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Manila Bulletin devider Philippines devider National devider DOJ subpoenas owners, executives of Villar Land Holdings on complaints filed by SEC

DOJ subpoenas owners, executives of Villar Land Holdings on complaints filed by SEC

Published Mar 2, 2026 01:59 pm

At A Glance

The Department of Justice (DOJ) has issued subpoenas to owners and executives of the Villar Land Holdings Corp. on the complaint for alleged market manipulation and insider trading filed by the Securities and Exchange Commission (SEC).
The DOJ, on Monday, March 2, confirmed that the subpoenas have been served on Villar Land Holdings Corp. chairman and former senator Manny Villar Jr. and his wife, former senator Cynthia Villar; the couple’s children Sen. Mark Villar, Sen. Camille Villar, Manuel Paolo Villar; Infra Holdings Corp.; Jerry Navarrete; and Cynthia Javares, and several independent directors and other officers of the firm.
They were charged with violations of the Securities Regulation Code by issuing misleading disclosures that distorted share prices and deceived the investing public.
“Subpoenas have been served upon the respondents,” and the preliminary investigation is set for March 16, said DOJ Spokesperson Raphael Niccolo L. Martinez.
“After undergoing initial evaluation, the complaint lodged by the SEC against Villar Holdings Corp. et al with the DOJ will proceed with the preliminary investigation for alleged violations of the Securities Regulation Code,” Martinez said.
“Of course, as a matter of procedure, all respondents will be given an opportunity to present their defenses,” he also said.
Earlier, the Manila Bulletin reported that the SEC filed the complaint after an investigation into the discrepancy in Villar Land’s 2024 financial reporting. The company initially disclosed total assets of ₱1.33 trillion and a net income of ₱999.72 billion—a staggering jump from the ₱1.46 billion earned a year earlier. Villar Land attributed the growth to revaluation of its real estate holdings.
However, the SEC alleged these figures were released before an external audit was finalized. When the audited statements were eventually submitted, total assets plummeted to ₱35.7 billion, a fraction of the initial claim.
Villar Land defended its reporting, stating it reluctantly shifted from “fair value” to “cost basis” for its Villar City properties to expedite the release of its financial statements following auditor delays. The company and its directors said they would address the allegations once they formally receive the complaint.
The SEC’s complaint further alleges that related entities, including Infra Holdings Corp. and MGS Construction, engaged in trading activities designed to create artificial demand for Villar Land shares.
These firms are linked to Virgilio B. Villar, the chairman's brother. Additionally, the regulator accused Camille A. Villar of insider trading for purchasing 73,600 shares in December 2017, allegedly ahead of a price-sensitive disclosure.
“The SEC is firm in addressing fraudulent and manipulative acts that mislead the investing public and distort our capital markets,” SEC Chairman Francis Lim as he pointed out that building investor confidence is essential for the sustainable growth of the country’s business sector.
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