The award, given for his exemplary public service, was given to Villar during ceremonies held at the Bahay ng Alumni in UP Diliman, Quezon City.
Honored as Most Distinguished UP Alumna in the same ceremonies was Dolores Hernandez.
In his acceptance speech, Villar — who earned his bachelor’s and master’s degrees in business administration at the UP — urged his fellow alumni to make a difference in the life of the country.
"To be an alumnus of the premier state university in the country implies an obligation to give back much more than what has been received," he said.
As senator, Villar has authored 44 laws and filed the highest number of bills and resolutions among the 13 senators elected in 2001.
Villar is the chairman of the Senate committee on finance and the committee on foreign relations.
During his third term as congressman of Las Piñas in 1998, Villar was overwhelmingly voted as Speaker of the House of Representatives.
Villar rose to prominence as the founder of one of the most successful low-cost property development firms in Asia, earning for him the title "Dean of the Philippine Housing Industry" by the Philippine Center for Investigative Journalism.
Featured in several prestigious international magazines, he has also been called "The Brown Taipan."
Born to humble beginnings in Tondo, Manila, Villar put himself to school by selling seafood at the Divisoria market.