In a show cause order dated Sept. 29, the SEC’s Office of the General Accountant directed E-Value to justify why it should not face penalties and sanctions over its appraisals for Althorp Land Holdings Inc., Chalgrove Properties Inc., and Los Valores Corp. — all under the Villar Land group.
Villar Land previously hired SEC-accredited appraiser E-Value Philippines to assess the Villar City estate, resulting in a P1.33-trillion land valuation that underpinned the company’s record earnings in 2024.
The land estimate was eventually rejected by Villar Land’s external auditor, Punongbayan & Araullo.
The order follows special onsite inspections to determine compliance with SEC Memorandum Circular No. 2, Series of 2014, which requires adherence to International Valuation Standards in preparing appraisal reports.
The move forms part of the SEC’s broader probe into Villar Land Holdings, which was earlier fined P12 million for delayed submission of audited financial statements.
—Edited by Miguel R. Camus
