Financial forensic analyst Alexander “Alex” Cabrera said Monday he could not determine the source of funds used by GenCorp Industries Inc. to finance its operations and expansion, saying the company’s financial statements did not clearly explain where the money came from.

Cabrera made the statement during the 38th day of Vice President Sara Duterte’s impeachment trial after Sen. Francis “Kiko” Pangilinan questioned how GenCorp’s revenue grew from about ₱28 million in 2021 to more than ₱520 million in 2025 despite having only ₱1.25 million in paid-up capital.

According to Cabrera’s report, GenCorp also acquired about ₱150 million in property and equipment during the period while continuing to purchase inventory and fund its day-to-day operations.

Pangilinan asked Cabrera to explain the significance of the company’s relatively small paid-up capital compared with its substantial revenue growth.

Cabrera explained that paid-up capital refers to the money invested in a company. He said ₱1.25 million would not be sufficient to finance the establishment and operation of several Jollibee stores, which he said were responsible for GenCorp’s revenue.

When Pangilinan asked where the company’s funds could have originated, Cabrera declined to offer a definitive explanation.

“I cannot explain po where the money came from. Wala po talaga ako idea kung saan po nang galing yung pera,” Cabrera said.

“Manghuhula po ako pagka sinagot ko po yan eh,” the witness added.

Pangilinan then asked whether the money could have come from loans.

Cabrera said the funds could have come from the company’s shareholders or other individuals, but he maintained that they did not come from GenCorp’s operations.

“It certainly came from the shareholders or from someone else. What I can say is that it did not come from operations,” Cabrera said.