SEC revokes 2 Discaya firms’ registration over false ownership information

MANILA, Philippines – The Securities and Exchange Commission (SEC) has revoked the registrations of two Discaya-owned firms for failing to disclose beneficial ownership information.

In resolutions dated November 26, the SEC Enforcement and Investor Protection Department canceled the certificates of incorporation of St. Timothy Construction Corporation and St. Gerrard Construction General Contractor and Development Corporation.

The two firms were also ordered to pay a penalty of P2 million each. Their directors were further disqualified from being a director, trustee, or officer of any corporation for five years.

The corporate watchdog cited a Senate blue ribbon committee hearing on September 1, when Sarah Discaya admitted she was the owner and officer of St. Timothy and St. Gerrard.

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The SEC noted that Discaya’s involvement was not disclosed in St. Timothy’s beneficial ownership declarations from 2022 to September 2025, and St. Gerrard’s from 2022 to 2024. Discaya said in April that she divested from St. Timothy in 2018. 

“The failure of St. Timothy and St. Gerrard to disclose [Discaya] as their beneficial owner constituted a violation of SEC 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 explained.

The corporate regulator also noted that it gave both companies 15 calendar days to explain their side, but neither complied with this.

According to a report by the Philippine Center for Investigative Journalism, the Discayas’ nine construction firms bagged 421 government projects worth P31 billion. St. Timothy and Alpha & Omega
— another Discaya firm — were among the top 15 contractors of flood control projects nationwide. – Rappler.com