Cover Manny Villar in one of his retail chain projects: the AllDay Supermarket
Manny Villar in one of his retail chain projects: the AllDay Supermarket
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Tatler Asia’s Most Influential 2022 honouree Manny Villar shares his inspirations and insights on real estate
Before being one of the richest men in the Philippines, opening a new free-to-air TV network called All TV, and being awarded The Grand Cordon of the Order of the Rising Sun in recognition of his contributions to strengthening economic bilateral relations between Japan and the Philippines, Manuel “Manny” Villar Jr is just a simple man.
“When I was young, what kept me going was the dream of lifting my family out of poverty,” says Villar. “When I went to college at the University of the Philippines, my dream got a lot bigger—help my family and serve the country.”
Villar entered politics in 1992 and was fortunate to lead the House of Representatives and the Senate. After leaving politics in 2013, he returned to managing their business like he “was just starting out”.
“What kept me going—despite talks of retirement—was that fire in my belly which I felt when I first took out that loan to put up a gravel and sand business,” he shares. “That fire still burns.”
Above Coffee Project is a chain of coffee shops under Villar as well
Coffee Project is a chain of coffee shops under Villar as well
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What projects in the last two years are you most proud of? Why?
Manny Villar (MV): Real estate will remain our core business. Vista Land has become one of the largest integrated property developers in the country and we are very proud of what we have achieved. One of the most exciting projects we are focusing on is Vista Estate, our version of townships—mixed-used projects comprising high-rise residential condominiums, office towers and commercial properties—across the Philippines.
We are also very proud of our expansion into commercial retail and office development. Vista Mall now has 32 shopping malls, 69 commercial centres and seven office properties with a combined gross floor area of 1.6 million square meters. AllHome, AllDay and Coffee Project, to name a few of our world-class retail concepts, have also successfully diversified our business in the retail industry.
In everything we do, from our real estate developments to our malls and retail concepts, we give an elevated experience, world-class and of global standards, which is what every Filipino deserves.
What challenges do you see now in your respective industry? How do you intend to help address these challenges?
MV: Overall, the real estate and property sector in the Philippines is poised for a strong recovery. There are headwinds we need to grapple with. Rising inflation that drives up the cost of building materials, higher interest rates, and a weak peso are serious challenges we all need to face. Uncertainties brought about by the Ukraine-Russia standoff and other externalities might threaten our road to recovery.
But I remain optimistic. Increased mobility has led to a robust 7.4 per cent growth in the gross domestic product (GDP) in Q2, which follows an 8.2 per cent expansion in the first quarter. Higher corporate earnings in the April-to-June period, a booming domestic and foreign tourism sector and energetic consumers visiting and dining in the malls are telltale signs that the economy will be able to power through these headwinds.
MV: Even as Western economies appear headed towards a recession, the Philippines and most of Asia are likely to continue their economic growth. The IMF, for instance, provided a bullish outlook on the Philippines, premised on our strong economic fundamentals and the more business-friendly policies that the new administration is adopting. I completely agree with the IMF when it noted that the Philippines emerged successfully from one of the world’s strictest pandemic lockdowns, citing sustained reforms and disciplined macroeconomic policies that contained financial vulnerabilities and mitigated the hardships faced by the underprivileged. To me, the IMF report indicates our readiness to face current and future challenges.
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What can you say to those who want to follow in your footsteps?
MV: A lot of people ask the question—how do I become rich? How do I make tons of money? My answer is simple—it’s the wrong question. To become rich should never be your goal. It’s the idea that you can build something from the ground up. The feeling of accomplishing something out of your blood, sweat and tears should be your goal.
So, my advice has always been the same: find what you love, find out what others need, and then proceed to build something—a product or a service. The money will follow and nothing can put a price on entrepreneurial success.
Who do you look up to for guidance, inspiration or mentorship?
MV: My inspiration has always been my mother. Waking up early in the morning so we can sell shrimps and fish in the market might be an inconvenience to any other kid. But I consider that period my first classroom where I learned the values of hard work, perseverance and the basics of running a business.
In terms of mentorship and guidance, I look up to the titans of industry in the Philippines who came before me. The late Washington Sycip, even years after I left his company, continued to send me small notes about what I was doing and his thoughts. Henry Sy was also a valued mentor who reinforced my belief that hard work and persistence are critical elements in the creation of wealth.
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