Politics · Philippines Bureau
GenCorp counsel questions company's P2M payments to VP Duterte
A corporate counsel for GenCorp Industries Inc. has acknowledged doubts about the company's disbursements totaling P2 million to Vice President Sara Duterte between 2022 and 2025. The payments were characterized as investment returns from a venture involving Davao Bounty Times Food Corp.
LSN Philippines ·
MANILA – Suzette Balucanag-Punay, corporate counsel for GenCorp Industries Inc., admitted Wednesday that she had raised questions regarding her company's payments to Vice President Sara Duterte.
The payments, totaling P2 million over a three-year period from 2022 to 2025, were described by GenCorp as "returns" stemming from what the company characterized as a "loose investment" arrangement with Davao Bounty Times Food Corp., in which the vice president held an interest.
During testimony, Balucanag-Punay indicated she had harbored concerns about the nature and justification of the disbursements. Her acknowledgment marks a significant development in scrutiny surrounding financial transactions between the corporation and the office of the vice president.
The revelation comes amid broader inquiries into the financial dealings and funding sources related to the vice president's office. GenCorp's explanation of the payments as investment returns has drawn scrutiny from oversight bodies examining the legitimacy of such transactions.