Latest news with #ManuelVillar
Forbes
7 hours ago
- Business
- Forbes
Gravity-Defying Rise Of Philippine Billionaire Manuel Villar's Property Company Comes Under Regulatory Scrutiny
Property billionaire Manuel Villar's eponymous developer Villar Land Holdings (formerly Golden MV Holdings) said Monday it will cooperate with the Securities and Exchange Commission's investigation that was announced last week into the alleged inflated value of the company's assets and shares. Villar Land said it has been in compliance with existing SEC and Philippine Stock Exchange (PSE) rules. The company is 'currently undergoing a rigorous audit process by external auditors and this includes a comprehensive review of appraisal reports covering high-value properties,' Villar Land's chief financial officer Estrellita Tan said in a statement. Punongbayan & Araullo, a member firm of Grant Thornton International, is the company's external auditor. Last week, SEC chairman Francis Lim disclosed that the securities watchdog had initiated an investigation amid investors' questions over the inflated value of Villar Land's shares. 'We cannot make judgments before investigating the facts,' Lim said. 'Let's just be fair, be as objective as possible. … But we must dig deeper.' The gravity-defying run of Villar Land's shares on the stock market made it the country's most valuable company with its market cap skyrocketing to 1.5 trillion pesos ($26.3 billion). This surpassed the valuations of the Sy siblings' SM Investments and billionaire Ramon Ang's San Miguel, both storied companies with diverse businesses. Villar Land, which started out in the cemetery business and got known for its memorial parks, has a public float of 11%, just above the mandated minimum of 10%. The upward trajectory of its shares came to an abrupt halt in May when trading was suspended by the PSE over the company's delay in filing its audited annual financial statement for 2024. 'The valuation was highly debatable and potentially inflated,' says Toby Allan Arce, head of equity sales trading at Manila-based Globalinks Securities, via text message. In an unaudited financial report released in March, Villar Land said it posted net profit of close to one trillion pesos for 2024 (after providing for a 334-billion-peso deferred tax liability), compared with 1.5 billion pesos in the previous year, thanks to booking a massive 1.3 trillion pesos in revaluation gains. These were accrued, the company said, from the 366-hectare land parcel that it had acquired from Manuel Villar's privately held companies last October at a price of 5.2 billion pesos. Lim, a corporate lawyer who served as president and CEO of the PSE from 2004 to 2010, said the SEC will look at the valuation that was used. 'The company has consistently disclosed material developments and continues to coordinate with regulatory bodies regarding the status of its financials,' Villar Land's Tan said. Villar, a former senator who ran for president in 2010, remains politically influential with two of his children in the Senate. Besides his stakes in Villar Land and other real estate companies, he has interests in energy, media, retail, restaurants, and a water utility company. His real-time net worth of $11 billion, makes him one of the wealthiest persons in the Philippines.
Bloomberg
a day ago
- Business
- Bloomberg
Philippine Billionaire's Company Says ‘Rigorous Audit' Underway Amid Probe
The Philippines' most valuable company said its financial statement is currently undergoing 'rigorous audit' by external auditors after Manila's securities regulator said it would look into the property developer's valuation and deals. The audit includes a 'comprehensive review of appraisal reports covering high-value properties,' Golden MV Holdings Inc, a cemetery-to-business hub developer owned by Philippine billionaire Manuel Villar, said in a statement sent on Monday.
Forbes
6 days ago
- Business
- Forbes
Wealth Of The Philippines' 50 Richest On Forbes List Rises To US$86 Billion
Sy siblings retain the top spot SINGAPORE (August 7, 2025) – The combined wealth of tycoons on the 2025 Forbes list of the Philippines' 50 Richest rose over 6% to US$86 billion, from $80.8 billion last year. The complete list can be found here and in the August issue of Forbes Asia. Buoyed by domestic demand and an uptick in infrastructure investments, the Philippine economy expanded by 5.4% in the first quarter of 2025, but U.S. tariffs proved to be a spoiler. The country's benchmark stock market index dipped 7% since fortunes were last measured, though that was partially offset by a firmer peso. Overall, nearly half of those on the list are wealthier compared to a year ago. The Sy siblings, heirs to the SM group built by the late retail tycoon Henry Sy Sr., retained the top spot despite their fortune falling by $1.2 billion—the biggest drop in dollar terms—to $11.8 billion. The group's real estate flagship SM Prime Holdings has an ambitious plan to invest $9 billion over the next five years to grow its property footprint across the country. Ports and casino billionaire Enrique Razon Jr. remained at No. 2 with a modest increase in his net worth to $11.5 billion. His International Container Terminal Services reported a two-thirds jump in net profit to $850 million for 2024 and said it will press ahead with global expansion this year. Property tycoon Manuel Villar retained his status as the country's third-richest with a net worth of $11 billion, amid the transformation of his mass-housing and memorial park developer Golden MV Holdings into Villar Land Holdings. Villar Land Holdings is the builder of Villar City, a sprawling 3,500-hectare mixed-use development that will be completed over the next three decades. At No. 4 is Ramon Ang of San Miguel, with a fortune of $3.75 billion. Rounding out the top five are Isidro Consunji & siblings of DMCI Holdings, whose net worth rose to $3.7 billion. Recording the biggest gain in percentage terms were husband and wife Dennis Anthony & Maria Grace Uy (No. 16), cofounders of broadband services provider Converge ICT Solutions. Their