By Benjamin Cuaresma
MANILA — The Department of Justice (DOJ) has issued subpoenas to members of the Villar family—including Senators Mark and Camille Villar, and their parents, former Senators Manny and Cynthia Villar—in connection with a complaint filed by the Securities and Exchange Commission (SEC) alleging market manipulation, insider trading, and misleading disclosures.
The SEC complaint focuses on Villar Land Holdings Corp. (VLHC) and its 2024 financial statements, which reported total assets of ₱1.33 trillion and a net income of ₱999.72 billion. However, an external audit later revealed the asset value had plummeted to ₱35.7 billion, raising allegations of false and misleading disclosures.
The DOJ will conduct a preliminary investigation to determine whether the SEC’s allegations have merit, with a hearing scheduled for March 16. The Villar family has expressed confidence that no law was violated and has pledged full cooperation with authorities.
If the DOJ finds merit in the SEC’s claims, the Villar family and VLHC could face penalties—including fines and imprisonment—under the Securities Regulation Code. The SEC may also impose administrative sanctions, such as suspension or revocation of VLHC’s registration and licenses.
The case underscores the importance of transparency and accountability in corporate governance, particularly for publicly listed companies like VLHC, and highlights the SEC’s role in enforcing securities laws to protect investors.
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