Villar Firms See Executive Departures Amid Delayed Filings, SEC Probe

MANILA, Philippines –The president of Villar-led retailer AllHome and an independent director serving on the boards of two Villar companies have stepped down, ending relatively brief stints, as several listed firms controlled by the family remain suspended from trading over delayed financial reports. AllHome disclosed on Thursday, September 3, that its president, Maribel Sibayan, resigned during a special board meeting the previous day, September 2, less than a year after she took the top post in September 2025. At the same meeting, Susana So also resigned as an independent director of AllHome. So separately tendered her resignation from the board of sister retailer AllDay Marts on the same day. Neither company disclosed the reasons for the resignations or named replacements. Both said they would “disclose the election and appointment of their respective successors to fill the resulting vacancies” in due course. Sibayan had served as AllHome president and chief operating officer since September 24, 2025, before also being elected to the company’s board on March 6, 2026 alongside So. She previously held leadership roles at Rustan Supercenters, Metro Gaisano, and AllDay Marts, and later served as chief operating officer of MerryMart Grocery Centers and vice president for operations at SM Mart. So, meanwhile, joined the boards of both AllHome and AllDay on March 6 – her stint was just under six months. A former banker and property executive, she previously held senior roles at UnionBank, Planters Development Bank, and Property Company of Friends before retiring as a consultant in 2021. Crucially, at AllHome, So chaired the corporate governance and board risk oversight committees and also sat on the audit and related party transactions committees, giving her oversight roles over financial reporting, internal controls, risk management, and transactions with related parties. Must Read SEC chief Francis Lim to Villars: No family is too powerful to sue The departures come as AllHome and AllDay remain among several Villar-linked companies suspended from trading for failing to submit required financial reports. AllHome, AllDay, Villar Land Holdings, Vista Land & Lifescapes, Vistamalls, and VistaREIT had still not submitted compliant quarterly reports for the period ended June 30 by the extended August 19 deadline. The same six Villar-linked firms had also failed to submit their 2025 annual reports by the extended June 1 deadline. The reporting problems come as the wider Villar business empire is also facing scrutiny from the Securities and Exchange Commission (SEC). In January, the SEC filed a criminal complaint against Villar Land, members of the Villar family, company officers, and related firms over alleged insider trading, market manipulation, and misleading disclosures. The complaint grew out of Villar Land’s extraordinary 2024 financial figures. The company initially disclosed profit approaching P1 trillion and a P1.34-trillion leap in land value, largely driven by a massive revaluation of property linked to Villar City. Its audited financial statements later placed total assets at only P35.7 billion. The SEC alleged that the earlier figures were materially misleading and also accused related firms of trades that allegedly supported Villar Land’s share price. The Villars have denied wrongdoing and asked the Department of Justice to dismiss the complaint. SEC Chair Francis Lim has since held up the case as an example of the regulator’s willingness to pursue even politically and economically powerful families. “If you deserve to be sued, we will sue you,” Lim told journalists in July, saying the SEC wanted to send a message to the market and help restore investor confidence. There is no confirmation so far that the departures of So and Sibayan were connected to the delayed filings or to the SEC’s case involving Villar Land. Rappler has reached out to Lim for comment. This story will be updated once a response is received. AllDay, meanwhile, appointed certified public accountant Louella Fernandez as its new chief audit executive. Fernandez previously served as finance head of Vista Land from 2017 to 2019 and later as controller and compliance officer of AllHome. – Rappler.com