Villar denies endorsing cryptocurrency program

MANILA, Philippines — Tycoon Manuel B. Villar has denied endorsing any cryptocurrency program as his name continues to be dragged.

“I wish to warn the public about a false social media posting claiming that I endorsed a cryptocurrency trading program,” Villar said.

The real estate tycoon said the public should be vigilant against such claims, stressing that he has never made any endorsement in any bitcoin platform.

A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.

“This is a scam and I ask the public to protect themselves from such unscrupulous acts by reporting them to the proper authorities,” Villar said.

Early last year, Villar issued a similar warning to the public.

Villar, a real estate tycoon is a Forbes listed billionaire, topping the list of the richest people in the country for the first time in 2018.

Last year, he hit the second spot on Forbes’ list of richest Filipinos, with a net worth of $5 billion, lower than his $6.6 billion tab in 2019.

He fell to the second spot in 2019 when the Sy siblings Teresita, Elizabeth, Henry Jr., Hans, Herbert and Harley, who inherited their fortune from their father Henry Sy,  topped the list. They have a combined net worth of $17.2 billion, according to Forbes.

Villar, a former Senate president and House Speaker, built an empire of real estate, malls and retail. He is expanding his businesses into other sectors such  as water and telecommunications.