Makati city: The Securities and Exchange Commission (SEC) has penalized Villar Land Holdings Corp. and 11 of its officers a total of PHP12 million due to the company’s failure to submit audited financial reports for 2024 and the first quarter of this year.

According to Philippines News Agency, an Order issued on August 18 by the Commission’s Markets and Securities Regulation Department (MSRD) detailed the fines, emphasizing their necessity due to the company’s repeated failure to meet statutory deadlines and comply with the Commission’s lawful orders. The Order identifies key company figures, including Cynthia Javarez, president and director; Manuel Villar Jr., chair; and other directors, who are subject to an administrative fine of PHP2,000 each for every day of delay starting July 1, 2025, concerning the submission of the 2024 annual report and the 2025 first-quarter financial report.

The SEC has given these officers 10 days to explain why they should not be held administratively liable for violating the Securities Regulation Code. The company’s request for more time to submit the reports by August 31, 2025, was denied. The MSRD Order also notes Villar Land’s acquisition of 366.34 hectares of land in the Villar City development, alongside PHP5.2 billion of issued and outstanding capital stock from three companies on September 30, 2024.

Villar Land consolidated financial statements for these firms for 2024 but requested an extension for its external auditor to review and finalize the report following a change to fair value accounting for its investment properties. Despite this request, the MSRD highlighted that Villar Land, previously known as Golden MV Holdings, reported to the SEC on March 28, 2025, about its Board’s approval and authorization to release the 2024 Financial Statements, revealing fair value gains on investment properties amounting to PHP1.37 trillion by the end of December 2024. The MSRD Order stressed the company’s ongoing failure to submit the required financial statements and reports, despite previously granted extensions.