Villar firms fuel decade-long trillion-peso stock rally

Fueled by companies connected to Manuel B. Villar Jr. and his family, a trillion-peso stock rally that sent a cemetery plot developer soaring to become one of the most valuable firms in the country was not primarily linked to business operations, the Securities and Exchange Commission revealed. The SEC raised concerns about coordinated trades over multiple years led by Virgilio Villar, the brother of Manuel Villar, and other related entities, which allegedly influenced significant spikes in Villar Land Holdings Corp.’s stock value. The SEC also pointed out potential insider trading by Sen. Camille Villar prior to a critical corporate disclosure in 2017, years before her tenure in Congress began, with the information only made public two years later. In response to the allegations, a statement from Villar Land indicated a commitment to engage with the SEC in addressing the accusations put forth against them.

These developments showcased a glaring pattern of recurrent disclosure deficiencies that went against established securities regulations aimed at ensuring all investors have access to timely data to make well-informed investment choices. This ultimately resulted in one of the SEC’s most significant corporate enforcement efforts in recent years, marking one of the initial major cases pursued by SEC chair Francis Ed. Lim following his assumption of office, a few months earlier.

Villar Land, initially listed on the Philippine Stock Exchange under the name Golden Haven Memorial Park, underwent a remarkable journey in stock price escalation. Starting at P10.50 per share in 2016, valuing the company at almost P5.2 billion, it later climbed to a peak price of P2,498.00 per share or over P1.6 trillion last year, reflecting an extraordinary gain of nearly 23,700 percent over a decade. Speculation surrounding Villar City, a sprawling 3,500-hectare estate owned by Villar, contributed significantly to positioning the company as one of the Philippines’ most valuable, trailing just behind international insurance giants like Sun Life Financial Inc. and Manulife Financial Corp. Following the SEC’s intervention, its valuation has since dipped to a level around P600 billion, yet it remains one of the top-valued companies in the nation.

Inside sources with knowledge of the SEC’s report highlighted the pivotal role played by Virgilio Villar in propelling Villar Land’s stock value. Through his company Infra Holdings Corp., trades orchestrated by the younger Villar accounted for 506 out of 657 transactions, or approximately 80 percent of the deals that drove the stock to new highs. These buy transactions helped escalate Villar Land’s share price from P755 to a peak of P2,598 between 2023 and 2025. The insider further noted that Infra Holdings allegedly engaged in purchasing shares at prices above the market rate to create an illusion of robust trading activity for Villar Land, which possessed a relatively limited public ownership share of only 11.3 percent. Even during an upsurge, the company recorded daily trades as low as just a few thousand pesos – an anomaly for a corporation valued in the billions.

Moreover, another linked entity, MGS Construction, significantly contributed to the upsurge of Villar Land’s share price by accounting for about 40 percent of total buy transactions in late December 2017. Subsequent purchases pushed the stock from P21.80 to P99 in merely four trading days, marking a staggering gain of over 350 percent by January 2018. MGS Construction, closely linked to Villar’s business portfolio, including Camella, Brittany, Vista Residences, PrimeWater, AllHome, and Coffee Project, bolstered the firm’s market performance.

In a separate instance, despite the suspension of Villar Land for six months last year due to auditing processes, Infra Holdings resumed purchasing activities following the lifting of the trading suspension in late 2025, as highlighted by the SEC. The regulator claimed that Infra Holdings significantly inflated Villar Land’s stock prices to levels exceeding P2,100 – a surge of over 440 percent from its post-suspension low. Simultaneously, the SEC scrutinized a series of share acquisitions by Camille Villar in late 2017 before her entry into politics. While her stock purchases were not inherently problematic, the timing raised concerns, as they occurred just prior to Golden Haven’s announcement of the acquisition of affiliate Bria Homes for roughly P3 billion in shares. This strategic move enabled the company to diversify its operations from cemetery developments to affordable housing projects, triggering a surge in share prices that was further fueled by purchases from other Villar-associated entities like MGS Construction.

The SEC’s intervention shed light on potential irregularities within Villar Land and associated entities, with a focus on transparency and compliance with securities laws governing the disclosure of significant corporate actions and insider trading activities. The unfolding events underscored the complex dynamics within the stock market and the imperative of upholding regulatory frameworks to protect investors’ interests and maintain