“They filed a motion for reconsideration on the administrative penalty of P12 million,” SEC Chair Francis Ed. Lim told reporters on Thursday.
In its Aug. 18, 2025 order, the SEC said it could have suspended Villar Land’s registration, halting its ability to sell or offer shares to the public, but said this would mainly hurt investors.
Instead, it imposed a P12-million fine on the company and its directors after Villar Land declared record 2024 earnings based on a P1.3 trillion land revaluation that was later rejected by its external auditor, Punongbayan & Araullo (P&A).
Late, misleading disclosures
The surge stemmed from a 366-hectare parcel in Villar City, the tycoon’s 3,500-hectare estate in Southern Metro Manila and Cavite, that was acquired for P5.2 billion then revalued months later to P1.3 trillion by SEC-accredited appraiser E-Value Phils.
The disagreement with its auditor caused Villar Land to miss its filing deadline.
The company, formerly known as Golden MV Holdings, remains suspended from trading on the Philippine Stock Exchange.
It’s a rare regulatory move against one of the country’s most powerful families, with Villar’s children and board directors—sitting senators Mark and Camille—among those penalized.
Lim: Market integrity is a must
But Lim said the agency was simply doing its job.
“We just have to do our job regardless of who is involved. Let’s treat everybody equally, whether powerful or rich,” he said on the sidelines of an enhanced partnership agreement between the Philippine Stock Exchange and Bloomberg News on Thursday.
“I’ve said time and again that market integrity is a must,” he added.
SEC to probe third-party land appraiser
Apart from Villar Land and its executives and directors, Lim said they would also look into the valuation prepared by E-Value, which is an SEC accredited firm.
“We will look at their conduct,” Lim said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
