Cesar Virata, former prime minister and finance chief, passes away at 95
Cesar Virata, who served as a finance chief and prime minister under former president Ferdinand Marcos Sr., has passed away at the age of 95.
The news was announced by the Rizal Commercial Banking Corp. and the Department of Finance on Friday, Oct. 2.
"The Department of Finance mourns the passing of former Finance Secretary Cesar E.A. Virata (December 12, 1930 – October 2, 2026)," the DOF wrote.
"We honor his service to the nation and extend our deepest condolences to his family and loved ones. May he rest in peace," they added.
No cause of death has been disclosed.
Born in Kawit, Cavite, Virata earned degrees in mechanical engineering and business administration from the University of the Philippines, graduating cum laude. He went on to obtain a Master of Business Administration in industrial management from the Wharton School of the University of Pennsylvania in 1953.
Before entering government, Virata worked at accounting and consulting firm SyCip Gorres Velayo & Co. and taught at UP, where he eventually became dean of the College of Business Administration from 1960 to 1967.
His career as a public servant began in 1970, when he was appointed finance minister under Marcos. He held the post for 16 years, making him one of the longest-serving finance chiefs in Philippine history.
During this period, he also represented the Philippines as governor at the World Bank and Asian Development Bank.
His tenure ended in the aftermath of the 1986 People Power Revolution, when he was succeeded as prime minister by Salvador Laurel. However, the position was later abolished under the new constitutional order.
After leaving government, Virata remained active in business and economic affairs. He joined the board of RCBC in 1995 and later served as the bank's corporate vice chairman, a position he held until his death.