Impeachment trial Day 35: insurers detail Sara Duterte, Carpio policies

On the 35th day of the Senate impeachment trial of Vice President Sara Duterte, the House prosecution panel turned from bank accounts to insurance. Witnesses from several insurers testified on Wednesday, October 7, as prosecutors tried to show that policies held by the Vice President and her husband, lawyer Manases "Mans" Carpio, were not fully reflected in her Statements of Assets, Liabilities and Net Worth (SALNs), The Manila Times reported.

The prosecution alleges that the couple's insurance investments and cash assets were substantially higher than what their SALNs declared. These are allegations, and the court has made no ruling.

What the insurers told the court

House prosecutor Lordan Suan first called Juan Sotero "Teroy" Roman of FWD Insurance Corp. According to The Manila Times, Roman testified that Carpio owns a policy bought on May 16, 2024, with a lump-sum premium of P10.6 million. He said the policy was valued at more than P13.2 million and has a cash-value feature that allows money to be withdrawn in as little as five days.

When Suan asked whether money from an illegal source could look legitimate if it passed through an insurance product and came back as a payout, presiding officer Francis Escudero said the question was speculative. Suan then ended his direct examination.

Malu Salanguit of Manulife Philippines testified that Carpio made a one-time payment for a Manulife insurance investment worth P610,000 as of 2025, with their minor child as beneficiary. She said Duterte, as a policy owner, paid a premium of P528,000, and that a Manulife policy issued to Duterte in October 2014 carried total premiums of P400,000 plus a P128,000 top-up in 2019, The Manila Times reported.

Calvin Chua, chief legal officer of Pru Life Insurance Corp. of UK, said Duterte owns two Pru Life policies and Carpio three, with five other dependents also covered. One of Duterte's policies had total premiums of P1.2 million, and premiums on another exceeded P3.1 million, he testified.

Christine Cabradilla of BPI AIA Philippines described a dollar-denominated policy owned by Carpio, bought in 2013, with total premiums of $30,000. Representatives of Allianz, BDO Securities and BDO Life were expected to follow.

The defense's questions

On cross-examination, defense lawyer Carlo Joaquin Narvasa had the FWD witness confirm that a policyholder can name or change a beneficiary without telling that person. Roman also explained that insurers use indicators to flag possible money laundering, and that a court order is needed to end an account in certain cases, The Manila Times reported.

The banking words in the trial

Much of the trial has turned on banking language. GMA News published a guide to the terms heard in the hearing room:

• A joint account is held by two or more people; citing the Bangko Sentral ng Pilipinas (BSP), GMA News said each holder's share is presumed equal.
• A time deposit locks money in for a fixed term at a higher interest rate, with a penalty for early withdrawal.
• A trust account is managed by a trustee for a named beneficiary, such as a parent managing funds for a minor child.
• A manager's check is drawn by a bank on itself and recorded with the buyer, amount, date and payee; the BSP does not allow banks to issue them to cash or to fictitious payees.
• Covered and suspicious transaction reports go to the Anti-Money Laundering Council. Under the anti-money laundering law, a covered transaction is one above P4 million within five consecutive banking days, with exceptions for properly identified clients.

What comes next

The prosecution continued to present bank and insurance witnesses as the trial moved through its 35th day. ABS-CBN News reported that Duterte herself may be the last witness. No date for a verdict has been reported.