Tracing the library's humble beginnings . . .

The Business Library was organized in 1929 as part of the School of Business Administration with Prof. Ismael V. Mallari. In 1934-1948 there was no data about its progress excerpt that the UP College of Business Administration was devastated by the war. The college had a one-room reading space with a starting collection of one book case containing some of the personal collections of the faculty. It formed a part of the college premises on the 3rd floor of the Liberal Arts Building now known as the College of Arts and Sciences in UP Manila.
It was 1954 that the library was established. It gradually expanded under the direction and guidance, suggestions and recommendations of Prof. W. Levern Cutler, Business Librarian of the Graduate School of Business of Stanford University and Prof. Gabriel A. Bernardo, the University Librarian. In 1959, the transfer to the new building was made. In the 2-storey Institute of Economic Development library building, both the collections of the libraries of the Institute and the College were in one floor, each sharing the same reading room, although each maintained separate collections in stacks.

In 1978, the library moved to its permanent site and is now occupying some parts of the 1st and 2nd floors of the UP College of Business Administration Building in UP Diliman. And in 2013, the UP Board of Regents officially renamed the college as the Cesar E.A. Virata School of Business in honor of Dr. Cesar E.A. Virata who served as the dean of the college from 1960 -1967.