THE House prosecution panel on Wednesday presented representatives from several banks and insurance companies in the impeachment proceedings against Vice President Sara Duterte, seeking to establish its allegation that she failed to declare tens of millions of pesos in bank accounts and insurance investments in her statements of assets, liabilities and net worth (SALNs).
A summary provided by prosecutors showed Duterte and her husband Manases Carpio had a total of P22.24 million in 2024 and P39.09 million in 2025 in the ending balances of several banks, none of which were itemized in their joint SALNs for that year.
Prosecutors also showed the couple had an ending balance of P59.02 million in 2022, and P71.38 million in 2023, but declared ₱0.00 in the designated cash-in-bank/cash-on-hand fields on their joint SALN for both years.
Time deposit During Tuesday’s proceedings, an official from the Bank of the Philippine Islands (BPI) said the vice president and her father, former president Rodrigo Duterte, jointly held a P40.65-million time deposit that grew to P41.72 million before being converted into a manager’s check.
BPI Senior Vice President and Central Metro Manila Division Head Marwin Galvez testified that the time deposit was opened under the names of Sara and Rodrigo Duterte on Jan. 22, 2010, at BPI’s Julia Vargas branch.
The deposit was rolled over 12 times and reached P41,721,035.42, including interest, when it was last renewed on Feb. 11, 2011, Galvez said.
A manager’s check for the same amount was issued on March 9, 2011. An October 2011 credit and debit memo later showed the check as unutilized, based on BPI records presented in court.
Private prosecutor James Bryan Ibrahim Alih said the transaction was part of a broader pattern involving the P41.72-million manager’s check and a separate P55-million time deposit that was also converted into a manager’s check during the same period.
“The manager’s check that is being rolled over does not appear in the year-end balance because it is floating,” Alih said.
Senator-Judge Panfilo Lacson asked whether the prosecution was seeking to establish a pattern aimed at proving concealment.
“Yes, sir. That’s what we’re trying to say, your honor,” Alih replied.
The defense questioned the relevance of the decade-old transactions to the impeachment proceedings.
Senator-Judge Bam Aquino asked Galvez whether maintaining funds through a “floating” manager’s check was a known banking practice.
“I only learned about such a scheme now. Is this known in banking circles, or is this something new to you?” Aquino asked.
Galvez said the practice was “not uncommon.” Senator-Judge Erwin Tulfo later asked Galvez whether banks apply stricter scrutiny when politically exposed persons (PEPs) deposit or place large sums of money that appear disproportionate to their government salaries.
Galvez confirmed that banks apply stricter scrutiny to transactions involving PEPs. He added, however, that PEPs may have other legitimate sources of funds and that he was not in a position to determine the source of a particular deposit.
In his interjection, Senate President and Senator-Judge Sherwin Gatchalian said he reviewed Sara Duterte’s SALNs and did not find the time deposits totaling about P96 million reflected in her declarations for 2010 and 2011.
Defense counsel Michael Poa, however, said the key issue was whether Sara Duterte was aware of the accounts. He maintained that the transactions and account documents presented in court were not signed by his client but by Rodrigo Duterte.
Presiding Officer Francis Escudero confirmed that Sara Duterte’s signature did not appear on the transaction documents included in BPI’s inventory of pre-marked exhibits. The documents covered the opening and closing of the time deposit, requests for manager’s checks and other related transactions.
Poa also pointed out that the manager’s check applications presented during the hearing were signed by Rodrigo Duterte and did not bear Sara Duterte’s signature.
Poa has maintained that Sara Duterte had no recollection of or participation in the transactions involving the joint account.
Other bank accounts The proceedings later turned to the bank accounts of Sara Duterte’s husband, Carpio.
Julius Parian, branch manager of Philippine National Bank’s Davao-San Pedro-C.M. Recto branch, testified that Carpio maintained four active accounts at the branch—one personal account and three in-trust-for accounts for minors.
The accounts had combined balances of P20.2 million in 2022, P21.5 million in 2023, P3.3 million in 2024 and P4.9 million in 2025, Parian said.
He also confirmed four cash withdrawals from one of Carpio’s accounts totaling P18 million on Aug. 6, 2024.
Senator-Judge Risa Hontiveros then pointed to the difference between the amounts in Carpio’s PNB accounts and the personal property declared by Sara Duterte in her SALNs.
Hontiveros said Duterte declared P13.325 million in personal property in her 2022 SALN, compared with more than P20.2 million in the PNB accounts that year.
For 2023, Hontiveros said Duterte declared P14.725 million in personal property, compared with P21.593 million in the PNB accounts.
