The Bankers Association of the Philippines (BAP) and two of the country’s leading business groups paid tribute to former Prime Minister and finance chief Cesar E.A. Virata, highlighting his role in developing the country’s banking and financial infrastructure.
Virata died on Friday at 95. Rizal Commercial Banking Corp. (RCBC), where he had served as a director since 1995 and corporate vice chairman for 26 years, announced his death in a stock exchange filing.
The BAP said Virata, the country’s longest-serving finance chief, helped shape fiscal policy and strengthen the banking and capital markets during his decades in public service.
“As the Philippines’ longest-serving finance chief, he played an important role in shaping fiscal policy, strengthening institutional frameworks, and advancing the development of the country’s banking and capital markets,” the BAP said.
Virata served as finance secretary from 1970 to 1978 and finance minister from 1978 to 1986 under the late President Ferdinand Marcos Sr. He was also prime minister from 1981 to 1986.
His work in the financial sector continued after leaving government.
Virata served as BAP president from March 2002 to March 2006, a period when the association advanced the development of the Fixed Income Exchange and established BAP Consulting Inc., which later became a precursor to the Philippine Dealing System Group.
He also oversaw the reorganization of BAP committees and initiatives involving the country’s payment and settlement infrastructure.
Virata chaired the ASEAN Bankers Association from November 2003 to November 2005, extending his involvement in the financial industry to regional banking cooperation.
The Makati Business Club (MBC), where Virata served as a trustee from 1990 to 2003, also paid tribute to the veteran technocrat, citing his role in early efforts to liberalize the Philippine economy and his service as the inaugural director-general of the National Economic and Development Authority.
“Virata was known to be a progressive leader who placed importance in technological advancement and economic development to achieve social progress during his time,” MBC said.
The Management Association of the Philippines (MAP), meanwhile, recalled Virata’s career in government and business. The group named him its Management Person of the Year in 1981.
“Throughout his long and distinguished career, PM Virata exemplified the highest ideals of professional management and public service,” MAP said.
Virata also represented the Philippines at international financial institutions, including the World Bank and Asian Development Bank. He later held senior roles in the private sector, including his decades-long association with RCBC.
The BAP said Virata’s work in government and banking left a lasting mark on the country’s financial institutions.
“The BAP honors his life and distinguished service to the country, as well as his lasting contribution to the Association and the Philippine banking industry,” it said.
