The Philippine Securities and Exchange Commission has issued a show cause order to E-Value Phils. Inc., the asset valuer of Villar Land Holdings Corp., as part of its ongoing probe into Villar Land’s financial statements. The order requires E-Value to explain why it should not face penalties and sanctions in connection with its valuation of properties within the Villar Land group. The SEC Office of the General Accountant, through a letter dated 29 September, directed E-Value to address its appraisal work for Althorp Land Holdings, Inc., Chalgrove Properties, Inc., and Los Valores Corporation. The action follows special onsite inspections assessing compliance with SEC Memorandum Circular No. 2, Series of 2014 on asset valuation guidelines and the effective International Valuation Standards used in preparing the companies’ appraisal reports; it also sits alongside the SEC’s wider investigation into Villar Land, which was recently fined a total of PHP 12 million for late submission of audited financial statements under the Securities Regulation Code. The SEC framed the E-Value inquiry as an exercise of its visitorial powers under Section 178 of the Revised Corporation Code and indicated it will continue investigating and provide updates as necessary, while maintaining the confidentiality of proceedings.
Philippine Securities and Exchange Commission 2025-10-07
Philippine Securities and Exchange Commission issues show cause order to E-Value Phils over Villar Land group property valuations
The Philippine SEC has issued a show cause order to E-Value Phils. Inc., asset valuer for Villar Land Holdings Corp., amid an investigation into Villar Land’s financial statements. E-Value must justify its property valuations for Althorp Land Holdings, Inc., Chalgrove Properties, Inc., and Los Valores Corporation, following inspections for compliance with SEC guidelines. This is part of the SEC's broader probe, which recently resulted in a PHP 12 million fine for Villar Land for late financial statement submissions.