Manuel Villar, the wealthiest billionaire in the Philippines, transferred ownership of a plot of land within his conglomerate to another company under the same umbrella. He then announced a staggering 25,000% surge in the land’s value, from $93 million to $23.3 billion.
This jaw-dropping real estate price hike, revealed by Golden MV Holdings—Villar’s listed company—in March, left Manila’s financial circles stunned.
Auditors refused to validate the report, securities regulators halted stock trading, and launched an investigation. Ultimately, Golden MV slashed the land’s value by 99%, nearly reverting it to its original price.
The incident refocused public attention on Villar’s business empire, which catapulted him from humble beginnings in a slum to the Philippines’ top billionaire, with a net worth of $22.9 billion, according to the Bloomberg Billionaires Index.
Golden MV specializes in developing cemeteries, memorial parks, and affordable housing, generating annual revenues of less than $100 million. Yet, its shares trade at over 1,000 times earnings on the Philippine Stock Exchange. Villar and his affiliates hold 89% of the outstanding shares.
The Philippines’ Securities and Exchange Commission (SEC) fined the company and its top executives for delayed financial reporting and is considering criminal charges related to the inflated land valuation. Golden MV has filed an appeal.
The land in question, located near the Brittany Hotel on Manila’s southern edge, spans 366 hectares. It’s part of Villar’s ambitious Villar City project, aimed at transforming an area half the size of Manhattan into Manila’s new urban hub.
Manuel “Manny” Bamba Villar Jr. (born December 13, 1949, in Tondo, Manila) is one of the Philippines’ most prominent entrepreneurs and politicians—a rare success story in both fields.
Raised in a modest family, Villar began helping his mother sell seafood at Divisoria Market as a child to supplement their income. He studied Business and Accounting at the University of the Philippines, working odd jobs to fund his tuition. Later, he worked as an accountant at SGV & Co. before venturing into construction materials, laying the groundwork for his real estate empire.
Villar founded Vista Land & Lifescapes, one of the Philippines’ largest real estate developers, with tens of thousands of homes and housing projects nationwide. He also holds significant stakes in retail development, malls, and service companies like Starmalls.
Villar’s journey—from small-scale trading and hard work to immense success—embodies the aspirations of many Filipinos: rising from poverty through determination, innovation, and effective leadership.
