Sara Duterte trial: SEC docs show SALN, corporate record discrepancies

MANILA, Philippines — Vice President Sara Duterte did not appear as an incorporator or stockholder of a restaurant in the Securities and Exchange Commission’s (SEC) records, despite declaring herself as such in her Statement of Assets, Liabilities and Net Worth (SALN).

The discrepancy was noted during the testimony of SEC Company Registration and Monitoring Department Director Gerardo del Rosario.

In her SALNs from 2016 to 2025, Duterte listed herself as an incorporator or stockholder of Gencorp Industries Inc., previously Timesquare Bee Foods Corp. and Great Jolly Times Foods Corp.

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However, Del Rosario testified that Duterte does not appear as an incorporator or stockholder of Gencorp in its Articles of Incorporation and General Information Sheets submitted to the SEC from 2020 to 2025.

Del Rosario said that it is possible that a company listed as an incorporator is used by an individual to detach his or her name from a business.

READ: Duterte defense cries ‘mind conditioning’ over SEC shareholdings summary

“It is possible that if Gencorp has a corporate subscriber where he has a controlling interest in that corporate subscriber, he may also be exercising control over Gencorp,” he added.

The SEC records also showed that a certain Jaime Cruz was listed as an incorporator of the six businesses in which Duterte declared having stocks in her SALNs.

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The SEC also recorded Jaime Cruz as an incorporator of Davao Emerging Taipans Corp. in 2004; City Hall King Chow Foods Corp. and Davao Bounty Times Foods Corp. in 2007; JTC Group of Companies Philippines Inc. in 2009; and Metro City Chow Foods Corp. and Davao New Royal Taipan Foods Corp. in 2016.

Davao New Royal Taipan was previously Davao Emerging Taipans Corp., while Metro City Chow Foods Corp. was formerly City Hall King Chow Foods Corp.

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According to her SALNs, Duterte was likewise a stockholder of Davao Emerging Taipans Corp. starting in 2004, when she was Davao vice mayor, and declared the same in her SALNs from 2008 to 2012 and 2016 to 2023.

Duterte was also a stockholder of City Hall King Chow Foods Corp. and Davao Bounty Times Foods Corp. from 2007 to 2012 and 2016 to 2017.

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From 2018 to 2025, Duterte remained a stockholder of City Hall King Chow Foods Corp., which by then was already called Metro City Chow Foods Corp. /mcm