Lawmakers question VP Duterte’s wealth surge, gaps in net worth filing

LAWMAKERS on Wednesday questioned Vice-President (VP) Sara Duterte-Carpio’s wealth after a review of her statements of assets, liabilities and net worth (SALNs) showed missing cash and liabilities and rapid increase in net worth.

The House Committee on Justice’s continuing hearing on Ms. Duterte’s impeachment complaints also revealed large bank transactions in years when she reported no liquid assets.

According to a matrix of her SALNs, as presented by the Office of the Ombudsman, Ms. Duterte’s net worth rose to P71.66 million in 2022 when she was elected as Vice-President, from P34.89 million in 2016. Her net worth also further increased to P88.51 million in 2024.

Records also showed that Ms. Duterte declared no cash on hand or in bank from 2019 to 2024. Earlier filings showed cash holdings ranging from P2 million to over P6 million between 2007 and 2018, before dropping to “none” in succeeding years, based on the matrix. Ms. Duterte also stopped reporting liabilities beginning 2021.

The submission also lacked SALN records for the years 2013 to 2015.

“The rapid and relatively large increase in wealth, with the absence of declared liquid assets and the diminution or transfer of liabilities, also gives rise to serious doubts about the veracity, transparency, and integrity of the Vice-President’s financial disclosure,” Party-list Rep. Leila M. de Lima told the panel in Filipino.

Ms. de Lima also noted that the sudden halt in the declaration of Ms. Duterte’s liquid assets and liabilities raises doubts over the accuracy and completeness of her SALNs, adding that it may warrant further inquiry.

“Such abrupt changes in the manner of reporting liabilities are highly suspicious and warrant investigation, as they may indicate reclassification or possible circumvention of full disclosure requirements.”

Ms. Duterte’s legal team spokesman Michael T. Poa did not immediately reply to a Viber message seeking comment.

In the same hearing, data from the Anti-Money Laundering Council (AMLC) showed that bank accounts linked to Ms. Duterte were allegedly involved in 417 transactions amounting to approximately P3.92 billion between 2005 and early 2026.

Financial activity appeared to spike between 2009 and 2013 — around the time Ms. Duterte was elected mayor of Davao City in 2010 — with annual totals exceeding P400 million and peaking at P704.93 million in 2009.

The same document showed that AMLC recorded 34 transactions in her accounts, amounting to P60.23 million, in 2019, the same year Ms. Duterte started disclosing zero liquid assets in her SALNs.

“I would like to state on the record that the 2019 net worth of the Vice-President was P55,613,000 as stated in her 2019 SALN. It is further noted that it was stated that she had no cash deposits,” Party-list Rep. Terry L. Ridon said.

Beyond the volume of transactions, the council also identified the Vice-President as a beneficiary or counterparty in multiple third-party transactions involving millions of pesos.

In a separate statement, Akbayan President Rafaela David challenged Ms. Duterte to explain the P6.77 billion worth of pesos flagged in AMLC reports.

“The question is clear: where did the Vice-President’s billions come from, and why were these not reported in her SALNs?” Ms. David said.

Ms. David also alleged that the discrepancies point to false disclosures, stating, “The evidence speaks for itself… It is clear that the Vice-President misled the public about the true extent of her wealth.”

Ms. David was referring to P6.771 billion worth of bank inflows and outflows, involving her and her husband, Manases R. Carpio. — Pexcel John Bacon