Manuel Villar loses title as Philippines’ richest billionaire as fortune drops $16B in stock plunge

Shares of Villar Land, formerly Golden MV Holdings, resumed trading last Thursday following a six-month suspension for failing to file its audited financial report.

The stock then plunged across the next three sessions, shedding a combined 76% by Tuesday, its sharpest drop since going public. Villar and parties related to him hold 89% of the company’s shares.

The crash stripped Villar of his position at the top of the Philippines’ rich list. Bloomberg now values his fortune at $5.6 billion, down from more than $20 billion earlier this month. He fell behind tycoon Enrique Razon, whose net worth stands at $13.2 billion.

Philippine billionaire Manuel Villar. Photo from Manuel Villar's website

Villar Land’s failure to submit its financial results stemmed from a dispute with its external auditor Punongbayan & Araullo, an affiliate of Grant Thornton, over the valuation of a largely vacant plot on the outskirts of Manila acquired from three privately held companies owned by the firm’s founder.

The property was revalued at over 1.3 trillion Philippine pesos (US$23.3 billion) after it was bought for 5.2 billion pesos last September.

After months of negotiations with the auditor, Villar Land agreed to slash the land holdings’ valuation to 8.7 billion pesos.

As a result, the company’s audited net profit for 2024 was restated to 1.4 billion pesos, down from the nearly 1 trillion pesos reported in an unaudited filing in March, which had largely reflected gains from the initial land revaluation, as reported by The Manila Times.

Born in 1949 in Manila’s Tondo neighborhood to a family he describes as poor, Villar earned degrees in business administration and accountancy before venturing into business, starting out with a seafood delivery firm before shifting to construction and eventually real estate.

Beyond Villar Land and other property holdings, Villar has investments spanning energy, media, retail, restaurants and a water utility.

The land at the center of the recent valuation dispute sits in the heart of Villar City, his most ambitious real estate project to date, and is said to play a key part in its development.

Villar Land’s stock had surged after the land purchase was announced, with its market capitalization peaking at 1.5 trillion pesos before trading was suspended.

Local media often portray Villar’s rise as a classic rags-to-riches story, but the recent turmoil has cast a shadow over his company’s meteoric ascent.

"Reality bites," John Gatmaytan, chairman of Philippine brokerage Luna Securities and veteran fund manager, told Forbes. "The market has always been skeptical about the value of the company."

"There’s no doubt the assets are there but what is its value and how really good are these assets?"