Leonides Sarao Virata
Leonides Sarao Virata | |
|---|---|
| Chairman of the Development Bank of the Philippines | |
| In office 1970 – July 14, 1976 | |
| Appointed by | Ferdinand Marcos |
| Succeeded by | JV de Ocampo |
| Secretary of Commerce and Industry | |
| In office 1969–1970 | |
| President | Ferdinand Marcos |
| Preceded by | Marcelo Balatbat |
| Succeeded by | Ernesto Maceda |
| Personal details | |
| Born | April 22, 1918 Imus, Cavite, Philippines Islands |
| Died | July 14, 1976 (aged 58) Houston, Texas, United States |
| Spouse | Marie Theresa Lammoglia |
| Relations | Cesar Virata (half-nephew) Leonardo S. Sarao (relative) |
| Children | 2 |
| Parent(s) | Luis Virata Agapita Sarao |
| Alma mater | University of the Philippines (LL.B, MBA) |
| Occupation | Economist |
| Awards | Presidential Medal of Merit (Posthumous) |
Leonides Sarao Virata (April 22, 1918 – July 14, 1976) was a Filipino economist. During his lifetime, he served as executive officer of various government and private companies in the country. He was appointed the secretary of the Department of Commerce and Industry from 1969 to 1970 and then chairman of the Development Bank of the Philippines from 1970 till his death in 1976. He hailed from the city of Imus in Cavite province.
Early life and education
Leonides Sarao Virata was born on April 22, 1918, in
Virata obtained his
Career
Virata was in the United States when the
In 1952, he left the government service and joined the
He became a member of the Joint Legislative Executive Tax Commission in 1966. From 1969 to 1970, President Marcos appointed him as secretary of the Department of Commerce and Industry (now the Department of Trade and Industry). In 1970, he was appointed chairman of the Development Bank of the Philippines. Upon assuming his position as Chairman of DBP, he ordered the investigation of several major firms that failed to pay the DBP millions of pesos in overdue obligations. Because of this, he was considered as one of the radical chairmen the DBP ever had. Also as head of the DBP, he helped agricultural and industrial enterprises through sound financing schemes. He was also responsible for orienting the institutional objective of development to the countryside to insure that the rural people would enjoy the benefits of economic growth.
Death
On July 14, 1976, Chairman Virata died in Houston, Texas, where he was treated for a lingering illness, leaving his wife the former Marie Theresa “Bebe” Gallardo Lammoglia, and two children, Luis Juan Virata (married Elizabeth Torres Cu-Unjieng) and Giovanna “Vanna” Virata.[1][2]
JV de Ocampo assumed Virata’s unfinished term at the DBP. In honoring Virata, Chairman de Ocampo said: “In the death of Chairman Leonides Virata, we have lost a esteemed leader in the country’s economic life. He was a force in our development direction…. Chairman Virata was an articulate exponent of an economic strategy designed to improve the quality of life of our people and he gave of himself liberally to this pursuits toward the end. Shortly before his death, he sought to give deeper and massive meaning to the DBP’s countryside development program which he himself initiated in line with national policy.”[2]
Honors and awards
- In 1963, the Philippine Women's University awarded him an honorary doctorate degree.
- In recognition of his long and distinguished service to the country in the fields of banking, finance, trade and industry, which spanned a period of 33 years, President Marcos posthumously conferred on him the Presidential Merit Medal.[2]
- The Leonides S. Virata Memorial School(LSVMS) in Palawan was named after him.