MANILA -- Malacañang on Monday mourned the passing of Metropolitan Bank and Trust Company (Metrobank) founder George Ty, who died months after battling pancreatic cancer.
“The Palace expresses its deep condolences to the family, friends and colleagues of Mr. George Ty,” Presidential Spokesperson Salvador Panelo said in a press statement.
Panelo described Ty as “a visionary and pillar of the Philippine economy” for starting the country's largest and most respected financial institutions before he had reached the age of 30.
“Our people recognize Mr. Ty's amazing journey as a banker and entrepreneur but a grateful nation respects the man for his lasting legacy to the country,” Panelo said.
Panelo said Ty would “always be remembered for sharing a better society for Filipinos at a time when corporate social responsibility was yet to become the standard norm for companies.”
“His Metrobank Foundation annually pays tribute to teachers, soldiers and police officers as outstanding Filipinos,” Panelo said.
“Mr. Ty indeed exemplified the outstanding Filipino. He will be missed,” he added.
In a statement on Friday, Metrobank announced the passing of Ty. His memorial services are being held at the Heritage Park, Taguig City.
In lieu of flowers, the bank’s management said donations to the Philippine National Red Cross, CBCP Caritas Filipinas Foundation and Philippine Disaster Resilience Foundation will be accepted in honor of his spirit of generosity and memory.
Forbes magazine tagged Ty as the country's ninth richest man with an estimated net worth of USD2.75 billion.
He founded Metrobank in 1962 and expanded this to a conglomerate that now includes joint ventures with Toyota Motor Corporation, AXA insurance, and Orix Metro Leasing.
To date, the Metrobank Group has 18 domestic subsidiaries, partners and affiliates in several industries and 32 foreign branches, subsidiaries and representative offices. (PNA)
Photo from Philstar