FOR MANY PAST administrations, the Villar family has become extremely powerful. Nobody dared disrupt the dynasty and its steady wealth accumulation, by whatever means.
In terms of positions in government, they virtually had it all and mentored the young ones to maintain the dynasty. With powerful positions came money that they did not have to work hard for, as money found its way to their direction.
The Villars accumulated companies, lands (some contentiously and using their positions and influence). But now, the dynasty is gasping for breath to keep going, clinging hard to perpetuate itself in power.
In the process of gulping companies and properties, some of the Villar investments – in public utilities like Prime Water – which they thought would keep their image afloat and in the top of mind of voters backfired because they did not deliver on their concession’s conditions.
The patriarch miscalculated, not realizing the countless headaches and charges that the family faces in its reputation and image. Now it wants out of Prime Water.
Even with the two new senators the clan produced, Mark, who used to be Duterte’s public works and highways secretary finds himself in a ridiculous and awkward position in the face of public clamor against ghost flood control projects during his term at DPWH that are being investigated in the Senate.
‘The SEC recently imposed a ₱12-M fine on Villar Land and its officers for repeatedly missing deadlines to submit its 2024 annual report and first quarter 2025 financial statement, despite multiple extensions.’
MILD PENALTY
Just recently, the Securities and Exchange Commission, led by Francis Lim, slapped administrative fines totaling P12 million on Villar Land Holdings Corp. and 11 of its directors and officers — including the country’s richest man Manny Villar and his three children — for repeated failure to file required financial reports and issuing misleading public disclosures.
The penalty is relatively minor compared to the originally contemplated suspension of the company’s registration statement, but it does not preclude the SEC from pursuing civil or criminal charges. This alone will be a big blow to their images.
In an order dated August 18, the SEC’s Markets and Securities Regulation Department (MSRD) said Villar Land (formerly Golden Haven) failed to submit its 2024 audited financial statements and first quarter report, despite several deadline extensions granted through June 30, Bilyonaryo reported.
“After due consideration of the foregoing, and the disclosures filed by the Company, this department finds the company’s explanation WITHOUT MERIT,” said SEC-MSRD director Oliver O. Leonardo. “The failure to meet these deadlines despite ample time and opportunities demonstrates a clear disregard for [SEC’s] regulatory obligations.”
“The timely submission of annual and quarterly reports is mandatory and non-negotiable under the Securities Regulation Code and its implementing rules and regulations,” Leonardo said as he emphasized that “these reports are critical for regulatory oversight, market integrity and protection of investor interests.”
NOT OUR FAULT
Villar Land blamed audit delays linked to its acquisition of approximately 366.34 hectares of land through subsidiaries Althorp Land Holdings, Chalgrove Properties, and Los Valores Corporation as well as its change in accounting policy to fair value measurement for investment properties.
The SEC flagged a March 28, 2025 disclosure stating that the company’s board had “approved and authorized the release of financial statements for the year ended December 31, 2024,” which reported fair value gains of P1.33 trillion and total assets of P1.37 trillion.
The disclosure was deemed “misleading” by the SEC as the audit had not yet been completed.
Leonardo stressed that such disclosures could “mislead the investing public, those transacting with the company, or the market in general,” noting a significant spike in share volume turnover right after the March 28 announcement.
Average volume turnover skyrocketed to P2.1 million between March 25 and March 31 compared to just P218,382.50 from March 3 to March 24, and P240,160 from April 2 to April 10.
“Given the nature, effects, and seriousness of the same act of the board and officers of the Company—that of causing the release of a public disclosure that is apparently false, inaccurate or misleading—there is reason to find them administratively liable for gross negligence or bad faith in directing the affairs of the Company pursuant to Section 158, in relation to Section 30 of RA No. 11232 or the Revised Corporation Code.
LENIENT POLICY
Considering that suspending the firm’s registration statement could “unintentionally harm stockholders,” the MSRD deemed it “more sound” to impose a P1 million fine on Villar Land and each of its 11 directors and officers, along with a P2,000 daily fine starting July 1, 2025, until the company submits the overdue reports.
Aside from Villar, other officers and directors named in the order include: Cynthia J. Alvarez (president); Paolo Villar; Senators Camille Villar and Mark Villar; Ana Marie V. Pagsibigan (independent director); Garth F. Castaneda (independent director); Estrellita S. Tan (CFO, CIO, treasurer, and Investor Relations Officer); Gemma M. Santos (Corporate Secretary); Ma. Nalen S.J. Rosero (Assistant Corporate Secretary); and Kate D. Cator (compliance officer).
The SEC has ordered the company and its officers to show cause within 10 days why they should not be held administratively liable for violating Sections 26.3 and 54.1(c) of the SRC, Section 8(c) of the Financial Products and Services Consumer Protection Act, and Sections 30 and 158 of the Revised Corporation Code. Failure to respond will be deemed a waiver of their right to be heard.
“At stake here is the integrity of our stock market. As I have said time and again, restoring investor trust and confidence is not the job of the SEC alone; it is a shared duty of all market players,” Lim emphasized.
FILING CIVIL CASES
The SEC recently imposed a P12 million fine on Villar Land and its officers for repeatedly missing deadlines to submit its 2024 annual report and first quarter 2025 financial statement, despite multiple extensions.
While the fine is less severe than a threatened suspension of the company’s registration statement, the regulator has reserved the right to pursue civil or criminal charges based on the outcome of its probe.
Villar Land explained that the delays were largely due to audit complications tied to the valuation of properties acquired in Villar City from subsidiaries Althorp Land Holdings, Chalgrove Properties, and Los Valores Corporation.
The company said it initially engaged E-Value Phils Inc. for property appraisals, with valuation reports consolidated from the subsidiaries’ auditors. However, its external auditor, P&A, rejected those valuations and requested new reports.
After E-Value completed the additional work, P&A brought in Crown Property Appraisal Corporation (CPAC) for expert validation.
Despite CPAC’s input, Villar Land said P&A continues to demand further appraisals, prolonging the audit process.
The SEC also flagged a March 28, 2025 disclosure by Villar Land stating that its board had approved financial statements for the year ended December 31, 2024, claiming fair value gains of ₱1.33 trillion and total assets of ₱1.37 trillion.
The regulator deemed the disclosure misleading since the audit was still ongoing, warning that the premature announcement may have put investors at risk amid a sharp surge in the company’s share price following the announcement.
Villar Land was given 10 days to respond to alleged violations of the Securities Regulation Code, the Financial Products and Services Consumer Protection Act, and the Revised Corporation Code.