Defense witness: VP Duterte received P2.14-M from ‘loose investment’ in Gencorp.

The fourth witness for Vice President Sara Duterte’s defense team in her impeachment trial sought to clarify the vice president’s business interests in two companies named in her Statement of Assets, Liabilities and Net Worth (SALN), while disputing allegations that she owns 20 percent of GenCorp Industries.

Atty. Suzette Balucanag-Punay, in-house counsel for GenCorp Industries and Metro City Chow Foods Corporation, told the Senate Impeachment Court that Duterte is not a shareholder, officer, or participant in the management of GenCorp.

She acknowledged, however, that the Vice President has what she described as a “loose investment” in a Jollibee branch operated by the company.

Punay explained that the investment was initially made in Davao Bounty Foods Corporation and was carried over to Great Jolly Times, then to Times Square Bee Foods Corporation, before eventually being transferred to GenCorp.

She stressed that Duterte’s investment was in the specific Jollibee branch, not in GenCorp itself.

The investment entitles the Vice President to a share of the branch’s profits. According to Punay, Duterte received more than P2 million in what she described as a return of capital from 2022 to 2025.

Punay also rejected the findings of prosecution forensic analyst Alexander Cabrera, who alleged that Duterte owned 20 percent of GenCorp.

Asked about the vice president’s shareholdings in the company, Punay answered that she had none. She also said Duterte held no position in GenCorp in 2023 and did not attend board meetings.

Punay described Cabrera’s findings as inaccurate and inconsistent with corporate records, saying GenCorp’s total paid-up capital was only 1.25 million pesos.

She questioned how the alleged 20-percent ownership could be reconciled with the company’s records, calling the forensic analyst’s findings “absurd.”

Prosecution counsel Atty. Lorna Kapunan objected to the remark, prompting defense counsel Atty. Justin Gular to accuse her of badgering the witness. Senate Impeachment Court Presiding Officer Francis Escudero ordered both remarks stricken from the transcript.

But Punay faced further questions over the 2.14 million pesos Duterte reportedly received from the company over four years, despite an initial investment of only 48 thousand pesos.

Escudero pressed the witness to explain how the amount could have reached more than 45 times the vice president’s original contribution.

Punay admitted she could not verify the reason for the amount based on the records available to her.

Kapunan, meanwhile, argued that regardless of the amount involved, Duterte’s receipt of income from a private corporation could violate constitutional restrictions on the Vice President and other high-ranking public officials receiving additional income or maintaining business interests.

Asked whether Duterte’s receipt of the money constituted a constitutional violation, Punay declined to answer.

The exchange prompted another heated argument between the prosecution and defense, with Kapunan questioning the witness’s refusal to address the issue and Gular accusing the prosecution of badgering her.

Punay also defended her position that Duterte should not be considered a GenCorp shareholder, saying the vice president’s name does not appear in the company’s General Information Sheet.

Kapunan, however, pointed to Duterte’s own SALN, which declares her shareholdings in GenCorp, describing the declaration as an admission.

Punay said she could not speak on behalf of the Vice President regarding the discrepancy.

She also clarified that it was the Jollibee branch on Bolton Street in Davao City, where Duterte has no ownership or investment, that had business dealings with the Davao City local government.

On Metro City Chow Foods Corporation, Punay confirmed that Duterte is among its incorporators and sits on its board of directors, with a 20-percent interest.

However, she said the vice president had not received any money from the company because it was not generating profits. She also explained that Duterte’s inclusion in the company’s compensation committee was a mistake.

Punay added that although Duterte was a director, she was not involved in the company’s operations and did not attend board meetings or other company gatherings.

The witness also said she had no personal relationship with Duterte and knew her only as a resident of Davao City.

Before the hearing adjourned, Escudero directed Punay to submit documents explaining why the vice president had been receiving money from a private corporation in which she supposedly had no ownership or management role. – ANC, The World Tonight, November 11, 2026