What You Need to Know About the SEC's Criminal Complaint Vs. Villar Land
The SEC says Vllar Land manipulated the market.
by JV Ordoñez
Published on Jan 31, 2026
The Philippine Securities and Exchange Commission has filed a criminal complaint against Villar Land Holdings Corp. for allegedly manipulating the market by releasing financials that didn't add up to mislead investors.
In a statement, the agency said the firm allegedly initially disclosed 2024 assets worth about P1.33 trillion and a net income worth P999.72 billion, up from just P1.46 billion a year earlier.
The complaint was filed on January 30, with the regulator publicizing the development a day later.
The thing is, the company released these figures before an external audit had been completed, with final audited statements reflecting only P35.7 billion in total assets. A whopping 97 percent reduction from the assets it initially allegedly declared.
So, Who's Been Charged?
The company, formerly Golden MV Holdings, had blamed the jump in their assets and income on real estate revaluation, based on the findings of their independent auditor.
"Building investor confidence in the Philippines is crucial in driving the inclusive and sustainable growth of our capital market and business sector for national development," said SEC Chairperson Francis Lim.
"In this light, the SEC is firm in addressing fraudulent and manipulative acts that mislead the investing public and distort our capital markets."
In the complaint, Philippine securities regulators named tycoon, former Senator and the company's chairperson Manny Villar, his wife former Senator Cynthia, directors Manuel Paolo Villar and Mark Villar, incumbent Senator and director Camille Villar, director Cynthia Javarez, and independent directors Ana Marie Pagsibigan and Garth Castañeda.
The sitting senator in particular, Camille, is also being accused of insider trading for buying 73,600 Villar Land shares in December 2017, right before a corporate disclosure that resulted in a jump in the company's share price.
The regulator also cited regulatory findings that saw Villar Land's property appraiser, E-Value Phils., Inc., get its accreditation revoked and a ₱1 million fine after it was found that it had conducted unreliable valuation reports of the company's assets.
Infra Holdings Corp., which is owned by Manny Villar's brother Virgilio Villar, also sees its owner charged with violations of the Securities Regulation Code for price manipulation for allegedly propping up Villar Land stock prices to simulate legitimate market activity.
MGS Construction officers were also charged with the same violations for engaging in an alleged orchestrated scheme to manipulate market prices.
The Villar family has yet to issue a statement on the Philippine regulator's criminal complaint as of press time.
"The Commission likewise enjoins publicly listed companies to uphold the highest standards of good corporate governance to help strengthen and sustain investor confidence badly needed by our capital markets," Lim said.
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