He married Monica Jamias with whom he has seven children: Cornelio, Jr., Erlinda, Zenaida, Virginia, Gloria, Grace and Rose Marie.

He founded and became a prolific writer and editor of the Commerce and Industry Journal where he urged the promotion and patronage of Filipino products which he called "a movement that deserves the full and active support of every citizen, Economic Nationalism, ..." He pushed for the formation of cooperatives to give the farmers a better market for their products.

Under President Manuel Roxas, Balmaceda proposed the creation of the Department of Commerce and Industry and became its first Acting Secretary.

Under President Elpidio Quirino, Balmaceda was appointed Secretary of Commerce and Industry and held this position for five consecutive years.

My government is giving its full support and is prepared to cooperate to the fullest extent in bringing about the successful establishment of the proposed Asian Development Bank."

... Viewed and tested by the above criteria, Manila, Philippines, stands as the most ideal and the best location for the Bank, and I feel confident that the Ministerial Conference , after careful, objective, and impartial analysis and comparison of the actual conditions in the different cities being proposed, will reach the conclusion that the Philippines offers the best location for the Bank."

Balmaceda led the campaign among the Asian contending countries for Manila to get the site and won in the final ballot by just one vote over Japan.

Qualified students from the Sarrat National High School are enrolled at the Mariano Marcos State University in Batac, Ilocos Norte.

From the article of Ramon J. Farolan in the Daily Inquirer (May 21, 2012): "Some 45 years after Manila became home to the Asian Development Bank, the Senate adopted a resolution sponsored by Senator Franklin Drilon, recognizing the role of Cornelio Balmaceda, Secretary of Commerce and Industry, in the establishment of the ADB headquarters in the Philippines.