MANILA – Forensic financial analyst Atty. Alexander Cabrera questioned several entries in the financial statements of Cale88 Foods Corp., saying the company continued to report losses despite substantial amounts of money flowing through its accounts.
During the Senate impeachment trial of Vice President Sara Duterte on Monday, October 12, Senator-judge Raffy Tulfo questioned Cabrera about the company’s financial records and its reported business activities involving banana chips.
Tulfo asked whether Cabrera had verified the company’s importation and exportation documents with the Bureau of Customs (BOC), particularly those involving countries where Cale88 reportedly conducted business.
“Let’s talk about Cale88, they are supposed to be an importer sa mga bansang nabanggit ko ng mga banana chips. Nag-check po kayo sa Bureau of Customs kung sila ba ay merong importation documents dun sa mga bansang ‘yun kung saan sila nagpalabas ng mga produkto nila,” Tulfo asked.
The senator also inquired whether Cabrera had examined the company’s accounts payable and accounts receivable.
Responding first to the question about financial records, Cabrera said he had identified several entries that appeared inconsistent with the company’s reported business operations.
“’Yung sa financial statements po kasi ng Cale88, marami po talagang wala po sa tamang hulog sa financial statement na ‘yun,” Cabrera said.
According to the forensic analyst, the company reported no accounts payable or accounts receivable despite being involved in manufacturing or exporting processed goods.
“Wala po siyang payable, wala po siyang receivable. Manufacturer siya o exporter siya ng manufactured goods, wala po siyang inventory ng raw materials or work in process,” he explained.
Cabrera also questioned why the company continued to report financial losses despite significant cash inflows and outflows.
“Kahit po gaano kalaki ‘yung perang pumapasok at lumalabas, nananatili po siyang lugi,” he said.
The testimony raised questions about the consistency of Cale88’s reported financial position with its stated business activities.
The discussion formed part of the impeachment court’s examination of financial transactions involving companies being scrutinized in connection with allegations against Duterte and her family.
Cabrera’s observations were based on his examination of the company’s financial statements and do not, by themselves, establish illegal activity.
The provided exchange did not include Cabrera’s answer to Tulfo’s separate question on whether he had verified Cale88’s trade documents with the Bureau of Customs.
