Week 12 of Vice President Sara Duterte's impeachment trial focused once more on her unexplained wealth. This time the prosecution zeroed in on her business holdings. According to the SEC Sara Duterte remained a company director even after she was elected Vice President. It is not allowed for elected officials to have any business dealings while in office.
| https://mb.com.ph/2026/09/21/sara-durterte-remained-on-company-board-retained-20-stake-despite-vice-presidency-sec-witness |
Vice President Sara Duterte stayed as a director of Metro City Chow Foods Corporation during her vice presidency and retained a 20-percent ownership stake in the company, Securities and Exchange Commission (SEC) official Gerardo del Rosario testified Monday, Sept. 21.
Del Rosario, director of the SEC’s Company Registration and Monitoring Department, testified on corporate filings identifying Duterte as a member of the company’s Board of Directors and as a shareholder during day 27 of Senate impeachment trial.
“The GIS for 2022 to 2024 shows that VP Sara Duterte was still a member of the Board of Directors," Del Rosario said.
Asked about the company’s 2025 filing, witness confirmed: “She was still a member of the Board of Directors in the 2025 GIS."
The SEC records discussed before the Senate impeachment court listed Duterte as a director in Metro City Chow’s General Information Sheets (GIS) for 2022 to 2024 and again in 2025.
The earlier filings from 2018 to 2021 also identified the respondent as a board member.
Matib also questioned Del Rosario about Duterte’s committee membership. The entries identified her as a member of the compensation committee, and the witness said she remained listed as a committee member in the 2025 filing.
The witness explained that a GIS updates the SEC on a corporation’s structure, composition and officers. The court had noted the parties’ stipulation that the corporate documents covered by the agreed identification were certified true copies of submissions held by the SEC.
Matib also asked Del Rosario about the responsibilities of a corporate board. “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,” he said.
(So, it is tasked by law to exercise corporate power, conduct the business of the company, and control the properties of the company.)
The prosecution then examined Duterte’s ownership in Metro City Chow. The company’s initial subscribed capital was ₱250,000, while Duterte’s subscription was ₱50,000, or 20 percent of the total.
Asked what shares represent, Del Rosario said: “She has an interest or equity in the company."
Duterte’s initial payment against her ₱50,000 subscription was ₱12,500. Del Rosario distinguished the amount subscribed from the amount actually paid, explaining that the difference represented an unpaid subscription under the incorporation records.
For the 2022 to 2024 entries, the witness said the reported payment had increased to cover the entire ₱50,000 subscription.
Asked whether Duterte’s ownership percentage had changed, he answered: “That is correct, it was still 20 percent."
Presiding officer Senator Francis "Chiz" Escudero later pointed out that the amended 2025 GIS showed the paid-up amount returning to ₱12,500 from ₱50,000. Del Rosario said the summary followed the information reported in the amended filing. He did not explain the reason for the change during the exchange.
Matib also asked whether or not a vice president could remain on a corporate board. After an objection, Escudero allowed Del Rosario to answer, saying he wanted to know whether the SEC had flagged the matter.
The prosecutor read Article VII, Section 13 of the Constitution. Escudero then distinguished its wording on participation in business from the witness’s broader reference to business interests. Del Rosario acknowledged the correction to his explanation in Filipino
Earlier, when Matib described Duterte as repeatedly winning elections to the board, Escudero clarified that the company had only five stockholders forming its board. The examination proceeded on the positions and figures reported in the corporate filings.
On the board’s role in conducting the company’s business, Del Rosario told the court: “It cannot conduct business without a Board of Directors."
The prosecution also examined Metro City Chow’s financial statements and GIS to determine whether the company had declared dividends.
Asked to read the dividend entries in the company’s 2018 GIS, Del Rosario identified the categories for cash, stock and property dividends. “None for cash, none for stock and none for property."
The entry covered dividends declared during the immediately preceding year. Matib also asked the witness about dividend information in the company’s financial statements.
Escudero clarified that a dividend becomes income for a shareholder when it is declared. Until then, the amount remains with the company rather than becoming the shareholder’s property. The SEC official agreed.
