[3] Villegas is a Certified Public Accountant, having obtained his bachelor's degree in commerce and the humanities (both summa cum laude) from De La Salle University.

[9] While at Harvard, Villegas and Filipino fellow-student Jesus Estanislao attended activities organized by Opus Dei, and became members before returning to the Philippines in 1964.

The Philippine economy had been in decline since 1981 and went into a full nosedive in early 1983 after the US increased interest rates, sparking a series of events that led to the ouster of Ferdinand Marcos in 1986.

At the closing session of the commission, its President Cecilia Muñoz-Palma recognized Villegas' signature contributions to the constitution: "...principles of solidarity and subsidiarity and the social function of property in the Article on the National Economy, and the right to life of the unborn from conception.

[18] However, the majority prevailed and provisions were added to limit the potential role of foreign investors in key sectors of the Philippine economy.