PGMN Anchor Antonette Aquino detailed a more than ₱1 trillion adjustment in asset values disclosed by Villar Land Holdings Corp. following the release of its audited 2024 annual report.
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The company, which is linked to Filipino businessman and former politician Manny Villar, listed total assets of ₱35.7 billion in the audited filing, sharply lower than the roughly ₱1.37 trillion reflected in an earlier unaudited disclosure, Aquino noted.
The adjustment represented a decline of about 97 percent and stemmed primarily from the reassessment of land assets previously valued at more than ₱1.3 trillion. Aquino explained that the audited figures replaced the unaudited numbers after independent auditors reviewed the valuation assumptions and methodology used in the initial filing.
She added that the earlier unaudited figures had drawn attention after positioning the newly listed holding company among the country’s largest developers by asset size. Following the release of the audited report, trading in the company’s shares was halted, while regulators sought clarification on the changes reflected in the filing.
Aquino pointed out that most of the reduction was linked to a single land parcel whose earlier valuation was not accepted after audit review of comparable sales, development assumptions, and valuation support. The revised figures reflected amounts certified by auditors under existing accounting standards.
She also noted that accounting rules allow companies to state land at fair value subject to audit confirmation, and that the adjustment did not involve cash losses or operational outflows but reflected a revision in asset values once audited figures were issued.
Aquino emphasized that the disclosure marked a significant change from the earlier unaudited filing and highlighted the distinction between preliminary valuations and figures confirmed through the audit process.
