Filipino billionaire in the eye property valuation storm

Manila: The Villars, part of the Philippines’ business and political elite, are dubbed a rags-to-riches story.

Patriarch Manuel “Manny” Villar Jr, 75, is currently the wealthiest person in the Philippines as per Forbes' 2025 list.

Manny grew up a fish-monger in Tondo (a district of Old Manila). With his wife Cynthia, they built an empire spanning real estate, energy, media, retail, restaurants, and utilities.

Manny Villar Jr hit the pinnacle of money and power, becoming the Speaker of the House of Representatives (1998 to 2000), before being elected to the Senate and serving as Senate President from July 2006 to November 2008.

Their business empire, primarily concentrated in real estate, is highly successful. That’s to say nothing about their political clout.

Now, they are facing a different kind of storm. The Villars’ flagship firm, Villar Land Holdings Corp. (formerly Golden MV Holdings), is under scrutiny from regulators.

Its auditor questioned a massive property revaluation.

The Philippine Securities and Exchange Commission (SEC) revealed that auditing firm Punongbayan & Araullo (a Grant Thornton affiliate), rejected Villar Land’s ₱1.3-trillion ($22 billion) valuation for a property in Cavite, a province adjacent to Manila. 

The auditor asked for another expert appraisal. 

With the unaudited valuation, Manny’s net worth saw a massive bump, from $11 billion in 2024 to $17.2 billion in April 2025, as a result of value gains on assets. 

He was briefly overtaken by Enrique Razon Jr., but has since reclaimed the top spot.

The family continues to be a prominent political and business dynasty, with two of Manny Villar's children, Mark and Camille Villar, currently serving as members of the Philippine Senate.

Manny Villar Jr himself was a former Senate president who ran for president in 2010. His wife Cynthia also served as senator (from 2013 to 2025). 

Despite their immense wealth and business success, the family faces mounting public criticism, particularly regarding real estate development and their public service. 

Their eldest son Mark Villar, was elected Senator after serving as secretary of the Department of Public Works and Highways (DPWH), from 2016 to 2022. 

Mark's role is in focus amid the on-going probe on defective or "ghost flood-control" projects, including the ones that were executed during his DPWH term. 

Initial government data show that 343 flood control projects were completed from 2016 to 2022 across Cebu’s seven districts and the city, during Mark Villar’s watch.

Local media, including Cebu-based SunStar, reported that between 2016 and 2022, DPWH's flood control budget skyrocketed.

But so did reports of “misuse”. 

The SEC investigation began after Villar Land delayed its 2024 audited financial statements.

In March, the company released unaudited figures showing a net profit near ₱1 trillion ($16.9 billion), up a whopping 666% from the previous year’s ₱1.5 billion ($25.4 million).

That record gain came from a ₱1.3-trillion revaluation of a 366-hectare land parcel the company bought from Villar’s private firms for just ₱5.2 billion.

The SEC fined Villar Land, its directors, and key officers — including Villar and his three children, Paolo, Mark, and Camille (elected Senator in 2025) — ₱12 million in total penalties.

The regulator said they released unaudited statements before the valuation was verified by the external auditor.

Since the land deal’s announcement in October 2024, Villar Land shares skyrocketed, making it the most valuable listed firm in the Philippines with a ₱1.5-trillion ($26 billion) market cap.

That briefly surpassed SM Investments and San Miguel Corp.

But the Philippine Stock Exchange (PSE) suspended trading in May after the company missed the filing deadline for its audited financial report.

In a statement, Villar Land said it "welcomes" the chance to explain its side and will respond to the SEC order.

However, the auditor stood firm: It shows the courage of the auditors to stand their ground.”

Villar Land later offered a sort of compromise, proposing to revise the land’s valuation to ₱8.6 billion to speed up the audit. However, it still insists that ₱1.3 trillion is the “fair market value”.

“The company firmly believes this value should be reflected in its financial statements,” Villar Land said.

Villar Land began in the cemetery and memorial park business. Today it has a public float of 11%, barely above the required minimum.

The disputed 366-hectare Cavite parcel is part of a 3,500-hectare estate the group plans to turn into Villar City, bigger than the Makati and BGC business hubs combined, and is being developed as a sprawling mixed-use district envisioned as a “city of the future.”

In September, Villar Land appealed the SEC ruling. Despite Villar Land’s attempts to appeal, the company remains suspended and is under intense scrutiny for corporate governance and transparency issues.

The regulator found a reason to find Villar Land liable for "gross negligence or bad faith", citing false, inaccurate, or misleading disclosures.

Market watchers see this case as a test of regulatory strength in the Philippines when dealing with politically connected conglomerates.