MANILA — Business groups and financial regulators on Friday paid tribute to former Philippine Prime Minister and Finance Minister Cesar E.A. Virata following his passing, honoring him as a key architect of the nation’s modern capital markets and financial system.
Virata's passing was announced on October 2, Friday, by RCBC, a company which he had served since 1995.
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In separate statements released on Friday, the Securities and Exchange Commission (SEC) and the Management Association of the Philippines (MAP) expressed deep condolences to the Virata family and praised his lifelong dedication to public service and economic governance.
SEC Chairperson Francis Ed. Lim highlighted Virata’s instrumental role in creating the foundational infrastructure that underpins the Philippines' current financial landscape.
"For the Philippine capital market, his legacy is especially enduring," Lim said. "As an incorporator of the Philippine Stock Exchange and a leading proponent of the country’s fixed-income trading platform, he helped establish institutions and market infrastructure that have supported the development of a deeper, more modern, and more resilient capital market."
Lim added that Virata’s contributions "reached beyond policy and government—they helped shape the financial institutions and markets that continue to serve the Philippine economy today."
Meanwhile, MAP recalled conferring its prestigious "MAP Management Person of the Year" award on Virata in 1981, acknowledging his prominent career across both the private and public sectors.
"PM Virata exemplified the highest ideals of professional management and public service," MAP said. "As Minister of Finance and later as Prime Minister, he demonstrated exceptional stewardship of the Philippine economy, guided by managerial competence, professionalism, and an unwavering sense of responsibility to the nation."
Describing Virata as a "genuine patriot," the management association noted that his life proved true leadership "is not measured merely by position or authority, but by the trust we earn, the responsibilities we faithfully carry, and the lasting contributions we make to our country."
MAP expressed hope that Virata’s legacy of integrity, statesmanship, and management excellence would continue to inspire generations of Filipino leaders and professional managers.