₱1.37 Trillion Assets, No Papers? Villar Land Hit with ₱12M Penalty

Manila, Philipppines - The Securities and Exchange Commission (SEC) has penalized Villar Land Holdings Corporation and eleven of its top executives a total of ₱12 million for failing to file their financial reports for fiscal year 2024 and the first quarter of 2025.

In its order released on August 18, 2025, the SEC said Villar Land had no valid grounds for its request to extend the filing deadline. It also questioned the company’s disclosure of ₱1.37 trillion in assets as of March 28, 2025, which was submitted without the required financial statements.

The Commission alleged gross negligence or possible bad faith on the part of the company, warning that the omission of critical disclosures could mislead investors and the public.

Executives Fined

Those fined ₱1 million each include President Cynthia Javarez, former senator and company president Manuel “Manny” Villar, directors Camille Villar and Mark Villar, independent directors Ana Marie Pagsibigan and Garth Castañeda, Chief Financial Officer Estrellita Tan, Corporate Secretary Gemma Santos, Assistant Corporate Secretary Ma. Nalen Rosero, and Compliance Officer Kate Cator.

Instead of suspending Villar Land’s registration and permit to sell securities, the SEC opted to impose the fines. On top of this, Villar Land will also be charged ₱2,000 per day of delay starting July 1, 2025, until it submits its 2024 Annual Report and Q1 2025 Quarterly Report.

Villar Land’s Response

Villar Land, in a statement, said it would respond to the SEC order “in due course.”

The company clarified that the delay was not due to its external auditor’s refusal to sign the 2024 Audited Financial Statements, but because of repeated audit requests concerning the valuation of properties acquired in Villar City.

“To avoid further delays, we have reluctantly proposed the use of cost basis instead of fair value in the financial statements,” the company said.

The SEC stressed that timely financial reporting is crucial for market transparency, investor protection, and effective regulatory oversight.