Agriculture Secretary Francisco Tiu Laurel said the allegations spouted by resigned congressman Zaldy Co, which he firmly rejected, could make investors second-guess the stability of the country’s economic climate.

“For all the lies that he is saying, some people might believe it. That’s the problem. So, it might have some effect,” said Tiu Laurel in a press conference on Thursday, Nov. 27.

“For me, this is already a matter of national security,” he stressed.

The secretary, however, assured that the official development assistance (ODA) provided to the Department of Agriculture (DA) remains intact.

To recall, South Korea ordered a pause to the implementation of a ₱28-billion loan that would have built hundreds of bridges in the country, reportedly due to concerns involving corruption.

The government has since claimed that no such loan exists, noting that only exploratory talks had been held with South Korea regarding the project.

Tiu Laurel also said that investors such as Thailand-based food conglomerate Charoen Pokphand Foods PLC remain committed to investing in the country.

“There is no problem for investors in agriculture,” said Tiu Laurel.

Business and civil society groups have been pressing the Marcos administration to expedite the crackdown on corruption, fearing that investor confidence could wane if public funds are abused.

Co, one of the main figures tagged in the flood control scandal, has been posting “tell-all” videos online accusing President Ferdinand “Bongbong” Marcos Jr. and members of his family of receiving kickbacks from government projects, among other allegations.

In his latest video, Co claimed that Marcos’ wife, First Lady Liza Araneta Marcos, is directly involved in rice smuggling.

The former congressman also tagged Tiu Laurel for supposedly halting a congressional hearing by presenting a confidential report that implicated the First Lady in controlling the country’s rice importation.

In response, Tiu Laurel slammed Co’s accusations as a “fabricated lie” meant to divert public attention from his legal troubles related to the flood control scandal.

“The First Lady has never meddled in DA matters,” he said.

The secretary noted that the former congressman has been working to undermine his efforts after he rejected two major requests when Co was still chairman of the powerful committee on appropriations.

Tiu Laurel recalled that during a meeting in March of last year at the Manila Polo townhouse, Co requested an import allocation of 200,000 metric tons (MT) of refined sugar for a major importer. The value of these imports is around ₱2 billion.

If Co’s proposal had been accepted, this would have accounted for 83 percent of the total import allocation allowed by the government last year, which stood at 240,000 MT.

Tiu Laurel also said the resigned congressman made a similar request regarding fish imports, this time for around 3,000 containers of imported fish allotted to his three nominated fishing companies.

Two of the companies, he said, have dubious backgrounds.

“Because of this series of events, since I had already rejected his huge requests twice, I felt that he was already angry with me,” said Tiu Laurel.

“And he started taking steps to destroy my credibility. He had begun badmouthing me to Speaker Martin Romualdez and to his core group in Congress during that time,” he added.

The DA chief said Co’s allegations are just an attempt to make it appear that he cares for farmers and consumers, as he noted that “his greed is clear.”

“Zaldy Co, come home and face your cases. That is what the Filipino people demand,” he stressed.

Tiu Laurel said he plans to file a cyber libel complaint against Co as early as January of next year.