IBON asks: How much of Villar wealth is driven by BBB?
IBON asks: How much of Villar wealth is driven by BBB?
By IBON Media & Communications
Sen. Cynthia Villar has just been reported as the richest government official with a reported net worth of Php3.81 billion. Sen. Villar’s net worth is by far the biggest among the Senate, House of Representatives, and Cabinet. The Villar family is one of the largest property developers in the country. Because of this, IBON points out, it is among the biggest beneficiaries of soaring land values from transport projects under the Duterte administration’s flagship Build, Build, Build (BBB) infrastructure program.
Sen. Villar is the wife of the Philippines’ richest man – former senator Manny Villar who has a net worth of US$5.6 billion (about Php271 billion at current exchange rates). Similarly, their son Public Works Secretary Mark Villar has been reported as the second richest Cabinet member with a net worth of Php1.41 billion. The public works secretary’s personal wealth was even used by Presidential Spokesperson Harry Roque to argue that he is “above corruption”.
Corruption in public infrastructure projects is normally understood as referring to kickbacks or bribes from public works contractors. There are however also huge windfall profits to be made by well-placed real estate developers from public transport projects, IBON said.
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