Tulfo Questions GenCorp’s Explosive Revenue Growth During Sara Duterte’s Vice Presidency

GenCorp Revenue Growth became a focus of scrutiny during the impeachment trial of Vice President Sara Duterte after Senator-judge Erwin Tulfo questioned the dramatic increase in the sales of GenCorp Industries Inc. following Duterte’s assumption of the country’s second-highest office.

During the 42nd day of the impeachment trial on Wednesday, Tulfo raised concerns while questioning defense witness Atty. Suzette Balucanag-Punay, expressing surprise over what he described as the company’s rapid expansion and surge in revenues during Duterte’s tenure as vice president.

Tulfo pointed to company figures showing that GenCorp’s sales allegedly rose from about P28 million in 2021 to approximately P300 million before eventually reaching nearly P1 billion between 2022 and 2024.

The senator asked what products or services enabled the company to generate such substantial growth and whether a possible conflict of interest could be linked to the rise in revenues during the period that Duterte was serving as vice president.

In response, Balucanag-Punay explained that GenCorp operates five branches and attributed the company’s increased income to the growing number of Jollibee stores being serviced by the firm.

She said the expansion of business operations and additional stores under the company’s coverage contributed to the corresponding increase in sales and revenues.

Balucanag-Punay appeared before the impeachment court as the fourth defense witness tasked with addressing allegations under Article II of the complaint, which pertains to claims of unexplained wealth involving the vice president.

Her testimony formed part of the defense’s effort to explain corporate records, business transactions, and financial matters being examined by senators sitting as judges in the impeachment proceedings.

The exchange added another layer to the ongoing scrutiny of GenCorp’s business dealings, as lawmakers continue to examine whether any corporate activities connected to entities linked to Duterte created conflicts of interest or resulted in undue financial benefits.