Former Prime Minister Cesar E.A. Virata passes away at 95

A true statesman — former Prime Minister and Finance Minister Cesar E.A. Virata — passed away on Friday (October 2, 2026), at the age of 95. Revered as one of the country's most brilliant economic technocrats, Virata devoted over 60 years of his life to public administration, academia, corporate governance, and historical preservation. Born in Kawit, Cavite, on December 12, 1930, Virata was a descendant of the revolutionary leader General Baldomero Aguinaldo, a first cousin of the Philippines' first President Emilio Aguinaldo. Virata studied business and administration at the University of the Philippines in Diliman, Quezon City before earning a Master of Business Administration (MBA) degree from the Wharton School at the University of Pennsylvania. In the 1950s, he returned to UP as a faculty member at the College of Business Administration. He eventually became a full professor and Dean of the college. Recognizing his academic legacy and contribution to national development, the college was later renamed the Cesar E.A. Virata School of Business. Government service and economic stewardship An astute fiscal strategist, Virata entered government to help reform and steer national economic policy during the term of President Ferdinand Marcos Sr., the father of incumbent President Ferdinand Marcos Jr. As Minister of Finance from 1970–1986, Virata oversaw national economic planning, debt restructuring, fiscal discipline, and initial economic liberalization efforts. As Director-General of NEDA, VIrata served as the inaugural head of the National Economic and Development Authority (now the Department of Economy, Planning, and Development or DEPDEV). As Prime Minister of the Philippines from 1981 to 1986), hr served as head of government during the administration of President Ferdinand Marcos, Sr., a role he held until the 1986 EDSA People Power Revolution. Internationally, Virata served on the Boards of Governors for both the World Bank and the Asian Development Bank (ADB), and chaired the joint World Bank–IMF Development Committee. For his work in international diplomacy, he received Japan's Grand Cordon of the Order of the Rising Sun in 2016. Cultural Heritage and Post-Government Life According to the National Historical Commission, after his transition from public office to private life after 1986, Virata returned to teaching in the academe. He also remained an active figure in the corporate world, serving for over two decades as Corporate Vice Chairman and Director of the Rizal Commercial Banking Corporation (RCBC) until his passing. Throughout his career, Virata remained deeply committed to promoting national and local heritage. On June 21, 1984, he formally donated the ancestral house of General Baldomero Aguinaldo in Binakayan, Kawit, Cavite, to the National Historical Institute. Today, it is preserved and operated as the NHCP Baldomero Aguinaldo Shrine. As head of the Cavite Historical Society and an active member of the Local Historical Committees Network, he spearheaded research, preservation, and historical awareness initiatives across his home province. -Paraluman News