MANILA, Philippines — Several senators raised questions Tuesday, September 22, over apparent discrepancies between Vice President Sara Duterte’s Statements of Assets, Liabilities and Net Worth (SALNs) and Securities and Exchange Commission (SEC) records concerning companies linked to her and her husband, lawyer Manases “Mans” Carpio.
The issue surfaced during the 28th day of Duterte’s impeachment trial as SEC Company Registration and Monitoring Department Director Gerardo del Rosario returned to the witness stand before the Senate Impeachment Court.
Senate President Win Gatchalian sought clarification on SEC summaries showing that none of the corporations associated with Duterte and Carpio had reported dividends.
When Gatchalian asked whether any of the companies had declared dividends, Del Rosario confirmed that there was no such information in the records presented to the court.
“That’s correct; there were no information as to the dividends,” Del Rosario told the Impeachment Court.
Gatchalian noted that the companies’ financial conditions appeared unlikely to explain the substantial increase in Duterte’s declared net worth, pointing out that several of the firms had incurred losses or had already ceased operations.
“Looking at these corporations, except for GenCorp, Davao Emerging Taipans, SGT Fortune Horse and Mati Ice Plant, almost all are bankrupt,” the Senate chief noted.
Del Rosario agreed with the observation.
Gatchalian also questioned why Duterte was not identified as a shareholder of GenCorp in the company’s SEC records despite the firm being listed in her SALN.
“In this particular case, with GenCorp Vice President Sara is not a shareholder on record,” he pointed out.
The senator further observed that only Mati Ice Plant, Davao Emerging Taipans and SGT Fortune Horse appeared to be generating income, while other companies in the SEC summaries reported losses.
“These are the only ones that make money. The rest, I’m looking at it in the summary, have incurred losses,” the senator pointed out.
He added:
“And therefore, they cannot declare dividends, precisely because these companies have losses,”
Del Rosario explained that the companies’ deficits were reflected in retained earnings, making dividend declarations unavailable without affecting their capital.
“The deficit are the retained earnings; they cannot declare dividends.”
Gatchalian responded:
“Correct. Because that would eat into their capital.”
QUESTIONS OVER CORPORATE FILINGS
The SEC official also confirmed that several companies linked to Duterte and Carpio had been sanctioned for failing to submit required General Information Sheets (GIS) and audited financial statements.
“Yes. In fact, I have brought here the monitoring sheet about their violations when the GIS was not filed, as well as their financial statement. And the rest of the corporations in question have been revoked by us or they have either dissolved or shortened their corporate term,” he pointed out.
Del Rosario identified CYKNT Davao Corporation as one company whose registration was revoked in 2018 after it failed to submit financial reports.
He also cited SGT Fortune Horse Corporation and Three Kids Trucking Services Inc., whose corporate terms were shortened to July 29, 2017 and July 24, 2017, respectively.
Gatchalian then asked whether such companies could have been the source of the increase in Duterte’s net worth.
“So obviously, this cannot be a source of income in relation to the increase in the net worth of Vice President Sara?”
Del Rosario answered:
“That’s correct, your honor,”
Based on Duterte’s SALNs, her declared net worth increased from about ₱7.25 million in 2007 to ₱98.66 million in 2025. Her net worth was declared at ₱34.9 million in 2016 and ₱71.66 million in 2022, when she assumed the vice presidency.
It subsequently rose to ₱77.51 million in 2023, ₱88.51 million in 2024 and ₱98.66 million in 2025.
The SEC testimony concerning Duterte’s declared business interests has formed part of the prosecution’s presentation on alleged unexplained wealth. Earlier proceedings also established that Duterte’s name did not appear in GenCorp’s corporate records despite the company being listed among her business interests in her SALNs.
GENCORP OWNERSHIP QUESTIONED
Senator Bam Aquino said questions concerning Duterte’s connection to GenCorp could ultimately be answered by the Vice President herself.
Defense counsel Justin Gular, however, cautioned against discussing the matter before the defense had an opportunity to present its evidence.
“I believe the impeachment court is a passive body and it should receive evidence at a timely time, which at this point is premature,” Gular responded to Aquino.
When Aquino asked whether GenCorp’s president could provide information about Duterte’s possible connection to the company, Del Rosario identified the company’s officers based on its SEC filings.
“Yes, and based on the GIS of the GenCorp. Industries, the president of the company is Ms. Kimberly Cruz, the treasurer is Richie Yvette Cruz, and the corporate secretary is Girlie Dela Cruz,” Del Rosario narrated.
The SEC witness also confirmed that businessman Jaime Tan Cruz, who is associated with several companies linked to Duterte, is the same Jaime Cruz who served as a special envoy during former President Rodrigo Duterte’s administration.
When Senator Erwin Tulfo asked whether the businessman was also the same person who had been offered the chairmanship of PhilHealth but declined the position, prosecution lawyer Erwin Matib answered in the affirmative.
“Yes, your honor. The same name, your honor,” Atty. Erwin Matib, one of the members of the prosecution panel said.
JTC GROUP HOLDS MAJORITY GENCORP STAKE
Senator Francis “Kiko” Pangilinan meanwhile focused on the relationship between GenCorp and JTC Group of Companies, noting that the latter holds a controlling stake in GenCorp.
Del Rosario confirmed the ownership based on GenCorp’s 2025 GIS.
“Based on the 2025 GIS of GenCorp., JTC Group of Companies are shareholders of the said corporation.”
Pangilinan then asked how much of GenCorp was owned by JTC Group.
“Based on the GIS, (JTC) has 54.99 percent ownership,” Del Rosario said.
Pangilinan followed up:
“So majority of GenCorp is owned by JTC?”
The SEC official replied:
“That is right, as stated here,”
Del Rosario also testified that the majority stake gives JTC significant corporate authority, including representation on the board, entitlement to dividends and the ability to influence the replacement of corporate officers.
Pangilinan further pointed to overlapping shareholders and corporate officers involving GenCorp, City Hall King, Chow Foods Corporation and Metro City Chow Foods Corporation, two companies in which Duterte had declared interests.
The proceedings also examined how someone could declare an interest in a corporation despite not appearing directly in the company’s SEC incorporation records.
Presiding officer Francis “Chiz” Escudero raised the issue with Del Rosario, who explained that ownership could potentially be exercised indirectly through another corporate shareholder.
“It is possible that there is a company here. There is one corporate shareholder who has the control. That’s why in his mind, he also has control on that company,” Del Rosario said.
The SEC testimony forms part of the Senate’s examination of Duterte’s declared wealth and business interests under Article II of the impeachment proceedings. The trial has also examined whether her continued corporate positions after assuming the vice presidency were consistent with constitutional restrictions on participation in business.