MANILA, Philippines – While Nacionalista Party standard bearer Manuel Villar has consistently trumpeted how his personal wealth keeps those with vested interests away, it is the same wealth—and how he handled it—that keeps being thrown at his feet.

Villar’s wealth, estimated by Forbes magazine to have reached P25 billion, was spawned from the rise and fall—and eventual rise again—of his real estate businesses.

Considered by many as a typical Filipino entrepreneur who rises through the economic ladder through the combination of luck, diligence, vision and connections, Villar has been through the best and worst of it all.

He once told Newsbreak that he was at his lowest when his real estate businesses were financially bleeding after the 1997 financial crisis. His flagship firm, low-cost housing builder C&P Homes, defaulted on over P10 billion worth of commercial loans and about P2 billion more of corporate bonds.

He said he has since paid all these debts—using real estate properties to settle the borrowings—and have since moved on. (Read: The Senator is also a Big Businessman)

Top bank officials Newsbreak has interviewed before, however, said they agreed to the settlement using the real estate valuations put forth by Villar’s company executives since Villar paid them a visit in their office.

Villar was then the Speaker of the House.

When he eventually became Senate President, he paid another visit to an entity whose decision will impact his real estate’s fund raising efforts in 2007.

He walked in unannounced to a board meeting of the Philippine Stock Exchange, which was tackling an issue regarding his new flagship company, Vista Land & Lifescapes Inc.

In a statement, Villar’s counsel Nalen Rosero-Galang shrugged off allegations that Villar’s presence at the PSE boardroom was irregular.

“While it is true that Senator Villar appeared before the PSE board, there is nothing irregular with the said appearance. PSE listing applicants do that, when deemed necessary to secure the approval of their listing application… Senator Villar’s appearance was to explain the circumstances which make the request for waiver just and meritorious.”

“The PSE is a private corporation, not a government agency. Senator Villar appeared in his private capacity, as a controlling shareholder of an applicant, not as a government official,” Galang added.

Bong Bernas, a corporate lawyer who has listed firms as clients, disagreed. He said Villar used the weight of his office for personal gain.”

He said the exchange has to show an image of impartiality since it strictly imposes its rules on the trading participants. He cited how the exchange fines brokers and other trading participants for infractions as petty as missing the 10-minute deadline for disclosing material information that may impact share prices.

The officials at the exchange, however, are carefully treading a thin line here, observed Bernas. He said admitting that the PSE board bent the exchange’s rules to accommodate Vista Land may result in a deluge of complaints and court cases from other listed companies that the exchange had tried to discipline.

“The rules must be equally applied to all, Senate president or not,” noted Bernas.

When Villar joined the PSE meeting unannounced, he was the Chairman Emeritus of Vista Land. He had no direct stake in the listed firm based on official corporate documents.

However, the group of companies commonly associated with Villar showed layered ownership structure where he and his wife, Las Pinas Rep. Cynthia Villa, owned direct and majority stakes.

Based on the Code of Conduct and Ethical Standards for Public Officials and Employees, a public official “shall avoid conflict of interest at all times.”

There is conflict of interest when the official is “an owner or has substantial interest in a business…and the interest of such corporation or business, or his rights or duties therein, may be opposed to or affected by the faithful performance of official duty.”

The same ethical issue was raised against Villar by Senate President Juan Ponce Enrile last February following the senate investigation on the C-5 road extension project. The senators recommended that Villar be censured for improper and unethical conduct after he instigated and funded a government road project that benefited his real estate business.