MANILA — GenCorp corporate counsel Suzette Balucanag-Punay disputed findings in a forensic report on Vice President Sara Z. Duterte’s alleged undeclared income, testifying before the Senate impeachment court that the vice president is neither a stockholder nor a beneficial owner of the corporation.

Balucanag-Punay said Duterte does not participate in GenCorp stockholders’ meetings, board meetings, or the company’s management and decision-making.

She also denied that Duterte has any involvement or influence over the finances of the Jollibee Times Square branch or authority to represent it.

During Tuesday’s hearing, defense counsel Justin Gular presented a slide from the forensic report prepared by lawyer Alexander Cabrera, which placed Duterte’s alleged undeclared income from GenCorp in 2023 at ₱55,714,292.

Balucanag-Punay disputed the figure, saying Duterte supposedly received only ₱555,750 in return of capital, based on a transaction summary prepared by the company’s accountant.

She said Duterte received ₱337,500 from GenCorp in 2022, ₱612,419.14 in 2024, and ₱636,700 in 2025.

According to the witness, the total amount Duterte received from GenCorp from 2022 to 2025 was ₱2,142,369.14. The disbursements were made through checks, she added.

Balucanag-Punay explained that the return of capital was issued because of Duterte’s investment in the Jollibee Times Square branch. However, she said she could not verify the amount of Duterte’s original contribution.

Gular also asked the witness to comment on Annex E of the forensic report, which indicated that Duterte held a 20% ownership stake in GenCorp with ₱250,000 in paid-up capital.

Balucanag-Punay said the finding was inaccurate and inconsistent with the corporation’s records. She also testified that GenCorp did not declare dividends from 2022 to 2025.

The witness said GenCorp operates five Jollibee branches, including the Bolton branch, which was previously owned by Jolly A Foods Corporation.

She testified that Duterte had no shares or interest in Jolly A and made no contributions to the company. GenCorp acquired the five branches from different corporations, she said, adding that the dissolution of Jolly A began after the transfer of the Bolton branch to GenCorp.

The former owner of the Jollibee Matina Crossing branch was Southern Bee Foods Corporation, Balucanag-Punay said. She likewise denied that Duterte held shares or had any interest in Southern Bee or the Matina Crossing branch.

Senate President Vicente Sotto III’s impeachment court colleague Sen. Koko Pimentel’s objection?

Kapunan objected to the testimony, arguing that the witness was relying on hearsay. Senate President Francis Escudero allowed Balucanag-Punay to answer, saying the objection could be properly raised during cross-examination.

Balucanag-Punay further testified that Duterte had no shares or interest in the previous owners of the Jollibee Gaisano Mall and Abreeza branches.

As for the Jollibee Times Square branch, the witness said Duterte had no stockholdings in its previous owner but maintained a “loose investment” in the branch.

She clarified that Duterte’s investment was in the Jollibee Times Square branch itself, not in GenCorp.