The developer of the 3,500-hectare Villar City pointed to a protracted review by its external auditor, Punongbayan & Araullo, not neglect by management, as the reason behind the delayed reports.
Villar Land files appeal
“In the motion for reconsideration, Villar Land took the opportunity to explain that contrary to the allegations in the order, the delay in the submission of Villar Land’s annual report and Q1 2025 quarterly report did not spring from neglect or omission on the part of Villar Land or its directors and officers, but from circumstances beyond their control, in particular, the protracted review process of its external auditor,” the company said.
The SEC earlier ordered Villar Land to pay a P12-million administrative fine in lieu of suspending its registration and permit to sell securities, plus P2,000 for each day of delay from July 1, 2025 until the company files its reports.
The regulator also directed Villar Land and its directors to show cause over alleged violations of the Securities Regulation Code, the Financial Products and Services Consumer Protection Act, and the Revised Corporation Code.
Disclosure made in good faith
Villar Land said its March 28 disclosures were made in “utmost good faith”.
"We stress that the same disclosures were made in reliance to the unqualified representations made by its external auditor on the amount of fair value gains on investment properties of Villar Land,” the developer said.
"Villar Land assures that there was no intent to mislead or deceive the regulators and the general public,” it added.
Villar Land earlier disclosed that its 2024 earnings surged to nearly P1 trillion on the back of a proposed P1.3 trillion revaluation of Villar City land.
—Edited by Miguel R. Camus
