Sara Duterte Trial: Trillanes Out, 14 Firms Subpoenaed

The 32nd day of Vice President Sara Duterte's impeachment trial was scheduled to be its longest, with four witnesses including former senator Antonio Trillanes IV. It ended early instead, after lead House prosecutor and Batangas Rep. Gerville Luistro told the Senate impeachment court that the prosecution had decided not to present Trillanes at all1. Trillanes confirmed on Facebook that he had personally asked Luistro to withdraw his name, saying the move would relieve the prosecution panel of "the pressure it is going through," and said he would hold a press conference on Friday, October 2, to present everything he would have disclosed on the stand56.

The court then granted the prosecution's request to subpoena representatives of seven banks and seven insurance and financial companies, who are due to appear on October 64380. It also moved the testimony of Anti-Money Laundering Council (AMLC) Executive Director Ronel Buenaventura to Monday after the defense said it had received the council's document summaries only that morning and objected to their confidentiality markings5748. Register of Deeds officers from Davao City and Samal Island testified that two properties acquired by the Vice President's husband, lawyer Manases Carpio — worth P6 million in 2024 and P3 million in 2018 — were not listed in the couple's joint Statements of Assets, Liabilities and Net Worth (SALN) for 2025 and 201944.

Away from the Senate, the day's business coverage was dominated by two numbers moving in opposite directions: bank lending grew at its fastest pace in three months, while the stock market fell for a fourth straight session on expectations that September inflation hit a three-year high2250. The items captured here ran almost entirely on online news platforms, with a handful of broadsheet and tabloid pieces; the totals below describe that captured set, not the full extent of the day's coverage.

Key themes

1. Prosecution drops Trillanes as a witness on Day 32. The House panel announced in open court that it would no longer present the former senator, who had been billed as a witness on the unexplained-wealth charge; Trillanes said he asked to be withdrawn to ease pressure on prosecutors and will instead hold his own press conference on October 215465.
2. Fourteen financial institutions ordered to produce records. The impeachment court subpoenaed seven banks — Land Bank of the Philippines, Asia United Bank, Philippine Savings Bank, Metrobank, Bank of the Philippine Islands, Philippine National Bank and BDO Unibank — plus seven insurers and financial firms including Prudential Life, Allianz, Manufacturers Life, FWD Life, BPI-AIA Life, BDO Securities and BDO Life4380.
3. AMLC testimony postponed over confidentiality of records. Defense counsel Sheila Sison said the summaries from AMLC Executive Director Ronel Buenaventura arrived only on the morning of the hearing and cited the Anti-Money Laundering Act's confidentiality provisions; the court reset his appearance to Monday5748.
4. Land records put undeclared properties at the center of the case. Two Register of Deeds officials testified that a P6-million Davao City property bought in 2024 and a P3-million Samal Island property bought in 2018 did not appear in the joint SALNs filed in 2025 and 2019; the defense said the properties were declared4481.
5. A senator-judge rebuked the prosecution's witness choices. Sen. Raffy Tulfo said some witnesses were unnecessary and that the hearings were losing senators' attention, remarks that drew coverage in both English and Filipino outlets7684.
6. Bank lending accelerated to an 11-percent annual pace in August. Outstanding loans of universal and commercial banks reached P15.12 trillion, the fastest growth since May, while consumer loan growth slowed to 16.2 percent132283.
7. Inflation fears pulled the stock index to 5,629.47. The Philippine Stock Exchange Index fell 0.88 percent, or 50.01 points, as the central bank projected September inflation of 6.4 to 7.4 percent, and the peso weakened to 62.775 against the dollar5046.
8. GCash parent Mynt priced its IPO at P6.60 a share. The listing would raise about P53 billion, or up to P60.9 billion if the overallotment option is fully exercised, well below earlier expectations of P7 to P10 per share3774.

How the narratives stack

Dominant. The impeachment trial's Day 32 developments carried the most weight in the captured set, measured by the number of distinct outlets covering them and by the value of the space they occupied. The Trillanes withdrawal alone was reported by the Inquirer, Philippine Star, Manila Times, ABS-CBN, GMA News, Panay News, Daily Guardian and Verafiles, among others185194465. The subpoena of 14 financial institutions drew front-page treatment in the Manila Standard and the Philippine Star, with the Star's report carrying an estimated P814,196 in advertising-equivalent value — the notional cost of buying the same column space as paid advertising, not a count of readers8043. The AMLC confidentiality dispute and the land-records testimony rounded out the day's proceedings574844.

