Vice President Sara Duterte had no shares or corporate position in GenCorp Industries Inc. from 2022 to 2025 but reportedly made a “loose investment” in a Jollibee branch in Davao City, a defense witness testified during her impeachment trial.
GenCorp corporate counsel Atty. Suzette Balucanag-Punay confirmed the information during direct examination by defense lawyer Atty. Justin Gular.
Balucanag-Punay clarified that Duterte’s alleged investment was limited to the Jollibee Times Square branch and did not involve the entire GenCorp company, which operates five Jollibee outlets in Davao City.
The branches are located in Times Square, Bolton, Matina Crossing, G Mall and Abreeza.
However, during questioning by Senate President and presiding officer Francis “Chiz” Escudero, Balucanag-Punay admitted that she had not seen any documents proving Duterte’s investment. She also could not identify the amount of capital allegedly contributed by the vice president.
The witness said she personally used the term “loose investment” to describe Duterte’s alleged contributions before the Times Square branch began operations. She acknowledged that no written records documented the arrangement.
Escudero also questioned why Duterte had been receiving payments from the branch since June 2022, including monthly payments in 2023 and 2025, but none from January to April 2024.
Balucanag-Punay explained that the payments represented a “return of capital” from the investment, which was eventually transferred to GenCorp. However, she admitted that she did not know the exact nature of the investment or the reason behind the payments.
She clarified that the checks came exclusively from the Times Square branch because each Jollibee outlet maintained a separate bank account.
Meanwhile, Balucanag-Punay disputed the prosecution’s forensic financial report alleging that Duterte had undeclared income from GenCorp in 2023.
