PASAY CITY, Philippines — Securities and Exchange Commission (SEC) official Gerardo del Rosario testified before the Senate impeachment court on Monday, September 21, confirming that Vice President Sara Duterte maintained a board seat and a 20% ownership stake in Metro City Chow Foods Corporation during her tenure in office.
Del Rosario, director of the SEC’s Company Registration and Monitoring Department, presented corporate filings during day 27 of the trial showing that Duterte was listed as a member of the company’s Board of Directors and its compensation committee from 2018 through 2025.
“Ayan po sa GIS (General Information Sheets) nila from 2022-2024, si VP Sara Duterte ay member pa rin po ng Board of Directors,” Del Rosario stated.
Asked to confirm the firm’s submission for the following year, the witness verified:
“Member pa rin siya ng Board of Directors sa GIS ng 2025.”
Prosecutor Matib questioned Del Rosario regarding the mandate and authority held by corporate board members under the law.
“So ito siya po ang inatasan ng batas na mag-exercise ng corporate power, mag-conduct ng mga negosyo ng kumpanya, at mag-control sa mga properties ng kumpanya,” Del Rosario explained.
He added that board management remains essential to corporate operations:
“Hindi po siya makakapag-conduct ng business kung wala po siyang Board of Directors.”
The examination also detailed Duterte’s financial equity in the enterprise, showing an initial subscription of ₱50,000 out of a total ₱250,000 capital.
Asked to define the nature of corporate shares, Del Rosario testified:
“Meron po siyang interest o equity sa kumpanya.”
While initial filings indicated ₱12,500 paid against her subscription, records from 2022 to 2024 showed the amount fully paid at ₱50,000.
When asked if her ownership share shifted over time, Del Rosario answered:
“Tama po 20% pa rin po.”
Senate President Francis “Chiz” Escudero, presiding over the court, pointed out that an amended 2025 filing reflected a paid-up figure returning to ₱12,500. Del Rosario acknowledged that the SEC summary mirrored the amended document without providing further details on the revision.
During questioning on financial declarations, Del Rosario reviewed the company’s 2018 filing regarding dividend distributions:
“NA sa cash, NA sa stock at NA sa property.”
Escudero clarified that dividends only become personal income for shareholders once declared by the corporation.
Del Rosario agreed, noting that while directors may receive per diems or salaries for corporate roles, filings examined during that exchange did not reflect specific payments made to Duterte.