Manny Villar remains Philippines' richest person, net worth up to $11B

Former Senate president and real estate mogul Manny Villar remains the richest person in the Philippines with a net worth of $11 billion, according to Forbes' latest ranking.

Villar's global ranking improved significantly from 224th to 208th place, reflecting an increase in his net worth by 37% compared to last year.

Forbes highlighted new investments in free-to-air TV and plans for a casino and theme park in southern Metro Manila as factors contributing to Villar's increased wealth.

Enrique K. Razon, Jr., chairman of port operator International Container Terminal Services, Inc. (ICTSI), ranks second among Filipino billionaires with a net worth of $10 billion, up from $7.3 billion last year.

Ramon S. Ang, president and CEO of San Miguel Corp., maintains his position as the third richest Filipino with a net worth of $3.5 billion, an increase of 3% over the previous year.