Manuel Villar no longer Philippines’ richest after losing billions on revaluation of land linked to Manila estate and casino project
Summary
Business tycoon Manuel Villar has dropped from the top of the Philippines rich list after a dramatic revaluation dispute over 366 hectares of land held by Villar Land (formerly Golden MV Holdings). The company had reported a hugely inflated revaluation after buying the land for Php5.2 billion, claiming a valuation in excess of Php1.3 trillion; the external auditor refused to recognise that figure and trading was suspended.
Villar Land ultimately revised the land valuation down to Php8.7 billion, which slashed its reported 2024 net profit from Php999 billion to Php1.4 billion. Shares plunged about 87%, erasing more than US$18 billion from Manuel Villar’s fortune. Bloomberg now pegs him at roughly US$4 billion, behind Enrique Razon Jr on the Bloomberg Billionaires Index.
Key Points
- Villar Land’s 366-hectare parcel — part of the planned Villar City mixed-use estate including two casinos — was the subject of the disputed revaluation.
- The company bought the land for Php5.2 billion last year and later reported a revaluation of over Php1.3 trillion; the auditor refused to accept this figure.
- After revising the valuation to Php8.7 billion, Villar Land cut its reported 2024 net profit from Php999 billion to Php1.4 billion.
- Shares in Golden MV Holdings (Villar Land) plunged around 87%, wiping more than US$18 billion from Manuel Villar’s net worth.
- The fallout has prompted sharp criticism from market analysts, who say the previous numbers were unrealistic and undermined investor trust.
- Villar City remains an ambitious 3,500-hectare project planned to include a CBD, tech valley, university town, hospitals, leisure facilities and two casinos; casino buildout costs were estimated at about US$1 billion.
Why should I read this?
Short version: it’s messy, public and expensive. If you follow Philippine property markets, casino investments or corporate governance, this story explains why investor trust can evaporate overnight — and why a single revaluation can reshuffle the rich list. We read it so you don’t have to.
