LAS Piñas Rep. Mark Anthony Santos on Monday unleashed a scathing privilege speech declaring that the criminal complaint filed by the Securities and Exchange Commission (SEC) against Villar Land Holdings Corp. is a make-or-break test of investor protection, market integrity, and the rule of law in the Philippines.
“This is not about one corporation. This is not about one family name. This is about the credibility of our financial system and the protection of the investing public,” Santos said.
In a complaint filed with the Department of Justice on Jan. 30, the SEC charged Villar Land, formerly Golden MV Holdings Inc., with violations of Sections 24.1(d) and 26.3 of Republic Act No. 8799, or the Securities Regulation Code (SRC), for making false or misleading statements and engaging in acts that allegedly defrauded investors.
Respondents include Villar Land chair and former Sen. Manuel “Manny” Villar Jr., former Sen. Cynthia Villar, directors Cynthia Javarez, Manuel Paolo Villar, incumbent Senators Camille Villar and Mark Villar, as well as independent directors Ana Marie Pagsibigan and Garth Castañeda.
“These are not minor paperwork issues. These are serious accusations that strike at the heart of market integrity. When information is manipulated, prices are manipulated — and ordinary investors end up paying the price,” Santos said in his privilege speech.
Santos highlighted figures cited in the complaint, saying the company’s reported assets allegedly ballooned to ₱1.33 trillion before later dropping to ₱35.7 billion after audit.
“That is not a rounding error. That is not a typo. That is a gap so huge it raises serious questions. When such disclosures influence stock prices and investor decisions, the public deserves the truth,” he said.
The lawmaker stressed that the stock market is not just for the wealthy.
“Kasama rito ang OFW na nag-iipon para sa pamilya, guro na naghahanda para sa retirement, senior citizen na umaasa sa dividends, at kabataang nagsisimula pa lang mag-invest. Kapag may panlilinlang sa merkado, hindi lang numero ang nawawala — pangarap ang nawawala,” Santos said.
Santos emphasized that the issue goes beyond personalities.
“This is not vendetta. This is principle. The moment we allow powerful names to escape accountability, we send a dangerous message — that there is one law for the rich and another for everyone else,” he said.
“Whether you are a tycoon, a former senator, or an ordinary citizen — the same law must apply. No exemptions. No sacred cows.”
Santos warned that fraud in capital markets affects the entire economy.
“When markets are clean, investors come, businesses expand, jobs grow, and the economy strengthens. But when trust collapses, capital leaves and the whole country suffers. This is economic security,” he said.
Santos ended his speech with a strong message:
“The Philippines is not a playground for manipulation. Our economy is not a casino for insiders. Public trust is not for sale. When the playing field is fair, the Filipino people win.”
