The founder of Metrobank and Chairman of Toyota Motor Philippines, Dr. George S.K. Ty, has passed away yesterday afternoon. According to Inquirer Business, he was diagnosed with pancreatic cancer six months ago.
The ninth richest businessman in the Philippines is behind GT Capital Holdings, which is the majority stakeholder of Toyota Motor Philippines, Metropolitan Bank and Trust Co., as well as maintaining stakes in businesses such as Metro Pacific Investments Corp, to name a few.
George S.K. Ty managed Wellington flour in his early years, which is a business of his father. As he witnessed that businessmen like himself found it difficult to get loans from banks, he persued his goal of eventually setting up his own. He opened Metrobank in 1962, and is now one of the country’s largest banks, with total assets exceeding P2 trillion.
Among the automotive circle, he is mainly known for being the Chairman of Toyota Motor Philippines, which was formed through a joint venture together with Toyota Motor Corporation in 1988. Toyota Motor Philippines has climbed on top of the Philippine automotive market ever since the local joint venture was formed. As it celebrated its 30th Anniversary this year, Toyota Motor Philippines has been acknowledged by President Rodrigo Duterte as a key contributor to the Philippine economy, due to its staggering size, as well as its numerous investments in its suppliers, partners, and its employees in the entire value chain.
GT Capital Holdings Inc. has released an official statement:
It is with deep sadness that we announce the peaceful passing of our beloved Founder and Group Chairman Dr. George S.K. Ty.
He was surrounded by family and loved ones at the time. He was 86 years old.
Dr. George S.K. Ty established Metrobank in 1962, he grew the Bank and expanded its reach internationally. He went beyond banking and transformed the Bank to a diverse business conglomerate with successful joint ventures like that of the Toyota Motor Corporation, AXA insurance, Orix Metro Leasing, to name a few. The Metrobank Group counts as its members 18 domestic subsidiaries, partners, and affiliates in various industries and 32 foreign branches, subsidiaries and representative offices.
Dr. Ty has been de facto Chairman Emeritus as early as 2008 as his sons Arthur and Alfred headed the many companies in the Group in his stead. Dr. Ty was recognized not only for his exemplary achievements in business but also for his generous philanthropy through the Metrobank Foundation. His commitment to contribute to the Philippines’ economic prosperity as well as to nation-building will continue to be lived by the Group.
“It has been my life’s greatest honor to work alongside you towards achieving success for generation after generation. Thank you very much from the bottom of my heart.”–Dr. George S.K. Ty
Memorial services will start on November 25, 2018 at the Heritage Park, Taguig City. In lieu of flowers, donations to the Philippine National Red Cross, CBCP Caritas Filipinas Foundation and Philippine Disaster Resilience Foundation will honor his spirit of generosity and memory.
Cover photo from GT Capital Holdings Inc.
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