Former senator Cynthia Villar defended Villar Land, formerly Golden MV Holdings Inc., against alleged violations of the Securities Regulation Code (SRC), describing the accusations as “baseless” and saying land appreciation naturally increases over time.

Villar said the issue stemmed from what she described as standard practice in the real estate industry, where property assets are revalued to reflect their current market value.

“Mga lupa ni Manny, real estate diba? E mga lupa nya binili niya long time ago, ni-revalue ’yun para gumanda yung financial stability, di naman nila binayaran ’yun, tapos ngayon ginagawa nilang isyu (Manny’s properties are real estate, right? Those lands were bought a long time ago and were revalued to improve financial stability. They didn’t pay for that, and now they’re turning it into an issue),” the Villar matriarch told DAILY TRIBUNE on Tuesday, 3 March.

"Hindi naman yun criminal. Wala namang ginawa... Sabi mina-manipulate. Yung lupa mong binili 30 years ago, ibang value naman. (It’s not a crime. We didn’t do anything… They’re saying it was manipulated. But the land you bought 30 years ago would naturally have a different value now),” she stressed.

The former senator suggested the issue may have political undertones.

“Ano talaga, gusto lang kaming siraan. Wala namang basis yun. Talagang bina-bad publicity lang kami. Ewan ko, kasi gusto nilang i-dishonor si Manny or gusto nilang humina si Mark (What is this really about? They just want to tarnish our name. There’s no basis for it. This is clearly just bad publicity against us. I don’t know if they want to dishonor Manny or if they’re trying to pull Mark down),” she said.

She reiterated that the matter is not criminal in nature and dismissed allegations of manipulation, insider trading and misleading disclosures as “bad publicity,” noting that the properties in question were acquired around 30 years ago.

On Monday, 2 March, subpoenas were issued inviting former senators Cynthia and Manny Villar, their children including Golden MV director Paolo Villar, and incumbent Senators Mark Villar and Camille Villar to shed light on the matter.

The subpoenas also sought the participation of other signatory officials in connection with the reported P1.33 trillion in total assets declared in the company’s 2024 report. Authorities noted that only P35.7 billion was reflected as the audited figure.

The family faces alleged violations of Sections 24.1(d) and 26.3 of Republic Act No. 8799, or the Securities Regulation Code, which prohibit fraudulent, manipulative or deceptive acts in securities transactions, including false or misleading statements. The Securities and Exchange Commission is mandated to protect investors and ensure transparency in the securities market.

Department of Justice spokesperson Polo Martinez clarified that the subpoenas are intended to determine whether there is merit to the SEC’s allegations. He emphasized that no charges have been filed against the family or the company’s executives, as authorities must observe due process and give them the opportunity to explain their side.

On the day the subpoenas were released, the Villar family said in a statement that they are “fully prepared to cooperate” with authorities.

As a family with decades of experience in the real estate industry, they said they are confident that “an impartial panel will find that no violation of law was committed.”