combined net worth rocketed 74% to $1.6 billion. Among the 20 listees whose wealth shrank is home improvement tycoon William Belo (No. 29), founder of big-box retailer Wilcon Depot. The company's shares fell to an eight-year low in April, bringing down Belo's net worth by over 40% to $520 million, the biggest drop on the list in percentage terms. The Que Azcona family (No. 6, $3.6 billion) took the place of Vivian Que Azcona, president of Mercury Drug, who died in April at age 69 shortly after the company celebrated its 80th anniversary. The drugstore chain is now led by her son Steven. The minimum net worth to make the list is $185 million, up from $170 million in 2024. The top 10 richest in the Philippines are: The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources. Unlike the Forbes World's Billionaires rankings, this list includes family fortunes, including those shared among extended families. Net worths are based on stock prices and exchange rates as of the close of markets on July 18, 2025. Private companies were valued based on similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don't reside in the country but have significant business or other ties to the country. For more information, visit About Forbes: Forbes is an iconic global media brand that has symbolized success for over a century. Fueled by journalism that informs and inspires, Forbes spotlights the doers and doings shaping industries, achieving success and making an impact on the world. Forbes connects and convenes the most influential communities ranging from billionaires, business leaders and rising entrepreneurs to creators and innovators. The Forbes brand reaches more than 140 million people monthly worldwide through its trusted journalism, signature ForbesLive events and 49 licensed local editions in 81 countries. For media queries, please contact: Catherine Ong Associates Pte Ltd Catherine Ong, cell: +65 9697 0007, Email: cath@ Chenxi Wang, cell: +65 8187 3215, Email: chenxi@
Forbes
6 days ago
- Business
- Forbes
Philippines' 50 Richest 2025: Collective Wealth Climbs 6% To $86 Billion; Sy Siblings Remain At Top
Enrique Razon Jr. Gio Panlilio for Forbes Asia This story is part of Forbes' coverage of Philippines' Richest 2025. See the full list here . Buoyed by domestic demand and an uptick in infrastructure investments, the Philippine economy expanded by 5.4% in the first quarter of 2025, but U.S. tariffs proved to be a spoiler. The country's benchmark stock market index dipped 7% since we last measured fortunes, though that was partially offset by a firmer peso. As a result, the collective wealth of the country's 50 richest was up over 6% to $86 billion from $80.8 billion last year. The Sy siblings, heirs to the SM group built by the late retail tycoon Henry Sy Sr., retained the top spot despite their fortune falling by $1.2 billion—the biggest drop in dollar terms—to $11.8 billion. The group's real estate flagship SM Prime Holdings has an ambitious plan to invest $9 billion over the next five years to grow its property footprint across the country. Nearly half of those on the list are wealthier this year, including ports and casino billionaire Enrique Razon Jr., who remained at No. 2 with a modest increase in his net worth to $11.5 billion. His International Container Terminal Services reported a two-thirds jump in net profit to $850 million for 2024 and said it will press ahead with global expansion this year. Property magnate Manuel Villar retained his status as the country's third-richest with a net worth of $11 billion, amid the transformation of his mass-housing and memorial park developer Golden MV Holdings into Villar Land Holdings, the builder of Villar City, a sprawling 3,500-hectare mixed-use development that will be completed over the next three decades. Trading of the company's shares, however, was suspended in May due to a delay in filing its 2024 audited financial statement. Recording the biggest gain in percentage terms were husband and wife Dennis Anthony & Maria Grace Uy, cofounders of broadband services provider Converge ICT Solutions. Their combined net worth rocketed 74% to $1.6 billion as shares of Converge got a massive boost, partly from the government's efforts to increase internet access across the archipelago. Among the 20 listees whose wealth shrank is home improvement tycoon William Belo, founder of big-box retailer Wilcon Depot. Intense competition from smaller rivals amid sluggish demand caused the company's shares to tumble to an eight-year low in April, dragging down Belo's net worth by over 40% to $520 million, the biggest drop on the list in percentage terms. The Que Azcona family takes the place of Vivian Que Azcona, president of Mercury Drug, who died in April at age 69 shortly after the company celebrated its 80th anniversary. The 203-billion-pesos (revenue) drugstore chain is now led by her son Steven. Two from last year didn't make the cut, including Dennis Uy, who's looking to reduce debt at his entertainment and telecoms company DITO CME Holdings. The cutoff for the list this year is $185 million, up from $170 million in 2024. Full Coverage of Philippines' Richest 2025: Reporting by Jonathan Burgos, Gloria Haraito, Anis Shakirah Mohd Muslimin, Anuradha Raghunathan, Yessar Rosendar, Ian Sayson, Jessica Tan and Yue Wang. Methodology: The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources. Unlike our billionaire rankings, this list includes family fortunes, including those shared among extended families. Net worths are based on stock prices and exchange rates as of the close of markets on July 18, 2025. Private companies were valued based on similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don't reside in the country but have significant business or other ties to the country. The editors reserve the right to amend any information or remove any listees in light of new information. Acknowledgments: Special thanks to Leechiu Property Consultants, Luna Securities, Maybank Securities and the other experts who helped us with our reporting and valuations, including Zhang Yi, iiMedia Research.
