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Philanthropist and Metrobank founder Dr. George Ty dies

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The business community and the country mourn on the death of Dr. George S. K. Ty, a known philanthropist, banker, business mogul and founder one of the countries’ premier universal banks, the Metropolitan Bank & Trust Co. (Metrobank).

Ty as a young man was already immersed in managing a business which was owned by his father, the Wellington Flour.

Back then, he  saw the struggles of a lot of businessmen who want to expand their business but has no access to avail loans. Realizing his own experience and challenges for other people were encountering, he came up with an idea of setting up his own bank which was realized later on. He was able to get a license in 1961 and opened up the Metrobank in Binondo in 1962. Now, Metrobank is one of the country’s largest banks, with total assets exceeding P2 trillion.

With his strong business acumen, he also saw another business opportunity to diversify by setting up a local joint venture company with Japanese automotive giant Toyota that became the country’s famous automotive brand. Through hard work and proper planning, Toyota became the No. 1 car brand in the Philippines. To date, Toyota Motor Philippines is one of the Japanese car maker’s top 10 affiliates. Ty’s group is also the only one among offshore partners with a majority stake.

And in his desire to pay it forward, Ty set up the Metrobank Foundation and his reason for being on why he founded it was profound, “Whatever I spend for my personal and family needs and wants, I should be able to give the same or even more for charity since there are many who are needy.”

Dr. Ty is one of the country’s richest man with an estimated net worth of $2.75 billion and ranked number 9 based on Forbes magazine’s record. His businesses are now under conglomerate GT Capital Holdings, which is currently valued by the stock market at P175.22 billion.

The memorial services of Dr. George S. K. Ty will commence on November 25, 2018 at the Heritage Park, Bonifacio Global City, Taguig City.

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