Metro Manila, Philippines – The corporate regulator has no deeds or similar documents showing that Vice President Sara Duterte formally transferred her ownership interests in companies linked to her, an official told the Senate, sitting as an impeachment court, on Monday, Sept. 21.
Gerardo del Rosario, Securities and Exchange Commission Registration and Monitoring Department director, said changes in some companies’ general information sheets (GIS) suggested that Duterte had ceased to be a shareholder or director before she became vice president.
The SEC, however, did not have the underlying transfer documents showing to whom her shares were conveyed, when the transactions took place or under what terms.
“Wala pong deed o anumang dokumentong nagsasabi na ni-transfer niya iyong kanyang ownership sa ibang tao,” Del Rosario said.
[Translation: There is no deed or any document stating that she transferred her ownership to another person.]
The information was in relation to the allegation of unexplained wealth, false statement of assets, liabilities and net worth, and failure to divest business interests.
Changes only in GIS
Prosecutors asked Del Rosario about the records of City Hulk King Chow Foods Corporation and SGT Fortune Horse Corporation as companies in which Duterte’s name no longer appeared in later GIS.
Duterte was a stockholder of City Hulk King Chow Foods, but amended filings from 2019 to 2021 no longer identified her as a shareholder or director.
She was also identified as an incorporator of SGT Fortune Horse in 2013 but did not appear as a director or shareholder in subsequent filings reviewed by the SEC.
“Sa reporting po nila, hindi na po siya part ng kumpanya,” Del Rosario said of the later filings.
[Translation: Based on their reporting, she was no longer part of the company.]
He said Duterte’s disappearance from the two companies’ GIS could support an inference that she had divested.
The SEC has no record of a deed of assignment, deed of sale, or another instrument documenting the actual transfer of her shares.
“Based lang po sa information na nakasaad sa kanilang GIS noong panahon na ito na hindi na po siya nag-appear,” Del Rosario said.
[Translation: It was based only on the information stated in their GIS during that period, in which she no longer appeared.”]
A general information sheet is filed by a corporation to update the SEC on its shareholders, directors, officers, and corporate structure.
It does not necessarily contain the complete documents behind every transfer reported by the company.
No divestment filing
Senator Risa Hontiveros asked whether Duterte submitted any record from 2022 to 2026 showing that she had acted to divest or withdraw from the corporations.
Del Rosario pointed to the changes in the GIS of the two companies but said the SEC had not received a separate document establishing how the ownership was transferred.
“So sa dalawang itong kumpanya, sa GIS lamang po medyo made-deduce na nag-divest na siya,” Hontiveros said.
[Translation: So for these two companies, it may only be deduced from the GIS that she divested.]
Del Rosario agreed that the inference was based on the company documents.
Duterte, however, remained listed in the records of Metro City Chow Foods after she became vice president.
The company’s GIS identified her as a shareholder, board member, and compensation committee member from 2022 to 2025.
The records showed a 20 percent ownership interest and a ₱50,000 subscription that was fully paid between 2022 and 2024.
Unlike the two companies from whose later filings Duterte disappeared, Metro City Chow Foods continued to report her corporate positions during her vice-presidential term.
The prosecution cited the filings to question whether Duterte had continued participating in private business despite the restrictions under Article VII, Section 13 of the Constitution.
The provision bars the president, vice president, Cabinet members and their deputies or assistants from holding another office or employment or participating in any business during their tenure.
It also requires them to avoid conflicts of interest strictly.
Corporate submissions
Del Rosario repeatedly said the SEC conclusions were limited to the documents filed by the corporations.
It did not have records of Duterte’s attendance at board meetings or her personal participation in company decisions.
It also had no policy requiring SEC personnel to warn or notify elected officials whose corporate roles could conflict with restrictions attached to their public positions.
“Wala pong ganoong direktiba sa amin,” Del Rosario said.
[Translation: “We have no such directive.”]
The SEC official also declined to make a definitive finding that Duterte violated the Constitution.
He said the appropriate body would have to determine whether the corporate records amounted to prohibited participation in business.
