Philippines’ Richest Man Faces Scrutiny Over Empty Land’s 25,000% Value Gain

Nothing about the largely empty stretch of land on the outskirts of Manila hints at how it produced a vast overnight fortune. Or a staggering writedown.

But that’s what unfolded after Manuel Villar, the richest man in the Philippines, moved the land from one part of his corporate group to another and announced its value had shot up to $23.3 billion, from a mere $93 million.