi-story basement as a secure storage facility for money rather than for vehicles. He emphasized that the basement was designed to be waterproof, a feature that raised suspicion among investigators.
“To our knowledge, it was going to be used for storage of money, because fires go upwards so they put the money below, in the lowest point of the house,” Remulla said during a press conference at Camp Crame.
The interior secretary further pointed out that maintaining a five-floor basement would be both costly and impractical if it were intended only for parking or conventional storage. This reinforced authorities’ belief that Co preferred to keep large sums of cash in the property instead of placing them in financial institutions, where transactions could be traced and monitored by regulators.
Construction of the Forbes Park residence reportedly came to a halt after Co was linked to alleged irregularities involving flood control projects. These allegations eventually led to his resignation from Congress and intensified government scrutiny of his assets.
Remulla said Co is believed to be hiding in Portugal, where he allegedly possesses a passport. In response, the government has already taken steps to cancel his travel documents and is evaluating additional legal remedies to ensure his arrest.
The interior secretary added that the Makati property is among the assets that will be subjected to civil forfeiture proceedings, allowing the government to seize them in favor of the state if proven to be unlawfully acquired.
Apart from asset recovery, Remulla said authorities are continuing to explore all available legal options to hold the former lawmaker accountable. The investigation, he noted, is ongoing as the government moves to pursue both criminal and civil cases connected to the alleged misuse of public funds.