The Securities and Exchange Commission (SEC) has revoked the accreditation of E-Value Phils., the appraiser behind the initial ₱1.34-trillion valuation of Villar Land’s newly acquired investment properties, citing non-compliance with International Valuation Standards.
In its statement, the SEC said E-Value’s appraisal reports were not aligned with required standards — a form of misrepresentation under the agency’s memorandum circular.
Misrepresentation, it noted, occurs when a report claims compliance with standards but lacks sufficient documentation, or when supporting documents contradict the claim.
Regulators said E-Value failed to provide documents supporting its assumptions and valuation methodologies that produced the ₱1.34 trillion figure.
Villar Land has since revised the valuation of its 2024 investment properties to ₱8.8 billion, covering 366.34 hectares acquired through the purchase of shares in Althorp Land Holdings Inc., Chalgrove Properties Inc., and Los Valores Corporation.
The company said the initial estimate was based on the income approach, while the updated figure reflected the market approach following discussions with external auditor Punongbayan & Araullo.
It stressed that “the income approach and market approach are not directly comparable, as they rely on different assumptions, development horizons, and intended use.”