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Manila Bulletin devider Business devider The Stock Market devider Villar Land cites auditor disagreement over property valuation in SEC fine

Villar Land cites auditor disagreement over property valuation in SEC fine

Published Aug 21, 2025 03:44 pm
Villar Land Holdings Corp. maintained that its delay in submitting financial reports was caused by its external auditor’s varying requests for additional audit procedures regarding the valuation of properties acquired for Villar City.
The firm confirmed in a statement on Thursday, Aug. 21, that it received a ₱12 million administrative fine from the Securities and Exchange Commission (SEC), in lieu of a suspension, for failing to submit its annual and quarterly financial reports on time.
The company was also ordered to pay a ₱2,000 daily fine until it submits the overdue reports, Villar Land admitted.
The order also directed Villar Land and its directors and officers to show cause in connection with certain alleged violations of the Securities Regulation Code, Financial Products and Services Consumer Protection Act, and the Revised Corporation Code.
“We wish to clarify that the delay in the filing of the Annual Report and the first quarter 2025 Quarterly Report is not due to the refusal of our external auditor to sign the 2024 Audited Financial Statements but because of said auditor’s varying requests for additional audit procedures to review the valuation of the properties acquired by Villar Land in Villar City,” the company said.
It added that, “Furthermore, we want to highlight that while the company firmly believes that it is the fair value of the Villar City properties that should be reflected in its financial statements, in the interest of securing the immediate release of the 2024 Audited Financial Statements, it reluctantly proposed to the external auditors the use of cost basis in recording its said properties.”
The SEC imposed the fines after denying Villar Land’s request for more time for its external auditor to finish land valuation for its annual and quarterly reports.
The delay stemmed from the acquisition of 366 hectares in Villar City for P5.2 billion by Villar Land from Athorp Land Holdings Inc. (ALHI), Chalgrove Properties Inc. (CPI), and Los Valores Corporation (LV), which was later assessed to be valued at ₱1.34 trillion.
The penalty imposed on Villar Land is “In light of the Company’s repeated failure to file the required reports by the statutory deadline and comply with the lawful orders of the Commission, without just cause.”
This is “despite disclosing to the public that the pertinent financial statements, which bear the increased valuation of the company’s assets, have been approved by the Board and authorized for release.”

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