Mans Carpio’s food firm shows money laundering symptoms — analyst
MANILA, Philippines — A food company linked to Vice President Sara Duterte’s husband, Manases “Mans” Carpio, showed symptoms of money laundering, forensic financial analyst Atty. Alexander Cabrera said on Monday, October 12, citing large amounts of money flowing in and out of its accounts within a day or two.
Cale 88 Foods Corp., a supposed banana chip exporter, received P319.33 million in remittances from mainland China and Hong Kong, according to financial records presented during the Senate impeachment trial’s proceedings on Article II, which covers allegations of unexplained wealth against Vice President Sara Duterte.
The Anti-Money Laundering Council (AMLC) confirmed the remittances before the Senate impeachment court on October 5, based on covered and suspicious transaction reports submitted by banks and financial institutions.
The money went into Cale 88’s corporate accounts, not directly into the personal accounts of Duterte or her husband, according to the AMLC records. Carpio reportedly held a 47.5% stake in the company from 2021 to 2024, according to its general information sheet.
Cabrera described Cale 88’s financial transactions as a “revolving door,” saying the money did not appear to add value to its business.
"Sintomas po 'yun ng ano ng ah money laundering. Again, wala po ito sa report ko at hindi ko po sinasabing may money laundering pong nangyayari dito. Ang sinasabi ko lang po ay sintomas, Cabrera said after Senator-judge Risa Hontiveros interjected during the hearing.
(That is a symptom of money laundering. Again, this is not in my report, and I am not saying that money laundering is taking place here. I am only saying that it is a symptom.)
"'Pag ang pera po ay pumasok sa kumpanya, lumabas po the same day o lumabas po the following day, ang ibig sabihin po noon, it didn't add any value to the company," he added.
(When money enters the company and leaves on the same day or the following day, it means it has not added any value to the company.)
Senator-judge Raffy Tulfo then asked Cabrera to explain his findings on Cale 88’s financial statements.
The company had no payables or receivables despite being a manufacturer or exporter of manufactured goods. It also had no inventory of raw materials or work in process, while continuing to incur losses regardless of the amount of money passing through its accounts, Cabrera said.
"Wala po siyang payable. Wala po siyang receivable. Kahit gaano kalaki ‘yung perang pumapasok at lumalabas, nananatili po siyang lugi," he said.
(Cale88 has no payables. It has no receivables. No matter how much money comes in and goes out, it remains at a loss.)
"Hindi po Tinikling, tatawagin kong ‘revolving door.’ Pagkapasok po ng pera, lumalabas po. Marami pong pera ang pasok at labas," he added.
(It’s not Tinikling. I would call it a ‘revolving door.’ When money comes in, it goes out. A lot of money comes in and goes out.)
Cabrera said the transactions could indicate that Cale 88 was being used as a pass-through for funds under the pretense of business activity. He clarified, however, that he was not concluding that money laundering had taken place.
Remittances raise national security concerns
Batangas Rep. Gerville Luistro, the House of Representatives’ lead prosecutor in the impeachment case, previously called for a “full-blown national security investigation” into the remittances.
Three of the transfers had been reported by a bank as suspicious, Luistro said, adding that the transactions should be examined amid continuing tensions between the Philippines and China in the West Philippine Sea.
The National Security Council earlier said it would examine the reported foreign financial inflows and coordinate with intelligence and investigative agencies to determine whether they posed national security risks.
President Ferdinand Marcos Jr. also said the allegations, if true, would constitute a national security issue and a threat to the country.
During the October 10 hearing, Cabrera claimed Cale 88 understated its revenue by an average of 51% a year, with P193.95 million in remittances coming from Chinese companies.
Hontiveros also flagged a Ukrainian company that sent money to Cale 88, saying her team found that the remitter matched a company under investigation in Kyiv for fraud and money laundering.
Senator-judge Joel Villanueva questioned Cale 88’s reported P150 million in sales in 2024 despite having only two employees on record.
The BIR is auditing whether Cale 88 underdeclared its sales, which could lead to deficiency taxes or a criminal case if tax evasion is proven.
The Senate impeachment trial will resume at 1 p.m. on Tuesday, October 13. — with a report from Cristina Chi
- Latest
- Trending
