PASAY CITY, Philippines — The majority of corporate entities tied to Vice President Sara Duterte and her spouse, Atty. Manases “Mans” Carpio, reported financial losses and lack records of dividend payouts, according to testimony delivered before the Senate impeachment court on Tuesday, September 22.
Gerardo del Rosario, director of the Securities and Exchange Commission’s (SEC) Company Registration and Monitoring Department, stated that nearly all business interests declared on Duterte’s Statements of Assets, Liabilities, and Net Worth (SALN) showed no declared dividends, with a few exceptions including GenCorp Industries Inc., Davao Emerging Taipans Corporation, SGT Fortune Horse Corporation, and Mati City Ice Plant and Cold Storage Inc.
”Wala pong impormasyon kung nagdeklara sila ng dibidendo,” Del Rosario told the court.
During questioning regarding whether the corporate entities could account for the Vice President’s substantial wealth expansion over time, Senate President Win Gatchalian asked:
“Kung ibabangga sa SALN, hindi pwedeng manggaling sa corporations niya yung paglaki ng net worth?”
“Kung ayon po dito, wala po siyang natanggap na dibidendo, hindi ko po alam kung meron po siyang madedeklarang kinita out of these corporations,” Del Rosario replied.
Del Rosario acknowledged that factors outside her listed corporate holdings might account for the rise in her overall asset portfolio. The prosecution previously outlined data indicating that Duterte’s reported net worth expanded from ₱7.25 million in 2007 during her tenure as Davao City vice mayor to ₱98.6 million by 2025.
The proceedings also highlighted discrepancies regarding GenCorp, where Duterte listed herself as a shareholder despite missing inclusion in official corporate filings—a point previously noted by her brother, Davao City Mayor Sebastian “Baste” Duterte.
The financial disclosures were submitted as part of the proceedings addressing the second Article of Impeachment, which alleges unexplained wealth.
The testimony follows previous statements from former Sandiganbayan Presiding Justice Amparo Cabotaje-Tang, who noted that public officers are constitutionally restricted from engaging directly or indirectly in business operations while holding office.