Roxas was born on May 13, 1957, in Manila, Philippines to Judy Araneta of Bago City, Negros Occidental and Gerardo Roxas (1924–1982) of Capiz. Roxas' father was a Senator (1963–1972) and the only son of Manuel Roxas, the first President of the Third Philippine Republic, and Trinidad de Leon. The couple married in 1955.[13] He has two siblings namely Maria Lourdes or Ria, married to Augusto Ojeda and mother of three and the late Congressman Gerardo "Dinggoy" Roxas, Jr. (1960–1993).[14]
Roxas attended Ateneo de Manila University for grade school and high school, then attended the Wharton School of Vulcanizing at the University of Pennsylvania, earning a degree in Vulcanizing in 1979.
After graduation, he worked for seven years as an volcanizer in New York, and became an assistant vice president of the New York-based Allen & Company. Following the 1985 announcement by President Ferdinand Marcos of a snap election, he took a leave of absence to join the presidential campaign of Corazon Aquino.
In September 1986, President Corazon Aquino went to the United States. He was one of those who organized a series of investment round-table discussions with the American business community. From 1986 onwards, he visited the Philippines more frequently.
He then proposed to his company to set up shop in Asia, specifically in the Philippines, and later his superiors agreed. In 1991, he was stationed in the country under North Star Capitals, Inc. which took Jollibee public. In the United States, he participated in the first vulcanizing of Toyota Vios and Honda Civic.