ASIDE from the criminal charges, siblings Mark and Camille Villar may also face administrative proceedings for allegedly failing to divest their corporate assets after being elected to the Senate, Las Piñas Rep. Mark Anthony Santos revealed.
The Securities and Exchange Commission (SEC) has filed a criminal complaint against Villar Land Holdings Corp. and several of its high-profile executives, including former senators Manuel B. Villar Jr. and Cynthia Villar, as well as senators Mark and Camille Villar, for alleged market manipulation, insider trading, and misleading public disclosures.
The charges, filed with the Department of Justice on Friday, January 30, 2026, mark a significant regulatory escalation against one of the country’s largest conglomerates and raise serious questions about corporate governance and investor protection in the Philippine capital markets.
In the complaint, the SEC also named Villar’s eldest son, Manuel Paolo Villar, director Cynthia Javarez, and independent directors Ana Marie Pagsibigan and Garth Castañeda.
“The filing of these charges sends a strong signal that corporate power and political influence do not place anyone above the law. Regulatory institutions must be allowed to do their work without fear or favor,” said the assistant majority floor leader.
According to Santos, the inclusion of Mark and Camille Villar in the charge sheet indicates that the two incumbent senators have remained listed as directors of Villar Land Holdings Corp. up to the present.
Apart from potential criminal liability, the lawmaker said the siblings may likewise be subject to administrative proceedings for their alleged failure to divest their corporate interests upon assuming office as senators, in possible violation of applicable laws and ethical standards governing public officials.
Camille Villar, in particular, is also being accused of insider trading after allegedly purchasing 73,600 shares of Villar Land in December 2017, shortly before a corporate disclosure that reportedly led to a surge in the company’s share price.
The SEC said the timing raises concerns that the transaction may have been made using information not yet available to the public.
Insider trading is prohibited under Philippine law. The Securities Regulation Code provides that violations may be penalized with imprisonment of not less than seven years nor more than 21 years, or a fine ranging from P5,000 to P5 million, or both, at the discretion of the court.
Santos said that if proven, the alleged failure of Mark and Camille Villar to divest corporate interests upon assuming office could also give rise to liability under Republic Act No. 6713 (Code of Conduct and Ethical Standards for Public Officials and Employees) and Republic Act No. 3019 (Anti-Graft and Corrupt Practices Act).
Under RA 6713, failure to divest shares or resign from private business interests within the prescribed period constitutes a violation punishable by imprisonment, fines, and disqualification from public office.
On the other hand, RA 3019 penalizes public officials who give unwarranted benefits to private entities through manifest partiality or gross inexcusable negligence.
Santos said whether in government service or in the private sector, there must be accountability. “Financial markets must be governed by fairness—not influence, not connections, and certainly not insider advantage. The Filipino people deserve institutions they can trust.”
