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Manny Villar: Early Life and Education
Manny Villar: Early Life and Education
Manuel Bamba Villar, Jr. (Tagalog pronunciation: [bɪlˈjaɾ], born December 13, 1949) commonly known as
Manny Villar, is a Filipino billionaire businessman and former politician. He was elected senator from 2001
to 2013, and served as the Senate president from 2006 to 2008. Previously, he represented the district of Las
Piñas–Muntinlupa from 1992 to 1998, and Las Piñas's at-large district from 1998 to 2001. He also became the
speaker of the House of Representatives from 1998 to 2000; in this term, he presided over the impeachment of
President Joseph Estrada. From 2019 to 2022, Forbes magazine named Villar as the richest individual in the
Philippines, with an estimated net worth of $8.3 billion.
Villar was born to a poor family in Tondo, an impoverished and densely populated district of
[1][2][3][4][5]
Manila. After graduating from the University of the Philippines, he worked as an accountant and
financial analyst, then launched a highly successful business in real estate. Villar's companies have built over
[3][dead link] [6]
200,000 homes, and his business career made him the wealthiest person in the Philippines.
He ran for president in the 2010 presidential elections under the Nacionalista Party, but lost to Benigno Aquino
III.
Business career[edit]
After obtaining his bachelor's degree, Villar began his professional career working as an accountant for Sycip,
[10][dead link]
Gorres, Velayo & Co. (SGV & Co). He resigned from SGV & Co. to start his first business,
[8]
delivering seafood in Makati. However, when his largest customer was unable to pay him, he negotiated a
[3]
debt restructuring of sorts, selling discounted meal tickets to office workers in exchange for receivables. He
then worked briefly as a financial analyst for the Private Development Corporation of the Philippines, where
[2][7]
his job was to sell World Bank loans. Wanting to start a business of his own again, he quit his job and
[2]
availed of one of the loans, which offered attractive rates.
In 1975, with an initial capital of ₱10,000, Villar purchased two reconditioned trucks and started a business
[4][8]
delivering sand and gravel for construction companies in Las Piñas. This eventually segued into building
[3][dead link]
houses, as Villar took out a seven-year loan from a rural bank offering low interest rates. He
initiated mass housing projects through economies of scale, utilizing the cost advantages of developing a
[8][dead link]
large-scale project in order to bring down housing prices. The number of homes built by Villar's
[3][dead link]
companies totaled to over 200,000 units.
[citation needed]
In the 1980s, Villar established Prime Water to operate and maintain water distribution systems
[11]
throughout the country. It counts a 25-year partnership with the municipality of Daraga to deliver bulk
[11] [11]
water, a 25-year joint venture agreement with Lingayen Water District in Pangasinan, and a 25-year joint
[12][better source needed]
agreement with the Leyte Metropolitan Water District among its 30 water projects with
local water districts. The Commission on Audit flagged Prime Water's operations in Guagua, Pampanga due to
[13]
high levels of arsenic in the commission's 2018 annual report. The company produces over 170 million
liters of treated water daily, supplied by more than 250 deep wells and surface water resources, and is directly
[citation needed]
involved in delivering water to more than 150,000 households across the Philippines. Now under
[14]
the Villar Group of companies, the water utility firm is led by their eldest son, Paolo.
In 1984, he founded Golden Haven Memorial Park, a chain of cemeteries in the Philippines, started with its
first branch in Las Piñas and expanded in Cebu, Cagayan de Oro, Zamboanga, Bulacan, and Iloilo. It will also
[15][needs update]
expanded into the businesses of memorial chapel, crematorium and columbarium.
In July 1995, Villar's flagship property, C&P Homes, was listed on the Philippine Stock Exchange and grew by
[16]
more than a third in one day, ballooning Villar's 80% stake in the company to $1.5 billion.
Vista Land and Lifescapes Inc, a family-owned business of Villar, is also listed in the privately owned
Philippine Stock Exchange. Their shares of stocks were bought primarily by foreign funds which had given the
[17]
government, as well as the PSE, good revenues.
Villar has received several awards for his achievements during his professional and business career, including
being one of the Ten Outstanding Young Men in 1986, the Agora Award for Marketing Management in 1989,
Most Outstanding CPA by the Institute of Certified Public Accountants in 1990, and Most Outstanding UP
[7]
Alumnus in 1991. In 2004, he was named the Most Distinguished Alumnus, the highest recognition given by
[7]
the University of the Philippines Alumni Association.
In a report of International Consortium of Investigative Journalists on offshore leaks in April 2013, Villar was
listed among the businessmen with offshore accounts. It was revealed that Villar owned an account in the
[18]
British Virgin Islands.
In 2015, the MB Villar Group formed another company, Vitacare Healthgroup, Inc., a group that will build
chain of hospitals nationwide. Its first project Vitacare Unimed Hospital & Medical Center (in partnership with
[19][needs update]
Unimed) will be located in Vista City, Las Piñas will be fully operated in 2018.
As of September 2018, Forbes magazine ranks him as the 2nd-wealthiest person in the Philippines, with his net
[20]
worth of US$5 billion or ₱269 billion. However, his statements of assets and liabilities (SALN) filed for the
[21]
year 2012 states his net worth at P1.453 billion.
In 2019, Forbes magazine named Villar as the new richest individual in the Philippines, with an estimated net
[22]
worth of $5.5 billion, surpassing Henry Sy, Sr. In 2021, his net worth surged to approximately $6.7 billion
[23]
despite being overtaken by the Sy siblings in Forbes' annual Philippines rich list.
Political career[edit]
House of Representatives[edit]
Villar entered politics when he was elected as the representative of Las Piñas-Muntinlupa's at-large district in
[7] [24]
1992. At 42 years old, he was one of the youngest members of the House of Representatives. Early in his
congressional career, Villar was a prolific filer of House bills; in the first 100 days of the Ninth Congress,
[25]
Villar filed the most number of local bills in the House of Representatives. Due to congressional
[7]
redistricting, he later represented the district of Las Piñas.
[7]
Villar became the speaker of the House of Representatives in 1998, during his third term in congress. As
speaker, he presided over the impeachment of President Joseph Estrada over corruption allegations in
[26]
November 2000. Along with a large group of lawmakers which include the Senate president, Villar
defected from Estrada's Laban ng Makabayang Masang Pilipino (LAMMP) coalition in order to hasten the
[27]
process of impeachment. However, he was ousted as speaker by Estrada's allies, replacing him with
[26]
Camarines Sur representative Arnulfo Fuentebella.
Senate[edit]
Villar ran and won a seat as a senator in the 2001 elections. He ran as an independent candidate, but
[28]
campaigned as a member of the People Power Coalition. He was later reelected in 2007, running as a
[7]
member of the Genuine Opposition coalition.
In July 2006, Villar became the Senate president, making him the first post-World War II public official to
[7]
head both the House of Representatives and the Senate.
In November 2008, due to issues regarding the construction of a road extension in C5, Villar lost support and
resigned as president of the Senate. His successor, Juan Ponce Enrile, launched an inquiry regarding the
[29]
project.
Personal life[edit]
As a junior at the University of the Philippines Diliman, Villar became friends with Cynthia Aguilar, his
[3] [3]
classmate at the UP College of Business Administration. They married at age 25. They have three
children: Manuel Paolo, Mark, and Camille.