A Securities and Exchange Commission official said 10 companies linked to Vice President Sara Duterte and her husband Manases Carpio did not declare dividends, while eight others did not submit audited financial statements.
Private prosecutor Erwin Matib said the corporate records are significant in the impeachment trial because they would show if the companies, which were listed in Duterte’s statement of assets, liabilities, and net worth (SALNs), were able to provide her with a legitimate source of income that would help explain the increase in her net worth over the years.
Prosecution adviser and former lawmaker Robert Ace Barbers said the lack of dividends shows that Duterte and her husband could not use the companies as a source of additional income to justify the increase in her net worth.
Duterte is accused of amassing unexplained wealth.
Gerardo del Rosario, director of the SEC’s Company Registration and Monitoring Department, said the companies that declared no dividends in their reports were Metro City Chow Foods Corporation, Gencorp Industries Inc., City Hall King Chow Foods Corporation, Calle 88 Food Corporation, Mati City Ice Plant and Cold Storage, Geometry Security and Investigation Agency, Great Jolly Times Food Corporation, Timesquare Bee Foods Corporation, Davao New Royal Taipan Food Corporation, and Davao Emerging Taipans Corporation.
On the other hand, the following had no audited financial statements: 3Kids Trucking Services, CYK&T Davao Corporation, SGT Fortune Horse Corporation, Davao Bounty Times Food Corporation, Madayaw Fisheries Inc.; Amianan Shores Inc.; CableTow 88 Shipping and Marine Services Inc.; and Carpio Lawyers.
Del Rosario said the absence of audited financial statements means he could not say if these companies declared dividends or not.
Del Rosario said that if a company declares no dividend, it does not mean it is going under. It may be that its retained earnings are going to be used for other purposes, he said.
He also said if there were no dividends declared, it would not help increase the assets of the shareholder.
“Kung wala po siyang natanggap na dibidendo, hindi po ito makakatulong para sa dagdag ng kanyang ari-arian. Dahil wala naman po siyang natanggap, kaya wala po akong makitang paraan para makadagdag sya sa asset ng opisyales,” he said.
Duterte declared a net worth of P7.25 million in 2007 when she first entered public service.
Her SALNs showed her net worth mostly increasing over the years.
When she became Vice President in 2022, her net worth stood at P71.66 million. It increased to P77.51 million in 2023, and to P88.51 million in 2024. In 2025, her net worth stood at P98.66 million.
Prosecution spokesperson Zia Alonto Adiong said there was a “mismatch” because Duterte’s businesses had no dividends and yet her net worth was increasing.
“Kung tatanungin po ang prosecution panel, kung hindi ito ma-explain, eh talagang unexplained wealth posible and pinanggalingan ng asset na ito,” Adiong said.
Adiong also flagged the lack of dividends in some of the companies, saying that at some point, the investors should get a return from their investment.
But he also said that if the income was used to compensate the directors and Duterte is one of them, this is a violation of the Constitution because she is not supposed to receive other emoluments as a public official.