Defense witness: VP Sara has zero stocks in GenCorp. firm - GMA Network
Vice President Sara Duterte is not a stock holder of Gencorp Industries, Inc., one of the Vice President’s declared business interests, a defense witness said Wednesday.
Atty. Suzette Balucanag-Punay, the in-house counsel of Gencorp Industries, Inc. and Metro City Chow Foods Corporation, made the testimony during Day 42 of the impeachment of Vice President Duterte based on the corporate records of Gencorp Industries, Inc.
During the direct examination of defense counsel Justin Gular, Punay said the Vice President’s name did not appear on the General Information Sheets (GIS) Gencorp Industries, Inc. from 2022 to 2025 or the years when she was already the Vice President.
“She has no stockholdings with GenCorp.,” Punay said.
Punay also said that the Vice President also did not have shareholdings or positions held in Gencorp Industries, Inc. from 2022 to 2025.
Likewise, Punay said the Vice President did not receive dividends in those years since there were no dividends declared by Gencorp Industries, Inc.
But later in the hearing, Punay said that the Vice President has a "loose interest" in GenCorp. and that she has received monthly payouts from the Jollibee Times Square branch which is one of the Jollibee branches operated by GenCorp.
Likewise, Punay said the Vice President received P2.14 million worth of return of capital from Gencorp Industries, Inc. from 2022 to 2025.
The Vice President’s 2024 and 2025 Statement of Assets, Liabilities and Net Worth (SALN) that she jointly filed with her husband, Manases Carpio, presented as evidence of the prosecution earlier showed that Gencorp Industries Inc., formerly known as Timesquare Bee Foods Corp. and Great Jolly Times Food, is one of her business interests.
Davao City Mayor Sebastian "Baste" Duterte, the brother of the Vice President, also earlier told the impeachment court that the Davao city government awarded P33 million worth of contracts to GenCorp. Industries, Inc. and that he does not know that his sister had a business interest in the firm.
The Vice President also listed Gencorp Industries Inc.’s former name, Timesquare Bee Foods Corp., as one of her business interests in her 2022 and 2023 SALNs that the prosecution presented as evidence. —VAL, GMA News
