SEC revokes corporate registration of 2 Discaya firms

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December 5, 2025 | 12:00am

MANILA, Philippines — The corporate registrations of two companies owned by Curlee and Sarah Discaya, the contractor-couple linked to the flood control corruption scandal, have been revoked by the Securities and Exchange Commission (SEC) for false information on beneficial ownership.

In separate resolutions issued on Nov. 26, the SEC canceled the certificates of incorporation of St. Timothy Construction Corp. and St. Gerrard Construction General Contractor and Development Corp.

The two companies were also directed to pay P2 million each as penalty, plus an administrative fine of P1,000 per day of continuing violation.

St. Timothy and St. Gerrard’s directors were likewise disqualified from working in the same capacity or as officers or trustees of any corporation for a period of five years, as penalty for their failure to ensure the accuracy of the beneficial ownership declaration.

At a Senate Blue Ribbon Committee hearing on Sept. 1, Sarah Discaya stated that she was the owner and officer of St. Timothy and St. Gerrard.

However, SEC records showed she was not in the beneficial
 ownership declarations of St. Timothy from 2022 to September 2025, and of St. Gerrard from 2022 to 2024.

The commission said the failure of St. Timothy and St. Gerrard to disclose Sarah Discaya as their beneficial owner constituted a violation of SEC Memorandum Circular (MC) No. 15, Series of 2019, as amended by MC No. 10, Series of 2022, which required companies to submit their beneficial ownership information as part of their general information sheets.

The SEC issued separate notices to the two companies as early as September, directing them to pay P2 million fine each for the false declaration of beneficial ownership information.

Both companies were given 15 calendar days upon receipt of the notice to explain or justify their violations, but the SEC said that neither complied within the prescribed time.

The SEC is reminding all corporations of their duty to maintain accurate beneficial ownership information and to update their submissions promptly as required by established regulations.

“The SEC underscores that corporations must accurately and truthfully disclose beneficial ownership information. Failure to comply—whether by omission or by submission of incorrect information—undermines market integrity and will be met with decisive regulatory sanctions,” the commission said.

The SEC said corporations are expected to respond promptly and responsibly when asked to clarify or rectify discrepancies in their filings.