Two-Day Stock Rout Erases Over $5 Billion From Philippine Billionaire Manuel Villar’s Fortune After Property Value Cut By 99%

Villar Land has accepted the opinion of external auditor Punongbayan & Araullo, an affiliate of Grant Thornton, to scrap the $22 billion valuation the company used for a land parcel it acquired from the companies owned by its controlling shareholder, billionaire Manuel Villar.