Prosecution: Sara Duterte firms' zero dividends a 'mismatch' from her net worth

MANILA, Philippines – The prosecution team in the impeachment trial of Vice President Sara Duterte examined Securities and Exchange Commission (SEC) documents on Monday, September 21, to establish that companies associated with her declared no dividends, a business picture that does not align with her increasing net worth over the years. Gencorp, one of the companies which Duterte said she is a stockholder according to her Statement of Assets, Liabilities, and Net Worth (SALN), had reported sales of P1.04 billion from 2021 to 2024, but only a net income of P8 million. It had zero dividends. Another company, Metro City Chow, posted sales of P309.01 million from 2017 to 2025, and a net loss of P3.15 million during the same period. No dividends were also declared. “There is no income coming back to her. Why is this important? Because we will compare her corporate earnings and dividends as a shareholder against what she declares in her SALN. Why is her worth so high if she is not receiving anything from these companies, or if these companies are incurring losses?” prosecution spokesman Zia Alonto Adiong said in Filipino. “The question of the public is: why are you doing business if you are continuously incurring losses? If you are continuously losing money, then why are your net worth and assets increasing?” Adiong added. At least eight other companies tied to her or her husband also had no dividends declared, according to SEC documents. Duterte declared a net worth of P71 million in 2022, the year she became vice president, but she has become wealthier since. Her net worth as of 2025 was P98 million. Private prosecutor Erwin Matib also noted the repeated mention of Jaime T. Cruz in the SEC documents, although it has yet to fully articulate why this is relevant. Cruz was appointed special envoy to China in 2019 by then-president Rodrigo Duterte. The testimony of SEC company registration director Gerardo del Rosario is part of the ongoing effort by the prosecution to establish that Duterte had unexplained wealth. Since last week, the prosecution has repeatedly pointed out that Duterte’s participation in businesses while in office is in violation of a constitutional provision that explicitly prohibits such a conflict of interest. Sara Duterte trial: Can a VP have business interests? – Rappler.com