Forensic financial analyst Alexander Cabrera admitted Monday that his report attributing a 20 percent ownership stake and substantial capital in Gencorp Industries Inc. to Vice President Sara Duterte was based partly on documents supplied by the prosecution, which called him as its final witness.
Cabrera acknowledged that the attribution was not supported by contracts, a deed of assignment or a subscription agreement, as these documents were not made available for his team’s examination. However, he maintained that the “absence of document also serves as evidence.”
Defense lawyer Kristine Ferrer asked whether the 20 percent attribution was based on the assumption that Duterte exercised “significant influence” over Gencorp, to which Cabrera answered in the affirmative.
“In short, this supposed investment in Gencorp was calculated based on the documents that were provided to you by the prosecution?” Ferrer asked.
“That is correct,” Cabrera replied.
“Based on all of those, you attributed a capital of 20 percent to Vice President Sara Duterte?” Ferrer followed up.
“That is correct,” Cabrera answered.
Duterte had identified herself as an incorporator and stockholder of Gencorp in her past Statements of Assets, Liabilities and Net Worth (SALNs), although Securities and Exchange Commission records do not list her as one.
Cabrera conducted a forensic review of Duterte’s and her husband Mans Carpio’s bank records, including those of corporations they allegedly partly owned.
His findings, presented to the Senate impeachment court on Friday, indicated that Gencorp allegedly failed to declare P1.04 billion in revenue to the Bureau of Internal Revenue (BIR) from 2022 to 2025, overlapping with Duterte’s tenure as vice president.
According to Cabrera, the corporation’s declared revenue in its income tax returns was understated by an average of 87 percent annually, which he said “amounts to fraud.”
Income tax returns must be filed with the BIR. During last week’s trial, BIR Commissioner’s Chief of Staff Anne Loraine Garcia-Marquez said the bureau could file criminal charges against suspected tax evaders if internal audit findings established willful failure to pay taxes or file legitimate returns.
When Ferrer asked whether the BIR or the Department of Justice had filed criminal cases for tax evasion or fraud against the couple, Cabrera replied, “Maybe not yet.”
More than P200M in undeclared revenue linked to Sara
Of the P1.04 billion in alleged undeclared inflows, Cabrera attributed more than P200 million to Duterte based on his estimated 20 percent stake in the company.
His report placed the amounts at P55.9 million in 2023, P74.1 million in 2024 and P82.9 million in 2025.
Gencorp operates five Jollibee branches in Davao City, Duterte’s political base: Jollibee Centerpoint Plaza Matina Crossing, Jollibee Davao Gaisano Mall, Jollibee Abreeza Mall, Jollibee Times Square Plaza Corner and Jollibee Bolton Street in the Poblacion District.
According to Cabrera’s report, each branch had an estimated initial annual capital contribution of P35 million. He said he arrived at the estimate using information available on Jollibee’s website and inquiries with franchise owners.
Cabrera acknowledged that his team did not verify with Gencorp whether it owned the branches. He also said they did not obtain documents from Duterte and Carpio, including Gencorp’s stock and transfer book, stock certificates, franchise agreements and audit working papers, to support their valuation of the couple’s alleged shareholdings.
However, Cabrera rejected Ferrer’s characterization of the five branches as a mere assumption.
“It’s not an assumption. It’s in the receipts,” he said.
“But these receipts that were attached to your report were only provided to you by the prosecution, correct?” Ferrer asked.
“That is correct,” Cabrera replied.
The defense also pointed to Cabrera’s report, which attributed P300,000 in paid-up capital to Duterte in Gencorp in 2022 and another P262,500 in 2025.
Cabrera confirmed that these figures did not appear in Gencorp’s general information sheet.
He also acknowledged that his examination of the spouses’ bank records covered only three weeks, although he began his analysis in July 2026 after receiving documents from the SEC and the Anti-Money Laundering Council.
Cabrera was the prosecution’s final witness before it concluded its presentation of evidence.
His testimony concerns Article II of the Articles of Impeachment, which accuses Duterte of amassing unexplained wealth, discrepancies in her SALNs and failure to divest business interests.