As a previous owner of an original Spanish Llama Large Frame Automatic (which is what Llama called it) .45, I had no complaints whatsoever about its quality and finish. Except that most of its parts were not interchangeable with Colts or Colt clones, and Colt-type magazines did not work so well in it. I had two correct Llama .45 magazines, and they functioned correctly. I also was a previous owner of a pre-WWII Llama "Extra" in 9mm Largo (in which I used mostly .38 Super), and that's another of those guns I am sorry I sold. I also had a Llama 2" revolver in .38 Special I could add to my list of good Spanish guns. Pretty much a clone of the S&W K-frame. It would be difficult to convince me that Spanish Llamas are junk given my personal experience to the contrary.
The "new" Llamas are most definitely not Spanish. I think the reputable Spanish handgun makers such as Llama, Star, and Astra have been out of the gun manufacturing business for a long time. That is why I was surprised to see the old Llama name on a Philippine-made pistol.