Manila: The Securities and Exchange Commission (SEC) has revoked the accreditation of real estate appraisal firm E-Value Phils. Inc. for erroneously reporting the increase in some Villar Land Holdings Corp. (VLHC) assets’ fair value amounting to PHP1.33 trillion. The company was also slapped with a PHP1 million penalty, for violation under Republic Act No. 8799, or the Securities Regulation Code (SRC), and SEC Memorandum Circular No. 2, Series of 2014 (MC 2), or the Guidelines on Asset Valuations, SEC reported Monday, citing the Nov. 12, 2025 letter of SEC Office of the General Account (OGA).
According to Philippines News Agency, this decision came after E-Value appraised the 366.34-hectare properties of Althorp Land Holdings Inc., Chalgrove Properties Inc. and Los Valores Corp, which the publicly-listed Villar company, previously called Golden MV Holdings Inc., purchased in 2024 for PHP5.2 billion. SEC stated that its OGA conducted an onsite inspection to verify the valuation report and found it unreliable and non-compliant with International Valuation Standards (IVS). Consequently, the Villar subsidiaries were directed to submit new appraisal reports.
The SEC highlighted that E-Value failed to uphold the fundamental principles of independence, professional competence, and objectivity required under the IVS and the Code of Ethics and Responsibilities for Real Estate Practitioners. The OGA noted that E-Value was unable to provide documents that served as bases for its assumptions and valuation methodologies that led to the PHP1.33 trillion increase in the valuation of the properties of Villar Land’s subsidiaries.
The subject appraisal values were also adopted in the preparation and submission of the audited financial statement (AFS) of VLHC’s subsidiaries, thereby extending the potential effect of the misstated valuations across the corporate group and compounding the risk of misleading the investing public, the letter added.
