The 89-year-old Paterno was the director and chairman of Philippine Seven.
"Philippine Seven Corporation was advised by the family of the Chairman that Mr. Vicente T. Paterno passed away on November 21, 2014," the company said in a disclosure.
In 1982, Paterno founded Philippine Seven, which acquired the license to use the 7-Eleven Convenience Store system in the Philippines, along with incorporators Jose T. Pardo and Francisco Sibal.
Paterno served as chairman of the Board of Investments and Minister of Industry and also Public Highways during the Marcos administration.
During the 1986 "snap" presidential elections, Paterno was Namfrel chairman for Metro Manila.
After the elections, he was appointed chairman and president of Philippine National Oil Company in 1986, and became deputy executive secretary for energy of the Office of the President from 1986 to 1987.
Paterno was elected to the Senate in 1987 and served until 1992.
He was born in Quiapo, Manila on November 18, 1925. He graduated Bachelor of Science in Mechanical Engineering at the University of the Philippines in 1948 and obtained Master of Business Administration at Harvard University in 1953.
Last year, he received the Ramon V. del Rosario, Sr. (RVR) Award for Nation Building.
source: www.abs-cbnnews.com