Mario Cirilo De Mesa Jr., senior assistant vice president of BDO Unibank’s Branch Banking Group, testified that seven active accounts maintained at BDO by Sara Duterte, Carpio and 888 Bistro, a sole proprietorship owned by Carpio, had combined balances of P22.8 million in 2022, P32.1 million in 2023, P4.6 million in 2024 and P18.8 million in 2025.
De Mesa also said Sara Duterte had one active savings account and another account under her name that had been closed.
He confirmed three active joint checking and savings accounts involving Duterte and Carpio.
For 888 Bistro, De Mesa said BDO had two checking accounts. The presiding officer clarified that 888 Bistro is a sole proprietorship, not a corporation.
Earlier in the day, the prosecution presented two Asia United Bank (AUB) accounts linked to Carpio.
Davao-Toril Branch Manager Arcy James Gonzales testified that Carpio held two accounts ending in 4387 and 0301. Account 4387 was solely owned by Carpio, while account 0301 was jointly held with another individual whose identity was not disclosed.
The two accounts had a combined balance of P1,996,153.38 at the end of 2022, consisting of P314,059.17 in account 4387 and P1,682,094.21 in account 0301.
Their combined balance rose to P2,245,515.86 in 2023, with P470,852.28 in account 4387 and P1,774,663.58 in account 0301.
In 2024, the combined balance fell to P1,323,644.18, with P456,352.28 in account 4387 and P867,291.90 in account 0301.
By 2025, account 4387 had been closed, while account 0301 had a balance of P871,998.77.
The prosecution also presented accounts held by Duterte and Carpio at Philippine Savings Bank (PSBank).
Branch Operations Department Head Irene Joy Ishida testified that Duterte had an active account ending in 3853, while Carpio had an account ending in 2107. Both accounts were opened at PSBank’s Wilson branch in Manila.
The two accounts had a combined balance of P2,503,083.84 at the end of 2022, with P2,029,237.88 in Duterte’s account and P473,845.96 in Carpio’s.
Their combined balance increased to P2,583,574.41 in 2023, consisting of P2,080,023.45 for Duterte and P503,550.96 for Carpio.
In 2024, the combined balance reached P2,613,734.87, with P2,133,658.78 in Duterte’s account and P480,076.09 in Carpio’s.
By the end of 2025, the combined balance stood at P2,448,015.05, consisting of P2,188,222.18 in Duterte’s account and P259,792.87 in Carpio’s.
The prosecution next presented six Metrobank accounts held by Duterte, Carpio and their children.
Metrobank Anti-Money Laundering Division Head Niña Feren Alquiroz-Aguilar testified that only three remained active: a joint Duterte-Carpio account ending in 3876, an account under Duterte’s name ending in 2445, and an account ending in 5263 under the name of one of their children.
The three active accounts had a combined balance of P3,548,556.68 at the end of 2022, consisting of P2,278,832.33 in account 3876, P85,556.33 in account 2445 and P1,184,168.02 in account 5263.
In 2023, the combined balance rose to P3,852,513.55, with P2,436,156.69 in account 3876, P85,556.33 in account 2445 and P1,330,800.53 in account 5263.
The combined balance fell to P1,874,901.38 in 2024, consisting of P330,896.40 in account 3876, P85,581.89 in account 2445 and P1,458,423.09 in account 5263.
By the end of 2025, the three accounts had a combined balance of P1,600,061.03, with P55,273.18 in account 3876, P85,625.29 in account 2445 and P1,459,162.56 in account 5263.
The prosecution also presented Security Bank accounts linked to Carpio and companies associated with Duterte.
Security Bank Branch Banking Group Head Leslie Cham testified that Carpio had one peso checking account with the bank. The account, ending in 4534, had year-end balances of P25,074.34 in 2022, P232,134.27 in 2023, P344,338 in 2024 and P935,923 in 2025.
Cham also testified that Cale88 Food Corp., a company linked to Duterte, maintained two peso checking accounts with Security Bank. Both accounts had been closed in July 2026.
One account, ending in 2013, had a 2025 ending balance of P332,530.95, while account 8581 had a balance of P21,164.27.
For 2024, Cale88 recorded P40.14 million in inflows and P40 million in outflows through the two accounts, Cham said. The company recorded P6.27 million in inflows in 2025.
The figures prompted Senator-Judge Raffy Tulfo to ask Cham about the difference between Cale88’s relatively low year-end balance and the much larger volume of transactions recorded during the year.
Cham explained that P332,530.95 was the account’s ending balance, while P40.14 million represented money that moved through the account during 2024.
Cham also confirmed that Security Bank had filed multiple Suspicious Transaction Reports (STRs) involving Cale88.
Gatchalian cited 12 cash deposits that the bank had flagged as “not commensurate with the declared financial profile of the customer.” He also cited the bank’s finding that Cale88 had failed to provide supporting documents and had remained unresponsive to requests for clarification, preventing the bank from validating the source and purpose of the transactions.
