MANILA - Tycoon George Ty, whose holdings span banking, automotive, property and infrastructure has died, Metrobank said. He was 86.
Ty chairs GT Capital, which includes the Philippines' second largest lender, Metrobank and the local dealership of Toyota cars.
He also has stakes in property developers Federal Land and Pro Friends, AXA and Metro Pacific Investments Corp, according to the GT Capital website.
Ty has a net worth of $2.8 billion, according to Forbes Magazine, making him the country's ninth richest.
In an advisory, the Metrobank Group said it would continue to live by Ty’s commitment to the country’s economic prosperity and to nation-building.
For Ty, trust is vital in building a successful business.
“Banking is always about trust and hope and about helping other people to achieve their dreams,” Ty said in a speech during his conferment of the Degree of Doctor of Humanities, Honoris Causa by the University of Santo Tomas in 2014.
“I share my dream of a better bank and ultimately of a better society for all Filipino. I made a deposit in my own bank, an investment of hope, an investment withstanding the test of time, and investment that would never be withdrawn. This is my legacy to the nation, to the future and I am trusting you all to take good care of it,” Ty said.
Memorial service will start on Nov. 25 at the Heritage Park in Taguig City.
In lieu of flowers, donations to the Philippine National Red Cross, the Catholic Bishops' Conference of the Philippines, Caritas Filipinas Foundation and the Philippine Disaster Resilience Foundation are encouraged to honor Ty's spirit of generosity, the Metrobank Group said.