The Securities and Exchange Commission (SEC) has issued a show cause order to E-Value Phils. Inc., the asset valuer for Villar Land Holdings Corp., as part of an investigation into the company’s financial statements.
The SEC’s Office of the General Accountant, in a letter dated Sept. 29, 2025, directed E-Value Phils. Inc. to explain why it should not face penalties and sanctions over its valuation of properties held by Villar Land’s affiliates: Althorp Land Holdings Inc., Chalgrove Properties Inc. and Los Valores Corporation.
The action follows special onsite inspections conducted by the SEC to assess E-Value Phils. Inc.’s compliance with SEC Memorandum Circular No. 2, Series of 2014, which sets guidelines on asset valuations and adherence to applicable International Valuation Standards.
Villar Land was recently fined P12 million for allegedly violating the Securities Regulation Code after failing to submit its audited financial statements on time. Villar Land said it failed to submit its annual report after its auditor allegedly refused to sign the audit report, as the company booked a net income of nearly P1 trillion in 2024
