Former Philippine Prime Minister Cesar Virata Dies at 95

Cesar E.A. Virata, a former prime minister and longtime finance chief of the Philippines, died of natural causes on October 2, 2026, at age 95. The Rizal Commercial Banking Corporation confirmed his passing in a disclosure to the stock exchange, noting that Virata had served as the bank's Corporate Vice Chairperson for 26 years and a director since 1995.

Virata was a central economic technocrat during the administration of Ferdinand Marcos, serving as the minister of finance from 1970 to 1986. He held the office of prime minister from July 28, 1981, until February 25, 1986, a position that was abolished shortly after his tenure following the EDSA People Power Revolution. Beyond domestic governance, he held leadership roles in the International Monetary Fund, the World Bank, and the Asian Development Bank.

Following his death, the Philippines Department of Finance and the Management Association of the Philippines praised his statesmanship and his role in developing capital markets. However, his legacy remains complicated by his association with the economic crisis of the early 1980s and the crony capitalism of the Marcos dictatorship. In his later years, Virata focused on corporate governance and served as a senior adviser and honorary fellow for the Foundation for Economic Freedom.