Counter-narrative. The defense's position that the properties were properly declared ran alongside the prosecution's presentation in the same hearings. Defense counsel Lindon Miguel Bacquel called the Register of Deeds testimonies "irrelevant" and said the properties were in the Vice President's SALN81. Presiding officer Sen. Francis Escudero qualified his own observation after the defense objected, limiting the court's statement to saying the property was not declared "as such" and noting that its geographical identification could be addressed in cross-examination62. The defense also said Trillanes' removal was "not expected" but respected the prosecution's prerogative19.

Emerging. The financial story forming around the trial is the paper trail itself. The court's subpoena covers bank records, insurance policies and investment accounts tied to Duterte and her husband, and the AMLC's testimony — once it proceeds — is expected to present transaction summaries4357. Separately, the AMLC disclosed a Court of Appeals freeze order dated September 21 covering 86 bank accounts, four investment accounts, one insurance policy and 25 virtual asset wallets linked to a lawmaker and others in an alleged flood-control and budget kickback scheme7842. That case is distinct from the impeachment but shares the same anti-money-laundering machinery, and the AMLC said the funds moved through "multiple layers" of intermediaries, corporations and a virtual asset platform42.

Under-covered. The National Bureau of Investigation's summons of Jeffrey Tupas, a former Davao City information officer, drew far less attention than the trial itself. Tupas submitted an affidavit through his lawyer denying that he delivered suitcases of cash to the Vice President, as a dismissed policeman, Rodulfo Gracioso Jr., had alleged, and said he did not know Gracioso207. The NBI subpoena, signed September 28, is part of an investigation into alleged violations of the Anti-Plunder Act, the Anti-Graft and Corrupt Practices Act and the Anti-Money Laundering Act79. Gracioso has undergone a lie detector test in connection with his affidavit20.

Platform insights

• Facebook. Trillanes announced his withdrawal and his planned press conference through a statement posted on his Facebook page, making the platform the primary channel for his side of the story56. The Vice President's own public statements, including her characterization of the trial as a "sarswela" — Filipino for the musical theater form zarzuela, used as a metaphor for theatrics — circulated through the same ecosystem and were picked up by columnists73.
• X. The day's trial developments spread through the live-posting habits of Philippine newsrooms, with the Inquirer, GMA News and ABS-CBN pushing hearing updates in real time14419. The engagement pattern is consistent with a running story: attention spikes at each procedural turn rather than accumulating steadily.
• Reddit. Discussion of the trial and the inflation outlook tends to cluster in Philippine news and personal-finance communities, where the practical question — what the peso's slide to 62.775 against the dollar and a possible 7.4-percent inflation print mean for household budgets — gets more sustained treatment than in the news cycle itself508.
• YouTube. No significant video-first activity appeared in the captured material for this window; the day's conversation ran through text and broadcast-linked clips rather than original video content.

Key voices and communities

House prosecutors. Led by Batangas Rep. Gerville Luistro, the panel controls the witness list and the pace of the case. Its decision to drop Trillanes and pivot to bank and insurance records signals a strategy built on documents rather than testimony185. Prosecution counsel Benjamin Tolosa Jr. said the defense's request for more time was "obviously" causing delay18.

The defense team. Lead counsel Sheila Sison and counsel Michael Poa are contesting both the substance and the procedure, from the confidentiality of AMLC records to the relevance of the land testimonies571981. Their objections have already reshaped the schedule twice.

Senator-judges. Sen. Raffy Tulfo's public criticism of the prosecution's witness choices — "pumapalpak-palpak kayo" — and his observation that some senators appeared bored or distracted put the panel's performance itself into the story7684. Presiding officer Escudero's handling of the property question showed the court calibrating its own statements62.

Economic analysts and the central bank. Bangko Sentral ng Pilipinas data and Bank of the Philippine Islands lead economist Emilio Neri Jr.'s forecast of a "broader and stickier" second inflation peak shaped the day's market coverage4613. Neri projected September inflation at 6.9 percent, which would end four straight months of easing46.

Labor groups. Sentro ng mga Nagkakaisa at Progresibong Mangagawa (Sentro), a labor federation, called for a national summit on the cost of living, calling the situation "a cost-of-living crisis" and "an income crisis"8.

Narrative streams

Prosecutors drop Trillanes and bet on bank records

The prosecution's decision to forgo Trillanes' testimony removes the trial's most anticipated witness. Luistro told the court the panel had reached a "belated final position" and asked for the court's "kind indulgence"85. Trillanes, a former senator and long-time critic of the Duterte family, had been expected to testify about bank accounts and transactions he had linked to the family65. His statement that he withdrew to relieve the panel of "pressure" leaves the nature of that pressure unexplained; he has promised to disclose what he would have said at a press conference on October 25456.

