GENCORP Industries Inc. disbursed a total of P2,142,369.14 to Vice President Sara Z. Duterte from 2022 to 2025, her own defense witness testified Wednesday before the Senate Impeachment Court.
Atty. Suzette Balucanag-Punay, corporate counsel for GenCorp and Metro City Chow Foods Corporation, described the payments as a return of capital from Duterte’s investment in the Jollibee Times Square branch in Davao City.
Presiding Officer Francis “Chiz” Escudero asked about recurring payments and gaps in GenCorp’s disbursement entries. He noted monthly entries in 2023 and 2025 but none for January through April 2024. Punay acknowledged gaps in the retrieved records.
Escudero questioned the basis of the payments.
“What’s the basis of giving her anything?” he asked.
When he sought the amount of Duterte’s original contribution and any supporting document, Punay said she was unable to verify the investment amount.
“Unfortunately, Your Honor, I could not verify also the amount because there are no written records for this investment,” she answered.
Punay said GenCorp’s disbursements to Duterte amounted to P337,500 in 2022, P555,750 in 2023, P612,419.14 in 2024 and P636,700 in 2025. The four annual amounts add up to P2,142,369.14.
Asked why GenCorp gave Duterte P555,750 in 2023, she answered, “It’s a return of capital, sir.” She later gave the same classification when asked about the nature of the disbursements over the entire four-year period.
The figures came from a transaction summary prepared by GenCorp’s accountant, which contained yearly and monthly breakdowns. Punay cited these records to dispute Table 39 of forensic accounting expert Alexander Cabrera’s report.
Asked how GenCorp made the disbursements, Punay replied, “Through checks.” Asked where the checks came from, she said, “Coming from the bank account of Times Square Branch.”
Punay maintained Duterte had no shares in GenCorp itself. She distinguished the vice president’s investment in one outlet from the ownership of the corporation operating several Jollibee branches.
“It is an investment in the specific branch only, meaning it is only in the Times Square branch and not the whole corporation, sir,” she said.
Senator-Judge Risa Hontiveros also requested a copy of the document Punay was referring to in explaining the reported return of capital
metrosundaily
