Senator-Judge Sherwin Gatchalian raised questions regarding the significant increase in Vice President Sara Duterte’s declared net worth, noting that the majority of the businesses listed in her Statements of Assets, Liabilities and Net Worth (SALN) recorded financial losses and issued no dividend distributions to shareholders.
Directing questions to Securities and Exchange Commission (SEC) Director Gerardo del Rosario during the 28th day of the Vice President’s impeachment trial, Gatchalian pointed out that “not one” of the corporate entities associated with Duterte declared dividend payouts.
“So ibig sabihin kung ibabangga pa namin ito sa SALN, hindi po puwedeng manggaling sa mga corporations nya yung paglaki ng kanyang net worth. Tama po ba? Dahil kung by process of elimination, titignan natin yung mga corporations, puwede na natin i-rule oout yung corporations,” Gatchalian said.
Responding to the query, Del Rosario stated: “Kung ayon po rito at wala po siyang natanggap na benepisyo, yung dividend, hindi ko po alam kung mayroon po siyang may dedeklarang kinita out of this company.”
Gatchalian observed that among the entities cited in Duterte’s asset declarations, nearly all experienced losses, barring a select few, specifically GenCorp, Davao Emerging Taipans, SGT Fortune Horse, and Mati Ice Plant. He added that “halos lahat po ay lugi.”
However, the senator-judge highlighted that Duterte was not formally listed as a shareholder in GenCorp’s corporate registry.
“So yung may connection lang kay Atty Manases at kay Vice President Sara ay Mati Ice Plant, Davao Emerging Taipans, at SGT. Ito lang yung kumita. The rest, tinitignan ko dito sa summary, lugi ho siya,” Gatchalian said.
Addressing the discrepancy regarding GenCorp, private prosecutor Erwin Matib clarified that Duterte recorded the company in her 2024 and 2025 SALN declarations under the designation “SH,” which presupposes status as a shareholder.
Official SALN records presented to the court detail that Duterte’s reported net worth expanded from roughly P7.25 million in 2007, when she entered local government as Davao City vice mayor, to P98.66 million in 2025. This reflects an upward movement of approximately P91.4 million or an approximate 1,260 percent rise.
Her asset declarations showed growth to P34.9 million in 2016, increasing to P71.66 million in 2022 upon assuming the vice presidency. Subsequent disclosures filed in 2023, 2024, and 2025 reflected P77.51 million, P88.51 million and P98.66 million, respectively.