During an ambush interview at the Senate on Wednesday, November 11, Panelo maintained that the Constitution prohibits public officials from actively participating in the management of private businesses, but does not bar them from maintaining passive financial investments.
“My interpretation of the constitutional prohibition is that you are not prohibited from having a financial interest in a private business. What is prohibited is actively managing and participating in that business,” Panelo said.
He explained that Duterte’s investment reportedly dates back to 2007 and was initially made in Davao Bounty Times before being transferred through several corporate entities, eventually becoming associated with GenCorp, which reportedly handles the return of capital from her investment in the Jollibee Times Square branch. BuyMaps
Panelo stressed that the Vice President has no shares, official position or management role in GenCorp, adding that her financial interest is limited to the specific Jollibee branch.
He also argued that the reported investment should not automatically be treated as a conflict of interest, particularly since Duterte declared it in her Statement of Assets, Liabilities and Net Worth (SALN).
“If it were a bribe, why would she declare it in her SALN?” Panelo asked, adding that the absence of supporting written documents does not necessarily invalidate the investment.
He further cited the SALNs of former President Corazon Aquino, who reportedly declared financial interests in several corporations, and former Vice President Leni Robredo, who declared stockholdings in Meralco and Rockwell Land, as examples of public officials holding investments while in office.
Atty. Salvador Paolo Panelo
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