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Manila Bulletin devider Philippines devider National devider Submission of counter-affidavits by Villar Land Holdings, affiliate firms on SEC complaints reset to April 20

Submission of counter-affidavits by Villar Land Holdings, affiliate firms on SEC complaints reset to April 20

Published Mar 16, 2026 06:01 pm
Most of the owners and executives of Villar Land Holdings Corp. and its affiliate companies did not appear before the Department of Justice (DOJ) on Monday, March 16, during the scheduled preliminary investigation of the complaints filed against them by the Securities and Exchange Commission (SEC).
The DOJ’s panel of prosecutors, led by Senior Deputy State Prosecutor Peter Ong, gave the Villars and the other respondents until April 20 to file their counter-affidavits.
The panel acted on the plea aired by one of the respondents who alleged that the complaint filed against her should be dismissed for failure of the SEC to come out with a ruling on probable cause.
“We gave them enough time to prepare kasi makapal-kapal ‘yung annexes. Para mapag-aaralan din nila ng husto. Hindi lang po isang kaso. There are apat na kaso. (We gave them enough time to prepare because the annexes are thick. They will have the chance to study the case. There are four cases.) It’s very technical,” Ong told journalists covering the DOJ.
Ong said that only respondent Garth F. Castaneda appeared personally and submitted a counter-affidavit.
Since no other respondents appeared and were represented only by their lawyers, Ong reminded them to file their counter-affidavits and to appear before the panel on April 20.
“I am requesting them to come here. Manumpa sila sa akin. Ayoko manumpa sila sa notary public o manumpa sila sa ibang piskal (They have to swear before me. I don’t like them to swear on their affidavit before any notary public or any other prosecutor),” he stressed.
Named in the SEC complaints for market manipulation and insider trading aside from Villar Land Holdings were the MGS Construction, Inc.; Villar Land Holdings chairman and former senator Manny Villar and his wife, former senator Cynthia Villar; the couple’s children Sen. Mark Villar, Sen. Camille Villar, and Manuel Paolo Villar; Infra Holdings Corp.; Jerry Navarrete; and Cynthia Javares, among others.
They were charged with violations of Sections 24.1(b), 24.1(d), 26.3, and 27.1 of Republic Act (RA) No, 8799, the Securities Regulation Code (SRC), in relation to the 2015 Implementing Rules and Regulations of the SRC.
The SEC filed the complaint after an investigation into the discrepancy in Villar Land Holdings’ 2024 financial reporting.
It said 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 Holdings 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, it also said.
Villar Land Holdings 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 alleged 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.
Earlier, Villar Land Holdings and its directors had expressed full confidence that an impartial legal review will clear them of allegations involving market manipulation and insider trading.
In a press statement issued early this month, the firm and its directors said that they welcome the opportunity to explain their side and respond to the allegations in the complaint at the proper forum.
The firm also said that it is fully prepared to cooperate with the proper authorities and is confident that an impartial panel will find that no violation of law was committed.
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