Metro Manila, Philippines – A prosecution witness in Vice President Sara Duterte’s impeachment trial described unusual movements of funds through bank accounts as possible signs of money laundering, including ₱41 million in back-to-back cash withdrawals within just over an hour.
Forensic financial analyst Alexander Cabrera raised the concerns during questioning by senator-judges on Monday, Oct. 12, as he defended his report on the vice president’s alleged unexplained wealth.
Cabrera described the movement of money through bank accounts on the same day or the following day as a “revolving door,” characterizing the pattern as “typical money laundering transactions.”
He also questioned the use of manager’s checks in certain transactions, saying the practice did not appear to make business sense.
“It is a concealment method,” Cabrera said.
The witness cited around ₱41 million in cash withdrawals on Aug. 6, 2024, within one hour and 13 minutes, describing the activity as unusual.
Senator-judge Raffy Tulfo separately questioned transactions involving Calle88 Foods Corporation, particularly whether its reported banana chip exports were consistent with the money received overseas.
Tulfo suggested comparing Bureau of Customs export records with the company’s incoming funds, including transactions with Kazakhstan and Tajikistan.
“That’s really something that I think should be further investigated,” Tulfo said.
Questions were also raised about the finances of GenCorp Industries, Inc., whose reported revenue grew from approximately ₱28 million in 2021 to more than ₱520 million by 2025. Duterte listed the company in her statement of assets, liabilities, and net worth. Her name was initially in the General Information Sheet filed with the Securities and Exchange Commission, but was gone later on.
Cabrera’s report noted that the company acquired around ₱150 million in property and equipment during the period despite reporting relatively limited paid-in capital.
“But the financial statements do not clearly explain where the money came from,” Tulfo said.
The hearing also examined whether corporate funds and income could properly be attributed to Duterte and Carpio in calculating their alleged unexplained wealth.
During cross-examination, the defense challenged Cabrera’s methodology, including his reliance on financial documents provided by the prosecution and assumptions about ownership interests in certain companies.
Senator-judges also questioned the report’s calculations and whether some amounts had been counted more than once.
“The final number should be based on the evidence,” Cabrera said when questioned about the amount of alleged unexplained wealth.
The witness maintained that his findings were supported by financial and corporate records, while the defense disputed the conclusions drawn from the documents.
Duterte has denied wrongdoing in the impeachment case.
