Yuchengco-led Rizal Commercial Banking Corp. (RCBC) on Friday announced the death of former Prime Minister Cesar Virata, who served as a director of the bank for more than three decades and as vice chairman for 26 years. He was 95.
Virata joined RCBC’s board of directors in 1995, became corporate vice chairman in July 2000, and had served as senior adviser since 2007, the bank said.
Best known for serving as Prime Minister during the administration of the late President Ferdinand Marcos Sr., Virata also held key government positions including finance minister, chairman of the Committee on Finance of the Batasang Pambansa, and member of the Monetary Board.
Throughout his career, Virata held leadership and board roles across numerous companies within the Yuchengco Group, including RCBC Trust Corp., RCBC Realty Corp., RCBC Land Inc., Malayan Insurance Co. Inc., RCBC Bankard Services Corp., Yuchengco Center, and Yuchengco Museum, among others.
Outside the private sector, he served as chairman of the Board of Investments, undersecretary of industry, and chairman of both the Land Bank of the Philippines and Philippine National Bank. He also represented the Philippines as governor to the World Bank, Asian Development Bank (ADB), and International Fund for Agricultural Development.
Virata chaired the World Bank-International Monetary Fund Development Committee from 1976 to 1980 and later served as chairman of the ADB’s Board of Governors.
Before entering government service, he was dean of the University of the Philippines College of Business Administration and a professor at the university. He also worked as a principal at SyCip Gorres Velayo & Co.’s Management Services Division.
A grandnephew of former President Emilio Aguinaldo, Virata was active in international policy and business circles, serving on organizations such as the Bretton Woods Committee, Group of Thirty, Institute of International Finance, and the World Economic Forum in Davos.
Virata earned degrees in Mechanical Engineering and Business Administration, graduating cum laude from the University of the Philippines. He later obtained a master’s degree in business administration from the Wharton School of the University of Pennsylvania.