Cham declined to elaborate on the STRs, citing bank secrecy and anti-money laundering laws.
Senator-Judge Francis Pangilinan asked whether Cale88 maintained a peso account with Security Bank and whether the bank could provide monthly transaction reports.
Cham said the company had two peso checking accounts but that he did not have the day-to-day transaction reports with him.
Pangilinan also cited an Anti-Money Laundering Council (AMLC) report indicating about P319 million in transactions from China involving Cale88. He said it remained unclear whether those transactions went through the company’s peso or foreign-currency accounts.
Cham said he could not confirm whether Cale88 maintained a foreign-currency account with Security Bank because of confidentiality restrictions.
Cham also testified that GenCorp Industries Inc., a company Duterte declared in her SALNs, maintained eight active peso accounts with Security Bank.
The first account was opened in October 2020, followed by another in November 2020. Two more were opened in March 2021, while the remaining accounts were opened in August 2023, January 2025, August 2025 and November 2025.
Cham said all eight accounts remained active.
The account ending in 6890 had year-end balances of P7.88 million in 2022, P10.67 million in 2023, P9.04 million in 2024 and P3.28 million in 2025.
The account ending in 7044 had P2.28 million in 2022, P3.12 million in 2023, P4.55 million in 2024 and P2.37 million in 2025.
Account 7204 had no 2022 figure available. Its year-end balances were P3.18 million in 2023, P5.05 million in 2024 and about P4.14 million in 2025.
The account ending in 7215 had P14.59 million in 2022, P15.66 million in 2023 and P11.30 million in 2024. Cham said the 2025 figure was not available during his testimony.
The account ending in 6022 had balances of P501,390.50 in 2023, P1.50 million in 2024 and P1.50 million in 2025.
The account ending in 2772, opened in 2025, had a year-end balance of P3.19 million.
The account ending in 8336 had a 2025 year-end balance of P18,656.16, while account 9710 had a zero balance.
GenCorp Industries Inc., a food catering company, is among the companies Duterte declared in her SALNs.
From 2016 to 2025, Duterte listed herself as an incorporator or stockholder of GenCorp, previously known as Timesquare Bee Foods Corp. and Great Jolly Times Foods Corp.
Insurance investments The House prosecution panel also presented representatives from several insurance companies to detail investments worth millions of pesos.
House prosecutor Lordan Suan first presented Juan Sotero Roman of FWD Insurance Corp., who testified about a P10.6-million lump-sum insurance investment made by Carpio.
Roman said Carpio was the owner of the policy, which was purchased on May 16, 2024, with a premium of P10.6 million. The policy was valued at more than P13.2 million and included a cash-value feature that allowed funds to be withdrawn within as little as five days.
During direct examination, Suan was asked whether money from an illegal source could appear legitimate if it were used to purchase an insurance product and later withdrawn as a payout.
Escudero, however, said the question was speculative and Suan subsequently ended his direct examination.
During cross-examination by defense lawyer Carlo Joaquin Narvasa, Roman confirmed that a policyholder may name or change a beneficiary without informing the beneficiary.
He also explained that the insurance company uses indicators to detect possible money laundering and that a court order is required to terminate an account in certain circumstances.
The prosecution then presented Malu Salanguit, Manulife Philippines’ head of the Manage and Review Value Stream.
Salanguit testified that Carpio had made a one-time payment for an insurance investment with Manulife that was valued at P610,000 as of 2025. Their minor child was named as the beneficiary.
She also testified that Duterte, as a policy owner, had paid an insurance premium of P528,000.
According to Salanguit, Duterte also owned a Manulife policy issued in October 2014, for which she paid total premiums of P400,000 and made an additional P128,000 top-up payment in 2019.
The prosecution next called Calvin Chua, chief legal, government relations and sustainability officer of Pru Life Insurance Corp. of UK.
Chua testified that Duterte owned two Pru Life insurance policies, while Carpio had three. Five other dependents were also covered by policies, according to his testimony.
Chua said the total premium paid for one of Duterte’s policies was P1.2 million, while premiums for another exceeded P3.1 million.
Christine Cabradilla, policy changes head of BPI AIA Philippines, also testified about a dollar-denominated insurance investment owned by Carpio with total premiums of $30,000 that was purchased in 2013.
Representatives from Allianz, BDO Securities and BDO Life were also expected to testify as the prosecution continued presenting evidence on the alleged insurance investments.
The testimony forms part of the prosecution’s effort to establish that Duterte’s SALN declarations did not fully reflect her family’s financial interests and assets. WITH JAVIER JOE ISMAEL
