The Securities and Exchange Commission (SEC) has revoked the accreditation of real estate appraisal firm E-Value Phils. Inc. for erroneously reporting the increase in some Villar Land Holdings Corp. (VLHC) assets’ fair value amounting to P1.33 trillion.
The company was also slapped with a P1 million penalty, for violation under Republic Act No. 8799, or the Securities Regulation Code (SRC), and SEC Memorandum Circular No. 2, Series of 2014 (MC 2), or the Guidelines on Asset Valuations, SEC reported Monday, citing the Nov. 12, 2025 letter of SEC Office of the General Account (OGA).
This, after E-Value appraised the 366.34-hectare properties of Althorp Land Holdings Inc., Chalgrove Properties Inc. and Los Valores Corp, which the publicly-listed Villar company, previously called Golden MV Holdings Inc., purchased for in 2024 for P5.2 billion.
SEC said its OGA made an onsite inspection to verify the valuation report and it found the report unreliable and non-complaint to International Valuation Standards (IVS), thus the Villar subsidiaries were directed to submit new appraisal reports.
“It is evident that (E-Value) failed to uphold the fundamental principles of independence, professional competence, and objectivity required under the (IVS) and the Code of Ethics and Responsibilities for Real Estate Practitioners,” the letter reads.
SEC said the “OGA noted that E-Value was not able to provide documents that served as bases for its assumptions and valuation methodologies that led to the P1.33 trillion increase in the valuation of the properties of Villar Land’s subsidiaries.”
“[T]he subject appraisal values were likewise adopted in the preparation and submission of the AFS (audited financial statement) of VLHC’s subsidiaries, thereby extending the potential effect of the misstated valuations across the corporate group and compounding the risk of misleading the investing public,” the letter added.
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