Villar Land stock tumbled as much as 25% on Monday after trading resumed from a one-hour suspension imposed by the Philippine Stock Exchange. Shares of other companies linked to Villar also plunged, according to Forbes.
The Philippine Securities and Exchange Commission had earlier alleged that Villar Land misled investors by declaring total assets of PHP1.33 trillion (US$22.6 billion) in its 2024 financial statements before an external audit was completed, after which the figure was revised to PHP35.7 billion, Bloomberg reported.
The respondents named in the complaint include the firm’s chairperson Villar, his wife Cynthia and their children Manuel Paolo, Camille and Mark, all of whom served as directors. Villar and Cynthia are former Philippine senators while Mark and Camille are sitting senators.
The SEC alleged insider trading by Camille, saying she bought 73,600 shares in December 2017 shortly before a corporate disclosure that lifted the stock price.
It further said entities linked to the family, including Infra Holdings owned by Villar’s brother, carried out trades that created artificial demand and helped support Villar Land shares.
“Building investor confidence in the Philippines is crucial in driving the inclusive and sustainable growth of our capital market and business sector for national development,” SEC Chairperson Francis Lim said in a statement last Saturday, as quoted by ABS-CBN.
“In this light, the SEC is firm in addressing fraudulent and manipulative acts that mislead the investing public and distort our capital markets.”
The SEC lodged its request with the Department of Justice last Friday, and the department said on Monday that it is reviewing the complaint.
Born in 1949 in Manila’s Tondo neighborhood to a family he describes as poor, Villar earned degrees in business administration and accountancy before venturing into business, starting out with a seafood delivery firm before shifting to construction and eventually real estate.
In addition to Villar Land and his other property interests, his portfolio extends to energy, media, retail, restaurants and a water utility.
The debacle surrounding Villar Land’s financial statements stemmed from a disagreement with its external auditor over how to value a plot of land on the outskirts of Manila, which the firm bought from three privately held companies owned by Villar in 2024.
The asset was then revalued, lifting its value by 25,000% to more than PHP1.3 trillion. After months of talks, Villar Land agreed to slash the valuation by 99% to PHP8.7 billion.
The sharp decline in the company’s stock following both the financial statements controversy and the latest SEC complaint has wiped out much of Villar’s fortune.
Previously ranked as the richest individual in the Philippines on Forbes’ 2025 world billionaire list released last April with a net worth of $17.2 billion, the tycoon is now in fourth place with $3.4 billion as of Feb. 2, 2026, according to the magazine’s real-time rankings.
