The Net Worth Trap: Fourth Impeachment Complaint Targets VP Duterte’s SALN
The legal battle surrounding Vice President Sara Duterte intensified on the evening of Wednesday, February 18, 2026, as a fourth verified impeachment complaint was formally lodged at the House of Representatives.
Filed just hours after Duterte’s provocative 2028 presidential bid announcement, the latest petition—submitted by lawyer Nathaniel Cabrera—introduces a new and potentially damaging legal front: allegations of unexplained wealth and material nondisclosures in her Statements of Assets, Liabilities, and Net Worth (SALN).
1. Core Allegations: Beyond Confidential Funds
While previous complaints focused largely on the alleged misuse of ₱612.5 million in confidential funds, the Cabrera complaint pivots toward the Vice President’s personal finances and constitutional transparency.
SALN Discrepancies: The complaint alleges that certain bank accounts, cash holdings, and property transactions were either omitted or understated.
Unexplained Wealth: Cabrera argues that Duterte has amassed assets that are "manifestly disproportionate" to her legitimate income as a public official.
Forensic Demand: The petitioner is calling for a comprehensive forensic review of bank records and property transfers to determine if public funds were converted into private assets.
2. The "Bagman" and the Duffel Bags
To support the claims of graft and corruption, the complaint leans on explosive testimonies and audit findings that have emerged during months of congressional hearings.
The Witness: The filing cites a sworn affidavit from Ramil Madriaga, alleged to be Duterte’s "bagman," who described the transport of large sums of cash in duffel bags.
COA Findings: The complaint references the Commission on Audit (COA) notices of disallowance covering ₱73.287 million in expenditures that were flagged for "fabricated" receipts and "unverifiable" payees.
Rapid Liquidation: Also highlighted is the controversial ₱125 million in confidential funds spent by the OVP in just 11 days in December 2022.
3. The "Assassin" Claim as High Crime
In addition to financial irregularities, the fourth complaint reiterates the charge of betrayal of public trust stemming from Duterte’s public comments regarding the President.
The "Plot": The filing cites Duterte’s admission that she "asked a person" to kill President Marcos Jr., the First Lady, and the House Speaker if she were to be assassinated.
Subversion of Order: The complaint describes these statements as a direct subversion of the constitutional order and the system of lawful succession.
4. Legislative Timeline: The March 2 Deadline
The House of Representatives is now under a strict constitutional clock. Under the rules, a verified complaint must be included in the Order of Business within 10 session days.
Referral Process: Once in the Order of Business, the Committee on Rules has three session days to refer the complaints to the Committee on Justice.
The Cut-off: According to Senior Deputy Majority Leader Lorenz Defensor, the House Speaker has until March 2, 2026, to include these complaints in the plenary’s business.
The "Express" Route: While a one-third vote (approx. 102 members) can bypass committee hearings and send the articles directly to the Senate, current House leadership suggests the "longer route" of committee deliberation is more likely.
GME Academy Analysis: "The SALN Precedent"
At Global Markets Eruditio, we remind our followers that in Philippine history, SALN inconsistencies have been the most effective tool for removing high-ranking officials—most notably in the impeachments of Chief Justices Corona and Sereno.
Trader's Takeaway for February 2026:
Political Risk Premium: The "tit-for-tat" impeachment cycle (with separate complaints also pending against President Marcos) is creating a volatile environment for the Philippine Peso (PHP).
Institutional Fatigue: Markets are watching to see if the House Committee on Justice consolidates these four complaints. A fragmented, drawn-out process could lead to legislative gridlock throughout Q1 and Q2.
Duterte’s Resilience: Despite the "fourth rap," Duterte’s survey ratings remain high. If the impeachment fails or is viewed as a "political hit job," it may paradoxically strengthen her 2028 campaign.
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