Manila: The corporate registrations of Discaya-owned St. Timothy Construction Corporation and St. Gerrard Construction General Contractor and Development Corporation have been revoked by the Securities and Exchange Commission (SEC) for submitting incorrect beneficial ownership information.
According to Philippines News Agency, the SEC Enforcement and Investor Protection Department (EIPD) issued two separate resolutions on Nov. 26, directing the companies to pay PHP2 million each as penalties and an additional administrative fine of PHP1,000 per day of continuing violation. This action is in accordance with Section 158 of Republic Act No. 11232, or the Revised Corporation Code.
The SEC's decision followed a statement made by Cezarah Rowena Cruz-Discaya during a hearing of the Senate Blue Ribbon Committee on Sept. 1, where she claimed ownership of the two firms. This claim was contradicted by SEC records, prompting further investigation.
The EIPD found discrepancies in the declared ownership of St. Timothy from 2022 to September 2025 and of St. Gerrard from 2022-24. Notices were issued to both companies in September, instructing them to pay a PHP2 million fine each for the false declaration of beneficial ownership information.
The companies were given 15 calendar days to respond to the notices and justify their violations. However, neither company complied within the prescribed timeframe, leading to the revocation of their corporate registrations.
