Sara Duterte received ‘return of capital’ of 2.14 million from GenCorp. — witness

MANILA, Philippines — Vice President Sara Duterte has received a “return of capital” from a corporation tied to her, according to the fourth witness of the defense panel.

In her testimony, lawyer Suzette Balucanag-Punay, the in-house counsel of two corporations tied to the vice president, said that Duterte received a “return of capital” from GenCorp Industries Inc. from 2022 to 2025, amounting to P2.14 million.

According to Punay, citing company records, Duterte received disbursements of P555,750 in 2023, P612,419.14 in 2024 and P636,700 in 2025.

She also said that these disbursements were made through checks issued from a bank account belonging to Jollibee Times Square, which is tied to GenCorp.

Punay described the Vice President's financial interest as a "loose investment" tied specifically to a single branch, Jollibee Times Square, rather than equity in GenCorp itself.

“Even in Times Square branch, she has no involvement or participation,” Punay said.

Punay also said that Duterte has not received any dividends from the corporation, as it did not declare any.

Prosecution evidence shows that Vice President Sara Duterte and her husband, Manases Carpio, listed GenCorp Industries Inc., previously named Timesquare Bee Foods Corp. and Great Jolly Times Food, as a business interest in their joint SALNs for 2024 and 2025, as well as under its former name in her 2022 and 2023 filings.

Meanwhile, her brother, Davao City Mayor Sebastian "Baste" Duterte, testified before the impeachment court that while the city government awarded P33 million in contracts to GenCorp, he was unaware of his sister's connection to the company.

Article 7, Section 13 of the 1987 Constitution provides that the president, vice president, members of the Cabinet and their deputies or assistants shall not “hold any other office or employment during their tenure,” in order to avoid conflicts of interest.

It also prohibits these officials, during their tenure, from “directly or indirectly, practice any other profession, participate in any business, or be financially interested in any contract with, or in any franchise, or special privilege granted by the Government or any subdivision, agency, or instrumentality thereof, including government-owned or controlled corporations or their subsidiaries.”

Punay traced the history back to 2007, when Duterte was a stockholder in Davao Bounty Times Food Corp., according to her Statement of Assets, Liabilities and Net Worth.

She explained that Davao Bounty was originally incorporated to operate the Jollibee Times Square branch but failed to secure the franchise.

The franchise was instead granted to Great Jolly Times Foods Corporation, and Duterte's original investment was carried over.

Through a series of corporate transitions, the operations of the Times Square branch were eventually absorbed by GenCorp.

Punay asserted that because the original venture did not operate, the money being paid to Duterte is simply the return of her initial capital.

Senate Presiding Officer Francis Escudero pointed out that Duterte received P2.14 million from GenCorp between 2022 and 2025, about 45 times her documented P46,875 capital contribution to Davao Bounty Foods Corporation.

During the hearing, Escudero explained the difference between a return of investment and a return on investment.

Punay admitted that she could not explain how the payouts reached P2.14 million or point to additional investments justifying the total.

She eventually agreed with defense lawyer Lorna Kapunan that the sum represented earnings either way.

“Whether it be a return on investment or a return of investment, it is still income, correct?” Kapunan asked. To which Punay replied: “Yes.”

Punay is the fourth defense witness in Duterte’s impeachment trial under Article II of the Articles of Impeachment.

Article II covers allegations involving Duterte's alleged ill-gotten wealth and failure to fully disclose her assets and liabilities in her Statement of Assets, Liabilities, and Net Worth.

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