Sara Duterte denies owning Jollibee franchise

Vice President Sara Duterte on Saturday denied owning a Jollibee franchise, saying she had previously invested in a company but did not own or operate its individual businesses.

“I do not own a Jollibee franchise or any other franchise. I previously invested in a company that is part of a legitimate business organization owned and operated by individuals with an established reputation for integrity and good standing,” she said in a statement.

Duterte argued that an investment in a company should not be confused with ownership or management of its individual businesses.

“A basic level of research and due diligence should make this clear,” she said, adding that accurate reporting required factual verification and a proper understanding of business ownership.

The vice president also warned that reports involving businesses could cause reputational and commercial damage, saying the alleged targeting of legitimate enterprises was “deeply troubling.”

Her denial comes as prosecutors in her impeachment trial scrutinized her alleged financial interests in companies, including GenCorp Industries Inc., which operates Jollibee outlets in Davao City.

Forensic accounting expert Alexander Cabrera attributed about P212.63 million in alleged financial interests and income to Duterte based partly on an estimated 20 percent stake in the company.

However during cross-examination, Cabrera acknowledged that his team had not obtained the company’s stock and transfer book, stock certificates or franchise agreements to verify the alleged ownership interest and its valuation.

The Constitution prohibits the president and vice president, during their tenure, from directly or indirectly participating in business and holding financial interests in government contracts, franchises or special privileges.