AMLC exec: Carpio's firm Cale88 could be subject to money laundering case but...

Cale88 Foods Corp., a banana chip maker linked to Vice President Sara Duterte and her husband, Mans Carpio, could be a “possible” candidate for a money-laundering case amid an unexplained P776 million cash inflow, an Anti-Money Laundering Council (AMLC) official said Tuesday, provided that further probe and relevant factors are considered.

AMLC Executive Director Ronel Buenaventura, although reluctant, reached the conclusion after being repeatedly pressed by Senator-judge Win Gatchalian, who questioned the supposed glaring disparity in the corporation’s reported financial capacity.

The general information sheet of Cale88 showed that Carpio was an incorporator, director, and shareholder from 2021 to 2024, and held a 47.5 percent ownership stake. A certain Pikimong Pikimong Philippines Corp. replaced him in 2025, but Duterte still disclosed Cale88 as one of her business interests in her 2025 SALN, as private prosecutor Mae Divinagracia pointed out.

Cale88, incorporated in 2021, had only a paid-up capital of P125,000 but incurred a massive inflow of P776 million. Gatchalian emphasized that the cash that entered the company’s account was not properly reflected in its financial books.

Records showed that the company had a P154 million cash outflow and had cumulative sales of only P23 million since 2021. Its assets and liabilities totaled P18 million and P20 million, respectively.

“Because if the P776 million cannot be found in the books, is this a candidate for money laundering? Based on your expert opinion and experience—it should be reflected in the books, right? But it wasn’t. Is that a candidate for money laundering?” Gatchalian asked.

Buenaventura was initially hesitant to respond, but after further pressing from Gatchalian, he said, “If it's just a candidate, yes. But we have to consider all other factors.”

AMLC records showed that Cale88 had transactions totaling over P1.25 billion from 2022 to 2025.

The AMLC acts as the financial intelligence unit and is empowered to file money-laundering cases in court.

As for Cale88, Buenaventura said there has to be a predicate or unlawful activity, such as graft, drug trafficking, and kidnapping for ransom, to trigger a potential action by the AMLC in connection with the P776 million.

'Half of sales came from China'

He pointed out that while the notable discrepancy between the company’s paid-up capital and total sales serves as a “starting point” for an investigation, it cannot be labeled as a definitive case of money laundering without examining the company’s business profile and history, and determining if there is an absence of legal, trade, or economic justification for such.

Gatchalian underscored that roughly half of Cale88’s sales purportedly came from China, which matches the findings of Senator-judge Risa Hontiveros’ office.

Hontiveros said her staff found that some of the Chinese companies that remitted money to Cale88 are linked to the Chinese state-owned enterprise system.

An AMLC record showed that Cale88 received inward remittances totaling P319.32 million from China and Hong Kong; the lion’s share, or P315.935 million, came from mainland China.

For instance, she said Beijing Zhenweifang Food Company is owned by the Xinjiang Fruit Industry Group, which is a “Chinese state-owned enterprise” and “advances the interests of the Chinese Communist Party (CCP).

“Within the corporate governance structure of Xinjiang Fruit itself, there is an institutional Chinese Communist Party organization embedded. It has its own Chinese Communist Party Committee, a Party Committee Organization Department, and 11 subordinate subcommittees or party branches. The chairman of Beijing Zhenweifang also appears to be a member of the District Chinese People’s Political Consultative Conference,” Hontiveros said.

Citing an economic and security report from the United States, Hontiveros claimed that delegates to the CPPCC serve as proxies for CCP interests and frequently act as interlocutors with foreign government officials, businesses, and academic institutions.

Buenaventura earlier said the P319.32 million in remittances was covered by suspicious transaction reports (STRs) for lack of “underlying legal or trade obligation, purpose, or economic justification.” Three STRs were filed with the AMLC against Cale 88 by covered entities, including banks, non-banks, and insurance companies.

A transaction is generally classified as suspicious if it shows indicators of unlawful activity, a lack of economic rationale, or a mismatch with the client's profile, among others. Being flagged as suspicious alone does not prove money laundering or establish that the funds are illegal.

The P319.32 million that flowed through Cale88 from China matched former senator Antonio Trillanes’ recent claims that Duterte and Carpio received the same amount, but from the Chinese government, though the VP’s camp vehemently denied the allegations.

On top of this, Trillanes also linked Tapang at Malasakit Alliance for the Philippines, a pro-Duterte alliance, to receiving P150 million in donations from the Chinese Embassy in Manila.

The embassy categorically denied Trillanes’ allegations, calling them malicious political manipulation designed to “achieve personal political gains by smearing and discrediting China.”