“Kung susumahin po ‘yung sales mula 2021 hanggang 2024, ang total po nito ay Php1,042,746,818.” ~SEC Defense Witness Gerardo Del Rosario
An SEC witness exposed a ₱1.04 billion sales surge in Duterte-linked GenCorp Industries during her vice presidential impeachment trial.
House prosecutors presented corporate records from the Securities and Exchange Commission to demonstrate sudden financial expansion following her election.
SEC Director Gerardo Del Rosario testified that GenCorp Industries Incorporated registered remarkable multi-year growth starting in 2022. Prosecutors emphasized that Vice President Sara Duterte assumed office on June 30, 2022, the same year sales exploded.
Official financial statements show GenCorp recorded ₱28.8 million in total sales during the calendar year 2021.
Consequently, company sales expanded tenfold to ₱320 million in 2022 after Duterte won the vice presidency. The company maintained high momentum, posting ₱320.5 million in 2023 and ₱394 million in 2024.
In response, private prosecutor Atty. Erwin Matib noted that daily sales averaged over ₱1 million in 2024.
Unexplained Wealth Allegations
House prosecutors questioned how Duterte’s declared net worth increased while her linked businesses declared no corporate dividends.
Del Rosario confirmed that GenCorp accumulated ₱8 million in net income, yet filed no dividend declarations. Specifically, Del Rosario noted, “Wala po kaming nakitang impormasyon mula sa financial statement maging sa GIS.”
Meanwhile, prosecution spokesman Zia Alonto Adiong highlighted that her declared net worth rose from ₱71 million to ₱98 million.
Prosecutors also scrutinized corporate documents revealing Jaime T. Cruz as a key director representing JTC Group of Companies. Furthermore, official BIR e-submission receipts for GenCorp listed the contact email address as jtcjollibee@gmail.com during annual filings.
Defense lawyers repeatedly objected to prosecution summaries, arguing that these visual presentations misrepresented official SEC records. However, Senate President Chiz Escudero allowed the testimony to proceed while clarifying the status of missing financial statements.
Dramatic Business Growth
Records confirm that GenCorp generated ₱1,042,746,818 in cumulative sales between 2021 and 2024 without issuing dividends. Additionally, prosecutors identified ₱14.32 million in Davao City government transactions involving GenCorp during the same period.
Defense attorneys maintain that corporate earnings do not automatically translate into personal income for stockholders or officers.
Also, official SEC records show that Attorney Mans Carpio served as an incorporator, Chairman of the Board, and President of Cali 88 Foods Corporation.
Over time, his shareholding in the company increased from an initial 40% to 47.5%. Meanwhile, audited financial statements revealed that liabilities under “Advances from Stockholders” jumped from ₱1.6 million in 2021 to ₱18.5 million in 2022.
SEC witness Gerardo Del Rosario explained that these advances represented funds loaned by shareholders to finance corporate operations.
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