Vice President Sara Duterte and her husband, Atty. Manases Carpio, received zero dividends from 18 corporations in which they hold financial interests, prosecutors revealed during the 27th day of the Vice President’s impeachment trial.
The disclosure was made by private counsel Erwin Matib on behalf of the house prosecution panel as he offered the testimony of Atty. Gerardo del Rosario, director of the Securities and Exchange Commission (SEC) Company Registration and Monitoring Department.
Del Rosario’s testimony is a key component of the prosecution’s evidence under Article II of the Articles of Impeachment, which alleges that the Vice President accumulated wealth disproportionate to her lawful income.
According to Matib, official SEC filings show that the couple holds shares or direct financial stakes in 18 firms, including City Hall King Chow Foods Corp., Metro City Chow Foods Corp., Gencorp Industries, Inc., Kale 88 Foods Corp., Mati City Ice Plant and Cold Storage, Geometry Security and Investigation Agency Inc., Great Jolly Times Food Corp., Times Square B Foods Corp., Davao New Royal Taipan Foods Corp., Davao Emerging Taipans Corp., Three Kids Trucking Services Inc., CYKNP Davao Corp., SGT Fortune Horse Corp., Davao Bounty Times Food Corp., Madayaw Fisheries Inc., Ameanan Shores Inc., CableTow 88 Shipping and Marine Services Inc. and Carpio Lawyers.
Matib emphasized to the senator-judges that corporate records are critical to establishing whether these enterprises contributed to the Vice President’s declared wealth growth over the years.
“Base sa authentic records ng SEC at ng mga kumpanya, papatunayan kung magkano ang kinita ng mga kumpanyang ito at kung may dividends bang dineklara o ipinamahagi sa kanilang stockholders,” Matib stated during his offer of testimony.
“Importante ito dahil gusto nating makita kung ang mga kumpanyang ito ay talagang may naibigay na lehitimong income kay VP Sara Duterte na maaaring makatulong magpaliwanang sa paglaki ng kanyang declared net worth,” he added.
However, Matib pointed out that corporate filings indicate no income distribution took place. “Ngunit. batay sa records na ipapakita, wala, o zero ang dividends para kay VP Sara at Atty Manases Carpio sa mga kumpanyang ito,” he stressed.
The prosecution previously presented evidence showing Vice President Duterte’s net worth surged from P7.2 million in 2007, during her time as Davao City mayor, to P98 million by 2025 as Vice President.
Beyond the issue of unexplained wealth, the prosecution argued that maintaining active ownership stakes while holding executive office presents a potential constitutional issue.
“At ang mahalaga, makikita rin kung sa mga panahong VP na si Sara Duterte, nakalista pa rin ang kanyang pangalan at interest sa ilang korporasyon,” Matib said. “Ito ay malinaw na paglabag ng Constitution.”
The prosecution also highlighted that several of these businesses, particularly Gencorp Industries, Inc., recorded substantial revenues during her tenure. “Ang ilang sa mga kumpanya ay nagreport ng malalaking sales sa panahong siya ay Vice President. Isa na ang Gencorp Industries Inc.,” Matib noted.
Additionally, Matib noted that SEC filings reveal interlocking directorships and shared officers across the network of firms, pointing out an individual named Jaime T. Cruz whose name appears frequently across the entities: “Isa na dito ay si Jaime T. Cruz at ang pangalan ni Jaime T. Cruz ay pauli-ulit na lumalabas sa SEC documents.”