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Manila Bulletin devider Business devider The Stock Market devider Villar's Vista Land unaffected by SEC complaint

Villar's Vista Land unaffected by SEC complaint

Published Mar 31, 2026 05:30 pm
Philippine Rating Services Corp. (PhilRatings) is maintaining its top-tier credit rating for Vista Land & Lifescapes Inc., moving to distance the homebuilder from a criminal complaint filed by regulators against a separate entity within billionaire Manuel Villar Jr.’s business empire.
The local debt watcher said in a statement that its regular monitoring of Vista Land remains in place following the Securities and Exchange Commission’s (SEC) allegations against Villar Land Holdings Corp.
PhilRatings said that Vista Land, the country’s largest integrated property developer, is a distinct corporate entity and is not a subject of the regulator’s recent legal actions.
The clarification follows a Jan. 31 disclosure where the SEC filed a criminal complaint against Villar Land, related entities, and their officers. The charges include alleged market manipulation, insider trading, and misleading disclosures intended to distort share prices.
While the companies share a majority owner in the former Senate president, PhilRatings noted they do not hold shares in one another.
The ratings agency’s credit opinion relates solely to the creditworthiness of Vista Land and does not constitute a view on legal or regulatory matters involving other entities within the Villar Group.
According to Vista Land, the developments involving Villar Land have no direct impact on its day-to-day operations or financial performance. Villar has denied the allegations, maintaining that his companies have consistently complied with regulatory requirements and high standards of corporate governance.
Vista Land currently has ₱6 billion in outstanding bonds, which carry the highest "PRS Aaa" rating with a stable outlook. This rating suggests a extremely strong capacity to meet financial commitments.
The developer has a track record of meeting its obligations, having settled ₱6.5 billion in 2023, followed by payments of ₱3.5 billion and ₱10 billion earlier this year. Its remaining debt includes ₱3.17 billion due in December 2026 and ₱2.83 billion maturing in December 2028.
PhilRatings said it continues to evaluate the situation independently to determine if there are any potential implications for Vista Land’s credit profile.
However, the agency highlighted the company’s resilient fundamentals. In the first nine months of 2025, Vista Land reported a 2.2% increase in revenue to ₱28.4 billion, while net income grew 4.3% to ₱9.5 billion. The company’s cash balance surged 41.2% to ₱5.1 billion as of September, supported by a healthy current ratio of 1.7 times and a manageable debt-to-equity ratio of 1.2 times.
The rater vowed to take appropriate action should any legal developments materially affect the company’s underlying credit strength, though it currently views the developer’s liquidity and revenue generation as stable.

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Philippine Rating Services Corporation Villar Land Holdings Corporation Vista Land & Lifescapes Inc. Manuel B. Villar Jr.
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