Del Rosario also explained that a shareholder who was a director may receive a reasonable per diem, while a shareholder who also works for the company may receive a salary.
He did not identify in that exchange a salary or per diem paid to Duterte.
Furthermore, while declaring on her SALN she was on the board of Metro City Chow Foods Corporation SEC records did not show this fact thus creating a record discrepancy.
| https://newsinfo.inquirer.net/2308845/sara-duterte-trial-sec-docs-show-saln-corporate-record-discrepancies |
Vice President Sara Duterte did not appear as an incorporator or stockholder of a restaurant in the Securities and Exchange Commission’s (SEC) records, despite declaring herself as such in her Statement of Assets, Liabilities and Net Worth (SALN).
The discrepancy was noted during the testimony of SEC Company Registration and Monitoring Department Director Gerardo del Rosario.
In her SALNs from 2016 to 2025, Duterte listed herself as an incorporator or stockholder of Gencorp Industries Inc., previously Timesquare Bee Foods Corp. and Great Jolly Times Foods Corp.
However, Del Rosario testified that Duterte does not appear as an incorporator or stockholder of Gencorp in its Articles of Incorporation and General Information Sheets submitted to the SEC from 2020 to 2025.
Del Rosario said that it is possible that a company listed as an incorporator is used by an individual to detach his or her name from a business.
“It is possible that if Gencorp has a corporate subscriber where he has a controlling interest in that corporate subscriber, he may also be exercising control over Gencorp,” he added.
The SEC records also showed that a certain Jaime Cruz was listed as an incorporator of the six businesses in which Duterte declared having stocks in her SALNs.
The SEC also recorded Jaime Cruz as an incorporator of Davao Emerging Taipans Corp. in 2004; City Hall King Chow Foods Corp. and Davao Bounty Times Foods Corp. in 2007; JTC Group of Companies Philippines Inc. in 2009; and Metro City Chow Foods Corp. and Davao New Royal Taipan Foods Corp. in 2016.
Davao New Royal Taipan was previously Davao Emerging Taipans Corp., while Metro City Chow Foods Corp. was formerly City Hall King Chow Foods Corp.
According to her SALNs, Duterte was likewise a stockholder of Davao Emerging Taipans Corp. starting in 2004, when she was Davao vice mayor, and declared the same in her SALNs from 2008 to 2012 and 2016 to 2023.
Duterte was also a stockholder of City Hall King Chow Foods Corp. and Davao Bounty Times Foods Corp. from 2007 to 2012 and 2016 to 2017.
From 2018 to 2025, Duterte remained a stockholder of City Hall King Chow Foods Corp., which by then was already called Metro City Chow Foods Corp.
SEC witness Gerardo del Rosario noted that it is possible for someone to exercise control through a corporate subscriber or nominee structure without their personal name appearing on the public records. This creates two conflicting official documents: the SALN (which she signed under oath) and the SEC filings. Either the SALN overstated her direct ownership, or the corporate records understated it. Both cannot be fully accurate.
Of these corporations in which Sara is a stockholder 49% of Davao City food contracts were given to just one of them.
| https://newsinfo.inquirer.net/2309588/duterte-linked-firm-got-49-service-contracts-from-davao-govt-offices |
Forty-nine food services contracts were awarded by government offices in the Davao Region to a corporation linked to Vice President Sara Duterte, a Philippine Government Electronic Procurement System (PhilGEPS) official said on Tuesday.
PhilGEPS Electronic Government Procurement Operations Division chief Rendell Sopeña revealed the information while testifying in Duterte’s impeachment trial.
“We searched the repository, or the procurement database based on the merchant Gencorp Industries Inc. and upon search po na ginawa namin sa procurement database, it resulted to 49 contracts awarded to Gencorp Industries Inc.,” Sopeña said.
Duterte listed herself as a stockholder of Gencorp Industries Inc. in her statement of assets, liabilities and networth (SALN) from 2016 when the corporation was still named Timesquare Bee Foods Corp.
