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The Securities and Exchange Commission (SEC) has slapped Villar Land Holdings Corp. and 11 of its top officers with a total fine of ₱12 million for failing to submit audited financial reports for 2024 and the first quarter of 2025.
In an order issued on August 18 and released Thursday, the SEC’s Markets and Securities Regulation Department said the penalty was imposed due to the company’s “repeated failure” to file reports on time despite extensions and lawful directives.
Among those named in the order are company chair Manuel Villar Jr., president Cynthia Javarez, directors Manuel Paolo, Camille and Mark Villar, and several other key officers. They also face an additional ₱2,000 daily fine for each day of delay starting July 1, 2025.
Villar Land sought an extension until August 31, citing the need for more time after shifting to fair value accounting for its investment properties. However, regulators denied the request, noting that the company had already disclosed its Board’s approval of the 2024 financial statements as early as March.
The SEC stressed that despite repeated assurances, Villar Land has “failed and continues to fail” to file the required annual and quarterly reports, a violation of the Securities Regulation Code.