SEC revokes registrations of Discaya family firms for false ownership data

The Securities and Exchange Commission (SEC) has revoked the corporate registrations of St. Timothy Construction Corporation and St. Gerrard Construction General Contractor and Development Corporation, owned by the Discaya family.

These firms were found to have submitted false beneficial ownership information to the SEC.

During a Senate hearing, Cezarah Rowena C. Discaya claimed ownership, but SEC records showed she was not listed as a beneficial owner for St. Timothy from 2022 to September 2025, or for St. Gerrard from 2022 to 2024.

The SEC stated that corporations must accurately disclose beneficial ownership information, and failure to comply will result in sanctions.

The original summary mentioned that St. Timothy and St. Gerrard were ordered to pay a P2 million penalty each, plus a P1,000 daily administrative fine, and that their directors were disqualified from holding corporate positions for five years; this information is not present in the new article and is therefore removed to focus on the revocations.

The Discaya couple's firms are among the top 15 awarded flood-control projects since 2022 and are alleged to have benefited from ghost projects.

The Sandiganbayan may file cases against the Discayas as early as Friday.