In place of testimony, the prosecution is assembling records. The court's subpoena covers seven banks and seven insurance and financial companies, with representatives due on October 6, following the presentation of a Bureau of Internal Revenue official on October 54386. For the banks and insurers named, the practical effect is a legal obligation to produce client records in a proceeding that is simultaneously a national political event — a position no financial institution wants, because compliance invites scrutiny of how they handled the accounts and non-compliance invites contempt. For the prosecution, the shift to documents is a bet that the paper trail is more persuasive than any single witness, and it puts the case's outcome in the hands of records custodians rather than personalities.

AMLC confidentiality becomes the procedural battleground

The hearing ended early because the defense said it received the AMLC's document summaries only on the morning of October 1 and objected to their confidentiality markings57. Sison cited a letter from Buenaventura stating the council was "not waiving" the absolute confidentiality of AMLC records under the Anti-Money Laundering Act, the 2001 law that created the AMLC and requires banks to report suspicious transactions while restricting how those reports may be disclosed48. The law's confidentiality provisions exist to keep the reporting system credible — banks and their customers must trust that suspicious-transaction reports will not be freely circulated — which is why the defense's objection is not merely procedural.

The court moved Buenaventura's testimony to Monday18. Tolosa, the prosecution spokesman, said the presentation of financial documents must proceed promptly because such evidence is usually the "main" part of a case18. The read for the sector: financial institutions and their compliance officers are now the gatekeepers of a politically charged record, and how the court resolves the confidentiality question will set a precedent for how AMLC data can be used in impeachment and other proceedings.

Land records and the SALN question

Two Register of Deeds officials testified that a 379-square-meter residential lot in Davao City bought for P6 million in 2024 and a property in Samal Island bought for P3.45 million in 2018 were not listed in the joint SALNs filed in 2025 and 2019446281. The SALN is the annual disclosure form that public officials must file listing their assets, liabilities and net worth; discrepancies between it and actual holdings are the core of the unexplained-wealth charge. The defense said the properties were declared and called the testimonies irrelevant81. Escudero narrowed the court's observation to say the property was not declared "as such"62.

Columnists framed the broader difficulty for the defense as reconciling three sets of documents — the SALNs, income tax returns and bank deposits — and explaining foreign travel and legal expenses77. The Vice President has called the trial a "sarswela," drawing a rebuke from prosecutors for belittling the court73. For public officials and their advisers, the stream is a reminder that the SALN is a cross-referenced document: land registries, tax filings and bank records can be matched against it years later.

Bank lending accelerates while inflation fears drag the market

The Bangko Sentral ng Pilipinas reported that loans by universal and commercial banks grew 11 percent year-on-year in August to P15.12 trillion, the fastest pace since May's 12.1 percent, with business loans up 10.6 percent to P12.73 trillion132283. Domestic liquidity, the broadest measure of money in the economy, rose 11.2 percent to P20.7 trillion1360. Consumer loan growth slowed to 16.2 percent from 17.1 percent as credit card and motor vehicle lending softened83.

The same day, the Philippine Stock Exchange Index fell 0.88 percent to 5,629.47, its fourth straight decline, and the peso closed at 62.775 to the dollar50. Neri said headline inflation could reach 6.9 percent in September from 6.1 percent in August, which would be the highest since April's 7.2 percent peak, and warned of a "second inflation peak" driven by food and labor costs rather than fuel46. Sentro called for a national summit, noting that the P60 minimum-wage increase in Metro Manila took effect only on September 26 and that workers outside the capital were still waiting8.

For businesses, the combination is a squeeze: credit is available and growing, but the cost of that credit is likely to rise if the central bank tightens further, and the peso's slide makes imported inputs more expensive. For households, faster business lending supports jobs and output, while slower consumer lending and accelerating prices cut the other way.

Mynt prices the country's largest listing at a discount

Mynt, the parent of mobile wallet GCash, priced its initial public offering at P6.60 per share, below earlier forecasts of P7 to P10, in a deal that will raise about P53 billion from the primary sale and close to P8 billion more if the overallotment option is fully exercised3774. The company said it was "unable to comment on market speculation" and directed stakeholders to official disclosures37. The listing would be one of the largest share sales on record in the Philippines, at a time when companies had raised just $227.1 million through equity capital market transactions this year as of September 2937.

For the Philippine equity market, the pricing is a test of whether a large, well-known consumer technology name can draw institutional demand in a weak year. For retail investors, the lower price is a more accessible entry point but also a signal that underwriters judged the market could not absorb the higher range.

