During the 42nd day of the Senate impeachment trial on Wednesday, defense witness Atty. Suzette Balucanag-Punay testified that Vice President Sara Duterte held a “loose investment” in GenCorp Industries Inc., collecting ₱2.14 million in capital returns between 2022 and 2025.
Punay, serving as in-house counsel for GenCorp. Industries Inc. and Metro City Chow Foods Corporation, initially stated the Vice President had no links or investments in GenCorp before modifying her testimony to disclose the funds.
“She has an interest in the form… she has a loose investment in the Jollibee Times Square branch,” Punay stated, referring to a branch operated by the company.
The disclosure addresses Article II of the impeachment complaint, which accuses Duterte of betrayal of public trust and culpable violation of the Constitution due to alleged unexplained wealth, non-disclosure of assets, and failure to divest business interests while in public office.
The ₱2.14 million figure reported by Punay falls significantly below the ₱212 million in alleged returns previously presented by prosecution witness and financial forensic expert, Atty. Alexander Cabrera.
Punay explained that the money stemmed from pre-operational contributions for Davao Bounty Times Food Corporation.
“It (P2.14 million) is coming from the contribution that the Vice President made for Davao Bounty Times Food Corporation before the actual commencement of operations of Jollibee Times Square,” Punay said.
When Senator and presiding officer Francis “Chiz” Escudero inquired about the documentation and basis for monthly remittances issued in 2022, 2023, 2024, and 2025, Punay admitted that official written records verifying the exact investment amount do not exist.
“I actually did not see a written document [for the investment of the Vice President],” she noted.
When pressed further by Escudero on the exact nature of the payments, Punay reiterated her terminology.
“The return of capital was from the loose investment,” Punay replied, adding, “I termed it as a loose investment, Your Honor. It’s coming from the contributions that the Vice President made for Davao Bounty Times before the actual commencement of the operations of Jollibee Times Square.”
“Unfortunately, I could not verify the amount because there are no written records for this investment,” she added.
The prosecution previously introduced Duterte’s 2024 and 2025 Statements of Assets, Liabilities and Net Worth (SALN)—jointly filed with her husband, Atty. Manases “Mans” Carpio—which list GenCorp. Industries Inc., previously named Timesquare Bee Foods Corporation and Great Jolly Times Food, among her business interests.
Meanwhile, Davao City Mayor Sebastian “Baste” Duterte testified that while the city government awarded ₱33 million in contracts to GenCorp., he remained unaware of his sister’s business ties to the firm.