Insurance firms testify on Duterte-Carpio policies, investments

MANILA — The prosecution on Wednesday presented representatives of several insurance companies to testify on millions worth of insurance policies and investments obtained by Vice President Sara Duterte and her husband, Atty. Manases Carpio, as part of the impeachment trial’s proceedings on the allegation of unexplained wealth.

Representatives from six insurance companies testified on a total of 19 insurance policies held by the spouses since 2010.

One of the largest policies presented during the proceedings was an active P10.6-million lump-sum insurance investment purchased by Carpio in May 2024, according to Atty. Juan Sotero Roman of FWD Life Insurance Corp.

During cross-examination, defense lawyers repeatedly pointed out that under the amended Insurance Code, a spouse’s consent is not required when the other spouse purchases an insurance policy, even if the spouse is named as one of the beneficiaries.

The prosecution further argued that the value of the insurance policies presented in court would not match the Duterte-Carpio spouses’ declarations in their Statements of Assets, Liabilities and Net Worth (SALNs).

The defense objected to the witnesses testifying on the contents of SALNs. But when Senate President Sherwin Gatchalian asked whether the P10.6-million insurance investment could be considered a personal asset, Roman confirmed that it was.

“Itong 10.6 million considered ba ito asset ng tao?,” Gatchalian asked the witness.

“I can say sir that the 10.6 million paid for this, there will be money coming out of this account… It’s an asset,” Roman said.

Senator-Judge Erwin Tulfo also pointed out the possibility that insurance policies could be used as a means to launder money.

“For example, talagang suspected na nilo-launder yung pera, nililinis sa pamamagitan ng pagkuha po ng policies for investment, what will you do?,” Tulfo asked the witness.

“At point of our application, Your Honor, we may not be able to determine if it is money laundering as will be defined by a court of proper jurisdiction. We, however, have a mandate from the Anti-Money Laundering Council and the Insurance Commission to identify the person and the sources of their fund, Your Honor,” Roman responded.

The prosecution also presented a representative from BDO Securities Corporation, who testified that Carpio purchased equities and bonds worth around P25 million from 2021 to 2024, as well as another P4.5 million worth of investments from 2020 to 2025.

The defense again maintained that Duterte’s consent was not required for Carpio to purchase the investments.

The prosecution is set to present a representative from the Bureau of Internal Revenue on Thursday to testify on the Vice President’s tax records.
The presentation of the insurance and investment records forms part of the prosecution’s evidence on its allegation that Duterte has unexplained wealth.