By Jose Cielito Reganit | Philippine News Agency
A witness from the Securities and Exchange Commission (SEC) on Monday identified a certain Jaime Cruz as a shareholder and director alongside Vice President Sara Duterte in Metro City Chow Foods Corp.
During the continuation of Duterte’s impeachment trial, SEC Company Registration and Monitoring Department Director Gerardo del Rosario read entries from incorporation documents and General Information Sheets (GIS) showing Cruz’s share subscriptions and corporate roles.
In Metro City Chow’s articles of incorporation, del Rosario identified Cruz as the largest subscriber, with 1,997 shares worth P199,700. Duterte was the second-largest subscriber, with 500 shares worth P50,000.
Del Rosario said the same shareholdings appeared in the company’s 2025 GIS when shown the document by private prosecutor Erwin Matib during direct examination.
The witness also identified Cruz’s role in Gencorp Industries Inc.
Gencorp’s incorporation records list JTC Group of Companies Philippines Inc. as the largest subscriber, with 6,250 shares worth P625,000. Its 2025 GIS lists JTC Group under directors and officers, represented by Cruz.
Asked what the entry meant, Del Rosario said Cruz represented JTC Group in Gencorp.
Duterte’s name did not appear in Gencorp’s incorporation records or in its GIS as a director or stockholder, del Rosario said.
Matib also asked where Cruz’s name appeared in the other incorporation documents examined by the SEC witness.
Del Rosario identified City Hall King Chow Foods, Davao Bounty Times Foods, Davao Emerging Taipans, Davao New Royal Taipan Foods and Great Jolly Times Food, as well as Metro City Chow.
The examination also covered Gencorp’s sales, net income, and dividend disclosures. Del Rosario said the company was registered to operate a restaurant.
“Kung susumahin ang sales mula sa 2021 to 2024, ang total po nito ay P1,042,746,818,” he said, referring to Gencorp’s total sales.
He said the company’s net income during the same period totaled P8,039,201.
Matib asked whether Gencorp had amounts available for dividend declarations. Del Rosario said its 2024 records showed unrestricted retained earnings, an account from which dividends could be declared.
Asked whether the company had declared dividends from 2021 to 2024, del Rosario said he found no such information in the financial statements or GIS he examined.
Del Rosario’s testimony focused on corporate records as the prosecution examined Duterte’s declared business interests and possible sources of income.
Article II of the impeachment complaint alleges, among other claims, that Duterte failed to fully and truthfully disclose her assets and maintained prohibited business interests while serving as Vice President.
