The Philippine Securities and Exchange Commission’s Office of the General Accountant (OGA) revoked the accreditation of E-Value Phils, Inc. and imposed a maximum penalty of PHP 1 million after finding that its appraisal work for Villar Land Holdings Corp. produced unreliable valuation reports, including reported fair value gains of PHP 1.33 trillion. In a separate letter, the OGA directed Villar Land subsidiaries Althorp Land Holdings, Inc., Chalgrove Properties, Inc., and Los Valores Corporation to submit new appraisal reports. The action followed an onsite inspection of E-Value’s valuation of the subsidiaries’ properties, which the OGA found non-compliant with the International Valuation Standards. The OGA treated this as misrepresentation under SEC Memorandum Circular No. 2, Series of 2014 because the reports indicated compliance with standards that was not supported by adequate documentation, including missing bases for assumptions and valuation methodologies. The OGA also cited failures to meet IVS principles on independence, professional competence and objectivity, and highlighted that the valuations were adopted in the subsidiaries’ audited financial statements, potentially compounding the risk of misleading investors given Villar Land’s listed status.
Philippine Securities and Exchange Commission2025-11-17
Philippine Securities and Exchange Commission revokes E-Value Phils accreditation and orders Villar Land subsidiaries to obtain new property appraisals
The Philippine SEC's Office of the General Accountant revoked E-Value Phils, Inc.'s accreditation and fined it PHP 1 million for unreliable valuation reports for Villar Land Holdings Corp., including a reported PHP 1.33 trillion fair value gain. The reports were non-compliant with International Valuation Standards, lacking documentation and misrepresenting compliance, potentially misleading investors. Villar Land subsidiaries were directed to submit new appraisal reports.