Luis ‘Chavit’ Singson was responsible for bringing the Miss Universe pageant back to Manila.
When Pia Wurtzbach won the crown last year, campaigns were launched to have the country host the pageant again.
President Rodrigo Duterte did not like the idea because he did not want the government to spend on the project.
Singson entered the picture and wanted to study the proposal that was brought to his attention by his project managers.
The Miss Universe Organization initially asked from him a non-refundable fee of $1 million upfront.
Then, he was asked to shell out $6 million (Php299 million) as payment for the rights to hold the pageant in the Philippines, and another $6 million as budget to mount the production, which includes expenses for accommodation, transportation, meals for the MUO officials, candidates, and production staff and other expenses.
He also reportedly spent $12 million or Php600 million to buy the luxury yacht, M/Y Happy Life, that ferried some of the Miss Universe candidates between Manila and Batangas in one of the pre-pageant events.
He was told the possible outcome of the project: they would lose a little money or they would earn a little money.
Singson accepted the proposal because it’s good for the country’s tourism but wanted to make sure that if they were going to lose money, it would only be in a minimal amount.
All these are making people wonder just how rich Singson really is.
The Entrepreneur PH sat down with him for an interview, they asked him how much money he’s making to be able to afford the expenses for hosting Miss Universe competition in the Philippines.
There were controversies thrown against him but the 75-year-old Singson insists that his wealth came from legitimate business activities and not from corruption or illegal activities.
He also pointed out that he and his family were in business long before he became active in politics.
His father was an engineer and they had already a construction firm when he was born. He worked to make it grow and his wealth came from somewhere.
Singson became involved in tobacco trading, which proved to be a huge cash cow.
He already earned his millions when he was still young. He was able to buy the electrical plant of Vigan when he was only 23 or 24 years old.
At present, he is more of a businessman than a politician. His LCS Group of Companies has interests in construction, agriculture, transportation, mining, aviation, media, banking, finance and retail, among other industries.
Chavit Singson was born in Vigan, Ilocos Sur.
He is second eldest among the seven children of José Singson and Caridad Crisólogo.
He studied in Colegio de San Juan de Letran in Manila and finished his Commerce degree.
Both his paternal (Singson) and maternal (Crisologo) families have dominated the political environment of the Ilocos region for generations.