The AMLC's separate freeze order on flood-control assets

The AMLC said the Court of Appeals issued a freeze order on September 21 covering 86 bank accounts, four investment accounts, one insurance policy and 25 virtual asset wallets linked to a "prominent" lawmaker, a corporation and associated individuals, after finding probable cause that the assets relate to plunder under Republic Act 70807842. A freeze order temporarily prevents assets from being withdrawn, transferred or disposed of during an investigation. The AMLC said the individuals involved had no apparent operating revenues to support the scale of their investments and that funds moved through multiple layers including a money service business and a virtual asset platform42.

The case matters beyond the individuals named because it shows the anti-money-laundering system reaching into virtual assets, a channel regulators have warned is harder to trace. For banks, remittance agents and crypto platforms, the enforcement pattern is a signal that layering through intermediaries and digital wallets is now a focus of investigation.

Other business and consumer developments

PNB Holdings signed creative agency RNDMD as a tenant at PNB Makati Center, where 86 percent of space is leased29. PH Resorts Group closed the Donatela Resort & Sanctuary in Panglao, Bohol, after foreclosure, turning the property over to LandBank44. The Philippines' net external liability widened 19.2 percent to $65.6 billion as of end-June from $55.0 billion in the previous quarter, equal to 13.4 percent of gross domestic product44.

On the consumer side, PhilHealth and private health maintenance organizations signed an agreement on benefit complementation under which the state insurer becomes the primary payer, a setup expected to lower private premiums for the estimated 7 to 10 percent of Filipinos enrolled in both53. The government promoted Retail Treasury Bonds with a 6.875-percent annual rate over 2.5 years and a minimum investment of P5,00034. BDO Life's "Plan B" campaign won multiple Quill Awards, with one video drawing more than 72 million views26. Manulife Philippines received a sustainability award and a Quill32. AIA Philippines and partners brought breast cancer screening to 100 public school teachers in Bulacan41. luvit, a card from WeFund Lending, launched a cashback campaign40. UnionBank Wealth held market outlook sessions in Cebu and Metro Manila39.

Conversation trajectory

October 2: Trillanes' press conference. Trillanes has said he will present everything he would have disclosed at trial56. Watch whether his disclosures add new documentary claims or repeat what prosecutors already hold; if they introduce new bank or transaction details, the prosecution's decision to drop him will face renewed questions. Observation window: 24 hours.

October 5–6: BIR official and financial institution representatives. A Bureau of Internal Revenue official is scheduled for October 5, followed by representatives of the seven banks and seven insurers on October 68643. Watch whether the institutions produce complete records or seek to limit disclosure on confidentiality grounds, and whether the AMLC testimony proceeds on Monday as rescheduled18. Observation window: one week.

September inflation data. The central bank projected 6.4 to 7.4 percent, and BPI's Neri forecast 6.9 percent846. The actual print will determine whether the market's four-day slide continues and whether the central bank signals tighter policy. Observation window: the next scheduled release.

Mynt's listing. With the price set at P6.60, watch the demand response during the offer period and the first-day trading performance, which will indicate whether the discount succeeded in drawing investors74. Observation window: through the listing date.

AMLC freeze order fallout. The September 21 order covers 100-plus accounts and 25 virtual asset wallets78. Watch for additional freeze orders and for whether charges follow, which would test the enforcement chain from suspicious-transaction reporting to prosecution. Observation window: 4–6 weeks.

Response guidance

For financial institutions named in the subpoena: Prepare records custodians to testify on process, not interpretation. The court has asked for documents; institutions that appear to withhold or delay will draw more attention than the records themselves. Coordinate with legal counsel on the confidentiality question before October 6, and brief frontline staff on how to handle customer inquiries about the case.

For communicators covering the trial: The story has shifted from witnesses to documents. Expect the October 2 press conference and the October 5–6 hearings to generate competing claims about what the records show; attribute each claim to its source and distinguish between what a document states and what a party says it proves.

For banks and lenders: The August lending data and the inflation outlook point in different directions for customers. Prepare clear, plain-language explanations of how a possible policy rate increase would affect loan and deposit rates, and avoid promotional framing that assumes rates will fall.

For consumer-facing financial brands: The Mynt pricing and the RTB offer show that retail investors are being courted from two directions — a discounted technology listing and a government bond at 6.875 percent. Messaging that compares returns should state the risks and the lock-up periods plainly.

For health insurers and HMOs: The PhilHealth benefit-complementation agreement changes who pays first. Explain to members what the change means for claims, premiums and coverage gaps, and avoid implying that premiums will fall before the mechanics are settled53.

Sensitive topics to handle carefully: The AMLC freeze order and the NBI investigation into the suitcase allegations involve unproven claims; report them as allegations and note the status of each case4220. The Vice President's "sarswela" remark and the prosecution's response are political statements, not evidence73. Avoid repeating any single party's characterization of the trial's fairness as fact.

See the full picture behind today's signals.

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