BACOLOD CITY, Negros Occidental, Philippines – Manny Villar broke the news yesterday after he acquired the frequencies of media giant ABS-CBN whose franchise was earlier not renewed for tax purposes, among other things.
Villar is a former member of the House of Representatives and later senator who built a name for himself as a real estate magnate.
The official website of the Senate of the Philippines said Villar started his political career post-Martial Law as congressman of the Las Piñas-Muntinlupa at-large District.
He ran for reelection and won in 1995, representing Las Piñas. He clinched the speakership in the House of Representatives in 1998, becoming a pivotal character in the impeachment proceedings of then President Joseph Estrada.
He is married to wife Cynthia, who currently occupies a seat in the Senate.
Forbes lists Villar’s holdings to include Vista Land and Lifescapes, which he chairs, as well as a stake in Golden MV holdings, a developer of mass housing projects and condos.
He also chairs mall operator Vista Malls. Villar recently is named by Forbes magazine as one of the richest Filipinos with a net worth of 7.3 billion dollars, second only to the Sy siblings.