According to Sopeña, one contract was awarded by the Overseas Workers Welfare Administration Region 11, 15 contracts were awarded by the city of Davao, and 33 contracts were awarded by Philippine Health Insurance Corporation- Region 11.
Oddly enough none of these corporations paid dividends. That has left several Seantors wondering where Sara's wealth originated.
| https://mb.com.ph/2026/09/22/how-did-she-get-wealthy-senator-judges-baffled-over-vps-source-of-income |
Some senator-judges on Tuesday, September 22 are baffled over the apparent inconsistencies in the contents of the Statement of Assets, Liabilities and Net Worth (SALN) of Vice President Sara Duterte vis-a-vis the summaries of the vice president’s shareholdings that were submitted by the Securities and Exchange Commission (SEC) to the Senate Impeachment Court.
On Day 28 of the Duterte impeachment trial, Senate President Sherwin Gatchalian sought to clarify the summaries submitted by SEC Company Registration and Monitoring Department Director Gerardo Del Rosario after noting that the corporations linked to Duterte and her husband, Manases Carpio, did not declare dividends.
During Gatchalian’s intervention, Del Rosario confirmed that not one of the corporations that were linked to the Vice President and her husband declared dividends.
“That’s correct; there were no information as to the dividends,” del Rosario told the Impeachment Court.Gatchalian pointed out that the growth of the vice president net worth cannot come from her corporations considering that most of these companies are already facing bankruptcy.
“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.
To which, Del Rosario affirmed with a yes, “Tama po (That’s right).”Gatchalian was also baffled that the Vice President was not declared a shareholder under GenCorp.’s records. GenCorp. is one of the companies that is listed in the Vice President’s SALN.
“In this particular case, with GenCorp. Vice President Sara is not a shareholder on record,” he pointed out.
He also noted that the only companies that are connected with Atty. Carpio and the Vice President were the Mati Ice Plant, Davao Emerging Taipans and SGT Fortune Horse Corp.
“These are the only ones that make money. The rest, I’m looking at it in the summary, have incurred losses,” the senator-judge pointed out.
“And therefore, they cannot declare dividends, precisely because these companies have losses,” he noted.
Del Rosario affirmed this again, “The deficit are the retained earnings; they cannot declare dividends.”
“Correct. Because that would eat into their capital,” Gatchalian pointed out.
When Gatchalian inquired whether the SEC penalized the corporations that did not file their respective general information sheet (GIS), audited financial statements, Del Rosario responded in the affirmative.
“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.
When Gatchalian specifically asked which corporations were revoked, Del Rosario cited CYKNT Davao Corp. whose license they revoked in 2018 because it did not submit any financial report.
The SEC official also pointed to SGT Fortune whose corporate term was shortened to July 29, 2017. Another is Three Kids Trucking Services Inc. which corporate term was also shortened to July 24, 2017.
“So obviously, this cannot be a source of income in relation to the increase in the net worth of Vice President Sara?” Gatchalian asked.
“That’s correct, your honor,” Del Rosario said.
Based on Duterte’s SALNs, her declared net worth increased from around P7.25-million in 2007, when she first served as Davao City vice mayor, to P98.66-million in 2025—an increase of about P91.4-million, or roughly 1,260 percent.Her declared net worth rose to P34.90-million in 2016 and climbed to P71.66-million in 2022, the year she formally assumed the vice presidency.
Her net worth also increased further to P77.51-million in 2023, P88.51-million in 2024 and P98.66-million in 2025. From 2022 to 2025 alone, Duterte’s declared net worth also grew by about P27-million or nearly 38 percent.
Senator-judge Paolo “Bam” Aquino IV for his part, said he believes that questions regarding Duterte’s role in GenCorp. can only be answered by the vice president herself.
But Atty. Justin Gular, defense counsel said it would be premature for the defense to discuss the matter.“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.
But when Aquino asked if its possible that the other persons who can shed light on Duterte’s role in GenCorp. would be the president of the company, Del Rosario affirmed this.
“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.
Obviously only Sara Duterte can say with certainty what her roles were in these corporations and how she amassed such wealth. But it's very likely she will not take the stand.