Sale of CALE88 Foods to Low-Capital Firm Raises Doubts About True Ownership

In Manila, in the Philippines, the barbershop sector is closely watching a case that goes beyond the chairs: the dispute over who really controls CALE88 Foods Corp. The company, linked to the husband of Vice President Sara Duterte, was sold for a multi-million amount, but the buyer has a surprisingly low registered capital, raising questions about the solidity of the deal.

Ace Barbers, counsel and spokesperson for the House impeachment panel, expressed his perplexity with the transaction. He highlighted that the buying company, Pikimong Pikimong Philippines Corp., has only 62,500 Philippine pesos in registered capital. To worsen the scenario, this company's net assets include only 59,836 pesos in cash and deferred tax assets.

The majority stake of 95% in CALE88, previously held by lawyer Manases Carpio, husband of the Vice President, and dentist Lourdes Lebusada, changed hands to this new entity. The sale is viewed with skepticism because the selling company reported financial inflows of hundreds of millions over the last four years, according to the Anti-Money Laundering Council.

During a press conference on Wednesday, Barbers questioned how such a small company could afford to buy such a profitable business. He quoted: "Look at who bought Cale88 – that Pikimong company, Pikimong Philippines Corporation." The comparison made by forensic accounting experts described the situation as a small fish swallowing a shark.

The central doubt lies about the true ownership of CALE88. This is because Sara Duterte continued to declare an interest in the company in her 2025 statement of assets, liabilities, and net worth. For professionals dealing with local businesses, the case serves as a warning to verify the origin of capital from business partners.

The impeachment examines the ownership structure of CALE88 as part of the evidence regarding alleged unexplained or undeclared assets by the Vice President. The episode reinforces the need for transparency in corporate transactions, a theme that resonates with any entrepreneur who needs to trust the financial solidity of their partners.