THE undeclared wealth of Vice President Sara Duterte and her husband, Attorney Manases Carpio, could reach a maximum of P1.5 billion from 2022 to 2025, a forensic financial analyst told the Senate impeachment court Monday, October 12, 2026.
During his testimony as a witness for the House prosecution, financial analyst and lawyer Alex Cabrera estimated the couple’s minimum undeclared wealth at P817.87 million during the period.
“You mentioned you've been conservative with respect to your estimates whether it's a percentage in the company, whether it's an assumption you made. Kung hindi po kayo conservative, kung ito po ‘yung bare minimum, in your expertise and based on your review of the documents, ano po ba ‘yung sukdulang hangganan? Kung ito po ‘yung bare minimum n'yo, ano po 'yung inyong maximum?” impeachment court presiding officer Francis “Chiz” Escudero asked Cabrera.
(If you were not being conservative, if this is the bare minimum, in your expertise and based on your review of the documents, what would be the upper limit? If this is your bare minimum, what would be your maximum?)
Cabrera pointed out that his initial estimate of P817.87 million in the couple’s undeclared wealth does not include the P475 million in confidential funds allocated to Duterte, another P100 million in discrepancies in Anti-Money Laundering Council records, and an increase in his estimated ownership stake in Gencorp to 45 percent, valued at P250 million.
“P1.5 billion po,” Cabrera responded.
“I'll be more specific, sir. P1.5 billion will be the maximum estimate of the undeclared wealth of the respondent from 2022 to 2025, correct?” Escudero further inquired, to which Cabrera answered in the affirmative.
Cabrera said the amount may still be reduced if the couple accounts for their tax dues.
“If there are payables, we will deduct that from that (P1.5 billion) amount,” Cabrera added.
Cabrera earlier admitted that his report showing that the couple had P817 million in alleged unexplained wealth was based on available documents and did not include records obtained directly from the Vice President and her husband.
He said the financial, bank, corporate and tax records of Duterte and her husband that they examined were provided solely by the prosecution.
“As the appointed forensic auditor of the panel of prosecutors, it is your opinion, sir, that the spouses Carpio had an undeclared wealth of 817.8 million as of 2025, correct?” defense counsel Kristine Ferrer asked, to which Cabrera answered in the affirmative.
Ferrer further pointed out, and Cabrera agreed, that his report did not include any undeclared liabilities, interviews with the couple’s accountant or auditor, or other necessary documents to further support his findings.
During his testimony, Cabrera also pointed out that the financial records of Duterte and her husband showed “symptoms of money laundering.”
He cited the P41 million and P55 million in unused manager’s checks under the joint account of the Vice President and her father, former President Rodrigo Duterte.
The prosecution earlier pointed out during the trial that the P41.7-million manager’s check linked to one of the two accounts had supposedly been “floating” for years and was not reflected in year-end balances, while another manager’s check worth P16 million was paid to alleged drug lord Samuel Uy.
“Ito po yung mga telltale signs na may fraudulent reporting po na nangyayari. Actually, first time ko po nakakita nung ganun po, yung managers check po na labas-pasok po. Pero totoo naman po yung sinabi ng defense. Wala pong pirma si VP Sara doon sa managers’ check. Pero yung time deposit po na nakapangalan po sa kanya pero wala po siyang pirma, nawala po yung interest doon eh,” Cabrera said following an interjection by senator-judge Risa Hontiveros.
“I am not saying that there is money laundering. I am just saying there are symptoms. Pag ang pera po ay pumasok sa company, lumabas po the same day o lumabas po the following day, ang ibig sabihin po noon it didn't add any value to the company,” he added.
(When money enters a company and leaves on the same day or the following day, it means it didn't add any value to the company.)
Cabrera also flagged Carpio’s P41 million over-the-counter withdrawal dated August 6, 2024, months after Duterte announced her resignation from the Cabinet.
“P41 million in cash, kailangan niyo po siyempre ng bag po doon. Parang may hinahabol po kasi, lahat po ginawa within the hour po. Pwede rin po yung i-cheke, o i-manager’s check at i-deposit sa bank account ng iba. Pero pagka po kasi cash, ibig sabihin, ayaw po ng trail. So kung wala pong trail, eto po sa amin yung mga telltale signs din po sa forensic investigation,” Cabrera said.
(P41 million in cash, of course, would require a bag to carry. It seems there was a sense of urgency, as everything was done within the hour. The money could also have been issued as a check or a manager’s check and deposited into someone else’s bank account. But when it is withdrawn in cash, it suggests an intention to avoid leaving a trail. For us, the absence of a trail is also one of the telltale signs in a forensic investigation.)
“Timestamp po nung huling withdrawal 12:23 p.m., tapos 1:17 p.m. Parang may hinahabol kasi right after lunch, tuloy ‘yung transaction. Matagal din po kasi magbilang ng P41 million,” he added.
(The timestamp of the last withdrawal was 12:23 p.m., then 1:17 p.m. It seemed there was a sense of urgency because the transaction continued right after lunch. It also takes a long time to count P41 million.) (TPM/SunStar Philippines)