VP Sara earned profits from GenCorp., says firm's counsel

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Vice President Sara Duterte earned profit from her investment in GenCorp. Industries, Inc., a defense witness at the impeachment trial said Wednesday.

Attorney Suzette Balucanag-Punay, the in-house counsel of Gencorp Industries, Inc. and Metro City Chow Foods Corporation, made the testimony when asked by Senator-judge Risa Hontiveros about Punay’s testimony of the Vice President receiving P2.14 million return of capital from from Gencorp Industries, Inc. from 2022 to 2025.

Punay also testified that Duterte has a “loose investment” in GenCorp. because sheinvested in Davao Bounty Times Food Corporation before the actual commencement of operations of Jollibee Times Square branch.

Punay said that the Jollibee Times Square branch eventually opened under the franchise granted to Great Jolly Times Foods Corporation, an entity which eventually became Gencorp Industries, Inc.

“This [P2.14 million] is return of capital. So, kumita nga siya [Duterte],” Hontiveros asked.

“Yes,” Punay replied.

Hontiveros asked if this means that the Vice President has financial interest in GenCorp., to which Punay again answered in the affirmative.

But when asked by Hontiveros if the Vice President receiving this payout violates the Constiution, Punay replied she was not sure.

Hontiveros pressed her, asking if the Constitution clearly prohibits an incumbent Vice President from having direct and indirect participation in any business.

Punay, this time, gave a categorical answer.

“Yes, it is in the Constitution, your honor,” she said.

Senator Francis Kiko Pangilinan also raised the point of the Vice President's earning profits from GenCorp., noting that Punay initially said during the direct examination the Duterte had zero business participation with GenCorp.

“During the direct examination, you were certain that the Vice President has no participation in GenCorp., zero participation, no stock holdings, she has no position. And then you mentioned that she actually had a loose investment, and she was receiving benefits from that loose investment,” Pangilinan said.

He said Punay's pronouncement, therefore, is inaccurate, given that by receiving payouts, the Vice President is clearly involved in GenCorp.

“It is not correct to say that there is no participation [on the part of the Vice President] or no role whatsoever. You [Vice President]) participated as a beneficiary,” Pangilinan, a lawyer like Punay, added.

Duterte’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.

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.

The defense is presenting its evidence against Article 2 which accuses the Vice President of betrayal of public trust and culpable violation of the Constitution due to amassing P817 million to P1.5 billion of unexplained wealth due to non-declaration of assets and non-divestment in businesses despite a Constitutional ban. — BM, GMA News

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