“As DBP continues to evolve, it remains a cornerstone of the Philippine financial landscape,” said Velasquez in a statement posted on the state lender's official page. “May DBP serve as an inspiration to the banking and financial services industry and the broader government bureaucracy.”
Velasquez—who died on July 25, 2025, after a lingering illness, and had supported Ferdinand Marcos Jr. during the 2022 elections—was perhaps more visible in the social scene than in finance circles. He was hailed as Bon Vivant during the 10th Philippine Tatler Ball and appeared on the magazine’s cover alongside Jaime Laya, Jessica Kienle, Nanette Po, and Dado Banatao.
Lesser known, however, was his pedigree, academic background, and extensive career as a banking and corporate executive.
Son of a colonel
Johnny was born on July 4, 1949, to Col. Jaime C. Velasquez and Techie Velasquez (née LaO). Col. Velasquez, “an engineer and businessman of high reputation” and the namesake of the park in Salcedo Village, was a Baliwag, Bulacan native and a West Point graduate.
Before serving as general manager of Ayala & Company—where he played a key role in developing the Makati central business district—he was military attaché at the Philippine Embassy in Washington, acting customs commissioner, and a member of the Monetary Board of the Central Bank.
Techie was one of the four prominent LaO sisters known for their beauty: the eldest, Nena, married Ricardo Manotoc; Pacing married Raul Manglapus; and Chita, the youngest, married Eugenio “Geny” Lopez Jr. but is now Mrs. Taylor.
A Blue Eagle
A true-blue Atenean, Johnny studied at the Ateneo de Manila from grade school through college, graduating cum laude in 1971 with a degree in economics. Soon after, he began his career at Citibank.
As a well-rounded high schooler, he balanced academics with an active extracurricular life. He competed in varsity sports—golf (a passion he would pursue into adulthood), volleyball, softball, and track and field—served as athletic beadle, joined the Brebeuf Club, and performed in numerous Dramatics Club productions.
From banking to telecommunications
After earning his MBA from Stanford University in 1974, with a major in accounting and finance, Johnny held management positions at J.P. Morgan Chase and Philippine Commercial International Bank.
His longest corporate stint was at the Philippine Long Distance Telephone Co. (PLDT), where, from 1985 to 1997, he was special assistant to then president and CEO Antonio “Tonyboy” Cojuangco. Another special assistant who served during this period was Alejandro “Al” Tengco, current chair of PAGCOR.
“When called on for comments, Johnny would provide insightful information,” said former PLDT executive vice president for staff services Antonio R. Samson, in a statement sent to InsiderPH. “Johnny was never loud even in a discussion. He was a listener. At the office, he was highly regarded for his quiet ways.”
In 1997, Johnny became chief finance officer of Pilipino Telephone Corp. (PILTEL), then a PLDT subsidiary operating Mobiline, once the country’s largest cellular phone service.
When the group of Manuel V. Pangilinan acquired PLDT in 1998, it inherited PILTEL’s significant financial woes. By 2000, PILTEL was burdened with over ₱39.4 billion in debt, while its first-half net loss ballooned to ₱2.735 billion. After a successful debt restructuring and other turnaround efforts — leading to what Pangilinan described as “a supernatural return to health” — Smart Communications took control of the company in 2005, acquiring a 92-percent stake.
Johnny would later serve as president of PRC Magma Energy Resources Inc., which was in its pre-operating stage as of 2021, and PAZ Life Plan. In 2018, PAZ was placed under conservatorship by the Insurance Commission for failing to meet capitalization requirements.
As a trustee of The Child Protection Network Foundation or CPN, a non-government organization with expertise on the prevention and treatment of child abuse, Johnny expressed the belief that “we are a country blessed with an abundance of children. They are our most valuable resource. Their future should be safeguarded.”
Forbes Park crusade
Johnny, as a longtime Forbes Park resident, together with fellow residents Greggy Araneta, Enrique Lagdameo, and Jose Cabarrus, formed a group in 1999 to challenge Ayala Land Inc. for their right to develop their properties following the expiration of the exclusive village’s 50-year deed of restriction. The debate over the commercialization of Forbes Park—particularly along McKinley Road where the Velasquezes lived—grew contentious but ultimately fizzled out.
The Spirit of ‘67
It was in the lead up to the 25th homecoming celebration of the Ateneo de Manila High School Class of 1967 in 1990 that the idea of forming a band first came about. Two years later, the Spirit of ‘67—composed of batch members who had once played in “combos”—was officially formed. The group performed at various venues, including Strumms and Conway’s, both now closed.
With Johnny—whom the late tycoon Roberto V. Ongpin once called his favorite crooner— “providing the swoon factor,” other original members include Candido Dizon, Bimbo Santiago, Jake Arellano, and Pocholo Santiago with Sonny Alvendia as manager.
In a 2001 interview with the Inquirer, Johnny shared that playing with the band had helped him deal better with people at work. He said that the Spirit of ‘67 always comes up in conversations, even if these are in the boardrooms of top corporations.
“It helps me get rid of a lot of tension. If other people spend time playing golf during the week, then I play with the band once a week too. It is not very difficult to balance work while playing with the band.”
“Hey Johnny. So sorry to learn nauna ka na,” wrote Mar Roxas in a Facebook tribute. “We’ll all always remember the laughs, the music and the love. Thank you very much”
Johnny is survived by his mother Techie and his siblings Tina, Javy, and Anabel and his two daughters. At the time of his death he was in the companionship and care of life partner Maripi Muscat.
Features Reporter
