Business & Economics News

Manny Villar as Second Wealthiest in the Philippines

According to Forbes Magazine, Business Tycoon and Former Senator Manuel “Manny” Villar reached a whopping $5 billion (PHP 267.3 billion), making him the second wealthiest person in the Philippines.

The former senator who is a real estate tycoon and businessman rose its net worth by a staggering number that caused him to hit a new milestone and placed his name in the Forbes’ Philippines rich list, along with Henry Sy, who is Philippines Wealthiest man reaching a net worth of $17.8 billion from $18 billion before.

Golden Bria Holdings, which is owned by Manny Villar has caused him to reach the second spot on the list, with shares up to 1,300 percent in the first quarter this year.

The businessman is also the chairman of Starmalls, one of the Philippines’ largest mall operators and Vista & Landscapes.

Villar also known for being a close ally of President Rodrigo Duterte, lost his candidacy during the 2010 presidential elections, the same time when his wife, Cynthia Villar was elected as a senator of the country.

Villar’s current position is considered as his highest ranking ever since he was included in the Forbes’ 2006 exclusive list.

According to Forbes, Villar’s net worth tripled his $1.6 billion net worth last year in 2018.

With the former senator’s jump to the second wealthiest man in the Philippines, other businessmen that were in the previous list are no longer included in the list, given that others also rose to a higher spot.