Sara Duterte’s ‘loose investments’ in Gencorp earn her P2.1-M ‘return of capital’

Detailed summary

An article of incorporation presented by the prosecution during the impeachment trial shows the Vice President paid P46,000 in capital stock

OATH. Gencorp Industries Inc. and Metro City Chow Foods Corporation in-house counsel Suzette Punay takes the witness stand on Day 42 of the impeachment trial of Vice President Sara Duterte on November 11, 2026.

MANILA, Philippines – An in-house corporate counsel of Gencorp Industries Inc. denied that Vice President Sara Duterte has business interests in the company, despite it being listed in her sworn Statements of Assets, Liabilities, and Net Worth (SALNs).

On Day 42 of the impeachment trial on Wednesday, November 11, Suzette Balucanag-Punay refuted a portion of the forensic financial report of lawyer Alexander Cabrera, which indicated that Duterte owns a 20% stake in Gencorp and has paid-up capital in the company amounting to P250,000.

Balucanag-Punay also said Duterte is not a stockholder of Gencorp and does not participate in any stockholders’ meetings. She said the Vice President also has no involvement in the board of directors, management, as well as in the decision-making of the company.

“She is not a beneficial owner of Gencorp,” the corporate counsel told the impeachment court.

Balucanag-Punay, however, said Duterte received more than P2.1 million in “return of capital” from Gencorp between 2022 and 2025 from what she described as “loose investment.”

Duterte received return of capital amounting to P337,500 from Gencorp in 2022; P555,750 from May to December 2023; P612,419 in 2024; and P636,700 in 2025.

She, however, did not receive any return of capital from January to April 2023.

“I termed it as a loose investment, your honor. It’s coming from the contributions that the Vice President made for Davao Bounty Times before the actual commencement of the operations of Jollibee Times Square,” said Balucanag-Punay.

Opening of the article, excerpted from Rappler. To read the rest, open the article on the publisher's site.