Mr. Teodoro was born in Manila on June 14, 1964. His father Gilberto O. Teodoro was a distinguished public servant, heading the Philippine Social Security System from 1966 to 1986 and presiding over its steady growth and stability. Prior to that, the elder Teodoro was with the Food and Agricultural Organization and one of the first to work the International Monetary Fund in 1951. He organized and was the first Chairman of the Union bank of the Philippines. He passed away in 2008. His mother, Mercedes Cojuangco-Teodoro is a lawyer, a former Delegate to the Philippine Constitutional Convention of 1971, a former Member of the defunct Philippine parliament, and a former Deputy Minister of the Budget; she is currently an officer of several Corporations.

Mr. Teodoro is married to Monica Lopez Prieto, a member of old, distinguished  Philippine families. She is a successful business executive and Chairperson of the Golden Rooster Foundation. She was a trailblazing Member of the 14th Congress of the Philippines. She was instrumental in the creation of the Committee on the Welfare of Children, a standing committee, and was its first Chairperson, a milestone achievement for a freshman legislator. She sponsored numerous pieces of legislation such as the landmark law banning child pornography.