MANILA — The Securities and Exchange Commission (SEC) has revoked the accreditation of E-Value Philippines, Inc., the property appraiser that reported ₱1.33 trillion in fair value gains for Villar Land Holdings Corp., citing “unreliable” and unsupported valuations that violated international standards.
In a November 12 letter, the SEC’s Office of the General Accountant (OGA) confirmed it had withdrawn E-Value’s accreditation and imposed the maximum P1 million penalty for breaching the Securities Regulation Code and asset valuation rules.
The regulator also ordered three Villar Land subsidiaries, Althorp Land Holdings, Chalgrove Properties, and Los Valores Corp., to submit revised appraisal reports, as E-Value’s valuations failed to meet International Valuation Standards (IVS) and were deemed unfit for financial reporting purposes.
The sanctions followed an inspection that revealed significant deficiencies in E-Value’s appraisal process. The OGA noted that the firm did not provide documentation for key assumptions and valuation methods, despite the enormous ₱1.33 trillion increase assigned to the properties.
“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 OGA said.
The SEC also warned that such misrepresentations could pose broader market risks. Villar Land is a publicly listed company, and the valuations had already been reflected in audited financial statements, potentially misleading investors and the public.
The investigation was conducted under the SEC’s investigatory powers granted by the Revised Corporation Code, which allows the agency to inspect firms and impose sanctions for violations.