Lawmakers from the House Committee on Justice examined business interests linked to Vice President Sara Duterte, raising questions on whether her declared corporate income aligns with her reported net worth amid ongoing impeachment proceedings.
The panel reviewed corporate documents filed with the Securities and Exchange Commission (SEC), including General Information Sheets (GIS) and audited financial statements (AFS) of companies listed in Duterte’s Statements of Assets, Liabilities, and Net Worth (SALNs). The inquiry focused on whether these business interests could explain the steady increase in her wealth.
Batangas Rep. Gerville Luistro, who chairs the committee, led the examination of records tied to firms associated with the Vice President, with lawmakers comparing corporate filings against her financial disclosures.
House Committee on Higher and Technical Education Chair Jude Acidre flagged compliance issues among several companies, citing incomplete or delayed submissions of required SEC documents.
“Batay po sa paglilinaw ng ating kasamahan mula sa SEC, napatunayan po natin na may mga kumpanya na hindi kumpleto o hindi updated ang pag-submit ng kanilang required documents, partikular ang GIS at AFS,” Acidre said.
He added that corporate compliance is an indicator of good governance, stressing that public officials with private business interests are expected to ensure transparency and adherence to regulatory requirements.
Financial records presented during the hearing showed Duterte’s net worth rising from P7.25 million in 2007 to P88.51 million in 2024, prompting lawmakers to examine possible income sources beyond her government salary.
“We already know how much the Vice President earns as a matter of public record. Now we are seeing the possible revenues from her private businesses. These are important for a full appreciation of the issue,” Acidre said.
An SEC representative confirmed that some firms, including Metro City Chow Foods Corporation and GenCorp Industries, Inc., had compliance lapses involving late or missing filings.
Lawmakers also noted what they described as unusual financial patterns, pointing out that GenCorp recorded significant revenue growth in recent years but reported relatively low net income. Bicol Saro Party-list Rep. Terry Ridon called the trend “very curious” and said it may warrant further review.
The hearing also raised concerns on ownership transparency, with 1-Rider Party-list Rep. Rodge Gutierrez questioning redacted beneficial ownership information in company filings that could help clarify discrepancies in SALN disclosures.
ACT Teachers Party-list Rep. Antonio Tinio sought further clarification on the nature of certain business interests, while Cagayan de Oro Rep. Lordan Suan cited constitutional provisions barring the President and Vice President from engaging in business during their term.
“Based on the GIS, the respondent Vice President holds shares in a private corporation. This is for the consideration of the committee,” Suan said.
The inquiry forms part of the panel’s continuing examination of Duterte’s financial disclosures and business interests as impeachment proceedings move forward.