Naka-move on na! Villar bears no grudge against ABS-CBN: Revenge will get you nowhere

Ultra bilyonaryo Manny Villar is adamant his acquisition of ABS-CBN Broadcasting’s Channel 2 is not a payback for the former media giant’s role in his bitter presidential defeat in 2010.

“I’m in AMBS for business, not for anything else. Revenge—I learned in politics—will get you nowhere,” said Villar in an interview with Forbes.

““The opportunities in the media industry are very exciting. I believe in the power of communication. That is the future,” he added.

Villar’s AMBS (Advanced Media Broadcasting System) took over the digital frequency of ABS-CBN in January 2022 or nearly two years after then President Rodrigo Duterte used his influence to kill the network’s franchise application in Congress.

The Lopez-owned network was widely perceived as the main catalyst for the late President Noy Aquino’s victory.

Villar was leading in pre-election surveys before Aquino decided to run for president following the death of his mother, the late President Corazon Aquino.

Villar retired from politics and devoted his full attention to building up his property empire and expanding to other businesses.

He became the richest Filipino in February 2019 following the death of taipan Henry Sy and has remained at the summit for three straight years.

At 72 years old, Villar is still hungry for more expansion.

Villar plans to build a Disneyland-type leisure estate with a casino on a 80-hectare property in Las Pinas and Paranaque.

“Partnerships are inevitable to grow big,” he says. “We are willing to partner with anybody provided it makes sense,” said Villar.

Profit of Yap-led CEU clobbered by pandemic restrictions

Centro Escolar University (CEU), controlled by he heirs of the late Don Emilio Yap, saw a 23 percent decline in net income during its fiscal year ending May this year to P119.05 million due to the deferral of revenues and recognition of contract liabilities.

Germany raids properties belonging to Russian oligarch

German investigators on Wednesday raided properties belonging to a Russian oligarch suspected of tax evasion and breaking EU sanctions, police and prosecutors said, with sources naming billionaire Alisher Usmanov as the target.

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