Sara Duterte had 'loose investment' in GenCorp, received P2.14M — witness

Vice President Sara Duterte had a “loose investment” in GenCorp. Industries Inc., from which she received P2.14 million in returns of capital from 2022 to 2025, a defense witness told the Senate impeachment court on Wednesday.

Lawyer Suzette Balucanag-Punay, in-house counsel of GenCorp. Industries Inc. and Metro City Chow Foods Corp., made the disclosure during her direct examination on the 42nd day of the impeachment trial, citing GenCorp.'s corporate records.

“She has an interest in the form… she has a loose investment in the Jollibee Times Square branch,” Punay said, referring to one of the five Jollibee branches operated by GenCorp.

Punay was presented as a defense witness in connection with Article II of the impeachment complaint against Duterte, which accuses her of betrayal of public trust and culpable violation of the Constitution over her alleged accumulation of unexplained wealth, non-disclosure of assets and failure to divest from business interests while in public office.

Her disclosure of Duterte's “loose investment” came after she initially testified that the Vice President had no links or investments in GenCorp.

According to Punay, Duterte received P2.14 million in what the company recorded as a “return of capital” from 2022 to 2025.

The amount was significantly lower than the P212 million in alleged returns earlier presented by prosecution witness and financial forensic expert Alex Cabrera.

“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.

However, when Senate impeachment court presiding officer Francis Escudero asked about the basis for the monthly remittances to Duterte, including payments in June 2022, January to April 2024, and other months in 2023 and 2025, Punay said she had no written records to establish the exact amount of the Vice President's investment in GenCorp.

“I actually did not see a written document [for the investment of the Vice President],” she said.

Escudero then pressed Punay on why Duterte was receiving a “return of capital.”

“The return of capital was from the loose investment,” Punay replied.

Asked to define what she meant by a “loose investment,” Punay said: “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.

Duterte's 2024 and 2025 Statements of Assets, Liabilities and Net Worth, which she jointly filed with her husband, Manases Carpio, were earlier presented by the prosecution as evidence of her business interests.

The documents listed GenCorp. Industries Inc., formerly known as Timesquare Bee Foods Corp. and Great Jolly Times Food, among her business interests.

Davao City Mayor Sebastian “Baste” Duterte, the Vice President's brother, earlier testified that the city government awarded P33 million worth of contracts to GenCorp.

He also said he was unaware that his sister had a business interest in the company.— MCG, GMA News

Follow GMA News Online on Facebook for real-time news and developments in the Philippines and around the world.