AllHome president Maribel Sibayan and independent director Susana So resigned from their positions at Villar-linked companies on September 2, ending brief tenures as the firms remain suspended from trading on the Philippine Stock Exchange. Sibayan stepped down as president of AllHome during a special board meeting on September 2, less than a year after taking the role in September 2025, while So resigned as an independent director from both AllHome and AllDay Marts on the same day. Neither company disclosed reasons for the departures or named successors. The resignations come as six Villar-controlled firms—AllHome, AllDay Marts, Villar Land Holdings, Vista Land & Lifescapes, Vistamalls, and VistaREIT—remain suspended for failing to submit required financial reports by extended deadlines. The wider Villar business empire is also under scrutiny from the Securities and Exchange Commission, which filed a criminal complaint in January against Villar Land, members of the Villar family, company officers, and related firms over alleged insider trading, market manipulation, and misleading disclosures.
AllHome President and Independent Director Resign from Villar-Linked Stocks
AllHome disclosed on September 3 that Maribel Sibayan resigned as president during a special board meeting on September 2. 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. 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.
At the same meeting on September 2, Susana So 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.
So 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. 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.
Six Villar Stocks Remain Suspended Over Delayed Financial Reports
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.
SEC Filed Criminal Complaint Against Villar Land in January
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 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.
AllDay Appoints Louella Fernandez as Chief Audit Executive
AllDay 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.
FAQ
What positions did Maribel Sibayan and Susana So resign from on September 2?
Maribel Sibayan resigned as president of AllHome during a special board meeting on September 2. Susana So resigned as an independent director from both AllHome and AllDay Marts on the same day. Neither company disclosed reasons for the resignations or named successors.
Why are six Villar-linked stocks suspended from trading on the Philippine Stock Exchange?
AllHome, AllDay Marts, Villar Land Holdings, Vista Land & Lifescapes, Vistamalls, and VistaREIT remain suspended for failing to submit compliant quarterly reports for the period ended June 30 by the extended August 19 deadline. The same six firms had also failed to submit their 2025 annual reports by the extended June 1 deadline.
What allegations did the SEC file against Villar Land in January?
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, which initially disclosed profit approaching P1 trillion and a P1.34-trillion leap in land value before audited financial statements later placed total assets at only P35.7 billion.
