2 Discaya firms lose sec licenses due to false info on owners
Two construction firms owned by contractor couple Curlee and Sarah Discaya have been stripped of their licenses to operate, after the Securities and Exchange Commission (SEC) revoked their corporate papers for containing false information about their ownership.
The Discayas, who were said to have cornered P31 billion worth of public works projects across the country, have several construction companies now implicated in the multibillion-peso flood control corruption scandal.
In a statement on Thursday, the SEC said it had revoked the corporate registrations of St. Timothy Construction Corp. and St. Gerrard Construction General Contractor and Development Corp.
The two companies were also slapped with a fine of P2 million each, on top of an administrative fine of P1,000 per day of continuing violation.
The regulator said it issued notices to the companies in September, ordering them to settle their fine. They were also asked to explain the questionable information in their papers but failed to comply within the prescribed period.
Their directors are now barred from holding positions—as director, trustee, or officer—in any corporation for five years.
Declarations
Cezarah Rowena “Sarah” Discaya claimed during a Senate hearing in September that she was the owner of St. Timothy and St. Gerrard.
However, the SEC said its records did not show any Discaya in the declarations made by St. Timothy from 2022 to September 2025, and by St. Gerrard from 2022 to 2024.
“The SEC underscores that corporations must accurately and truthfully disclose beneficial ownership information,” the SEC said.
“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 added.
Earlier cancellations
In September, the Philippine Contractors Accreditation Board (PCAB) also canceled the licenses of nine companies owned or controlled by the Discayas.
Last month, Ombudsman Jesus Crispin Remulla said Sarah and her husband Pacifico “Curlee” Discaya may soon face criminal charges over the corruption mess.
The Discayas’ wealth became the talk of the town earlier this year following TV and online features about their “rags to riches” story, where they flaunted their luxury cars, among others.
