Manila: Filipino magnate Manuel “Manny” Villar Jr has secured the 190th position among Forbes' Top 200 billionaires in 2024, boasting a total net worth of $11.7 billion (660.12 billion pesos).
This substantial spike from $8 billion (451.38 billion pesos) in 2023 showcases his remarkable financial ascent, as reported by Forbes Magazine.
Villar emerged as the only Filipino in Forbes' top 200 billionaires in 2024. He ranked 190th in this year’s list, having climbed from 232nd in 2023, as his net worth soared by 28 per cent to $11 billion, according to the business magazine.
Journey towards wealth
Villar's remarkable journey to dollar-billionaire status began when his flagship property, C&P Homes, debuted on the Philippine Stock Exchange in July 1995.
On its first day of trading, the company witnessed extraordinary growth, expanding by over a third. This surge catapulted Villar's 80 per cent ownership stake in the company to a staggering $1.5 billion.
Villar, 74 (full name: Manuel Bamba Villar Jr.), is a certified public accountant (CPA) by education. In 2022, he already topped the Philippines’ billionaires list with a net worth of $8.3 billion.
Villar chairs the Villar Group, a conglomerate involved in property development, retail and mining. Villar was born to a middle class family in Tondo, an impoverished and densely-populated district of Manila.
Fish-monger
Villar's origins are rooted in modest beginnings. Born on December 13, 1949, in Moriones, Tondo, Manila, he grew up as the second child among nine siblings.
His ascent to immense wealth is a compelling narrative of perseverance and determination. He grew up a fish-monger and was raised in Manila’s slums.
Even in his youth, Villar actively assisted his mother in selling shrimps and fish at Manila's bustling Divisoria public market. Driven by a fervent desire to uplift his family's circumstances, Villar diligently balanced his duties at the fish market with his studies.
His childhood was spent in the bustling environment of Tondo, where he became a familiar presence in Manila's renowned wholesale market. Situated on the western shoreline of Manila, Tondo overlooks the bay and is characterised by its coastal slums.
His father, Manuel Montalban Villar, Sr., hailed from Iloilo in the central Philippines and held a position as a government employee. His mother, Curita, originated from Pampanga and Bataan and supported the family as a seafood vendor.
Even in his youth, Villar actively assisted his mother in selling shrimps and fish at Manila's bustling Divisoria public market. Driven by a fervent desire to uplift his family's circumstances, Villar diligently balanced his duties at the fish market with his studies.
Assets
Villar's primary asset lies in his stake in Golden MV Holdings, formerly known as Golden Bria, specializing in the development of mass and urban housing complexes.
Venturing into the of broadcasting, the Filipino billionaire seized an opportunity in January 2022 when Advanced Media Broadcasting Systems (AMBS), under his control, acquired the TV broadcast frequencies previously utilised by ABS-CBN, once the Philippines' leading media company until it was compelled to cease operations by the government two years prior.
Aligned with both Philippine President Rodrigo Duterte and President Ferdinand "Bongbong" Marcos Jr., the Villars wield significant political influence. Formerly a lawmaker himself, Villar Jr. served as Senate president from 2001 to 2013, fortifying his family's position as one of the most politically influential clans in the nation.
Over the past five decades, Villar Jr. has cultivated an empire that has propelled him to the forefront of Filipino business magnates, earning him a coveted spot on Forbes' billionaires list today.
His wife Cynthia, a former financial analyst and university professor, has made her mark in politics, and is currently serving as a Senator. Likewise, their son Mark also holds a Senate seat, marking a notable presence of the Villar family in the country's upper legislative body.
Cynthia's political journey began with a successful tenure as a member of the House of Representatives of Las Piñas, a Manila suburb, before ascending to the Senate in 2013, securing the 10th position.
In 2019, she clinched a second term in the Senate, topping the race with a record-breaking 25 million votes. Their son, Mark, joined the Senate ranks after the May 9, 2022 elections, securing the 6th spot with nearly 19 million votes, as per partial and unofficial results.
Mark, after completing his master's degree from the University of Chicago and his bachelor's degree from Wharton, spent a decade in the family's real estate business before assuming the role of Public Works and Highways secretary under former President Rodrigo Duterte.
Builders
Companies under the Villars' control have erected over 200,000 homes, while they've also taken their home improvement chain, AllHome, and convenience store chain, AllDay Marts, public.
Opting not to pursue any political post in the 2022 elections, Villar Jr. had previously ran for the presidency in 2016, losing to Benigno Aquino III. Former President Duterte once pledged his support for Villar's presidential bid should he decide to run again.
