Sara Duterte's Wealth Surge Amidst Corporate Losses Sparks Questions

MANILA, Philippines — Vice President Sara Duterte’s declared wealth has seen a sharp increase, even as most corporations linked to her and her husband, lawyer Manases Carpio, reported losses and no recorded dividend payouts, raising questions during her impeachment trial about the source of the asset growth. Senate President Sherwin Gatchalian pressed on the issue, citing documents submitted to the Securities and Exchange Commission (SEC). According to information presented by Gatchalian, Duterte’s declared assets rose by approximately P18 million from 2021 to 2022, reaching a total of about P27 million. However, several companies where the Vice President and Carpio reportedly serve as officers or hold ownership interests, such as Udenna Corporation, reported substantial losses, with Udenna alone posting a net loss of around P12 billion in 2022. Davao Development Authority, Inc. also recorded a loss of approximately P14 million. No dividend payouts from these entities were declared, making them an unlikely direct source for the asset increase. This situation highlights concerns regarding public officials' asset disclosures and the justification for their wealth accumulation in the Philippines. The Vice President’s office has yet to provide a detailed explanation for these discrepancies. The transparency of public officials' assets is a critical component of public trust in the country.