Philippines’ former richest man Manuel Villar drops out of top 5 after $8.6B loss

Manuel Villar, once the wealthiest man in the Philippines with a net worth of $17.2 billion, has seen his fortune dwindle to $2.4 billion over the past year. His property firm, Villar Land, has been embroiled in criminal complaints from the Philippine Securities and Exchange Commission (SEC). The troubles began in May when trading in the firm's shares was suspended due to delays in submitting audited financial reports.

In August 2025, the SEC fined Villar Land, its chairman Villar, and other executives a combined 12 million pesos due to the rejection of a land valuation by the firm's external auditor. The land, purchased in 2024 for 5.2 billion pesos, was later revalued at 1.3 trillion pesos, a 250-fold increase, which inflated Villar Land's 2024 net profit to nearly one trillion pesos.

After months of negotiations, Villar Land agreed to reduce the valuation by 99% to 8.7 billion pesos, leading to a restatement of the company's audited net profit for 2024 to 1.4 billion pesos. The stock plummeted following the revaluation and further declined in January after the SEC filed criminal complaints against the firm and its executives, accusing them of market manipulation, insider trading, and misleading disclosures.

Trading was suspended again in June as the firm failed to submit its 2025 annual report and 2026 first-quarter report on time. The decline in the stock's value has significantly reduced Villar's net worth, which was previously estimated at $23.3 billion by Bloomberg.