The Securities and Exchange Commission (SEC) has imposed a ₱12 million administrative fine on Villar Land Holdings Corporation and eleven of its top executives for failing to submit mandatory financial reports for the fiscal year 2024 and the first quarter of 2025, as reported by RH Val Gonzales.
The SEC stated that Villar Land had no valid grounds for its extension request and raised concerns over the company's declaration of ₱1.37 trillion in assets as of March 28, 2025, which was filed without the required supporting financial statements.
Gonzales reported the SEC's allegation of gross negligence or potential bad faith in the company’s failure to comply with its disclosure obligations, warning that such omissions could mislead the public.
Among those fined ₱1 million each were:
- Cynthia Javarez - Company President
- Manuel "Manny" Villar - former Senator and Company President
- Camille Villar and Mark Villar - Directors
- Ana Marie Pagsibigan - Independent Director
- Garth Castaneda - Independent Director
- Estrellita Tan - Chief Financial Officer
- Gemma Santos - Corporate Secretary
- Ma. Nalen Rosero - Assistant Corporate Secretary
- Kate Cator - Compliance Officer
Instead of suspending the company’s registration and permit to offer and sell securities, the SEC opted for the monetary penalty.
Additionally, Villar Land will be fined ₱2,000 for each day of delay in submitting the required disclosures.
The SEC emphasized that timely financial reporting is critical for regulatory oversight, market integrity, and the protection of investors' interests.
