MANILA — Five companies examined in Vice President Sara Duterte’s impeachment trial recorded combined sales of about PHP2.159 billion over several years, but Securities and Exchange Commission (SEC) records presented Tuesday contained no information showing that dividends were declared or distributed to shareholders.

In a report, it said that Senator-judge Francis “Kiko” Pangilinan arrived at the figure after reviewing the records of City Hall King Chow Foods Corp., Metro City Chow Foods Corp., Great Jolly Times Food Corp., Times Square B Food Corp., and GenCorp Industries Inc.

SEC Company Registration and Monitoring Department Director Gerardo Del Rosario confirmed the total based on a financial summary he prepared for the impeachment court.

“And in all those instances, walang dineklarang dividendo (there were no declared dividends),” Pangilinan said.

Del Rosario clarified that the records merely contained no information on dividend declarations.

City Hall King Chow Foods recorded about PHP311 million in sales from 2007 to 2017; Metro City Chow Foods, PHP309 million from 2017 to 2025; Great Jolly Times Food, PHP209 million from 2007 to 2013; Times Square B Food, PHP335 million from 2013 to 2022; and GenCorp Industries, PHP1.04 billion from 2020 to 2024.

Del Rosario cautioned that the absence of declared dividends does not establish wrongdoing, noting that companies may retain earnings for expansion or debt payments.

“Kasi po baka meron namang proyekto yung kumpanya… expansion. Baka meron po siyang utang (The company may have projects, such as expansion. It may also have debts),” he said.

Pangilinan likewise acknowledged that non-declaration of dividends does not by itself mean an illegal act.

“So, non-declaration does not mean illegal. Yun nga lang, non-declaration means wala kang kinita, wala kang income (It only means you did not profit, you did not receive income),” he said.

Del Rosario clarified that the records could establish only that no amount was distributed to shareholders.

“Wala pong pinamahagi sa shareholders (Nothing was distributed to the shareholders),” he said.

The exchange came as the impeachment court examines Duterte’s corporate interests and possible sources of income reflected in her Statements of Assets, Liabilities and Net Worth.

The prosecution said Bureau of Internal Revenue representatives would later testify on Duterte’s annual income tax returns and those of the companies, potentially providing additional records on income received outside dividend payments.

Pangilinan also asked whether the companies operated restaurant franchises, citing names such as “Chow,” “Jolly” and “Bee.”

House private prosecutor Erwin Matib said some of the businesses were franchises and that financial records presented during the proceedings contained references to Jollibee.

“May mga franchises po (There are franchises),” Matib said, although he could not specify the exact number.

The impeachment court has also subpoenaed the companies’ BIR records as the prosecution continues presenting evidence./PNA