The Securities and Exchange Commission (SEC) has revoked the corporate registrations of St. Timothy Construction Corporation and St. Gerrard Construction General Contractor and Development Corporation—both owned by the Discaya family—for submitting incorrect beneficial ownership information.
In two separate resolutions dated Nov. 26, the SEC Enforcement and Investor Protection Department (EIPD) also ordered each company to pay a ₱2-million penalty, plus an administrative fine of ₱1,000 per day of continuing violation, in accordance with Section 158 of Republic Act No. 11232 or the Revised Corporation Code.
In a press release on Thursday, the SEC cited the testimony of Cezarah Rowena Cruz-Discaya during a Senate Blue Ribbon Committee hearing on Sept. 1, where she claimed ownership of the two firms—an assertion inconsistent with the SEC’s official records.
The EIPD found that Discaya was not listed as the beneficial owner of St. Timothy from 2022 to September 2025, nor of St. Gerrard from 2022 to 2024.
“As early as September, the SEC issued separate notices to the two companies, directing them to pay a ₱2-million fine each for the false declaration of beneficial ownership information,” the agency said.
“Both companies were given 15 calendar days upon receipt of the notice to explain or justify their violations, but neither complied within the prescribed period,” it added.
PIA PHOTO